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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2016
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, 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
$
3,612

 
$
—

 
$
3,612

 
$
—

Obligations of U.S. government agencies
391,297

 
—

 
391,297

 
—

U.S. agency mortgage-backed securities & collateralized mortgage obligations
1,213,701

 
—

 
1,213,701

 
—

Private mortgage-backed securities
116

 
—

 
116

 
—

Other investments
2,972

 
—

 
2,972

 
—

Loans held for sale
61,794

 
—

 
61,794

 
—

Derivative assets:
 
 
 
 
 
 
 
Interest rate swap contracts
1,332

 
—

 
1,332

 
—

Interest rate lock commitments
1,131

 
—

 
1,131

 
—

Forward loan sales contracts
286

 
—

 
286

 
—

Derivative liabilities:


 
 
 
 
 
 
Interest rate swap contracts
1,314

 
—

 
1,314

 
—

Deferred compensation plan assets
10,627

 
—

 
10,627

 
—

Deferred compensation plan liabilities
10,627

 
—

 
10,627

 
—

 
 
 
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 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

 
—

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, 2016
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
$
39,344

$
—

$
—

$
39,344

$
(25,772
)
Other real estate owned
2,110

—

—

2,110

(1,715
)
Long-lived assets to be disposed of by sale
1,335

—

—

1,335

(1,028
)
 
 
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 Inputs, Assets, Quantitative Information
As of December 31, 2016
Fair
Value
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
39,344

Appraisal
Appraisal adjustment
0%
-
66%
(31%)
Other real estate owned
2,110

Appraisal
Appraisal adjustment
8%
-
96%
(18%)
Long-lived assets to be disposed of by sale
1,335

Appraisal
Appraisal adjustment
0%
-
9%
(6%)
 
 
 
 
 
 
 
 
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%)
 
 
 
 
 
 
 
 
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, 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
$
782,023

$
782,023

$
782,023

$
—

$
—

Investment securities available-for-sale
1,611,698

1,611,698

—

1,611,698

—

Investment securities held-to-maturity
512,770

513,273

—

513,273

—

Accrued interest receivable
29,852

29,852

—

29,852

—

Mortgage servicing rights, net
18,457

35,656

—

35,656

—

Net loans
5,402,330

5,309,921

—

5,270,577

39,344

Derivative assets
2,749

2,749

—

2,749

—

Deferred compensation plan assets
10,627

10,627

—

10,627

—

Total financial assets
$
8,370,506

$
8,295,799

$
782,023

$
7,474,432

$
39,344

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
6,324,512

$
6,324,512

$
6,324,512

$
—

$
—

Time deposits
1,051,598

1,044,670

—

1,044,670

—

Securities sold under repurchase agreements
537,556

537,556

—

537,556

—

Other borrowed funds
6

6

—

6

—

Accrued interest payable
5,421

5,421

—

5,421

—

Long-term debt
27,970

27,477

—

27,477

—

Subordinated debentures held by subsidiary trusts
82,477

73,554

—

73,554

—

Derivative liabilities
1,314

1,314

—

1,314

—

Deferred compensation plan liabilities
10,627

10,627

—

10,627

—

Total financial liabilities
$
8,041,481

$
8,025,137

$
6,324,512

$
1,700,625

$
—



 
 
 
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

$
—