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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2015
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 March 31, 2015
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
$
769,455

$
—
$
769,455

$
—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations
1,007,300

 
—
1,007,300

 
—
Private mortgage-backed securities
302

 
—
302

 
—
 
 
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. agencies mortgage-backed securities & collateralized mortgage obligations
990,666

 
—
990,666

 
—
Private mortgage-backed securities
325

 
—
325

 
—
    
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 March 31, 2015
Balance
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Impaired loans
$
35,098

$
—
$
—
$
35,098

Other real estate owned
6,499

 
—
 
—
6,499

Long-lived assets to be disposed of by sale
1,083

 
—
 
—
1,083

 
 
 
 
 
 
 
 
 
 
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)
Impaired loans
$
30,494

$
—
$
—
$
30,494

Other real estate owned
4,554

 
—
 
—
4,554

Long-lived assets to be disposed of by sale
1,083

 
—
 
—
1,083

Fair Value Inputs, Assets, Quantitative Information
As of March 31, 2015
Fair
Value
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
35,098

Appraisal
Appraisal adjustment
0%
-
51%
(19%)
Other real estate owned
6,499

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, 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%)
 
 
 
 
 
 
 
 
Fair Value, by Balance Sheet Grouping
 
 
 
Fair Value Measurements at Reporting Date Using
As of March 31, 2015
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
$
637,803

$
637,803

$
637,803

$
—

$
—

Investment securities available-for-sale
1,777,057

1,777,057

—

1,777,057

—

Investment securities held-to-maturity
563,847

576,930

—

576,930

—

Accrued interest receivable
27,242

27,242

—

27,242

—

Mortgage servicing rights, net
14,093

26,639

—

26,639

—

Net loans
4,851,970

4,821,593

—

4,786,495

35,098

Total financial assets
$
7,872,012

$
7,867,264

$
637,803

$
7,194,363

$
35,098

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
5,763,553

$
5,763,553

$
—

$
5,763,553

$
—

Time deposits
1,205,025

1,211,057

—

1,211,057

—

Securities sold under repurchase agreements
462,073

462,073

—

462,073

—

Other borrowed funds
4

4

—

4

—

Accrued interest payable
5,113

5,113

—

5,113

—

Long-term debt
43,048

38,047

—

38,047

—

Subordinated debentures held by subsidiary
   trusts
82,477

75,679

—

75,679

—

Total financial liabilities
$
7,561,293

$
7,555,526

$
—

$
7,555,526

$
—

 
 
 
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

$
—