Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
June 30, 2016
Securities available for sale:
U.S. Treasury	$	206,526	$	—	$	—	$	206,526
U.S. federal agencies		—		125,650		—		125,650
Mortgage-backed securities		—		5,998		14,816		20,814
States and political subdivisions		—		48,037		—		48,037
Other securities		—		3,492		6,407		9,899
Derivative assets		—		1,624		—		1,624
Derivative liabilities		—		1,138		—		1,138
Loans held for sale		—		10,427		—		10,427

December 31, 2015
Securities available for sale:
U.S. Treasury	$	329,696	$	—	$	—	$	329,696
U.S. federal agencies		—		131,896		—		131,896
Mortgage-backed securities		—		7,039		14,816		21,855
States and political subdivisions		—		50,920		—		50,920
Other securities		—		3,485		6,308		9,793
Derivative assets		—		1,946		—		1,946
Derivative liabilities		—		989		—		989
Loans held for sale		—		13,725		—		13,725

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Six Months Ended June 30,
	2016			2015
	(Dollars in thousands)
Balance at the beginning of the year	$	21,124		$	28,459
Purchases, issuances and settlements		551			(1,409	)
Sales		(300	)		(8,593	)
Gains included in earnings		35			7,121
Total unrealized (losses) gains		(187	)		(4,029	)
Balance at the end of the period	$	21,223		$	21,549

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis and the related losses recognized during the period:

	Total Fair Value Level 3		Losses
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2016
Impaired loans (less specific allowance)	$	30,160	$	—
Foreclosed assets		346		2
Other real estate owned		4,123		49

As of and for the Year-to-date Period Ended December 31, 2015
Impaired loans (less specific allowance)	$	44,399	$	—
Foreclosed assets		230		—
Other real estate owned		7,984		128

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	June 30,				December 31,
	2016				2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,597,822	$	1,597,822	$	1,598,177	$	1,598,177
Securities held for investment		7,812		7,872		8,289		8,350
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		4,280,070		4,353,453		4,190,382		4,222,153
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		5,943,982		5,997,885		5,973,538		6,028,012
Short-term borrowings		3,500		3,500		500		500
Junior subordinated debentures		31,959		33,707		31,959		33,793
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				1,735				1,681
Letters of credit				426				464