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Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Fair value measurement of assets and liabilities measured at fair value on a recurring basis
The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis:
  
 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Fair Value June 30, 2017
 
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Investment securities, available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
35,611

 
—

 
35,611

 
—

U.S. government sponsored enterprises
19,274

 
—

 
19,274

 
—

State and local governments
667,903

 
—

 
667,903

 
—

Corporate bonds
422,369

 
—

 
422,369

 
—

Residential mortgage-backed securities
896,364

 
—

 
896,364

 
—

Commercial mortgage-backed securities
100,951

 
—

 
100,951

 
—

Total assets measured at fair value on a recurring basis
$
2,142,472

 
—

 
2,142,472

 
—

Interest rate swaps
$
13,975

 
—

 
13,975

 
—

Total liabilities measured at fair value on a recurring basis
$
13,975

 
—

 
13,975

 
—


 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Fair Value December 31, 2016
 
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Investment securities, available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
39,407

 
—

 
39,407

 
—

U.S. government sponsored enterprises
19,570

 
—

 
19,570

 
—

State and local governments
786,373

 
—

 
786,373

 
—

Corporate bonds
471,951

 
—

 
471,951

 
—

Residential mortgage-backed securities
1,007,515

 
—

 
1,007,515

 
—

Commercial mortgage-backed securities
100,661

 
—

 
100,661

 
—

Total assets measured at fair value on a recurring basis
$
2,425,477

 
—

 
2,425,477

 
—

Interest rate swaps
$
14,725

 
—

 
14,725

 
—

Total liabilities measured at fair value on a recurring basis
$
14,725

 
—

 
14,725

 
—
Fair value measurement of assets measured at fair value on a non-recurring basis
The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:

 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Fair Value June 30, 2017
 
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Other real estate owned
$
785

 
—

 
—

 
785

Collateral-dependent impaired loans, net of ALLL
8,107

 
—

 
—

 
8,107

Total assets measured at fair value on a non-recurring basis
$
8,892

 
—

 
—

 
8,892


 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Fair Value December 31, 2016
 
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Other real estate owned
$
7,839

 
—

 
—

 
7,839

Collateral-dependent impaired loans, net of ALLL
5,664

 
—

 
—

 
5,664

Total assets measured at fair value on a non-recurring basis
$
13,503

 
—

 
—

 
13,503
Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

 
Fair Value June 30, 2017
 
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
 
Valuation Technique
 
Unobservable Input
 
Range (Weighted-Average) 1
Other real estate owned
$
785

 
Sales comparison approach
 
Selling costs
 
8.0% - 10.0% (8.9%)
Collateral-dependent impaired loans, net of ALLL
$
5

 
Cost approach
 
Selling costs
 
20.0% - 20.0% (20.0%)
 
2,198

 
Sales comparison approach
 
Selling costs
 
8.0% - 15.0% (9.8%)
 
5,904

 
Combined approach
 
Selling costs
 
10.0% - 10.0% (10.0%)
 
 
 
 
 
Adjustment to comparables
 
20.0% - 20.0% (20.0%)
 
$
8,107

 
 
 
 
 
 

 
Fair Value December 31, 2016
 
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
 
Valuation Technique
 
Unobservable Input
 
Range (Weighted-Average) 1
Other real estate owned
$
7,767

 
Sales comparison approach
 
Selling costs
 
6.0% - 10.0% (6.9%)
 
 
 
 
 
Adjustment to comparables
 
0.0% - 10.0% (0.1%)
 
72

 
Combined approach
 
Selling costs
 
10.0% - 10.0% (10.0%)
 
 
 
 
 
Adjustment to comparables
 
10.0% - 10.0% (10.0%)
 
$
7,839

 
 
 
 
 
 
Collateral-dependent impaired loans, net of ALLL
$
110

 
Cost approach
 
Selling costs
 
6.0% - 20.0% (6.6%)
 
1,982

 
Sales comparison approach
 
Selling costs
 
8.0% - 10.0% (9.6%)
 
3,572

 
Combined approach
 
Selling costs
 
10.0% - 10.0% (10.0%)
 
 
 
 
 
Adjustment to comparables
 
20.0% - 20.0% (20.0%)
 
$
5,664

 
 
 
 
 
 
__________
1 The range for selling costs and adjustments to comparables indicate reductions to the fair value.
Carrying amounts and estimated fair values of financial instruments
The following tables present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments:
 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Carrying Amount June 30, 2017
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Financial assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
237,590

 
237,590

 
—

 
—

Investment securities, available-for-sale
2,142,472

 
—

 
2,142,472

 
—

Investment securities, held-to-maturity
659,347

 
—

 
678,495

 
—

Loans held for sale
37,726

 
37,726

 
—

 
—

Loans receivable, net of ALLL
6,215,885

 
—

 
6,001,018

 
123,335

Accrued interest receivable
46,921

 
46,921

 
—

 
—

Non-marketable equity securities
23,995

 
—

 
23,995

 
—

Total financial assets
$
9,363,936

 
322,237

 
8,845,980

 
123,335

Financial liabilities
 
 
 
 
 
 
 
Deposits
$
7,797,963

 
6,620,121

 
1,179,662

 
—

FHLB advances
211,505

 
—

 
217,225

 
—

Repurchase agreements and other borrowed funds
456,867

 
—

 
456,867

 
—

Subordinated debentures
126,063

 
—

 
90,807

 
—

Accrued interest payable
3,535

 
3,535

 
—

 
—

Interest rate swaps
13,975

 
—

 
13,975

 
—

Total financial liabilities
$
8,609,908

 
6,623,656

 
1,958,536

 
—


 
 
 
Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Carrying Amount December 31, 2016
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Financial assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
152,541

 
152,541

 
—

 
—

Investment securities, available-for-sale
2,425,477

 
—

 
2,425,477

 
—

Investment securities, held-to-maturity
675,674

 
—

 
689,089

 
—

Loans held for sale
72,927

 
72,927

 
—

 
—

Loans receivable, net of ALLL
5,554,891

 
—

 
5,380,286

 
123,382

Accrued interest receivable
45,832

 
45,832

 
—

 
—

Non-marketable equity securities
25,550

 
—

 
25,550

 
—

Total financial assets
$
8,952,892

 
271,300

 
8,520,402

 
123,382

Financial liabilities
 
 
 
 
 
 
 
Deposits
$
7,372,279

 
6,090,879

 
1,283,532

 
—

FHLB advances
251,749

 
—

 
257,643

 
—

Repurchase agreements and other borrowed funds
478,090

 
—

 
478,090

 
—

Subordinated debentures
125,991

 
—

 
85,557

 
—

Accrued interest payable
3,584

 
3,584

 
—

 
—

Interest rate swaps
14,725

 
—

 
14,725

 
—

Total financial liabilities
$
8,246,418

 
6,094,463

 
2,119,547

 
—