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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands).  There were no transfers between fair value levels for the years ended December 31, 2018 and 2017.

 

 

 

December 31, 2018

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

U.S. Government agency obligations

 

$

30,335

 

 

$

—

 

 

$

30,335

 

 

$

—

 

Obligations of states and political subdivisions

 

 

50,676

 

 

 

—

 

 

 

50,676

 

 

 

—

 

Mortgage-backed securities

 

 

1,730,802

 

 

 

—

 

 

 

1,730,802

 

 

 

—

 

Securities available for sale

 

 

1,811,813

 

 

 

—

 

 

 

1,811,813

 

 

 

—

 

Loans held for sale

 

 

153,799

 

 

 

—

 

 

 

153,799

 

 

 

—

 

Mortgage servicing rights

 

 

95,596

 

 

 

—

 

 

 

—

 

 

 

95,596

 

Other assets - derivatives

 

 

12,347

 

 

 

5,006

 

 

 

6,154

 

 

 

1,187

 

Other liabilities - derivatives

 

 

4,213

 

 

 

66

 

 

 

4,147

 

 

 

—

 

 

 

 

December 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

U.S. Government agency obligations

 

$

45,285

 

 

$

—

 

 

$

45,285

 

 

$

—

 

Obligations of states and political subdivisions

 

 

79,229

 

 

 

—

 

 

 

79,229

 

 

 

—

 

Mortgage-backed securities

 

 

2,114,121

 

 

 

—

 

 

 

2,114,121

 

 

 

—

 

Securities available for sale

 

 

2,238,635

 

 

 

—

 

 

 

2,238,635

 

 

 

—

 

Loans held for sale

 

 

180,512

 

 

 

—

 

 

 

180,512

 

 

 

—

 

Mortgage servicing rights

 

 

84,269

 

 

 

—

 

 

 

—

 

 

 

84,269

 

Other assets - derivatives

 

 

1,516

 

 

 

(1,013

)

 

 

1,629

 

 

 

900

 

Other liabilities - derivatives

 

 

2,678

 

 

 

616

 

 

 

2,062

 

 

 

—

 
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2018 and 2017 are summarized as follows ($ in thousands):

 

 

MSR

 

 

Other Assets -

Derivatives

 

Balance, January 1, 2018

 

$

84,269

 

 

$

900

 

Total net (loss) gain included in Mortgage banking, net (1)

 

 

(4,432

)

 

 

4,390

 

Additions

 

 

15,759

 

 

 

—

 

Sales

 

 

—

 

 

 

(4,103

)

Balance, December 31, 2018

 

$

95,596

 

 

$

1,187

 

 

 

 

 

 

 

 

 

 

The amount of total gains (losses) for the period included in earnings that are

   attributable to the change in unrealized gains or losses still held at

   December 31, 2018

 

$

7,342

 

 

$

636

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2017

 

$

80,239

 

 

$

1,001

 

Total net (loss) gain included in Mortgage banking, net (1)

 

 

(11,830

)

 

 

4,165

 

Additions

 

 

15,860

 

 

 

—

 

Sales

 

 

—

 

 

 

(4,266

)

Balance, December 31, 2017

 

$

84,269

 

 

$

900

 

 

 

 

 

 

 

 

 

 

The amount of total gains (losses) for the period included in earnings that are

   attributable to the change in unrealized gains or losses still held at

   December 31, 2017

 

$

(1,050

)

 

$

(1,569

)

 

(1)

Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off.

Carrying Amounts and Estimated Fair Values of Financial Instruments The carrying amounts and estimated fair values of financial instruments at December 31, 2018 and 2017 were as follows ($ in thousands):

 

 

December 31, 2018

 

 

December 31, 2017

 

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2 Inputs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

350,391

 

 

$

350,391

 

 

$

336,383

 

 

$

336,383

 

Securities held to maturity

 

 

909,643

 

 

 

889,733

 

 

 

1,056,486

 

 

 

1,046,247

 

Level 3 Inputs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net LHFI

 

 

8,756,578

 

 

 

8,757,817

 

 

 

8,493,234

 

 

 

8,507,469

 

Net acquired loans

 

 

105,701

 

 

 

105,701

 

 

 

257,438

 

 

 

257,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2 Inputs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

11,364,411

 

 

 

11,365,203

 

 

 

10,577,512

 

 

 

10,577,858

 

Short-term liabilities

 

 

129,477

 

 

 

129,477

 

 

 

1,440,876

 

 

 

1,440,876

 

Long-term FHLB advances

 

 

879

 

 

 

821

 

 

 

946

 

 

 

946

 

Junior subordinated debt securities

 

 

61,856

 

 

 

53,196

 

 

 

61,856

 

 

 

45,773

 

 
Fair Value and the Contractual Principal Outstanding of the LHFS

The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option as of December 31, 2018 and 2017 ($ in thousands):

 

 

December 31,

 

 

 

2018

 

 

2017

 

Fair value of LHFS

 

$

92,235

 

 

$

132,300

 

LHFS contractual principal outstanding

 

 

89,056

 

 

 

129,347

 

Fair value less unpaid principal

 

$

3,179

 

 

$

2,953