Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 and 2015, 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)
December 31, 2016
Securities available for sale:
U.S. Treasury	$	268,543	$	—	$	—	$	268,543
U.S. federal agencies		—		129,642		—		129,642
Mortgage-backed securities		—		4,856		14,816		19,672
States and political subdivisions		—		41,042		—		41,042
Other securities		—		—		6,569		6,569
Derivative assets		—		1,569		—		1,569
Derivative liabilities		—		1,306		—		1,306
Loans held for sale		—		9,318		—		9,318

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 years ended December 31, 2016 and 2015 were as follows:

	Twelve Months Ended December 31,
	2016			2015
	(Dollars in thousands)
Balance at the beginning of the year	$	21,124		$	28,459
Purchases		1,096			609
Settlements		(191	)		(2,327	)
Sales		(429	)		(8,817	)
(Losses) gains included in earnings		(111	)		7,141
Total unrealized losses		(104	)		(3,941	)
Balance at the end of the period	$	21,385		$	21,124

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period. The related losses represent the amounts recognized during the period regardless of whether the asset is still held at period end:

	Total Fair Value Level 3		Losses
	(Dollars in thousands)
As of and for the Year-to-date Period Ended December 31, 2016
Impaired loans (less specific allowance)	$	29,912	$	—
Repossessed assets		340		3
Other real estate owned		1,480		231

As of and for the Year-to-date Period Ended December 31, 2015
Impaired loans (less specific allowance)	$	44,399	$	—
Repossessed assets		230		—
Other real estate owned		3,607		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:

	December 31,
	2016				2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,851,161	$	1,851,161	$	1,598,177	$	1,598,177
Securities held for investment		3,722		3,760		8,289		8,350
Level 3 inputs:
Securities held for investment		643		643		500		500
Loans, net of allowance for loan losses		4,351,539		4,367,363		4,190,382		4,222,153
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,248,057		6,313,622		5,973,358		6,028,012
Short-term borrowings		500		500		500		500
Junior subordinated debentures		31,959		34,339		31,959		33,793
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				1,718				1,681
Letters of credit				424				464