Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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)
September 30, 2020
Securities available for sale:
U.S. Treasury	$	511,693	$	—	$	—	$	511,693
U.S. federal agencies		—		20,789		—		20,789
Mortgage-backed securities		—		16,138		—		16,138
States and political subdivisions		—		32,120		516		32,636
Asset backed securities		—		—		12,714		12,714
December 31, 2019
Securities available for sale:
U.S. Treasury	$	414,449	$	—	$	—	$	414,449
U.S. federal agencies		—		23,024		—		23,024
Mortgage-backed securities		—		17,005		—		17,005
States and political subdivisions		—		22,531		—		22,531
Asset backed securities		—		—		12,714		12,714

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:

	Nine Months Ended September 30,			Twelve Months Ended December 31,
	2020			2019
	(Dollars in thousands)
Balance at the beginning of the year	$	12,714		$	13,443
Transfers from level 2		1,643			—
Settlements		(1,117	)		(695	)
Total unrealized gains/(losses)		(10	)		(34	)
Balance at the end of the period	$	13,230		$	12,714

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 September 30, 2020
Equity securities	$	9,755
Collateral dependent loans		38,625
Repossessed assets		186
Other real estate owned		3,924
As of and for the Year-to-date Period Ended December 31, 2019
Equity securities	$	10,121
Collateral dependent loans		45,687
Repossessed assets		465
Other real estate owned		3,024

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:

	September 30,				December 31,
	2020				2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,835,524	$	1,835,524	$	1,868,281	$	1,868,281
Federal funds sold		—		—		1,000		1,000
Securities held for investment		66		69		1,403		1,403
Loans held for sale		48,601		48,601		11,001		11,001
Level 3 inputs:
Securities held for investment		2,905		2,942		500		500
Loans, net of allowance for credit losses		6,505,967		6,560,188		5,607,905		5,625,005
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		8,495,891		8,512,546		7,483,635		7,497,429
Short-term borrowings		300		300		1,100		1,100
Junior subordinated debentures		26,804		30,771		26,804		29,324
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				3,091				2,832
Letters of credit				518				485