Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

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 December 31, 2018 and 2017 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):


December 31, 2018	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S Treasury securities	$	9,962	$	—	$	—	$	9,962
Obligations of U. S. government sponsored enterprises and agencies		—		301		—		301
Obligations of state and political subdivisions		—		1,257,871		—		1,257,871
Corporate bonds		—		450		—		450
Residential mortgage-backed securities		—		1,454,545		—		1,454,545
Commercial mortgage-backed securities		—		431,300		—		431,300
Other securities		4,348		—		—		4,348

Total	$	14,310	$	3,144,467	$	—	$	3,158,777

Loans held-for-sale	$	—	$	19,185	$	—	$	19,185
IRLCs	$	—	$	765	$	—	$	765
Forward mortgage-backed securities traded	$	—	$	403	$	—	$	403


December 31, 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	$	—	$	60,330	$	—	$	60,330
Obligations of state and political subdivisions		—		1,420,850		—		1,420,850
Corporate bonds		—		7,031		—		7,031
Residential mortgage-backed securities		—		1,219,097		—		1,219,097
Commercial mortgage-backed securities		—		375,737		—		375,737
Other securities		4,428		—		—		4,428

Total	$	4,428	$	3,083,045	$	—	$	3,087,473

IRLCs	$	—	$	500	$	—	$	500

Other Real Estate Owned

circumstances arise. 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):


	Year Ended
	December 31,
	2018			2017
Carrying value of other real estate owned prior to re-measurement	$	1,046		$	1,067
Write-downs included in gain (loss) on sale of other real estate owned		(236	)		(306	)

Fair value	$	810		$	761

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 December 31, 2018 and 2017, were as follows (dollars in thousands):


	2018				2017
	Carrying		Estimated		Carrying		Estimated		Fair Value
	Value		Fair Value		Value		Fair Value		Hierarchy
Cash and due from banks	$	207,835	$	207,835	$	209,583	$	209,583	Level 1
Interest-bearing deposits in banks		40,812		40,812		162,764		162,764	Level 1
Interest-bearing time deposits in banks		1,458		1,458		1,458		1,458	Level 2
Available-for-sale securities		3,158,777		3,158,777		3,087,473		3,087,473	Levels 1 and 2
Loans held-for-investment		3,902,434		3,947,391		3,437,413		3,455,003	Level 3
Loans held-for-sale		21,672		21,779		15,130		15,314	Level 2
Accrued interest receivable		36,765		36,765		36,081		36,081	Level 2
Deposits with stated maturities		442,161		441,727		451,255		452,000	Level 2
Deposits with no stated maturities		5,738,228		5,738,228		5,511,706		5,511,706	Level 1
Borrowings		468,706		468,706		331,000		331,000	Level 2
Accrued interest payable		408		408		197		197	Level 2
IRLCs		765		765		500		500	Level 2
Forward mortgage-backed securities traded		403		403		—		—	Level 2