Summary of fair value measurement on recurring and nonrecurring basis segregated by level of valuation inputs within fair value hierarchy utilized to measure fair value |
| | | | | | | | | | | | | | | | | | As of December 31, 2017: | | | | Fair Value Measurements at the End of the Reporting Period Using | | Carrying Amount | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | | | | | | | | Investment Securities: | | | | | | | | U.S. Government Agency Debentures | $ | 108,869 |
| | $ | — |
| | $ | 108,869 |
| | $ | — |
| State and Political Subdivisions | 392,664 |
| | — |
| | 392,664 |
| | — |
| Other Stocks and Bonds | 5,055 |
| | — |
| | 5,055 |
| | — |
| Other Equity Securities | 5,920 |
| | 5,920 |
| | — |
| | — |
| Mortgage-backed Securities: (1) | | | |
| | | | |
| Residential | 718,029 |
| | — |
| | 718,029 |
| | — |
| Commercial | 308,218 |
| | — |
| | 308,218 |
| | — |
| Derivative assets: | | | | | | | | Interest rate swaps | 8,626 |
| | — |
| | 8,626 |
| | — |
| Total asset recurring fair value measurements | $ | 1,547,381 |
| | $ | 5,920 |
| | $ | 1,541,461 |
| | $ | — |
| | | | | | | | | Derivative liabilities: | | | | | | | | Interest rate swaps | $ | 726 |
| | $ | — |
| | $ | 726 |
| | $ | — |
| Total liability recurring fair value measurements | $ | 726 |
| | $ | — |
| | $ | 726 |
| | $ | — |
| | | | | | | | | Nonrecurring fair value measurements | |
| | |
| | |
| | |
| Foreclosed assets | $ | 1,767 |
| | $ | — |
| | $ | — |
| | $ | 1,767 |
| Impaired loans (2) | 6,536 |
| | — |
| | — |
| | 6,536 |
| Total asset nonrecurring fair value measurements | $ | 8,303 |
| | $ | — |
| | $ | — |
| | $ | 8,303 |
|
| | | | | | | | | | | | | | | | | | As of December 31, 2016: | | | | Fair Value Measurements at the End of the Reporting Period Using | | Carrying Amount | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | | | | | | | | Investment Securities: | | | | | | | | U.S. Treasury | $ | 70,069 |
| | $ | 70,069 |
| | $ | — |
| | $ | — |
| State and Political Subdivisions | 385,197 |
| | — |
| | 385,197 |
| | — |
| Other Stocks and Bonds | 6,651 |
| | — |
| | 6,651 |
| | — |
| Other Equity Securities | 5,920 |
| | 5,920 |
| | — |
| | — |
| Mortgage-backed Securities: (1) | |
| | |
| | |
| | |
| Residential | 627,508 |
| | — |
| | 627,508 |
| | — |
| Commercial | 384,255 |
| | — |
| | 384,255 |
| | — |
| Derivative assets: | | | | | | | | Interest rate swaps | 7,154 |
| | — |
| | 7,154 |
| | — |
| Total asset recurring fair value measurements | $ | 1,486,754 |
| | $ | 75,989 |
| | $ | 1,410,765 |
| | $ | — |
| | | | | | | | | Derivative liabilities: | | | | | | | | Interest rate swaps | $ | 85 |
| | $ | — |
| | $ | 85 |
| | $ | — |
| Total liability recurring fair value measurements | $ | 85 |
| | $ | — |
| | $ | 85 |
| | $ | — |
| | | | | | | | | Nonrecurring fair value measurements | |
| | |
| | |
| | |
| Foreclosed assets | $ | 388 |
| | $ | — |
| | $ | — |
| | $ | 388 |
| Impaired loans (2) | 9,693 |
| | — |
| | — |
| | 9,693 |
| Total asset nonrecurring fair value measurements | $ | 10,081 |
| | $ | — |
| | $ | — |
| | $ | 10,081 |
|
| | (1) | All mortgage-backed securities are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
| | (2) | Impaired loans represent collateral-dependent loans with a specific valuation allowance. Losses on these loans represent charge-offs which are netted against the allowance for loan losses. |
|
Financial assets, financial liabilities, and unrecognized financial instruments at carrying amount and fair value |
The following tables present our financial assets, financial liabilities, and unrecognized financial instruments measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | December 31, 2017 | Carrying Amount | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets: | | | | | | | | | | Cash and cash equivalents | $ | 198,692 |
| | $ | 198,692 |
| | $ | 198,692 |
| | $ | — |
| | $ | — |
| Investment Securities: | | | | | | | | | | Held to maturity, at carrying value | 413,632 |
| | 421,928 |
| | — |
| | 421,928 |
| | — |
| Mortgage-backed Securities: | | | | | | | | | | Held to maturity, at carrying value | 495,874 |
| | 499,872 |
| | — |
| | 499,872 |
| | — |
| FHLB stock, at cost, and other investments | 61,550 |
| | 61,550 |
| | — |
| | 61,550 |
| | — |
| Loans, net of allowance for loan losses | 3,273,575 |
| | 3,269,316 |
| | — |
| | — |
| | 3,269,316 |
| Loans held for sale | 2,001 |
| | 2,001 |
| | — |
| | 2,001 |
| | — |
| Financial Liabilities: | | | | | | | | | | Deposits | $ | 4,515,447 |
| | $ | 4,506,133 |
| | $ | — |
| | $ | 4,506,133 |
| | $ | — |
| Federal funds purchased and repurchase agreements | 9,498 |
| | 9,498 |
| | — |
| | 9,498 |
| | — |
| FHLB borrowings | 1,017,361 |
| | 1,008,292 |
| | — |
| | 1,008,292 |
| | — |
| Subordinated notes, net of unamortized debt issuance costs | 98,248 |
| | 99,665 |
| | — |
| | 99,665 |
| | — |
| Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,241 |
| | 47,622 |
| | — |
| | 47,622 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | December 31, 2016 | Carrying Amount | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets: | | | | | | | | | | Cash and cash equivalents | $ | 169,654 |
| | $ | 169,654 |
| | $ | 169,654 |
| | $ | — |
| | $ | — |
| Investment Securities: | | | | | |
| | |
| | |
| Held to maturity, at carrying value | 425,810 |
| | 429,912 |
| | — |
| | 429,912 |
| | — |
| Mortgage-backed Securities: | |
| | |
| | |
| | |
| | |
| Held to maturity, at carrying value | 511,677 |
| | 514,370 |
| | — |
| | 514,370 |
| | — |
| FHLB stock, at cost, and other investments | 66,592 |
| | 66,592 |
| | — |
| | 66,592 |
| | — |
| Loans, net of allowance for loan losses | 2,538,626 |
| | 2,630,009 |
| | — |
| | — |
| | 2,630,009 |
| Loans held for sale | 7,641 |
| | 7,641 |
| | — |
| | 7,641 |
| | — |
| Financial Liabilities: | |
| | | | |
| | |
| | |
| Deposits | $ | 3,533,076 |
| | $ | 3,293,352 |
| | $ | — |
| | $ | 3,293,352 |
| | $ | — |
| Federal funds purchased and repurchase agreements | 7,097 |
| | 7,097 |
| | — |
| | 7,097 |
| | — |
| FHLB borrowings | 1,309,646 |
| | 1,331,517 |
| | — |
| | 1,331,517 |
| | — |
| Subordinated notes, net of unamortized debt issuance costs | 98,100 |
| | 101,627 |
| | — |
| | 101,627 |
| | — |
| Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,236 |
| | 45,147 |
| | — |
| | 45,147 |
| | — |
|
|