Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

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, 2019
Securities available for sale:
U.S. Treasury	$	358,634	$	—	$	—	$	358,634
U.S. federal agencies		—		26,155		—		26,155
Mortgage-backed securities		—		2,164		13,055		15,219
States and political subdivisions		—		23,149		—		23,149
Derivative assets		—		19		—		19
Derivative liabilities		—		17		—		17
December 31, 2018
Securities available for sale:
U.S. Treasury	$	697,466	$	—	$	—	$	697,466
U.S. federal agencies		—		29,919		—		29,919
Mortgage-backed securities		—		2,465		13,443		15,908
States and political subdivisions		—		27,411		—		27,411
Derivative assets		—		252		—		252
Derivative liabilities		—		238		—		238

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,			Twelve Months Ended December 31,
	2019			2018
	(Dollars in thousands)
Balance at the beginning of the year	$	13,443		$	14,467
Settlements		(396	)		(1,037	)
Total unrealized (losses) gains		8			13
Balance at the end of the period	$	13,055		$	13,443

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:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2019
Equity securities	$	9,099
Impaired loans (less specific allowance)		32,277
Repossessed assets		201
Other real estate owned		1,759
As of and for the Year-to-date Period Ended December 31, 2018
Equity securities	$	7,521
Impaired loans (less specific allowance)		34,396
Repossessed assets		183
Other real estate owned		4,683

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,
	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,704,438	$	1,704,438	$	1,424,255	$	1,424,255
Securities held for investment		1,497		1,503		928		933
Loans held for sale		10,899		10,899		8,174		8,174
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		5,039,295		5,052,074		4,924,587		4,901,159
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,613,613		6,729,518		6,605,495		6,713,542
Short-term borrowings		1,000		1,000		1,675		1,675
Junior subordinated debentures		26,804		28,777		26,804		29,549
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				2,277				2,158
Letters of credit				414				421