Financial Assets And Liabilities Accounted For Fair Value On Recurring Basis |
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2018 and December 31, 2017 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | | | | | | | | | | | | | | | | | | | | Fair value | | Fair Value Measurements at Reporting Date Using | | | Level 1 | | Level 2 | | Level 3 | March 31, 2018 | | (in thousands) | Assets | | | | | | | | | Debt securities available for sale: | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | | $ | 1,645,218 |
| | $ | — |
| | $ | 1,645,218 |
| | $ | — |
| State and municipal debt securities | | 582,748 |
| | — |
| | 582,748 |
| | — |
| U.S. government agency and government-sponsored enterprise securities | | 395,832 |
| | — |
| | 395,832 |
| | — |
| U.S. government securities | | 247 |
| | 247 |
| | — |
| | — |
| Total debt securities available for sale | | $ | 2,624,045 |
| | $ | 247 |
| | $ | 2,623,798 |
| | $ | — |
| Equity securities | | $ | 5,000 |
| | $ | 5,000 |
| | $ | — |
| | $ | — |
| Other assets (Interest rate contracts) | | $ | 7,406 |
| | $ | — |
| | $ | 7,406 |
| | $ | — |
| Liabilities | | | | | | | | | Other liabilities (Interest rate contracts) | | $ | 7,409 |
| | $ | — |
| | $ | 7,409 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | Fair value | | Fair Value Measurements at Reporting Date Using | | | Level 1 | | Level 2 | | Level 3 | December 31, 2017 | | (in thousands) | Assets | | | | | | | | | Debt securities available for sale: | | | | | | | | | U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | | $ | 1,726,725 |
| | $ | — |
| | $ | 1,726,725 |
| | $ | — |
| State and municipal debt securities | | 596,004 |
| | — |
| | 596,004 |
| | — |
| U.S. government agency and government-sponsored enterprise securities | | 414,774 |
| | — |
| | 414,774 |
| | — |
| U.S. government securities | | 248 |
| | 248 |
| | — |
| | — |
| Total debt securities available for sale | | $ | 2,737,751 |
| | $ | 248 |
| | $ | 2,737,503 |
| | $ | — |
| Equity securities | | $ | 5,080 |
| | $ | 5,080 |
| | $ | — |
| | $ | — |
| Other assets (Interest rate contracts) | | $ | 6,707 |
| | $ | — |
| | $ | 6,707 |
| | $ | — |
| Liabilities | | | | | | | | | Other liabilities (Interest rate contracts) | | $ | 6,714 |
| | $ | — |
| | $ | 6,714 |
| | $ | — |
|
|
Fair Value, by Balance Sheet Grouping |
The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at March 31, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | | Carrying Amount | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | (in thousands) | Assets | | | | | | | | | | | Cash and due from banks | | $ | 206,532 |
| | $ | 206,532 |
| | $ | 206,532 |
| | $ | — |
| | $ | — |
| Interest-earning deposits with banks | | 87,124 |
| | 87,124 |
| | 87,124 |
| | — |
| | — |
| Debt securities available for sale | | 2,624,045 |
| | 2,624,045 |
| | 247 |
| | 2,623,798 |
| | — |
| Equity securities | | 5,000 |
| | 5,000 |
| | 5,000 |
| | — |
| | — |
| FHLB stock | | 11,640 |
| | 11,640 |
| | — |
| | 11,640 |
| | — |
| Loans held for sale | | 4,312 |
| | 4,312 |
| | — |
| | 4,312 |
| | — |
| Loans | | 8,259,804 |
| | 8,281,010 |
| | — |
| | — |
| | 8,281,010 |
| Interest rate contracts | | 7,406 |
| | 7,406 |
| | — |
| | 7,406 |
| | — |
| Liabilities | | | | | | | | | | | Deposits | | $ | 474,000 |
| | $ | 465,896 |
| | $ | — |
| | $ | 465,896 |
| | $ | — |
| FHLB advances | | 41,564 |
| | 42,090 |
| | — |
| | 42,090 |
| | — |
| Repurchase agreements | | 24,247 |
| | 24,247 |
| | — |
| | 24,247 |
| | — |
| Subordinated debentures | | 35,601 |
| | 35,486 |
| | — |
| | 35,486 |
| | — |
| Interest rate contracts | | 7,409 |
| | 7,409 |
| | — |
| | 7,409 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | Carrying Amount | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | (in thousands) | Assets | | | | | | | | | | | Cash and due from banks | | $ | 244,615 |
| | $ | 244,615 |
| | $ | 244,615 |
| | $ | — |
| | $ | — |
| Interest-earning deposits with banks | | 97,918 |
| | 97,918 |
| | 97,918 |
| | — |
| | — |
| Debt securities available for sale | | 2,737,751 |
| | 2,737,751 |
| | 248 |
| | 2,737,503 |
| | — |
| Equity securities | | 5,080 |
| | 5,080 |
| | 5,080 |
| | — |
| | — |
| FHLB stock | | 10,440 |
| | 10,440 |
| | — |
| | 10,440 |
| | — |
| Loans held for sale | | 5,766 |
| | 5,766 |
| | — |
| | 5,766 |
| | — |
| Loans | | 8,283,011 |
| | 8,055,817 |
| | — |
| | — |
| | 8,055,817 |
| Interest rate contracts | | 6,707 |
| | 6,707 |
| | — |
| | 6,707 |
| | — |
| Liabilities | | | | | | | | | | | Deposits | | $ | 10,532,085 |
| | $ | 10,524,135 |
| | $ | 10,041,040 |
| | $ | 483,095 |
| | $ | — |
| FHLB advances | | 11,579 |
| | 12,281 |
| | — |
| | 12,281 |
| | — |
| Repurchase agreements | | 79,059 |
| | 79,070 |
| | — |
| | 79,070 |
| | — |
| Subordinated debentures | | 35,647 |
| | 35,895 |
| | — |
| | 35,895 |
| | — |
| Junior subordinated debentures | | 8,248 |
| | 8,248 |
| | — |
| | 8,248 |
| | — |
| Interest rate contracts | | 6,714 |
| | 6,714 |
| | — |
| | 6,714 |
| | — |
|
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