Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

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

The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value (in thousands) on a recurring basis in the consolidated balance sheets.

	June 30, 2014
	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	282	$	—	$	282
Municipal obligations		—		20,837		20,837
Corporate debt securities		3,500		—		3,500
Mortgage-backed securities		—		1,208,125		1,208,125
Collateralized mortgage obligations		—		90,948		90,948
Equity securities		9,709		—		9,709
Total available-for-sale securities		13,491		1,319,910		1,333,401
Derivative assets (1)		—		17,700		17,700
Total recurring fair value measurements - assets	$	13,491	$	1,337,610	$	1,351,101
Liabilities
Derivative liabilities (1)	$	—	$	18,458	$	18,458
Total recurring fair value measurements - liabilities	$	—	$	18,458	$	18,458

(1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives.

	December 31, 2013
	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	505	$	—	$	505
Municipal obligations		—		35,961		35,961
Corporate debt securities		3,500		—		3,500
Mortgage-backed securities		—		1,276,958		1,276,958
Collateralized mortgage obligations		—		94,125		94,125
Equity securities		10,723		—		10,723
Total available-for-sale securities		14,728		1,407,044		1,421,772
Derivative assets (1)		—		15,579		15,579
Total recurring fair value measurements - assets	$	14,728	$	1,422,623	$	1,437,351
Liabilities
Derivative liabilities (1)	$	—	$	15,006	$	15,006
Total recurring fair value measurements - liabilities	$	—	$	15,006	$	15,006

(1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives.

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables present the Company’s financial assets that are measured at fair value (in thousands) on a nonrecurring basis for each of the fair value hierarchy levels.

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Collateral-dependent impaired loans	$	—	$	32,996	$	—	$	32,996
Other real estate owned		—		—		21,393		21,393
Total nonrecurring fair value measurements	$	—	$	32,996	$	21,393	$	54,389
	December 31, 2013
	Level 1		Level 2		Level 3		Total
Collateral-dependent impaired loans	$	—	$	24,392	$	—	$	24,392
Other real estate owned		—		—		25,525		25,525
Total nonrecurring fair value measurements	$	—	$	24,392	$	25,525	$	49,917

Schedule of Estimated Fair Values of Financial Instruments

The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at June 30, 2014 and December 31, 2013 (in thousands):

			June 30, 2014
							Total		Carrying
	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	865,297	$	—	$	—	$	865,297	$	865,297
Available for sale securities		13,491		1,319,910		—		1,333,401		1,333,401
Held to maturity securities		—		2,355,413		—		2,355,413		2,343,828
Loans, net		—		32,996		12,635,212		12,668,208		12,755,384
Loans held for sale		—		22,017		—		22,017		22,017
Accrued interest receivable		44,259		—		—		44,259		44,259
Derivative financial instruments		—		17,700		—		17,700		17,700
Financial liabilities:
Deposits	$	—	$	—	$	14,938,111	$	14,938,111	$	15,245,227
Federal funds purchased		4,225		—		—		4,225		4,225
Securities sold under agreements to repurchase		644,439		—		—		644,439		644,439
FHLB borrowings		415,000		—		—		415,000		415,000
Long-term debt		—		372,037		—		372,037		374,991
Accrued interest payable		4,090		—		—		4,090		4,090
Derivative financial instruments		—		18,458		—		18,458		18,458

	December 31, 2013
							Total		Carrying
	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	617,280	$	—	$	—	$	617,280	$	617,280
Available for sale securities		14,728		1,407,044		—		1,421,772		1,421,772
Held to maturity securities		100,316		2,476,268		—		2,576,584		2,611,352
Loans, net		—		24,392		12,023,330		12,047,722		12,191,191
Loans held for sale		—		24,515		—		24,515		24,515
Accrued interest receivable		42,977		—		—		42,977		42,977
Derivative financial instruments		—		15,579		—		15,579		15,579
Financial liabilities:
Deposits	$	—	$	—	$	15,352,024	$	15,352,024	$	15,360,516
Federal funds purchased		7,725		—		—		7,725		7,725
Securities sold under agreements to repurchase		650,235		—		—		650,235		650,235
Long-term debt		—		385,557		—		385,557		385,826
Accrued interest payable		4,353		—		—		4,353		4,353
Derivative financial instruments		—		15,006		—		15,006		15,006