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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
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, 2014
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
$
720,933

$
—

$
720,933

$
—

U.S. agency mortgage-backed securities & collateralized mortgage obligations
990,666

—

990,666

—

Private mortgage-backed securities
325

—

325

—

 
 
Fair Value Measurements at Reporting Date Using
As of December 31, 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
$
763,238

$
—

$
763,238

$
—

U.S. agency mortgage-backed securities & collateralized mortgage obligations
1,184,053

—

1,184,053

—

Private mortgage-backed securities
415

—

415

—

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 December 31, 2014
Total
Quoted Prices
in Active
Markets for
Identical Assets (Level 1)
Significant
Other
Observable
Inputs
 (Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Gains (Losses)
Impaired loans
$
30,494

$
—

$
—

$
30,494

$
(14,552
)
Other real estate owned
4,554

—

—

4,554

(12,665
)
Long-lived assets to be disposed of by sale
1,083

—

—

1,083

(702
)

 
 
Fair Value Measurements at Reporting Date Using
As of December 31, 2013
Total
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Gains (Losses)
Impaired loans
$
57,302

$
—

$
—

$
57,302

$
(23,224
)
Other real estate owned
8,502

—

—

8,502

(14,441
)
Long-lived assets to be disposed of by sale
1,186

—

—

1,186

(599
)
Fair Value Inputs, Assets, Quantitative Information
As of December 31, 2014
Fair
Value
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
30,494

Appraisal
Appraisal adjustment
0%
-
51%
(19%)
Other real estate owned
4,554

Appraisal
Appraisal adjustment
0%
-
50%
(15%)
Long-lived assets to be disposed of by sale
1,083

Appraisal
Appraisal adjustment
0%
-
9%
(5%)
 
 
 
 
 
 
 
 
As of December 31, 2013
Fair
Value
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
57,302

Appraisal
Appraisal adjustment
6%
-
66%
(31%)
Other real estate owned
8,502

Appraisal
Appraisal adjustment
6%
-
55%
(15%)
Long-lived assets to be disposed of by sale
1,186

Appraisal
Appraisal adjustment
0%
-
9%
(6%)
 
 
 
 
 
 
 
 
Fair Value, by Balance Sheet Grouping
A summary of the estimated fair values of financial instruments follows:
 
`
 
Fair Value Measurements at Reporting Date Using
As of December 31, 2014
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
$
798,670

$
798,670

$
798,670

$
—

$
—

Investment securities available-for-sale
1,711,924

1,711,924

—

1,711,924

—

Investment securities held-to-maturity
575,186

584,533

—

584,533

—

Accrued interest receivable
27,063

27,063

—

27,063

—

Mortgage servicing rights, net
14,038

21,434

—

21,434

—

Net loans
4,823,243

4,800,725

—

4,770,231

30,494

Total financial assets
$
7,950,124

$
7,944,349

$
798,670

$
7,115,185

$
30,494

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
5,767,992

$
5,767,992

$
5,767,992

$
—

$
—

Time deposits
1,238,220

1,244,324

—

1,244,324

—

Securities sold under repurchase agreements
502,250

502,250

—

502,250

—

Other borrowed funds
9

9

—

9

—

Accrued interest payable
5,833

5,833

—

5,833

—

Long-term debt
38,067

37,781

—

37,781

—

Subordinated debentures held by subsidiary trusts
82,477

75,734

—

75,734

—

Total financial liabilities
$
7,634,848

$
7,633,923

$
5,767,992

$
1,865,931

$
—



 
 
 
Fair Value Measurements at Reporting Date Using
As of December 31, 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
$
534,827

$
534,827

$
534,827

$
—

$
—

Investment securities available-for-sale
1,947,706

1,947,706

—

1,947,706

—

Investment securities held-to-maturity
203,837

205,926

—

205,926

—

Accrued interest receivable
26,450

26,450

—

26,450

—

Mortgage servicing rights, net
13,546

25,698

—

25,698

—

Net loans
4,259,514

4,246,539

—

4,189,237

57,302

Total financial assets
$
6,985,880

$
6,987,146

$
534,827

$
6,395,017

$
57,302

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
4,943,033

$
4,943,033

$
4,943,033

$
—

$
—

Time deposits
1,190,717

1,196,250

—

1,196,250

—

Securities sold under repurchase agreements
457,437

457,437

—

457,437

—

Other borrowed funds
3

3

—

3

—

Accrued interest payable
4,963

4,963

—

4,963

—

Long-term debt
36,917

34,508

—

34,508

—

Subordinated debentures held by subsidiary trusts
82,477

72,045

—

72,045

—

Total financial liabilities
$
6,715,547

$
6,708,239

$
4,943,033

$
1,765,206

$
—