Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31, 2016, and 2015 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):


December 31, 2016	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,668	$	—	$	—	$	10,668
Obligations of U. S. government sponsored enterprises and agencies		—		113,703		—		113,703
Obligations of state and political subdivisions		—		1,564,276		—		1,564,276
Corporate bonds		—		47,965		—		47,965
Residential mortgage-backed securities		—		851,361		—		851,361
Commercial mortgage-backed securities		—		268,436		—		268,436
Other securities		4,428		—		—		4,428

Total	$	15,096	$	2,845,741	$	—	$	2,860,837


December 31, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,795	$	—	$	—	$	10,795
Obligations of U. S. government sponsored enterprises and agencies		—		148,554		—		148,554
Obligations of state and political subdivisions		—		1,451,127		—		1,451,127
Corporate bonds		—		83,254		—		83,254
Residential mortgage-backed securities		—		788,882		—		788,882
Commercial mortgage-backed securities		—		246,586		—		246,586
Other securities		4,701		—		—		4,701

Total	$	15,496	$	2,718,403	$	—	$	2,733,899

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):


	Year Ended December 31,
	2016		2015
Carrying value of other real estate owned prior to re-measurement	$	—	$	351
Write-downs included in gain (loss) on sale of other real estate owned		—		(95	)

Fair value	$	—	$	256

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 December 31, 2016 and 2015, were as follows (dollars in thousands):


	2016				2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	204,782	$	204,782	$	179,140	$	179,140	Level 1

Federal funds sold		3,130		3,130		3,810		3,810	Level 1

Interest-bearing deposits in banks		48,574		48,574		89,936		89,936	Level 1

Interest-bearing time deposits in banks		1,707		1,709		3,495		3,500	Level 2

Available-for-sale securities		2,860,837		2,860,837		2,733,899		2,733,899	Levels 1 and 2

Held-to-maturity securities		121		124		278		283	Level 2

Loans		3,338,426		3,361,735		3,308,716		3,316,243	Level 3

Accrued interest receivable		36,469		36,469		34,697		34,697	Level 2

Deposits with stated maturities		508,996		510,304		620,852		622,572	Level 2

Deposits with no stated maturities		4,969,543		4,969,543		4,569,317		4,569,317	Level 1

Borrowings		445,770		445,770		615,675		615,675	Level 2

Accrued interest payable		225		225		240		240	Level 2