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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Assets and liabilities measured at fair value on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
September 30, 2019 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 498 |  |  | $ | — |  |  | $ | 498 |
Obligations of other U.S. Government agencies and corporations | — |  |  | 2,537 |  |  | — |  |  | 2,537 |
Obligations of states and political subdivisions | — |  |  | 216,988 |  |  | — |  |  | 216,988 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  |  | 666,167 |  |  | — |  |  | 666,167 |
Government agency collateralized mortgage obligations | — |  |  | 191,187 |  |  | — |  |  | 191,187 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  |  | 27,666 |  |  | — |  |  | 27,666 |
Government agency collateralized mortgage obligations | — |  |  | 75,423 |  |  | — |  |  | 75,423 |
Trust preferred securities | — |  |  | — |  |  | 9,862 |  |  | 9,862 |
Other debt securities | — |  |  | 48,249 |  |  | — |  |  | 48,249 |
Total securities available for sale | — |  |  | 1,228,715 |  |  | 9,862 |  |  | 1,238,577 |
Derivative instruments: |  |  |  |  |  |  |
Interest rate contracts | — |  |  | 5,055 |  |  | — |  |  | 5,055 |
Interest rate lock commitments | — |  |  | 6,694 |  |  | — |  |  | 6,694 |
Forward commitments | — |  |  | 580 |  |  | — |  |  | 580 |
Total derivative instruments | — |  |  | 12,329 |  |  | — |  |  | 12,329 |
Mortgage loans held for sale in loans held for sale | — |  |  | 392,448 |  |  | — |  |  | 392,448 |
Total financial assets | $ | — |  |  | $ | 1,633,492 |  |  | $ | 9,862 |  |  | $ | 1,643,354 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 6,290 |  |  | $ | — |  |  | $ | 6,290 |
Interest rate contracts | — |  |  | 5,055 |  |  | — |  |  | 5,055 |
Interest rate lock commitments | — |  |  | 14 |  |  | — |  |  | 14 |
Forward commitments | — |  |  | 1,136 |  |  | — |  |  | 1,136 |
Total derivative instruments | — |  |  | 12,495 |  |  | — |  |  | 12,495 |
Total financial liabilities | $ | — |  |  | $ | 12,495 |  |  | $ | — |  |  | $ | 12,495 |
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2018 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | — |  |  | $ | 2,511 |  |  | $ | — |  |  | $ | 2,511 |
Obligations of states and political subdivisions | — |  |  | 203,269 |  |  | — |  |  | 203,269 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  |  | 613,283 |  |  | — |  |  | 613,283 |
Government agency collateralized mortgage obligations | — |  |  | 326,989 |  |  | — |  |  | 326,989 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  |  | 21,830 |  |  | — |  |  | 21,830 |
Government agency collateralized mortgage obligations | — |  |  | 28,335 |  |  | — |  |  | 28,335 |
Trust preferred securities | — |  |  | — |  |  | 10,633 |  |  | 10,633 |
Other debt securities | — |  |  | 43,927 |  |  | — |  |  | 43,927 |
Total securities available for sale | — |  |  | 1,240,144 |  |  | 10,633 |  |  | 1,250,777 |
Derivative instruments: |  |  |  |  |  |  |
Interest rate contracts | — |  |  | 2,779 |  |  | — |  |  | 2,779 |
Interest rate lock commitments | — |  |  | 3,740 |  |  | — |  |  | 3,740 |
Total derivative instruments | — |  |  | 6,519 |  |  | — |  |  | 6,519 |
Mortgage loans held for sale | — |  |  | 219,848 |  |  | — |  |  | 219,848 |
Total financial assets | $ | — |  |  | $ | 1,466,511 |  |  | $ | 10,633 |  |  | $ | 1,477,144 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 2,046 |  |  | $ | — |  |  | $ | 2,046 |
Interest rate contracts | — |  |  | 2,779 |  |  | — |  |  | 2,779 |
Forward commitments | — |  |  | 3,563 |  |  | — |  |  | 3,563 |
Total derivative instruments | — |  |  | 8,388 |  |  | — |  |  | 8,388 |
Total financial liabilities | $ | — |  |  | $ | 8,388 |  |  | $ | — |  |  | $ | 8,388 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
Three Months Ended September 30, 2019 | Trust preferred securities
Balance at July 1, 2019 | $ | 10,386 |
Accretion included in net income | 9 |
Unrealized losses included in other comprehensive income | (439 | )
Purchases | — |
Sales | — |
Issues | — |
Settlements | (94 | )
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Balance at September 30, 2019 | $ | 9,862 |
Three Months Ended September 30, 2018 | Trust preferred securities
Balance at July 1, 2018 | $ | 10,401 |
Accretion included in net income | 8 |
Unrealized losses included in other comprehensive income | (45 | )
Purchases | — |
Sales | — |
Issues | — |
Settlements | (60 | )
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Balance at September 30, 2018 | $ | 10,304 |
Nine Months Ended September 30, 2019 | Trust preferred securities
Balance at January 1, 2019 | $ | 10,633 |
Accretion included in net income | 26 |
Unrealized losses included in other comprehensive income | (572 | )
Purchases | — |
Sales | — |
Issues | — |
Settlements | (225 | )
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Balance at September 30, 2019 | $ | 9,862 |
Nine Months Ended September 30, 2018 | Trust preferred securities
Balance at January 1, 2018 | $ | 9,388 |
Accretion included in net income | 25 |
Unrealized gains included in other comprehensive income | 1,007 |
Reclassification adjustment | — |
Purchases | — |
Sales | — |
Issues | — |
Settlements | (116 | )
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Balance at September 30, 2018 | $ | 10,304 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
Financial instrument | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range of Inputs
Trust preferred securities | $ | 9,862 |  |  | Discounted cash flows |  | Default rate |  | 0-100%
Assets measured at fair value on a nonrecurring basis | The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
September 30, 2019 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 25,418 |  |  | $ | 25,418 |
OREO | — |  |  | — |  |  | 2,911 |  |  | 2,911 |
Mortgage servicing rights | — |  |  | — |  |  | 48,286 |  |  | 48,286 |
Total | $ | — |  |  | $ | — |  |  | $ | 76,615 |  |  | $ | 76,615 |
December 31, 2018 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 21,686 |  |  | $ | 21,686 |
OREO | — |  |  | — |  |  | 4,319 |  |  | 4,319 |
Total | $ | — |  |  | $ | — |  |  | $ | 26,005 |  |  | $ | 26,005 |
OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:
| September 30, 2019 |  | December 31, 2018
Carrying amount prior to remeasurement | $ | 3,799 |  |  | $ | 5,258 |
Impairment recognized in results of operations | (888 | ) |  | (939 | )
Fair value | $ | 2,911 |  |  | $ | 4,319 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Financial instrument | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range of Inputs
Impaired loans | $ | 25,418 |  |  | Appraised value of collateral less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
OREO | 2,911 |  |  | Appraised value of property less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2019:
| Aggregate Fair Value |  | Aggregate Unpaid Principal Balance |  | Difference
Mortgage loans held for sale measured at fair value | $ | 392,448 |  |  | $ | 379,727 |  |  | $ | 12,721 |
Past due loans of 90 days or more | — |  |  | — |  |  | — |
Nonaccrual loans | — |  |  | — |  |  | — |
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
|  |  | Fair Value
As of September 30, 2019 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 409,661 |  |  | $ | 409,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 409,661 |
Securities available for sale | 1,238,577 |  |  | — |  |  | 1,228,715 |  |  | 9,862 |  |  | 1,238,577 |
Loans held for sale | 392,448 |  |  | — |  |  | 392,448 |  |  | — |  |  | 392,448 |
Loans, net | 9,262,970 |  |  | — |  |  | — |  |  | 9,040,016 |  |  | 9,040,016 |
Mortgage servicing rights | 48,286 |  |  | — |  |  | — |  |  | 48,286 |  |  | 48,286 |
Derivative instruments | 12,329 |  |  | — |  |  | 12,329 |  |  | — |  |  | 12,329 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 10,286,036 |  |  | $ | 8,011,246 |  |  | $ | 2,273,658 |  |  | $ | — |  |  | $ | 10,284,904 |
Short-term borrowings | 205,602 |  |  | 205,602 |  |  | — |  |  | — |  |  | 205,602 |
Other long-term borrowings | 10 |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Federal Home Loan Bank advances | 4,055 |  |  | — |  |  | 4,252 |  |  | — |  |  | 4,252 |
Junior subordinated debentures | 110,070 |  |  | — |  |  | 104,330 |  |  | — |  |  | 104,330 |
Subordinated notes | 113,969 |  |  | — |  |  | 117,525 |  |  | — |  |  | 117,525 |
Derivative instruments | 12,495 |  |  | — |  |  | 12,495 |  |  | — |  |  | 12,495 |
|  |  | Fair Value
As of December 31, 2018 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 569,111 |  |  | $ | 569,111 |  |  | $ | — |  |  | $ | — |  |  | $ | 569,111 |
Securities available for sale | 1,250,777 |  |  | — |  |  | 1,240,144 |  |  | 10,633 |  |  | 1,250,777 |
Loans held for sale | 411,427 |  |  | — |  |  | 219,848 |  |  | 191,579 |  |  | 411,427 |
Loans, net | 9,034,103 |  |  | — |  |  | — |  |  | 8,818,039 |  |  | 8,818,039 |
Mortgage servicing rights | 48,230 |  |  | — |  |  | — |  |  | 61,111 |  |  | 61,111 |
Derivative instruments | 6,519 |  |  | — |  |  | 6,519 |  |  | — |  |  | 6,519 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 10,128,557 |  |  | $ | 7,765,773 |  |  | $ | 2,337,334 |  |  | $ | — |  |  | $ | 10,103,107 |
Short-term borrowings | 387,706 |  |  | 387,706 |  |  | — |  |  | — |  |  | 387,706 |
Other long-term borrowings | 53 |  |  | 53 |  |  | — |  |  | — |  |  | 53 |
Federal Home Loan Bank advances | 6,690 |  |  | — |  |  | 6,751 |  |  | — |  |  | 6,751 |
Junior subordinated debentures | 109,636 |  |  | — |  |  | 109,766 |  |  | — |  |  | 109,766 |
Subordinated notes | 147,239 |  |  | — |  |  | 148,875 |  |  | — |  |  | 148,875 |
Derivative instruments | 8,388 |  |  | — |  |  | 8,388 |  |  | — |  |  | 8,388 |

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