Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2018

Available- for-Sale Securities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s available-for-sale securities which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


September 30, 2018	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	9,929	$	—	$	—	$	9,929
Obligations of U. S. government sponsored enterprises and agencies		—		302		—		302
Obligations of states and political subdivisions		—		1,191,887		—		1,191,887
Corporate bonds		—		450		—		450
Residential mortgage-backed securities		—		1,494,306		—		1,494,306
Commercial mortgage-backed securities		—		443,204		—		443,204
Other securities		4,289		—		—		4,289

Total	$	14,218	$	3,130,149	$	—	$	3,144,367


September 30, 2017	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
Obligations of U. S. government sponsored enterprises and agencies	$	—	$	73,588	$	—	$	73,588
Obligations of states and political subdivisions		—		1,434,194		—		1,434,194
Corporate bonds		—		15,099		—		15,099
Residential mortgage-backed securities		—		1,029,284		—		1,029,284
Commercial mortgage-backed securities		—		328,862		—		328,862
Other securities		4,456		—		—		4,456

Total	$	4,456	$	2,881,027	$	—	$	2,885,483


December 31, 2017	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
Obligations of U. S. government sponsored enterprises and agencies	$	—	$	60,330	$	—	$	60,330
Obligations of states and political subdivisions		—		1,420,850		—		1,420,850
Corporate bonds		—		7,031		—		7,031
Residential mortgage-backed securities		—		1,219,097		—		1,219,097
Commercial mortgage-backed securities		—		375,737		—		375,737
Other securities		4,428		—		—		4,428

Total	$	4,428	$	3,083,045	$	—	$	3,087,473

Other Real Estate Owned

The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands):


	Three Months Ended September 30,
	2018			2017
Carrying value of other real estate owned prior to re-measurement	$	—		$	937
Write-downs included in gain (loss) on sale of other real estate owned		—			(288	)

Fair value	$	—		$	649

	Nine Months Ended September 30,
	2018			2017
Carrying value of other real estate owned prior to re-measurement	$	526		$	1,025
Write-downs included in gain (loss) on sale of other real estate owned		(126	)		(296	)

Fair value	$	400		$	729

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance, were as follows (in thousands).


	September 30,								December 31,
	2018				2017				2017
	Carrying		Estimated		Carrying		Estimated		Carrying		Estimated		Fair Value
	Value		Fair Value		Value		Fair Value		Value		Fair Value		Hierarchy
Cash and due from banks	$	164,998	$	164,998	$	177,615	$	177,615	$	209,583	$	209,583	Level 1
Interest-bearing deposits in banks		34,511		34,511		166,820		166,820		162,764		162,764	Level 1
Interest-bearing time deposits in banks		1,458		1,458		1,458		1,458		1,458		1,458	Level 2
Available-for-sale securities		3,144,367		3,144,367		2,885,483		2,885,483		3,087,473		3,087,473	Levels 1 and 2
Loans Held for Investment		3,816,169		3,857,059		3,424,305		3,439,484		3,437,413		3,455,003	Level 3
Loans Held for Sale		18,496		18,496		19,119		19,119		15,130		15,130	Level 3
Accrued interest receivable		28,990		28,990		26,321		26,321		36,081		36,081	Level 2
Deposits with stated maturities		450,667		450,409		464,782		465,655		451,255		452,000	Level 2
Deposits with no stated maturities		5,694,615		5,694,615		5,232,678		5,232,678		5,511,706		5,511,706	Level 1
Borrowings		380,760		380,760		351,435		351,435		331,000		331,000	Level 2
Accrued interest payable		303		303		179		179		197		197	Level 2