Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016	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	$	3,953	$	—	$	3,953	$	—
Obligations of U.S. government agencies	453,405			—	453,405			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,044,597			—	1,044,597			—
Private mortgage-backed securities	135			—	135			—
Other investments	3,491			—	3,491			—
Loans held for sale	73,053			—	73,053			—
Derivative assets:
Interest rate swap contracts	1,719			—	1,719			—
Interest rate lock commitments	2,801			—	2,801			—
Derivative liabilities:
Interest rate swap contracts	4,676			—	4,676			—
Forward loan sale contracts	1,583			—	1,583			—
Deferred compensation plan assets	10,247			—	10,247			—
Deferred compensation plan liabilities	10,247			—	10,247			—



			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. agencies 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 swap contracts	953			—	953			—
Derivative liabilities
Interest rate swap contracts	829			—	829			—
Deferred compensation plan assets	10,149			—	10,149			—
Deferred compensation plan liabilities	10,149			—	10,149			—

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 June 30, 2016	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans	$	21,538	$	—	$	—	$	21,538
Other real estate owned	1,369			—		—	1,369
Long-lived assets to be disposed of by sale	1,506			—		—	1,506

				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)
Impaired loans	$	20,875	$	—	$	—	$	20,875
Other real estate owned	1,789			—		—	1,789
Long-lived assets to be disposed of by sale	1,506			—		—	1,506



	Fair Value As of
	June 30, 2016		December 31, 2015		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	21,538	$	20,875	Appraisal	Appraisal adjustment	0%	-	53%	(38%)
Other real estate owned	1,369		1,789		Appraisal	Appraisal adjustment	2%	-	96%	(19%)
Long-lived assets to be disposed of by sale	1,506		1,506		Appraisal	Appraisal adjustment	0%	-	9%	(6%)



					Fair Value Measurements at Reporting Date Using
As of June 30, 2016	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	$	476,051	$	476,051	$	476,051	$	—	$	—
Investment securities available-for-sale	1,505,581		1,505,581		—		1,505,581		—
Investment securities held-to-maturity	566,247		574,482		—		574,482		—
Accrued interest receivable	27,448		27,448		—		27,448		—
Mortgage servicing rights, net	16,038		23,970		—		23,970		—
Loans held for sale	73,053		73,053		—		73,053		—
Net loans held for investment	5,259,849		5,123,545		—		5,102,007		21,538
Derivative assets	4,520		4,520		—		4,520		—
Deferred compensation plan assets	10,247		10,247		—		10,247		—
Total financial assets	$	7,939,034	$	7,818,897	$	476,051	$	7,321,308	$	21,538

Financial liabilities:
Total deposits, excluding time deposits	$	5,894,902	$	5,894,902	$	5,894,902	$	—	$	—
Time deposits	1,086,546		1,085,410		—		1,085,410		—
Securities sold under repurchase agreements	466,399		466,399		—		466,399		—
Other borrowed funds	15		15		—		15		—
Accrued interest payable	5,647		5,647		—		5,647		—
Long-term debt	27,928		27,535		—		27,535		—
Subordinated debentures held by subsidiary trusts	82,477		71,173		—		71,173		—
Derivative liabilities	6,260		6,260		—		6,260		—
Deferred compensation plan liabilities	10,247		10,247		—		10,247		—
Total financial liabilities	$	7,580,421	$	7,567,588	$	5,894,902	$	1,672,686	$	—



					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	$	—