Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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)
March 31, 2021
Securities available for sale:
U.S. Treasury	$	453,786	$	—	$	—	$	453,786
U.S. federal agencies		—		19,109		—		19,109
Mortgage-backed securities		—		15,249		—		15,249
States and political subdivisions		—		15,885		155		16,040
Asset backed securities		—		13,403		—		13,403
December 31, 2020
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

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:

	Three Months Ended March 31,			Twelve Months Ended December 31,
	2021			2020
	(Dollars in thousands)
Balance at the beginning of the year	$	12,869		$	12,714
Transfers to level 2		(12,714	)		1,643
Settlements		—			(1,473	)
Total unrealized gains/(losses)		—			(15	)
Balance at the end of the period	$	155		$	12,869

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. 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 March 31, 2021
Equity securities	$	21,275
Collateral dependent loans		3,707
Repossessed assets		91
Other real estate owned		332
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

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:

	March 31,				December 31,
	2021				2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	3,062,408	$	3,062,408	$	1,616,912	$	1,616,912
Debt securities held for investment		51		53		59		62
Loans held for sale		21,718		21,718		53,719		53,719
Level 3 inputs:
Debt securities held for investment		2,905		2,900		2,905		2,922
Loans, net of allowance for credit losses		6,267,530		6,269,096		6,303,140		6,347,803
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		9,371,940		9,394,515		8,064,704		8,084,695
Short-term borrowings		3,750		3,750		1,100		1,100
Junior subordinated debentures		26,804		28,948		26,804		30,535
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				3,237				3,115
Letters of credit				542				722