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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

$