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Fair Value Measurements (Tables)
12 Months Ended
Dec. 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 December 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:
 
 
 
 
 
 
 
U.S. Treasury Notes
$
3,911

 
$
—

 
$
3,911

 
$
—

Obligations of U.S. government agencies
520,181

 
—

 
520,181

 
—

U.S. agency mortgage-backed securities & collateralized mortgage obligations
929,046

 
—

 
929,046

 
—

Private mortgage-backed securities
156

 
—

 
156

 
—

Other investments
3,546

 
—

 
3,546

 
—

Derivative assets:
 
 
 
 
 
 
 
Interest rate swaps
953

 
—

 
953

 
—

Derivative liabilities:


 
 
 
 
 
 
Interest rate swaps
829

 
—

 
829

 
—

Deferred compensation plan assets
10,149

 
—

 
10,149

 
—

Deferred compensation plan liabilities
10,149

 
—

 
10,149

 
—

 
 
 
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

 
—

Derivative assets:
 
 
 
 
 
 
 
Interest rate swaps
61

 
—

 
61

 
—

Derivative liabilities:
 
 
 
 
 
 
 
Interest rate swaps
59

 
—

 
59

 
—

Deferred compensation plan assets
10,312

 
—

 
10,312

 
—

Deferred compensation plan liabilities
10,312

 
—

 
10,312

 
—

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, 2015
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
$
20,875

$
—

$
—

$
20,875

$
(21,804
)
Other real estate owned
1,789

—

—

1,789

(382
)
Long-lived assets to be disposed of by sale
1,506

—

—

1,506

(857
)

 
 
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 Inputs, Assets, Quantitative Information
As of December 31, 2015
Fair
Value
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
20,875

Appraisal
Appraisal adjustment
0%
-
53%
(38%)
Other real estate owned
1,789

Appraisal
Appraisal adjustment
2%
-
96%
(19%)
Long-lived assets to be disposed of by sale
1,506

Appraisal
Appraisal adjustment
0%
-
9%
(6%)
 
 
 
 
 
 
 
 
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
A summary of the estimated fair values of financial instruments follows:
 
`
 
Fair Value Measurements at Reporting Date Using
As of December 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
$
780,457

$
780,457

$
780,457

$
—

$
—

Investment securities available-for-sale
1,456,840

1,456,840

—

1,456,840

—

Investment securities held-to-maturity
600,665

607,550

—

607,550

—

Accrued interest receivable
27,729

27,729

—

27,729

—

Mortgage servicing rights, net
15,621

31,011

—

31,011

—

Net loans
5,169,379

5,128,705

—

5,107,830

20,875

Derivative assets
953

953

—

953

—

Deferred compensation plan assets
10,149

10,149

—

10,149

—

Total financial assets
$
8,061,793

$
8,043,394

$
780,457

$
7,242,062

$
20,875

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
5,957,345

$
5,975,345

$
5,975,345

$
—

$
—

Time deposits
1,131,592

1,137,289

—

1,137,289

—

Securities sold under repurchase agreements
510,635

510,635

—

510,635

—

Other borrowed funds
2

2

—

2

—

Accrued interest payable
4,960

4,960

—

4,960

—

Long-term debt
27,885

27,622

—

27,622

—

Subordinated debentures held by subsidiary trusts
82,477

74,969

—

74,969

—

Derivative liabilities
829

829

—

829

—

Deferred compensation plan liabilities
10,149

10,149

—

10,149

—

Total financial liabilities
$
7,725,874

$
7,741,800

$
5,975,345

$
1,766,455

$
—



 
 
 
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

Derivative assets
61

61

—

61

—

Deferred compensation plan assets
10,312

10,312

—

10,312

—

Total financial assets
$
7,960,497

$
7,954,722

$
798,670

$
7,125,558

$
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

—

Derivative liabilities
829

59

—

59

—

Deferred compensation plan liabilities
10,149

10,312

—

10,312

—

Total financial liabilities
$
7,645,826

$
7,644,294

$
5,767,992

$
1,876,302

$
—