Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2020

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

The following table summarizes the Company’s

available-for-sale

securities which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


March 31, 2020
	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,113	$	—		$	—	$	10,113
Obligations of states and political subdivisions		—		1,807,671			—		1,807,671
Corporate bonds		—		220			—		220
Residential mortgage-backed securities		—		1,679,980			—		1,679,980
Commercial mortgage-backed securities		—		604,554			—		604,554
Other securities		4,531		—			—		4,531


Total	$	14,644	$	4,092,425		$	—	$	4,107,069


Loans held-for-sale	$	—	$	39,659		$	—	$	39,659

IRLCs	$	—	$	296		$	—	$	296

Forward mortgage-backed securities trades	$	—	$	(3,200	)	$	—	$	(3,200	)


March 31, 2019
	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	9,991	$	—		$	—	$	9,991
Obligations of states and political subdivisions		—		1,239,730			—		1,239,730
Corporate bonds		—		456			—		456
Residential mortgage-backed securities		—		1,516,288			—		1,516,288
Commercial mortgage-backed securities		—		441,944			—		441,944
Other securities		4,403		—			—		4,403


Total	$	14,394	$	3,198,418		$	—	$	3,212,812


Loans held-for-sale	$	—	$	12,007		$	—	$	12,007

IRLCs	$	—	$	1,299		$	—	$	1,299

Forward mortgage-backed securities trades	$	—	$	(301	)	$	—	$	(301	)


December 31, 2019
	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,019	$	—		$	—	$	10,019
Obligations of states and political subdivisions		—		1,288,983					1,288,983
Corporate bonds		—		230			—		230
Residential mortgage-backed securities		—		1,608,863			—		1,608,863
Commercial mortgage-backed securities		—		500,744			—		500,744
Other securities		4,478		—			—		4,478


Total	$	14,497	$	3,398,820		$	—	$	3,413,317


Loans held-for-sale	$	—	$	23,076		$	—	$	23,076

IRLCs	$	—	$	886		$	—	$	886

Forward mortgage-backed securities trades	$	—	$	(152	)	$	—	$	(152	)

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 were as follows (in thousands).


	March 31,								December 31,
	2020				2019				2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	191,486	$	191,486	$	176,278	$	176,278	$	231,534	$	231,534		Level 1

Federal Funds Sold		—		—		12,825		12,825		3,150		3,150		Level 1

Interest-bearing deposits in banks		76,378		76,378		197,758		197,758		47,920		47,920		Level 1

Interest-bearing time deposits in banks		—		—		1,458		1,458		—		—		Level 2

Available-for-sale securities		4,107,069		4,107,069		3,212,812		3,212,812		3,413,317		3,413,317		Levels 1 and 2

Loans held for investment		4,639,389		4,619,017		3,989,160		3,973,329		4,194,969		4,209,826		Level 3

Loans held for sale		42,034		41,953		14,446		14,512		28,228		28,343		Level 2

Accrued interest receivable		34,329		34,329		29,372		29,372		36,894		36,894		Level 2

Deposits with stated maturities		465,808		467,804		441,393		441,433		420,013		421,397		Level 2

Deposits with no stated maturities		6,744,658		6,744,658		5,909,348		5,909,348		6,183,793		6,183,793		Level 1

Borrowings		857,871		857,871		382,711		382,711		381,356		381,356		Level 2

Accrued interest payable		783		783		575		575		628		628		Level 2

IRLCs		296		296		1,299		1,299		886		886		Level 2

Forward mortgage-backed securities trades		3,200		3,200		301		301		152		152		Level 2