XML 60 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 (in thousands):

 

 

 

Fair Value Measurement at Reporting Date Using

 

Description

 

December 31,

2017

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

18

 

 

$

18

 

 

$

—

 

 

$

—

 

U.S. Agencies

 

 

9,976

 

 

 

—

 

 

 

9,976

 

 

 

—

 

Mortgage-backed

 

 

1,949

 

 

 

—

 

 

 

1,949

 

 

 

—

 

State and political subdivisions

 

 

27,114

 

 

 

—

 

 

 

27,114

 

 

 

—

 

Corporates

 

 

1,885

 

 

 

1,885

 

 

 

—

 

 

 

 

 

Trading - other

 

 

13,113

 

 

 

12,434

 

 

 

679

 

 

 

—

 

Trading securities

 

 

54,055

 

 

 

14,337

 

 

 

39,718

 

 

 

—

 

U.S. Treasury

 

 

38,643

 

 

 

38,643

 

 

 

—

 

 

 

—

 

U.S. Agencies

 

 

14,752

 

 

 

—

 

 

 

14,752

 

 

 

—

 

Mortgage-backed

 

 

3,649,243

 

 

 

—

 

 

 

3,649,243

 

 

 

—

 

State and political subdivisions

 

 

2,542,673

 

 

 

—

 

 

 

2,542,673

 

 

 

—

 

Corporates

 

 

13,266

 

 

 

13,266

 

 

 

—

 

 

 

—

 

Available for sale securities

 

 

6,258,577

 

 

 

51,909

 

 

 

6,206,668

 

 

 

—

 

Company-owned life insurance

 

 

53,577

 

 

 

—

 

 

 

53,577

 

 

 

—

 

Bank-owned life insurance

 

 

265,823

 

 

 

—

 

 

 

265,823

 

 

 

—

 

Derivatives

 

 

10,149

 

 

 

—

 

 

 

10,149

 

 

 

—

 

Total

 

$

6,642,181

 

 

$

66,246

 

 

$

6,575,935

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation

 

$

50,963

 

 

$

50,963

 

 

$

—

 

 

$

—

 

Derivatives

 

 

8,906

 

 

 

—

 

 

 

8,906

 

 

 

—

 

Securities sold not yet purchased

 

 

4,130

 

 

 

—

 

 

 

4,130

 

 

 

—

 

Total

 

$

63,999

 

 

$

50,963

 

 

$

13,036

 

 

$

—

 

 

 

 

Fair Value Measurement at Reporting Date Using

 

Description

 

December 31,

2016

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

U.S. Agencies

 

 

1,306

 

 

 

—

 

 

 

1,306

 

 

 

—

 

Mortgage-backed

 

 

313

 

 

 

—

 

 

 

313

 

 

 

—

 

State and political subdivisions

 

 

9,295

 

 

 

—

 

 

 

9,295

 

 

 

—

 

Trading - other

 

 

28,622

 

 

 

28,495

 

 

 

127

 

 

 

—

 

Trading securities

 

 

39,536

 

 

 

28,495

 

 

 

11,041

 

 

 

—

 

U.S. Treasury

 

 

93,826

 

 

 

93,826

 

 

 

—

 

 

 

—

 

U.S. Agencies

 

 

198,177

 

 

 

—

 

 

 

198,177

 

 

 

—

 

Mortgage-backed

 

 

3,711,699

 

 

 

—

 

 

 

3,711,699

 

 

 

—

 

State and political subdivisions

 

 

2,395,757

 

 

 

—

 

 

 

2,395,757

 

 

 

—

 

Corporates

 

 

66,875

 

 

 

66,875

 

 

 

—

 

 

 

—

 

Available for sale securities

 

 

6,466,334

 

 

 

160,701

 

 

 

6,305,633

 

 

 

—

 

Company-owned life insurance

 

 

41,333

 

 

 

—

 

 

 

41,333

 

 

 

—

 

Bank-owned life insurance

 

 

209,686

 

 

 

—

 

 

 

209,686

 

 

 

 

 

Derivatives

 

 

10,873

 

 

 

—

 

 

 

10,873

 

 

 

—

 

Total

 

$

6,767,762

 

 

$

189,196

 

 

$

6,578,566

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation

 

$

42,797

 

 

$

42,797

 

 

$

—

 

 

$

—

 

Derivatives

 

 

11,329

 

 

 

—

 

 

 

11,329

 

 

 

—

 

Total

 

$

54,126

 

 

$

42,797

 

 

$

11,329

 

 

$

—

 

 
Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of December 31, 2017 and 2016 (in thousands):

 

 

 

 

 

 

 

Fair Value Measurement at December 31, 2017 Using

 

Description

 

December 31,

2017

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Gains Recognized During the Twelve Months Ended December 31

 

Impaired loans

 

$

15,186

 

 

$

—

 

 

$

—

 

 

$

15,186

 

 

$

1,251

 

Other real estate owned

 

 

1,488

 

 

 

—

 

 

 

—

 

 

 

1,488

 

 

 

13

 

Total

 

$

16,674

 

 

$

—

 

 

$

—

 

 

$

16,674

 

 

$

1,264

 

 

 

 

 

 

 

 

Fair Value Measurement at December 31, 2016 Using

 

Description

 

December 31,

2016

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total (Losses) Recognized During the Twelve Months Ended December 31

 

Impaired loans

 

$

23,757

 

 

$

—

 

 

$

—

 

 

$

23,757

 

 

$

(2,070

)

Other real estate owned

 

 

89

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

—

 

Total

 

$

23,846

 

 

$

—

 

 

$

—

 

 

$

23,846

 

 

$

(2,070

)

 
Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at December 31, 2017 and 2016 are as follows (in thousands):

 

 

 

Fair Value Measurement at December 31, 2017 Using

 

 

 

Carrying Amount

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Estimated Fair Value

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

1,936,084

 

 

$

1,749,618

 

 

$

186,466

 

 

$

—

 

 

$

1,936,084

 

Securities available for sale

 

 

6,258,577

 

 

 

51,909

 

 

 

6,206,668

 

 

 

—

 

 

 

6,258,577

 

Securities held to maturity

 

 

1,261,014

 

 

 

—

 

 

 

1,207,447

 

 

 

—

 

 

 

1,207,447

 

Trading securities

 

 

54,055

 

 

 

14,337

 

 

 

39,718

 

 

 

—

 

 

 

54,055

 

Other securities

 

 

65,897

 

 

 

—

 

 

 

65,897

 

 

 

—

 

 

 

65,897

 

Loans (exclusive of allowance for loan loss)

 

 

11,281,973

 

 

 

—

 

 

 

11,318,764

 

 

 

—

 

 

 

11,318,764

 

Derivatives

 

 

10,149

 

 

 

—

 

 

 

10,149

 

 

 

—

 

 

 

10,149

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

16,742,736

 

 

 

16,742,736

 

 

 

—

 

 

 

—

 

 

 

16,742,736

 

Time deposits

 

 

1,280,264

 

 

 

—

 

 

 

1,280,264

 

 

 

—

 

 

 

1,280,264

 

Other borrowings

 

 

1,260,704

 

 

 

11,334

 

 

 

1,249,370

 

 

 

—

 

 

 

1,260,704

 

Long-term debt

 

 

79,281

 

 

 

—

 

 

 

79,496

 

 

 

—

 

 

 

79,496

 

Derivatives

 

 

8,906

 

 

 

—

 

 

 

8,906

 

 

 

—

 

 

 

8,906

 

OFF-BALANCE SHEET ARRANGEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit for loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,654

 

Commercial letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136

 

Standby letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,514

 

 

 

 

Fair Value Measurement at December 31, 2016 Using

 

 

 

Carrying Amount

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Estimated Fair Value

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

1,462,267

 

 

$

1,138,850

 

 

$

323,417

 

 

$

—

 

 

$

1,462,267

 

Securities available for sale

 

 

6,466,334

 

 

 

160,701

 

 

 

6,305,633

 

 

 

—

 

 

 

6,466,334

 

Securities held to maturity

 

 

1,115,932

 

 

 

—

 

 

 

1,106,068

 

 

 

—

 

 

 

1,106,068

 

Trading securities

 

 

39,536

 

 

 

28,495

 

 

 

11,041

 

 

 

—

 

 

 

39,536

 

Other securities

 

 

68,306

 

 

 

—

 

 

 

68,306

 

 

 

—

 

 

 

68,306

 

Loans (exclusive of allowance for loan loss)

 

 

10,545,662

 

 

 

—

 

 

 

10,572,292

 

 

 

—

 

 

 

10,572,292

 

Derivatives

 

 

10,873

 

 

 

—

 

 

 

10,873

 

 

 

—

 

 

 

10,873

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

15,434,893

 

 

 

15,434,893

 

 

 

—

 

 

 

—

 

 

 

15,434,893

 

Time deposits

 

 

1,135,721

 

 

 

—

 

 

 

1,135,721

 

 

 

—

 

 

 

1,135,721

 

Other borrowings

 

 

1,856,937

 

 

 

419,843

 

 

 

1,437,094

 

 

 

—

 

 

 

1,856,937

 

Long-term debt

 

 

76,772

 

 

 

—

 

 

 

77,025

 

 

 

—

 

 

 

77,025

 

Derivatives

 

 

11,329

 

 

 

—

 

 

 

11,329

 

 

 

—

 

 

 

11,329

 

OFF-BALANCE SHEET ARRANGEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit for loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,604

 

Commercial letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142

 

Standby letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,527