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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Assets and liabilities measured at fair value on a recurring basis

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:



	Level 1		Level 2		Level 3		Totals
March 31, 2020
Financial assets:
Securities available for sale:
Trust preferred securities	$	—	$	—	$	8,604	$	8,604
Other available for sale securities	—		1,350,525		—		1,350,525
Total securities available for sale	—		1,350,525		8,604		1,359,129
Derivative instruments	—		38,117		—		38,117
Mortgage loans held for sale in loans held for sale	—		448,797		—		448,797
Total financial assets	$	—	$	1,837,439	$	8,604	$	1,846,043
Financial liabilities:
Derivative instruments	$	—	$	37,256	$	—	$	37,256



	Level 1		Level 2		Level 3		Totals
December 31, 2019
Financial assets:
Securities available for sale:
Trust preferred securities	$	—	$	—	$	9,986	$	9,986
Other available for sale securities	—		1,280,627		—		1,280,627
Total securities available for sale	—		1,280,627		9,986		1,290,613
Derivative instruments	—		8,498		—		8,498
Mortgage loans held for sale in loans held for sale	—		318,272		—		318,272
Total financial assets	$	—	$	1,607,397	$	9,986	$	1,617,383
Financial liabilities:
Derivative instruments	$	—	$	10,000	$	—	$	10,000

Reconciliation for assets and liabilities measured at fair value on a recurring basis

The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:



Three Months Ended March 31, 2020	Trust preferred securities



Three Months Ended March 31, 2019	Trust preferred securities



Three Months Ended March 31, 2020	Trust preferred securities
Balance at January 1, 2020	$	9,986
Accretion included in net income	9
Unrealized losses included in other comprehensive income	(1,319		)
Settlements	(72		)
Balance at March 31, 2020	$	8,604



Three Months Ended March 31, 2019	Trust preferred securities
Balance at January 1, 2019	$	10,633
Accretion included in net income	9
Unrealized losses included in other comprehensive income	(287		)
Settlements	(109		)
Balance at March 31, 2019	$	10,246

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis

The following table presents information as of March 31, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:



Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	8,604	Discounted cash flows	Default rate	0-100%

Assets measured at fair value on a nonrecurring basis

The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:



March 31, 2020	Level 1		Level 2		Level 3		Totals
Impaired loans	$	—	$	—	$	6,744	$	6,744
OREO	—		—		960		960
Mortgage servicing rights	—		—		46,365		46,365
Total	$	—	$	—	$	54,069	$	54,069



December 31, 2019	Level 1		Level 2		Level 3		Totals
Impaired loans	$	—	$	—	$	27,348	$	27,348
OREO	—		—		2,820		2,820
Mortgage servicing rights	—		—		53,208		53,208
Total	$	—	$	—	$	83,376	$	83,376

OREO measured at fair value on a nonrecurring basis

The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of the dates presented:



	March 31, 2020			December 31, 2019
Carrying amount prior to remeasurement	$	1,157		$	3,726
Impairment recognized in results of operations	(197		)	(906		)
Fair value	$	960		$	2,820

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis

The following table presents information as of March 31, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:



Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	6,744	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	960		Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2020:



	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale measured at fair value	$	448,797	$	425,975	$	22,822
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:



			Fair Value
As of March 31, 2020	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	637,772	$	637,772	$	—	$	—	$	637,772
Securities available for sale	1,359,129		—		1,350,525		8,604		1,359,129
Loans held for sale	448,797		—		448,797		—		448,797
Loans, net	9,649,192		—		—		9,689,967		9,689,967
Mortgage servicing rights	46,365		—		—		46,365		46,365
Derivative instruments	38,117		—		38,117		—		38,117
Financial liabilities
Deposits	$	10,412,426	$	8,328,545	$	2,108,440	$	—	$	10,436,985
Short-term borrowings	803,037		803,037		—		—		803,037
Federal Home Loan Bank advances	152,294		—		155,682		—		155,682
Junior subordinated debentures	110,360		—		97,665		—		97,665
Subordinated notes	113,940		—		113,700		—		113,700
Derivative instruments	37,256		—		37,256		—		37,256



			Fair Value
As of December 31, 2019	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	414,930	$	414,930	$	—	$	—	$	414,930
Securities available for sale	1,290,613		—		1,280,627		9,986		1,290,613
Loans held for sale	318,272		—		318,272		—		318,272
Loans, net	9,637,476		—		—		9,321,039		9,321,039
Mortgage servicing rights	53,208		—		—		53,208		53,208
Derivative instruments	8,498		—		8,498		—		8,498
Financial liabilities
Deposits	$	10,213,168	$	8,052,536	$	2,158,431	$	—	$	10,210,967
Short-term borrowings	489,091		489,091		—		—		489,091
Federal Home Loan Bank advances	152,337		—		152,321		—		152,321
Junior subordinated debentures	110,215		—		104,480		—		104,480
Subordinated notes	113,955		—		117,963		—		117,963
Derivative instruments	10,000		—		10,000		—		10,000

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details