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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2013
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 September 30, 2013
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
$
784,475

$

$
784,475

$

U.S. agencies mortgage-backed securities & collateralized mortgage obligations
1,154,894


1,154,894


Private mortgage-backed securities
437


437


Mortgage servicing rights
24,944


24,944


 
 
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


    
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
As of September 30, 2013
Balance
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Impaired loans
$
53,327

$

$

$
53,327

Other real estate owned
5,344



5,344

Long-lived assets to be disposed of by sale
1,327



1,327

 
 
 
 
 
 
 
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)
Impaired loans
$
74,623

$

$

$
74,623

Other real estate owned
15,745



15,745

Long-lived assets to be disposed of by sale
496



496

Schedule of Estimated Fair Values of Financial Instruments by Level of Valuation Inputs
The estimated fair values of financial instruments that are reported in the Company's consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
 
 
 
Fair Value Measurements at Reporting Date Using
As of September 30, 2013
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
$
542,343

$
542,343

$

$
542,343

$

Investment securities available-for-sale
1,939,806

1,939,806


1,939,806


Investment securities held-to-maturity
205,277

208,482


208,482


Accrued interest receivable
30,384

30,384


30,384


Mortgage servicing rights, net
13,518

24,944


24,944


Net loans
4,239,102

4,192,135


4,138,808

53,327

Total financial assets
$
6,970,430

$
6,938,094

$

$
6,884,767

$
53,327

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
4,870,793

$
4,870,793

$

$
4,870,793

$

Time deposits
1,237,832

1,244,919


1,244,919


Securities sold under repurchase agreements
428,110

428,110


428,110


Other borrowed funds
10

10


10


Accrued interest payable
5,367

5,367


5,367


Long-term debt
37,128

34,712


34,712


Subordinated debentures held by subsidiary
   trusts
82,477

70,727


70,727


Total financial liabilities
$
6,661,717

$
6,654,638

$

$
6,654,638

$

 
 
 
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

$