Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2017
Securities available for sale:
U.S. Treasury	$	289,433	$	—	$	—	$	289,433
U.S. federal agencies		—		105,058		—		105,058
Mortgage-backed securities		—		4,464		14,609		19,073
States and political subdivisions		—		39,638		—		39,638
Other securities		—		—		6,045		6,045
Derivative assets		—		528		—		528
Derivative liabilities		—		329		—		329
Loans held for sale		—		7,754		—		7,754

December 31, 2016
Securities available for sale:
U.S. Treasury	$	268,543	$	—	$	—	$	268,543
U.S. federal agencies		—		129,642		—		129,642
Mortgage-backed securities		—		4,856		14,816		19,672
States and political subdivisions		—		41,042		—		41,042
Other securities		—		—		6,569		6,569
Derivative assets		—		1,569		—		1,569
Derivative liabilities		—		1,306		—		1,306
Loans held for sale		—		9,318		—		9,318

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

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31,			Twelve Months Ended December 31,
	2017			2016
	(Dollars in thousands)
Balance at the beginning of the year	$	21,385		$	21,124
Purchases		157			1,096
Settlements		(212	)		(191	)
Sales		—			(429	)
Losses included in earnings		—			(111	)
Total unrealized losses		(676	)		(104	)
Balance at the end of the period	$	20,654		$	21,385

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2017
Impaired loans (less specific allowance)	$	23,609
Repossessed assets		266
Other real estate owned		776

As of and for the Year-to-date Period Ended December 31, 2016
Impaired loans (less specific allowance)	$	29,912
Repossessed assets		340
Other real estate owned		1,480

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31,				December 31,
	2017				2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,038,212	$	2,038,212	$	1,851,161	$	1,851,161
Securities held for investment		3,503		3,538		3,722		3,760
Level 3 inputs:
Securities held for investment		500		500		643		643
Loans, net of allowance for loan losses		4,342,854		4,358,648		4,351,539		4,367,363
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,394,627		6,462,059		6,248,057		6,313,622
Short-term borrowings		800		800		500		500
Junior subordinated debentures		31,959		36,248		31,959		34,339
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				1,749				1,718
Letters of credit				430				424