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​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 10-Q

​

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the quarterly period ended March 31, 2021

OR

​

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the transition period from              to           

​

Commission file number 000-09439

​

INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

​

​

​

​

Texas

​

74-2157138

(State or other jurisdiction of

​

(I.R.S. Employer Identification No.)

incorporation or organization)

​

​

​

1200 San Bernardo Avenue, Laredo, Texas 78042-1359

(Address of principal executive offices)

(Zip Code)

​

(956) 722-7611

(Registrant’s telephone number, including area code)

​

None

(Former name, former address and former fiscal year, if changed since last report)

​

Securities registered pursuant to Section 12(b) of the Act:

​

​

​

​

​

​

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, $1.00 par value

​

IBOC

​

NASDAQ

​

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

​

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

​

Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.

​

​

​

​

Large accelerated filer ⌧

​

Accelerated filer ◻

​

​

​

Non-accelerated filer ◻

​

Smaller reporting company ☐

Emerging growth company ☐

​

​

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

​

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

​

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date

​

​

​

​

Class

​

Shares Issued and Outstanding

Common Stock, $1.00 par value

​

63,359,714 shares outstanding at May 3, 2021

​

​

​

​

PART I - FINANCIAL INFORMATION

​

Item 1. Financial Statements

​

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Condition (Unaudited)

​

(Dollars in Thousands)

​

​

​

​

​

​

​

​

​

​

March 31,

​

December 31,

​

​

    

2021

    

2020

 

Assets

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

1,967,770

​

$

1,997,238

​

Investment securities:

​

​

​

​

​

​

​

Held to maturity debt securities (Market value of $3,400 on March 31, 2021 and $3,400 on December 31, 2020)

​

 

3,400

​

 

3,400

​

Available for sale debt securities (Amortized cost of $4,034,746 on March 31, 2021 and $3,054,289 on December 31, 2020)

​

 

4,057,357

​

 

3,080,768

​

Equity securities with readily determinable fair values

​

​

6,125

​

​

6,202

​

Total investment securities

​

 

4,066,882

​

 

3,090,370

​

Loans

​

 

7,462,358

​

 

7,541,754

​

Less allowance for credit losses

​

 

(108,408)

​

 

(109,059)

​

Net loans

​

 

7,353,950

​

 

7,432,695

​

Bank premises and equipment, net

​

 

471,823

​

 

479,878

​

Accrued interest receivable

​

 

31,790

​

 

37,881

​

Other investments

​

 

285,511

​

 

254,413

​

Cash surrender value of life insurance policies

​

​

292,143

​

​

292,381

​

Goodwill

​

 

282,532

​

 

282,532

​

Other assets

​

 

169,132

​

 

162,079

​

Total assets

​

$

14,921,533

​

$

14,029,467

​

​

​

1

​

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Condition, continued (Unaudited)

​

(Dollars in Thousands)

​

​

​

​

​

​

​

​

​

​

​

March 31,

​

December 31,

​

​

    

2021

    

2020

 

Liabilities and Shareholders’ Equity

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

Deposits:

​

​

​

​

​

​

​

Demand—non-interest bearing

​

$

5,221,897

​

$

4,715,814

​

Savings and interest bearing demand

​

 

4,114,937

​

 

3,852,505

​

Time

​

 

2,144,146

​

 

2,153,541

​

Total deposits

​

 

11,480,980

​

 

10,721,860

​

Securities sold under repurchase agreements

​

 

439,333

​

 

428,148

​

Other borrowed funds

​

 

436,280

​

 

436,327

​

Junior subordinated deferrable interest debentures

​

 

134,642

​

 

134,642

​

Other liabilities

​

 

237,693

​

 

130,492

​

Total liabilities

​

 

12,728,928

​

 

11,851,469

​

Shareholders’ equity:

​

​

​

​

​

​

​

Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 96,312,390 shares on March 31, 2021 and 96,240,977 shares on December 31, 2020

​

 

96,312

​

 

96,241

​

Surplus

​

 

150,972

​

 

149,334

​

Retained earnings

​

 

2,305,584

​

 

2,289,626

​

Accumulated other comprehensive income

​

 

17,813

​

 

20,825

​

​

​

 

2,570,681

​

 

2,556,026

​

Less cost of shares in treasury, 32,962,288 shares on March 31, 2021 and 32,961,289 on December 31, 2020

​

 

(378,076)

​

 

(378,028)

​

Total shareholders’ equity

​

 

2,192,605

​

 

2,177,998

​

Total liabilities and shareholders’ equity

​

$

14,921,533

​

$

14,029,467

​

​

See accompanying notes to consolidated financial statements.

​

2

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Income (Unaudited)

​

(Dollars in Thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

    

March 31,

​

​

​

2021

    

2020

​

Interest income:

​

​

​

​

​

​

​

Loans, including fees

​

$

92,114

​

$

99,230

​

Investment securities:

​

​

​

​

​

​

​

Taxable

​

​

4,875

​

​

16,488

​

Tax-exempt

​

 

395

​

​

766

​

Other interest income

​

 

490

​

​

128

​

Total interest income

​

 

97,874

​

​

116,612

​

​

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

Savings deposits

​

 

929

​

​

3,235

​

Time deposits

​

 

3,198

​

​

5,970

​

Securities sold under repurchase agreements

​

 

141

​

​

465

​

Other borrowings

​

 

1,889

​

​

2,826

​

Junior subordinated deferrable interest debentures

​

 

708

​

​

1,273

​

​

​

​

​

​

​

​

​

Total interest expense

​

 

6,865

​

​

13,769

​

​

​

​

​

​

​

​

​

Net interest income

​

​

91,009

​

​

102,843

​

​

​

​

​

​

​

​

​

Provision for credit losses

​

 

1,192

​

​

16,836

​

​

​

​

​

​

​

​

​

Net interest income after provision for credit losses

​

 

89,817

​

​

86,007

​

​

​

​

​

​

​

​

​

Non-interest income:

​

​

​

​

​

​

​

Service charges on deposit accounts

​

 

14,903

​

​

17,637

​

Other service charges, commissions and fees

​

​

​

​

​

​

​

Banking

​

 

12,183

​

​

11,166

​

Non-banking

​

 

1,440

​

​

1,754

​

Investment securities transactions, net

​

 

(4)

​

​

(5)

​

Other investments, net

​

 

4,085

​

​

(231)

​

Other income

​

 

3,630

​

​

4,809

​

​

​

​

​

​

​

​

​

Total non-interest income

​

$

36,237

​

$

35,130

​

​

​

3

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Income, continued (Unaudited)

​

(Dollars in Thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

    

March 31,

​

​

​

​

2021

    

2020

    

​

Non-interest expense:

​

​

​

​

​

​

​

​

Employee compensation and benefits

​

$

30,162

​

$

36,330

​

​

Occupancy

​

 

5,617

​

 

6,899

​

​

Depreciation of bank premises and equipment

​

 

6,799

​

 

7,109

​

​

Professional fees

​

 

2,836

​

 

3,970

​

​

Deposit insurance assessments

​

 

887

​

 

—

​

​

Net expense, other real estate owned

​

 

1,245

​

 

3,002

​

​

Advertising

​

 

1,423

​

 

1,984

​

​

Software and software maintenance

​

​

4,440

​

​

4,491

​

​

Other

​

 

8,776

​

 

13,197

​

​

​

​

​

​

​

​

​

​

​

Total non-interest expense

​

 

62,185

​

 

76,982

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

63,869

​

 

44,155

​

​

​

​

​

​

​

​

​

​

​

Provision for income taxes

​

 

13,098

​

 

9,317

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

50,771

​

$

34,838

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of shares outstanding

​

 

63,307,455

​

 

65,070,589

​

​

Net income

​

$

0.80

​

$

0.54

​

​

​

​

​

​

​

​

​

​

​

Fully diluted earnings per common share:

​

 

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of shares outstanding

​

 

63,419,706

​

 

65,228,824

​

​

Net income

​

$

0.80

​

$

0.53

​

​

​

​

​

See accompanying notes to consolidated financial statements

​

4

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Comprehensive Income (Unaudited)

​

(Dollars in Thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

    

March 31,

​

​

​

​

2021

    

2020

    

​

​

​

​

​

​

​

​

​

​

Net income

​

$

50,771

​

$

34,838

​

​

Other comprehensive income, net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net unrealized holding (losses) gains on securities available for sale arising during period (net of tax effects of $(801) and $16,482)

​

 

(3,015)

​

 

62,003

​

​

Reclassification adjustment for losses on securities available for sale included in net income (net of tax effects of $1 and $1)

​

 

3

​

 

4

​

​

​

​

 

(3,012)

​

 

62,007

​

​

​

​

​

​

​

​

​

​

​

Comprehensive income

​

$

47,759

​

$

96,845

​

​

​

See accompanying notes to consolidated financial statements.

​

5

​

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

Three Months ended March 31, 2021 and 2020

(in Thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

Number

   

​

​

   

​

​

   

​

​

   

Other

   

​

​

   

​

​

​

​

​

of

​

Common

​

​

​

​

Retained

​

Comprehensive

​

Treasury

​

​

​

​

​

​

Shares

​

Stock

​

Surplus

​

Earnings

​

Income (Loss)

​

Stock

​

Total

Balance at December 31, 2020

​

​

96,241

​

$

96,241

​

$

149,334

​

$

2,289,626

​

$

20,825

​

$

(378,028)

​

$

2,177,998

Net income

​

​

—

​

​

—

​

​

—

​

​

50,771

​

​

—

​

​

—

​

​

50,771

Dividends:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payable ($.55 per share)

​

​

—

​

​

—

​

​

—

​

​

(34,813)

​

​

—

​

​

—

​

​

(34,813)

Purchase of treasury stock (999 shares)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(48)

​

​

(48)

Exercise of stock options

​

​

71

​

​

71

​

​

1,479

​

​

—

​

​

—

​

​

—

​

​

1,550

Stock compensation expense recognized in earnings

​

​

—

​

​

—

​

​

159

​

​

—

​

​

—

​

​

—

​

​

159

Other comprehensive income, net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,012)

​

​

—

​

​

(3,012)

Balance at March 31, 2021

​

​

96,312

​

$

96,312

​

$

150,972

​

$

2,305,584

​

$

17,813

​

$

(378,076)

​

$

2,192,605

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

Number

   

​

​

   

​

​

   

​

​

   

Other

   

​

​

   

​

​

​

​

​

of

​

Common

​

​

​

​

Retained

​

Comprehensive

​

Treasury

​

​

​

​

​

​

Shares

​

Stock

​

Surplus

​

Earnings

​

Income (Loss)

​

Stock

​

Total

Balance at December 31, 2019

​

​

96,215

​

$

96,215

​

$

148,075

​

$

2,200,568

​

$

2,345

​

$

(329,150)

​

$

2,118,053

Net income

​

​

—

​

​

—

​

​

—

​

​

34,838

​

​

—

​

​

—

​

​

34,838

Dividends:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash ($.55 per share)

​

​

—

​

​

—

​

​

—

​

​

(35,128)

​

​

—

​

​

—

​

​

(35,128)

Purchase of treasury stock (1,200,614 shares)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(29,371)

​

​

(29,371)

Exercise of stock options

​

​

11

​

​

11

​

​

214

​

​

—

​

​

—

​

​

—

​

​

225

Stock compensation expense recognized in earnings

​

​

—

​

​

—

​

​

219

​

​

—

​

​

—

​

​

—

​

​

219

Cumulative adjustment for adoption of new accounting standards, net of tax

​

​

—

​

​

—

​

​

—

​

​

(8,332)

​

​

—

​

​

—

​

​

(8,332)

Other comprehensive income, net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments

​

​

—

​

​

—

​

​

—

​

​

—

​

​

62,007

​

​

—

​

​

62,007

Balance at March 31, 2020

​

​

96,226

​

$

96,226

​

$

148,508

​

$

2,191,946

​

$

64,352

​

$

(358,521)

​

$

2,142,511

​

​

See accompanying notes to consolidated financial statements.

​

​

​

​

​

6

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Cash Flows (Unaudited)

​

(Dollars in Thousands)

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

​

    

March 31,

​

​

​

2021

    

2020

​

Operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

50,771

​

$

34,838

​

​

​

​

​

​

​

​

​

Adjustments to reconcile net income to net cash provided by operating activities:

​

​

​

​

​

​

​

Provision for credit loss

​

​

1,192

​

​

16,836

​

Specific reserve, other real estate owned

​

​

150

​

​

537

​

Depreciation of bank premises and equipment

​

 

6,799

​

​

7,109

​

Gain on sale of bank premises and equipment

​

 

(34)

​

​

(358)

​

Gain on sale of other real estate owned

​

 

(219)

​

​

(79)

​

Accretion of investment securities discounts

​

 

(138)

​

​

(120)

​

Amortization of investment securities premiums

​

 

11,576

​

​

7,373

​

Investment securities transactions, net

​

 

4

​

​

5

​

Unrealized gain (loss) on equity securities with readily determinable fair values

​

​

77

​

​

(30)

​

Proceeds from settlements of claims

​

 

2,870

​

​

—

​

Stock based compensation expense

​

 

159

​

​

219

​

(Earnings) losses from affiliates and other investments

​

 

(2,448)

​

​

521

​

Deferred income taxes

​

 

(64)

​

​

(14,123)

​

Decrease (increase) in accrued interest receivable

​

 

6,091

​

​

(450)

​

Decrease (increase) in other assets

​

 

9,931

​

​

(228)

​

Decrease in other liabilities

​

 

8,788

​

​

4,571

​

​

​

​

​

​

​

​

​

Net cash provided by operating activities

​

 

95,505

​

​

56,621

​

​

​

​

​

​

​

​

​

Investing activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Proceeds from maturities of securities

​

​

556,199

​

​

1,075

​

Proceeds from sales and calls of available for sale securities

​

​

2,510

​

​

18,920

​

Purchases of available for sale securities

​

​

(2,017,685)

​

​

(421,017)

​

Principal collected on mortgage backed securities

​

 

568,011

​

​

257,223

​

Net decrease (increase) in loans

​

​

60,966

​

​

(120,789)

​

Purchases of other investments

​

 

(34,086)

​

​

(6,760)

​

Distributions from other investments

​

 

2,201

​

​

26,382

​

Purchases of bank premises and equipment

​

 

(1,614)

​

​

(2,769)

​

Proceeds from sales of bank premises and equipment

​

 

34

​

​

370

​

Proceeds from sales of other real estate owned

​

 

1,544

​

​

2,034

​

​

​

​

​

​

​

​

​

Net cash used in investing activities

​

$

(861,920)

​

$

(245,331)

​

​

​

7

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Consolidated Statements of Cash Flows, continued (Unaudited)

​

(Dollars in Thousands)

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

​

    

March 31,

​

​

​

2021

    

2020

​

Financing activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net increase in non-interest bearing demand deposits

​

$

506,083

​

$

118,934

​

Net increase in savings and interest bearing demand deposits

​

 

262,432

​

 

22,127

​

Net (decrese) increase in time deposits

​

 

(9,395)

​

 

42,793

​

Net increase in securities sold under repurchase agreements

​

 

11,185

​

 

29,936

​

Net decrease in other borrowed funds

​

 

(47)

​

 

101,954

​

Purchase of treasury stock

​

 

(48)

​

 

(29,371)

​

Proceeds from stock transactions

​

 

1,550

​

 

225

​

Payments of cash dividends

​

 

(34,813)

​

 

—

​

​

​

​

​

​

​

​

​

Net cash provided by financing activities

​

 

736,947

​

 

286,598

​

​

​

​

​

​

​

​

​

(Decrease) increase in cash and cash equivalents

​

​

(29,468)

​

 

97,888

​

​

​

​

​

​

​

​

​

Cash and cash equivalents at beginning of period

​

 

1,997,238

​

 

256,820

​

​

​

​

​

​

​

​

​

Cash and cash equivalents at end of period

​

$

1,967,770

​

$

354,708

​

​

​

​

​

​

​

​

​

Supplemental cash flow information:

​

​

​

​

​

​

​

Interest paid

​

$

7,984

​

$

13,353

​

Income taxes paid

​

​

—

​

 

206

​

Non-cash investing and financing activities:

​

​

​

​

​

​

​

Purchases of available-for-sale securities not yet settled

​

$

100,933

​

$

—

​

Net transfers from loans to other real estate owned

​

​

16,587

​

​

486

​

Dividends declared, not yet paid on common stock

​

​

—

​

​

35,128

​

Net transfers from bank premises and equipment to other assets

​

​

—

​

​

7,546

​

​

See accompanying notes to consolidated financial statements.

​

8

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

​

Notes to Consolidated Financial Statements

​

(Unaudited)

​

As used in this report, the words “Company,” “we,” “us” and “our” refer to International Bancshares Corporation, a Texas corporation, its five wholly-owned subsidiary banks, and other subsidiaries. The information that follows may contain forward-looking statements, which are qualified as indicated under “Cautionary Notice Regarding Forward-Looking Statements” in Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) of this report. Our website address is www.ibc.com.

​

Note 1 — Basis of Presentation

​

Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Our consolidated financial statements include the accounts of International Bancshares Corporation, and our wholly-owned bank subsidiaries, International Bank of Commerce, Laredo (“IBC”), Commerce Bank, International Bank of Commerce, Zapata, International Bank of Commerce, Brownsville, International Bank of Commerce, Oklahoma (the “Subsidiary Banks”) and our wholly-owned non-bank subsidiaries, IBC Trading Company, Premier Tierra Holdings, Inc., IBC Charitable and Community Development Corporation, Emerald Galveston Holdings, LLC and IBC Capital Corporation. Our consolidated financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in our latest Annual Report on Form 10-K. Our consolidated statement of condition at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete financial statements. Certain reclassifications have been made to make prior periods comparable. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021 or any future period.

​

We operate as one segment. The operating information used by our chief executive officer for purposes of assessing performance and making operating decisions is the consolidated statements presented in this report. We have five active operating subsidiaries, the Subsidiary Banks. We apply the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), FASB ASC 280, “Segment Reporting,” in determining our reportable segments and related disclosures.

​

We have evaluated all events or transactions that occurred through the date we issued these financial statements. During this period, we did not have any material recognizable or non-recognizable subsequent events.

​

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 to ASC 326, “Financial Instruments – Credit Losses.” The update amends existing standards for accounting for credit losses for financial assets. The update requires that the expected credit losses on the financial instruments held as of the end of the period being reported be measured based on historical experience, current conditions, and reasonable and supportable forecasts. The update also expands the required disclosures related to significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s financial assets. The update also amended the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The impact of the adoption of the standard is to be recorded as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The accounting standard was effective for us on January 1, 2020. The task force formed last year, which includes key members of the teams that work with the current calculation of the allowance for probable loan losses plus members representing the corporate accounting and risk management areas, has worked with the implementation of the update and validation to complete our model/tool. Based on the composition of the portfolio at December 31, 2019 and after finalizing the methodology, the adoption of the update increased our allowance for probable loan losses (referred to as the allowance for credit losses under ASU 2016-13), by approximately 17.2%, resulting in a cumulative-effect adjustment to retained earnings of approximately

9

$8.3 million, net of tax. Please refer to Note 4 – Allowance for Credit Losses and the Critical Accounting Policies discussion in Management’s Discussion and Analysis.

​

Note 2 — Fair Value Measurements

​

ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; it also establishes a fair value hierarchy that prioritizes the inputs used in valuation methodologies into the following three levels:

​

●Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities.
●Level 2 Inputs - Observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
●Level 3 Inputs - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

​

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below.

​

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of March 31, 2021 by level within the fair value measurement hierarchy:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

​

Reporting Date Using

​

​

​

​

​

​

(in Thousands)

​

​

​

​

​

​

Quoted

​

​

​

​

​

​

​

​

​

​

​

​

Prices in

​

​

​

​

​

​

​

​

​

​

​

​

Active

​

Significant

​

​

​

​

​

​

Assets/Liabilities

​

Markets for

​

Other

​

Significant

​

​

​

Measured at

​

Identical

​

Observable

​

Unobservable

​

​

​

Fair Value

​

Assets

​

Inputs

​

Inputs

​

​

​

March 31, 2021

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Measured on a recurring basis:

    

​

    

    

​

    

    

​

    

    

​

    

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Available for sale debt securities

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasury securities

​

$

945,682

​

$

945,682

​

$

—

​

$

—

​

Residential mortgage-backed securities

​

​

3,063,036

​

​

—

​

​

3,063,036

​

​

—

​

States and political subdivisions

​

 

48,639

​

 

—

​

 

48,639

​

 

—

​

Equity Securities

​

 

6,125

​

 

6,125

​

 

—

​

 

—

​

​

​

$