Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018
Securities available for sale:
U.S. Treasury	$	341,249	$	—	$	—	$	341,249
U.S. federal agencies		—		85,900		—		85,900
Mortgage-backed securities		—		3,218		14,467		17,685
States and political subdivisions		—		39,923		—		39,923
Other securities		—		—		6,265		6,265
Derivative assets		—		331		—		331
Derivative liabilities		—		287		—		287
Loans held for sale		—		6,197		—		6,197

December 31, 2017
Securities available for sale:
U.S. Treasury	$	312,802	$	—	$	—	$	312,802
U.S. federal agencies		—		88,851		—		88,851
Mortgage-backed securities		—		3,509		14,467		17,976
States and political subdivisions		—		42,370		—		42,370
Other securities		—		—		5,704		5,704
Derivative assets		—		295		—		295
Derivative liabilities		—		261		—		261
Loans held for sale		—		6,173		—		6,173

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,
	2018			2017
	(Dollars in thousands)
Balance at the beginning of the year	$	20,171		$	21,385
Purchases		874			1,668
Settlements		(313	)		(722	)
Sales		—			(5,412	)
Gains included in earnings		—			4,060
Total unrealized losses		—			(808	)
Balance at the end of the period	$	20,732		$	20,171

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, 2018
Impaired loans (less specific allowance)	$	42,278
Repossessed assets		151
Other real estate owned		750

As of and for the Year-to-date Period Ended December 31, 2017
Impaired loans (less specific allowance)	$	34,041
Repossessed assets		288
Other real estate owned		1,995

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,
	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,793,200	$	1,793,200	$	1,758,575	$	1,758,575
Securities held for investment		1,579		1,586		1,792		1,803
Level 3 inputs:
Securities held for investment		500		500		500		500
Loans, net of allowance for loan losses		4,932,934		4,910,027		4,670,329		4,663,608
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		6,713,052		6,811,967		6,415,045		6,490,309
Short-term borrowings		100		100		900		900
Junior subordinated debentures		31,959		35,548		31,959		34,661
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				1,791				1,839
Letters of credit				483				428