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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
 
Fair Value Measurements at Reporting Date Using
As of December 31, 2012
Balance

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investment securities available-for-sale:
 
 
 
 
Obligations of U.S. government agencies
$
754,856

$
—

$
754,856

$
—

U.S. agencies mortgage-backed securities & collateralized mortgage obligations
1,239,851

—

1,239,851

—

Private mortgage-backed securities
551

—

551

—

Mortgage servicing rights
16,373

—

16,373

—

 
Fair Value Measurements at Reporting Date Using
As of December 31, 2011
Balance

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investment securities available-for-sale:
 
 
 
 
Obligations of U.S. government agencies
$
1,138,118

$
—

$
1,138,118

$
—

U.S. agencies mortgage-backed securities & collateralized mortgage obligations
877,997

—

877,997

—

Private mortgage-backed securities
749

—

749

—

Mortgage servicing rights
11,910

—

11,910

—

Derivative liability contract
383

—

—

383

Schedule of Derivative Liability Contract Measured at Fair Value on a Recurring Basis Unobservable Input Reconciliation
The following table reconciles the beginning and ending balances of the derivative liability contract measured at fair value on a recurring basis using significant unobservable (Level 3) inputs during the twelve months ended December 31, 2012 and 2011:
For the Twelve Months Ended December 31,
2012
2011
Balance, beginning of period
$
383

$
86

Accruals during the period
—

425

Cash payments during the period
(383
)
(128
)
Balance, end of period
$
—

$
383

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis.
 
 
Fair Value Measurements at Reporting Date Using
 
 
Quoted Prices
in Active
Markets for
Identical Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Total
Gains (Losses)
 
Total
(Level 1)
(Level 2)
(Level 3)
 
As of December 31, 2012
 
 
 
 
 
Impaired loans
$
74,623

$
—

$
—

$
74,623

$
(32,624
)
Other real estate owned
15,745

—

—

15,745

(20,797
)
 
 
 
 
 
 
As of December 31, 2011
 
 
 
 
 
Impaired loans
$
100,035

$
—

$
—

$
100,035

$
(67,043
)
Other real estate owned
17,000

—

—

17,000

(21,282
)
Schedule of Estimated Fair Values of Financial Instruments by Level of Valuation Inputs
A summary of the estimated fair values of financial instruments follows:
 
`
 
Fair Value Measurements at Reporting Date Using
As of December 31, 2012
Carrying Amount
Estimated
Fair Value
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets:
 
 
 
 
 

Cash and cash equivalents
$
801,332

$
801,332

$
—

$
801,332

$
—

Investment securities available-for-sale
1,995,258

1,995,258

—

1,995,258

—

Investment securities held-to-maturity
208,223

218,933

—

218,933

—

Accrued interest receivable
28,869

28,869

—

28,869

—

Mortgage servicing rights, net
12,653

16,373

—

16,373

 
Net loans
4,123,401

4,142,426

—

4,067,803

74,623

Total financial assets
$
7,169,736

$
7,203,191

$
—

$
7,128,568

$
74,623

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
4,854,927

$
4,854,927

$
—

$
4,854,927

$
—

Time deposits
1,385,484

1,394,403

—

1,394,403

—

Securities sold under repurchase agreements
505,785

505,785

—

505,785

—

Other borrowed funds
32

32

—

32

—

Accrued interest payable
6,502

6,502

—

6,502

—

Long-term debt
37,160

35,104

—

35,104

—

Preferred stock pending redemption
50,000

50,000

—

50,000

—

Subordinated debentures held by subsidiary trusts
82,477

62,409

—

62,409

 
Total financial liabilities
$
6,922,367

$
6,909,162

$
—

$
6,909,162

$
—

 
 
 
 
 
 


 
 
 
Fair Value Measurements at Reporting Date Using
As of December 31, 2011
Carrying Amount
Estimated
Fair Value
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets:
 
 
 
 
 
Cash and cash equivalents
$
472,447

$
472,447

$
—

$
472,447

$
—

Investment securities available-for-sale
2,016,864

2,016,864

—

2,016,864

—

Investment securities held-to-maturity
152,781

161,877

—

161,877

—

Accrued interest receivable
31,974

31,974

—

31,974

—

Mortgage servicing rights, net
11,555

11,910

—

11,910

—

Net loans
4,073,968

4,064,718

—

3,964,683

100,035

Total financial assets
$
6,759,589

$
6,759,790

$
—

$
6,659,755

$
100,035

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
4,269,631

$
4,269,631

$
—

$
4,269,631

$
—

Time deposits
1,557,340

1,565,558

—

1,565,558

—

Securities sold under repurchase agreements
516,243

516,243

—

516,243

—

Other borrowed funds
7

7

—

7

—

Accrued interest payable
8,123

8,123

—

8,123

—

Long-term debt
37,200

34,341

—

34,341

—

Subordinated debentures held by subsidiary trusts
123,715

102,525

—

102,525

—

Derivative contract liability
383

383


—

383

Total financial liabilities
$
6,512,642

$
6,496,811

$
—

$
6,496,428

$
383