Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

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, 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:
U.S. Treasury Notes	$	3,941	$	—	$	3,941	$	—
Obligations of U.S. government agencies	606,044			—	606,044			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	931,055			—	931,055			—
Private mortgage-backed securities	258			—	258			—
Other investments	3,795			—	3,795			—
Derivative assets:
Interest rate swaps	918			—	918			—
Derivative liabilities:
Interest rate swaps	1,400			—	1,400			—



			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			—
Derivative assets:
Interest rate swaps	61			—	61			—
Derivative liabilities:
Interest rate swaps	59			—	59			—

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, 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	$	44,940	$	—	$	—	$	44,940
Other real estate owned	4,067			—		—	4,067
Long-lived assets to be disposed of by sale	2,083			—		—	2,083

				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



As of September 30, 2015	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	44,940	Appraisal	Appraisal adjustment	0%	-	51%	(19%)
Other real estate owned	4,067		Appraisal	Appraisal adjustment	0%	-	50%	(15%)
Long-lived assets to be disposed of by sale	2,083		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 Measurements at Reporting Date Using
As of September 30, 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	$	708,295	$	708,295	$	708,295	$	—	$	—
Investment securities available-for-sale	1,545,093		1,545,093		—		1,545,093		—
Investment securities held-to-maturity	522,543		534,633		—		534,633		—
Accrued interest receivable	31,590		31,590		—		31,590		—
Mortgage servicing rights, net	15,336		31,544		—		31,544		—
Net loans	5,102,244		5,055,788		—		5,010,848		44,940
Total financial assets	$	7,925,101	$	7,906,943	$	708,295	$	7,153,708	$	44,940

Financial liabilities:
Total deposits, excluding time deposits	$	5,885,462	$	5,885,462	$	5,885,462	$	—	$	—
Time deposits	1,150,332		1,154,128		—		1,154,128		—
Securities sold under repurchase agreements	437,533		437,533		—		437,533		—
Other borrowed funds	10		10		—		10		—
Derivative liabilities	436		436		—		436		—
Accrued interest payable	5,327		5,327		—		5,327		—
Long-term debt	43,089		41,818		—		41,818		—
Subordinated debentures held by subsidiary trusts	82,477		74,723		—		74,723		—
Total financial liabilities	$	7,604,666	$	7,599,437	$	5,885,462	$	1,713,975	$	—



					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	$	—