Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2015

Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2015 and 2014, and December 31, 2014, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


September 30, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,917	$	—	$	—	$	10,917
Obligations of U. S. government sponsored enterprises and agencies		—		155,197		—		155,197
Obligations of states and political subdivisions		—		1,437,151		—		1,437,151
Corporate bonds		—		86,342		—		86,342
Residential mortgage-backed securities		—		832,859		—		832,859
Commercial mortgage-backed securities		—		209,920		—		209,920
Other securities		4,967		—		—		4,967

Total	$	15,884	$	2,721,469	$	—	$	2,737,353


September 30, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	520	$	—	$	—	$	520
Obligations of U. S. government sponsored enterprises and agencies		—		107,301		—		107,301
Obligations of states and political subdivisions		—		1,101,969		—		1,101,969
Corporate bonds		—		95,038		—		95,038
Residential mortgage-backed securities		—		811,867		—		811,867
Commercial mortgage-backed securities		—		132,412		—		132,412
Other securities		4,655		—		—		4,655

Total	$	5,175	$	2,248,587	$	—	$	2,253,762


December 31, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	520	$	—	$	—	$	520
Obligations of U. S. government sponsored enterprises and agencies		—		129,755		—		129,755
Obligations of states and political subdivisions		—		1,167,628		—		1,167,628
Corporate bonds		—		94,065		—		94,065
Residential mortgage-backed securities		—		885,211		—		885,211
Commercial mortgage-backed securities		—		133,984		—		133,984
Other securities		4,693		—		—		4,693

Total	$	5,213	$	2,410,643	$	—	$	2,415,856

Other Real Estate Owned

The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands):


	Three Months Ended September 30,
	2015		2014
Carrying value of other real estate owned prior to re-measurement	$	—	$	173
Write-downs included in gain (loss) on sale of other real estate owned		—		(46	)

Fair value	$	—	$	127


	Nine Months Ended September 30,
	2015			2014
Carrying value of other real estate owned prior to re-measurement	$	351		$	881
Write-downs included in gain (loss) on sale of other real estate owned		(95	)		(135	)

Fair value	$	256		$	746

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance at September 30, 2015 and 2014, and December 31, 2014, were as follows (in thousands):


	September 30, 2015				September 30, 2014				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	133,340	$	133,340	$	149,957	$	149,957	$	190,387	$	190,387		Level 1
Federal funds sold		2,790		2,790		4,785		4,785		8,760		8,760		Level 1
Interest-bearing deposits in banks		4,268		4,268		83,994		83,994		54,324		54,324		Level 1
Interest-bearing time deposits in banks		4,491		4,498		19,234		19,285		17,002		17,032		Level 2
Available-for-sale Securities		2,737,353		2,737,353		2,253,762		2,253,762		2,415,856		2,415,856		Levels 1 and 2
Held-to-maturity securities		286		291		554		560		441		447		Level 2
Loans		3,248,002		3,249,558		2,803,308		2,815,509		2,901,167		2,906,399		Level 3
Accrued interest receivable		26,888		26,888		23,420		23,420		28,998		28,998		Level 2
Deposits with stated maturities		652,919		654,705		664,221		666,123		648,992		650,893		Level 2
Deposits with no stated maturities		4,444,364		4,444,364		3,800,143		3,800,143		4,101,263		4,101,263		Level 1
Short-term borrowings		500,903		500,903		341,909		341,909		367,110		367,110		Level 2
Accrued interest payable		261		261		275		275		237		237		Level 2