Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2017

Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2017 and 2016, and December 31, 2016, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


September 30, 2017
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
Obligations of U. S. government sponsored enterprises and agencies	$	—	$	73,588	$	—	$	73,588
Obligations of states and political subdivisions		—		1,434,194		—		1,434,194
Corporate bonds		—		15,099		—		15,099
Residential mortgage-backed securities		—		1,029,284		—		1,029,284
Commercial mortgage-backed securities		—		328,862		—		328,862
Other securities		4,456		—		—		4,456

Total	$	4,456	$	2,881,027	$	—	$	2,885,483


September 30, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,739	$	—	$	—	$	10,739
Obligations of U. S. government sponsored enterprises and agencies		—		115,720		—		115,720
Obligations of states and political subdivisions		—		1,502,716		—		1,502,716
Corporate bonds		—		65,037		—		65,037
Residential mortgage-backed securities		—		766,499		—		766,499
Commercial mortgage-backed securities		—		263,747		—		263,747
Other securities		4,572		—		—		4,572

Total	$	15,311	$	2,713,719	$	—	$	2,729,030


December 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,668	$	—	$	—	$	10,668
Obligations of U. S. government sponsored enterprises and agencies		—		113,703		—		113,703
Obligations of states and political subdivisions		—		1,564,276		—		1,564,276
Corporate bonds		—		47,965		—		47,965
Residential mortgage-backed securities		—		851,361		—		851,361
Commercial mortgage-backed securities		—		268,436		—		268,436
Other securities		4,428		—		—		4,428

Total	$	15,096	$	2,845,741	$	—	$	2,860,837

Other Real Estate Owned

The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands):


	Three Months Ended September 30,
	2017			2016
Carrying value of other real estate owned prior to re-measurement	$	937		$	—
Write-downs included in gain (loss) on sale of other real estate owned		(288	)		—

Fair value	$	649		$	—


	Nine Months Ended September 30,
	2017			2016
Carrying value of other real estate owned prior to re-measurement	$	1,025		$	—
Write-downs included in gain (loss) on sale of other real estate owned		(296	)		—

Fair value	$	729		$	—

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance at September 30, 2017 and 2016, and December 31, 2016, were as follows (in thousands):


	September 30,								December 31,
	2017				2016				2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	177,615	$	177,615	$	166,981	$	166,981	$	204,782	$	204,782	Level 1
Federal funds sold		—		—		3,400		3,400		3,130		3,130	Level 1
Interest-bearing deposits in banks		166,820		166,820		117,334		117,334		48,574		48,574	Level 1
Interest-bearing time deposits in banks		1,458		1,458		1,707		1,709		1,707		1,709	Level 2
Available-for-sale Securities		2,885,483		2,885,483		2,729,030		2,729,030		2,860,837		2,860,837	Levels 1 and 2
Held-to-maturity securities		—		—		129		133		121		124	Level 2
Loans		3,443,424		3,458,603		3,324,086		3,334,965		3,338,426		3,361,735	Level 3
Accrued interest receivable		26,321		26,321		26,209		26,209		36,469		36,469	Level 2
Deposits with stated maturities		464,782		465,655		535,793		537,167		508,996		510,304	Level 2
Deposits with no stated maturities		5,232,678		5,232,678		4,699,671		4,699,671		4,969,543		4,969,543	Level 1
Borrowings		351,435		351,435		513,759		513,759		445,770		445,770	Level 2
Accrued interest Payable		179		179		230		230		225		225	Level 2