| Fair Value Disclosures [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
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 December 31, 2016 and 2015, 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) |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
268,543 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
268,543 |
|
|
U.S. federal agencies |
|
|
— |
|
|
|
129,642 |
|
|
|
— |
|
|
|
129,642 |
|
|
Mortgage-backed securities |
|
|
— |
|
|
|
4,856 |
|
|
|
14,816 |
|
|
|
19,672 |
|
|
States and political subdivisions |
|
|
— |
|
|
|
41,042 |
|
|
|
— |
|
|
|
41,042 |
|
|
Other securities |
|
|
— |
|
|
|
— |
|
|
|
6,569 |
|
|
|
6,569 |
|
|
Derivative assets |
|
|
— |
|
|
|
1,569 |
|
|
|
— |
|
|
|
1,569 |
|
|
Derivative liabilities |
|
|
— |
|
|
|
1,306 |
|
|
|
— |
|
|
|
1,306 |
|
|
Loans held for sale |
|
|
— |
|
|
|
9,318 |
|
|
|
— |
|
|
|
9,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
329,696 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
329,696 |
|
|
U.S. federal agencies |
|
|
— |
|
|
|
131,896 |
|
|
|
— |
|
|
|
131,896 |
|
|
Mortgage-backed securities |
|
|
— |
|
|
|
7,039 |
|
|
|
14,816 |
|
|
|
21,855 |
|
|
States and political subdivisions |
|
|
— |
|
|
|
50,920 |
|
|
|
— |
|
|
|
50,920 |
|
|
Other securities |
|
|
— |
|
|
|
3,485 |
|
|
|
6,308 |
|
|
|
9,793 |
|
|
Derivative assets |
|
|
— |
|
|
|
1,946 |
|
|
|
— |
|
|
|
1,946 |
|
|
Derivative liabilities |
|
|
— |
|
|
|
989 |
|
|
|
— |
|
|
|
989 |
|
|
Loans held for sale |
|
|
— |
|
|
|
13,725 |
|
|
|
— |
|
|
|
13,725 |
|
|
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 years ended December 31, 2016 and 2015 were as follows:
|
|
|
Twelve Months Ended
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(Dollars in thousands) |
|
|
Balance at the beginning of the year |
|
$ |
21,124 |
|
|
$ |
28,459 |
|
|
Purchases |
|
|
1,096 |
|
|
|
609 |
|
|
Settlements |
|
|
(191 |
) |
|
|
(2,327 |
) |
|
Sales |
|
|
(429 |
) |
|
|
(8,817 |
) |
|
(Losses) gains included in earnings |
|
|
(111 |
) |
|
|
7,141 |
|
|
Total unrealized losses |
|
|
(104 |
) |
|
|
(3,941 |
) |
|
Balance at the end of the period |
|
$ |
21,385 |
|
|
$ |
21,124 |
|
|
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. The related losses represent the amounts recognized during the period regardless of whether the asset is still held at period end:
|
|
|
Total Fair Value
Level 3 |
|
|
Losses |
|
|
|
|
(Dollars in thousands) |
|
|
As of and for the Year-to-date Period Ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
Impaired loans (less specific allowance) |
|
$ |
29,912 |
|
|
$ |
— |
|
|
Repossessed assets |
|
|
340 |
|
|
|
3 |
|
|
Other real estate owned |
|
|
1,480 |
|
|
|
231 |
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Year-to-date Period Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
Impaired loans (less specific allowance) |
|
$ |
44,399 |
|
|
$ |
— |
|
|
Repossessed assets |
|
|
230 |
|
|
|
— |
|
|
Other real estate owned |
|
|
3,607 |
|
|
|
128 |
|
|
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:
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
Carrying
Amount |
|
|
Fair Value |
|
|
Carrying
Amount |
|
|
Fair Value |
|
|
|
|
(Dollars in thousands) |
|
|
FINANCIAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,851,161 |
|
|
$ |
1,851,161 |
|
|
$ |
1,598,177 |
|
|
$ |
1,598,177 |
|
|
Securities held for investment |
|
|
3,722 |
|
|
|
3,760 |
|
|
|
8,289 |
|
|
|
8,350 |
|
|
Level 3 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities held for investment |
|
|
643 |
|
|
|
643 |
|
|
|
500 |
|
|
|
500 |
|
|
Loans, net of allowance for loan losses |
|
|
4,351,539 |
|
|
|
4,367,363 |
|
|
|
4,190,382 |
|
|
|
4,222,153 |
|
|
FINANCIAL LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,248,057 |
|
|
|
6,313,622 |
|
|
|
5,973,358 |
|
|
|
6,028,012 |
|
|
Short-term borrowings |
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
|
500 |
|
|
Junior subordinated debentures |
|
|
31,959 |
|
|
|
34,339 |
|
|
|
31,959 |
|
|
|
33,793 |
|
|
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
|
|
|
1,718 |
|
|
|
|
|
|
|
1,681 |
|
|
Letters of credit |
|
|
|
|
|
|
424 |
|
|
|
|
|
|
|
464 |
|
|