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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(Dollars in thousands)
March 31, 2020
Securities available for sale:
U.S. Treasury		$	513,355			$	—			$	—			$	513,355
U.S. federal agencies			—				22,338				—				22,338
Mortgage-backed securities			—				16,880				—				16,880
States and political subdivisions			—				22,856				1,655				24,511
Asset backed securities			—				—				12,714				12,714
December 31, 2019
Securities available for sale:
U.S. Treasury		$	414,449			$	—			$	—			$	414,449
U.S. federal agencies			—				23,024				—				23,024
Mortgage-backed securities			—				17,005				—				17,005
States and political subdivisions			—				22,531				—				22,531
Asset backed securities			—				—				12,714				12,714

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

		Three Months Ended March 31,				Twelve Months Ended December 31,
		2020				2019
		(Dollars in thousands)
Balance at the beginning of the year		$	12,714			$	13,443
Transfers from level 2			1,648				—
Settlements			—				(695	)
Total unrealized gains/(losses)			7				(34	)
Balance at the end of the period		$	14,369			$	12,714

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

		Total Fair Value
		Level 3
		(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2020
Equity securities		$	9,802
Collateral dependent loans			26,751
Repossessed assets			136
Other real estate owned			1,904
As of and for the Year-to-date Period Ended December 31, 2019
Equity securities		$	10,121
Collateral dependent loans			45,687
Repossessed assets			465
Other real estate owned			3,024

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

		March 31,								December 31,
		2020								2019
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,548,860			$	1,548,860			$	1,868,281			$	1,868,281
Federal funds sold			—				—				1,000				1,000
Securities held for investment			309				314				1,403				1,403
Loans held for sale			16,161				16,161				11,001				11,001
Level 3 inputs:
Securities held for investment			1,880				1,906				500				500
Loans, net of allowance for credit losses			5,919,824				5,961,792				5,607,905				5,625,005
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			7,573,200				7,590,873				7,483,635				7,497,429
Short-term borrowings			1,400				1,400				1,100				1,100
Junior subordinated debentures			26,804				28,981				26,804				29,324
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							2,656								2,832
Letters of credit							471								485

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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