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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2019

Financial Assets and Financial Liabilities 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):


June 30, 2019	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,020	$	—	$	—	$	10,020
Obligations of states and political subdivisions		—		1,157,214		—		1,157,214
Corporate bonds		—		228		—		228
Residential mortgage-backed securities		—		1,596,175		—		1,596,175
Commercial mortgage-backed securities		—		491,389		—		491,389
Other securities		4,466		—		—		4,466

Total	$	14,486	$	3,245,006	$	—	$	3,259,492

Loans held-for-sale	$	—	$	18,981	$	—	$	18,981

IRLCs	$	—	$	1,525	$	—	$	1,525

Forward mortgage-backed securities trades	$	—	$	254	$	—	$	254


June 30, 2018	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	9,965	$	—	$	—	$	9,965
Obligations of U. S. government sponsored enterprises and agencies		—		303		—		303
Obligations of states and political subdivisions		—		1,284,775		—		1,284,775
Corporate bonds		—		451		—		451
Residential mortgage-backed securities		—		1,435,257		—		1,435,257
Commercial mortgage-backed securities		—		462,485		—		462,485
Other securities		4,331		—		—		4,331

Total	$	14,296	$	3,183,271	$	—	$	3,197,567

Loans held-for-sale	$	—	$	5,061	$	—	$	5,061

IRLCs	$	—	$	501	$	—	$	501

Forward mortgage-backed securities trades	$	—	$	47	$	—	$	47


December 31, 2018	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	9,962	$	—	$	—	$	9,962
Obligations of U. S. government sponsored enterprises and agencies		—		301		—		301
Obligations of states and political subdivisions		—		1,257,871		—		1,257,871
Corporate bonds		—		450		—		450
Residential mortgage-backed securities		—		1,454,545		—		1,454,545
Commercial mortgage-backed securities		—		431,300		—		431,300
Other securities		4,348		—		—		4,348

Total	$	14,310	$	3,144,467	$	—	$	3,158,777

Loans held-for-sale	$	—	$	19,185	$	—	$	19,185

IRLCs	$	—	$	765	$	—	$	765

Forward mortgage-backed securities trades	$	—	$	403	$	—	$	403

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 June 30,
	2019		2018
Carrying value of other real estate owned prior to re-measurement	$	—	$	526
Write-downs included in gain (loss) on sale of other real estate owned		—		(126	)

Fair value	$	—	$	400


	Six Months Ended June 30,
	2019		2018
Carrying value of other real estate owned prior to re-measurement	$	—	$	526
Write-downs included in gain (loss) on sale of other real estate owned		—		(126	)

Fair value	$	—	$	400

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).


	June 30,								December 31,
	2019				2018				2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	178,345	$	178,345	$	178,217	$	178,217	$	207,835	$	207,835		Level 1
Federal funds sold		700		700		8,450		8,450		—		—		Level 1
Interest-bearing deposits in banks		128,652		128,652		99,499		99,499		40,812		40,812		Level 1
Interest-bearing time deposits in banks		960		960		1,458		1,458		1,458		1,458		Level 2
Available-for-sale securities		3,259,492		3,259,492		3,197,567		3,197,567		3,158,777		3,158,777		Levels 1 and 2
Loans held for investment		3,989,132		4,026,543		3,781,529		3,807,267		3,902,434		3,947,391		Level 3
Loans held for sale		22,305		22,347		24,289		24,550		21,672		21,779		Level 2
Accrued interest receivable		36,954		36,954		36,513		36,513		36,765		36,765		Level 2
Deposits with stated maturities		433,511		433,811		483,230		484,230		442,161		441,727		Level 2
Deposits with no stated maturities		5,936,255		5,936,255		5,727,377		5,727,377		5,738,228		5,738,228		Level 1
Borrowings		362,005		362,005		456,935		456,935		468,706		468,706		Level 2
Accrued interest payable		694		694		223		223		408		408		Level 2
IRLCs		1,525		1,525		501		501		765		765		Level 2
Forward mortgage backed securities trades		254		254		47		47		403		403		Level 2