Fair Value (Tables)

9 Months Ended

Sep. 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.

	September 30, 2014
	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	300,702	$	—	$	300,702
Municipal obligations		—		18,767		18,767
Corporate debt securities		3,500		—		3,500
Mortgage-backed securities		—		1,241,223		1,241,223
Collateralized mortgage obligations		—		88,558		88,558
Equity securities		9,660		—		9,660
Total available for sale securities		313,862		1,348,548		1,662,410
Derivative assets (1)		—		16,012		16,012
Total recurring fair value measurements - assets	$	313,862	$	1,364,560	$	1,678,422
Liabilities
Derivative liabilities (1)	$	—	$	16,440	$	16,440
Total recurring fair value measurements - liabilities	$	—	$	16,440	$	16,440

(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.

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Collateral-dependent impaired loans	$	—	$	34,482	$	—	$	34,482
Other real estate owned		—		—		20,742		20,742
Total nonrecurring fair value measurements	$	—	$	34,482	$	20,742	$	55,224
	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 September 30, 2014 and December 31, 2013 (in thousands):

	September 30, 2014
							Total		Carrying
	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	803,917	$	—	$	—	$	803,917	$	803,917
Available for sale securities		313,862		1,348,548		—		1,662,410		1,662,410
Held to maturity securities		—		2,253,219		—		2,253,219		2,250,960
Loans, net		—		34,482		13,081,700		13,116,182		13,223,002
Loans held for sale		—		15,098		—		15,098		15,098
Accrued interest receivable		44,164		—		—		44,164		44,164
Derivative financial instruments		—		16,012		—		16,012		16,012
Financial liabilities:
Deposits	$	—	$	—	$	15,434,876	$	15,434,876	$	15,736,694
Federal funds purchased		7,625		—		—		7,625		7,625
Securities sold under agreements to repurchase		599,184		—		—		599,184		599,184
FHLB borrowings		565,000		—		—		565,000		565,000
Long-term debt		—		344,636		—		344,636		376,452
Accrued interest payable		5,663		—		—		5,663		5,663
Derivative financial instruments		—		16,440		—		16,440		16,440

	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