Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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	$	3,639	$	—	$	3,639	$	—
Obligations of U.S. government agencies	441,127			—	441,127			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,083,369			—	1,083,369			—
Private mortgage-backed securities	124			—	124			—
Other investments	4,962			—	4,962			—
Loans held for sale	67,979			—	67,979			—
Derivative assets:
Interest rate swap contracts	1,577			—	1,577			—
Interest rate lock commitments	2,590			—	2,590			—
Derivative liabilities:
Interest rate swap contracts	4,026			—	4,026			—
Forward loan sale contracts	620			—	620			—
Deferred compensation plan assets	10,534			—	10,534			—
Deferred compensation plan liabilities	10,534			—	10,534			—



			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 September 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	$	39,746	$	—	$	—	$	39,746
Other real estate owned	2,808			—		—	2,808
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
	September 30, 2016		December 31, 2015		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	39,746	$	20,875	Appraisal	Appraisal adjustment	0%	-	53%	(38%)
Other real estate owned	2,808		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 September 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	$	701,367	$	701,367	$	701,367	$	—	$	—
Investment securities available-for-sale	1,533,221		1,533,221		—		1,533,221		—
Investment securities held-to-maturity	539,052		554,048		—		554,048		—
Accrued interest receivable	31,002		31,002		—		31,002		—
Mortgage servicing rights, net	17,322		25,845		—		25,845		—
Loans held for sale	67,979		67,979		—		67,979		—
Net loans held for investment	5,462,936		5,321,409		—		5,281,663		39,746
Derivative assets	4,167		4,167		—		4,167		—
Deferred compensation plan assets	10,534		10,534		—		10,534		—
Total financial assets	$	8,367,580	$	8,249,572	$	701,367	$	7,508,459	$	39,746

Financial liabilities:
Total deposits, excluding time deposits	$	6,235,993	$	6,235,993	$	6,235,993	$	—	$	—
Time deposits	1,092,588		1,090,434		—		1,090,434		—
Securities sold under repurchase agreements	476,768		476,768		—		476,768		—
Other borrowed funds	8		8		—		8		—
Accrued interest payable	5,622		5,622		—		5,622		—
Long-term debt	27,949		27,801		—		27,801		—
Subordinated debentures held by subsidiary trusts	82,477		72,803		—		72,803		—
Derivative liabilities	4,646		4,646		—		4,646		—
Deferred compensation plan liabilities	10,534		10,534		—		10,534		—
Total financial liabilities	$	7,936,585	$	7,924,609	$	6,235,993	$	1,688,616	$	—



					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	$	—