Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

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

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

	December 31, 2014
(in thousands)	Level 1		Level 2		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	—	$	300,508	$	300,508
Municipal obligations		—		14,176		14,176
Corporate debt securities		—		3,500		3,500
Mortgage-backed securities		—		1,245,564		1,245,564
Collateralized mortgage obligations		—		86,864		86,864
Equity securities		9,553		—		9,553
Total available for sale securities		9,553		1,650,612		1,660,165
Derivative assets (1)		—		19,432		19,432
Total recurring fair value measurements – assets	$	9,553	$	1,670,044	$	1,679,597
Liabilities
Derivative liabilities (1)	$	—	$	20,860	$	20,860
Total recurring fair value measurements – liabilities	$	—	$	20,860	$	20,860

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

	December 31, 2013
(in thousands)	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		11,228		1,410,544		1,421,772
Derivative assets (1)		—		15,579		15,579
Total recurring fair value measurements – assets	$	11,228	$	1,426,123	$	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 table presents for each of the fair value hierarchy levels the Company’s financial assets that are measured at fair value on a nonrecurring basis:

	December 31, 2014
(in thousands)	Level 1		Level 2		Level 3		Total
Collateral dependent impaired loans	$	—	$	30,204	$	—	$	30,204
Other real estate owned		—		—		29,715		29,715
Total nonrecurring fair value measurements	$	—	$	30,204	$	29,715	$	59,919

	December 31, 2013
(in thousands)	Level 1		Level 2		Level 3		Total
Collateral dependent impaired loans	$	—	$	24,392	$	—	$	24,392
Other real estate owned		—		—		34,105		34,105
Total nonrecurring fair value measurements	$	—	$	24,392	$	34,105	$	58,497

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments were as follows:

	December 31, 2014						Total Fair Value		Carrying Amount
(in thousands)	Level 1		Level 2		Level 3
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	1,159,403	$	—	$	—	$	1,159,403	$	1,159,403
Available for sale securities		9,553		1,650,612		—		1,660,165		1,660,165
Held to maturity securities		—		2,186,340		—		2,186,340		2,166,289
Loans, net		—		30,204		13,672,427		13,702,631		13,766,514
Loans held for sale		—		20,252		—		20,252		20,252
Accrued interest receivable		47,501		—		—		47,501		47,501
Derivative financial instruments		—		19,432		—		19,432		19,432
Financial liabilities:
Deposits	$	—	$	—	$	16,398,878	$	16,398,878	$	16,572,831
Federal funds purchased		12,000		—		—		12,000		12,000
Securities sold under agreements to repurchase		624,573		—		—		624,573		624,573
FHLB Borrowings		515,000		—		—		515,000		515,000
Long-term debt		—		346,379		—		346,379		374,371
Accrued interest payable		4,204		—		—		4,204		4,204
Derivative financial instruments		—		20,860		—		20,860		20,860

	December 31, 2013						Total Fair Value		Carrying Amount
(in thousands)	Level 1		Level 2		Level 3
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold	$	617,280	$	—	$	—	$	617,280	$	617,280
Available for sale securities		11,228		1,410,544		—		1,421,772		1,421,772
Held to maturity securities		—		2,576,584		—		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