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FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
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