Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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)
December 31, 2020
Debt securities available for sale:
U.S. Treasury	$	475,236	$	—	$	—	$	475,236
U.S. federal agencies		—		19,638		—		19,638
Mortgage-backed securities		—		15,696		—		15,696
States and political subdivisions		—		28,793		155		28,948
Asset backed securities		—		—		12,714		12,714
December 31, 2019
Debt securities available for sale:
U.S. Treasury	$	414,449	$	—	$	—	$	414,449
U.S. federal agencies		—		23,024		—		23,024
Mortgage-backed securities		—		17,005		—		17,005
States and political subdivisions		—		22,531		—		22,531
Asset backed securities		—		—		12,714		12,714

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:

	Twelve Months Ended December 31,
	2020			2019
	(Dollars in thousands)
Balance at the beginning of the year	$	12,714		$	13,443
Transfers from level 2	$	1,643			—
Settlements		(1,473	)		(695	)
Total unrealized losses		(15	)		(34	)
Balance at the end of the period	$	12,869		$	12,714

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 December 31, 2020
Equity securities	$	21,203
Collateral dependent loans		11,347
Repossessed assets		291
Other real estate owned		32,066
As of and for the Year-to-date Period Ended December 31, 2019
Equity securities	$	10,121
Impaired loans (less specific allowance)		45,687
Repossessed assets		465
Other real estate owned		3,024

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,
	2020				2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,616,912	$	1,616,912	$	1,868,281	$	1,868,281
Federal funds sold		—		—		1,000		1,000
Debt securities held for investment		59		62		1,403		1,403
Loans held for sale		53,719		53,719		11,001		11,001
Level 3 inputs:
Debt securities held for investment		2,905		2,922		500		500
Loans, net of allowance for credit losses		6,303,140		6,347,803		5,607,905		5,625,005
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		8,064,704		8,084,695		7,483,635		7,497,429
Short-term borrowings		1,100		1,100		1,100		1,100
Junior subordinated debentures		26,804		30,535		26,804		29,324
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				3,115				2,832
Letters of credit				722				485