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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
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 March 31, 2017
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
407,243

 
—
407,243

 
—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations
1,243,663

 
—
1,243,663

 
—
Private mortgage-backed securities
106

 
—
106

 
—
Other investments
2,967

 
—
2,967

 
—
Loans held for sale
23,237

 
—
23,237

 
—
Derivative assets:


 
 
 
 
 
Interest rate swap contracts
1,311

 
—
1,311

 
—
Interest rate lock commitments
1,712

 
—
1,712

 
—
Derivative liabilities:


 
 
 
 
 
Interest rate swap contracts
1,283

 
—
1,283

 
—
Forward loan sale contracts
405

 
—
405

 
—
Deferred compensation plan assets
11,108

 
—
11,108

 
—
Deferred compensation plan liabilities
11,108

 
—
11,108

 
—
 
 
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. agencies 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

 
—
    
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 March 31, 2017
Balance
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Impaired loans
$
37,484

$
—
$
—
$
37,484

Other real estate owned
1,682

 
—
 
—
1,682

Long-lived assets to be disposed of by sale
356

 
—
 
—
356

 
 
 
 
 
 
 
 
 
 
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)
Impaired loans
$
39,344

$
—
$
—
$
39,344

Other real estate owned
2,110

 
—
 
—
2,110

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

 
—
 
—
1,335

Fair Value Inputs, Assets, Quantitative Information
 
Fair Value As of
 
 
 
 
 
 
 
March 31, 2017
December 31, 2016
Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Impaired loans
$
37,484

$
39,344

Appraisal
Appraisal adjustment
0%
-
66%
(31%)
Other real estate owned
1,682

2,110

Appraisal
Appraisal adjustment
8%
-
96%
(18%)
Long-lived assets to be disposed of by sale
356

1,335

Appraisal
Appraisal adjustment
0%
-
9%
(6%)
 
 
 
 
 
 
 
 
 
Fair Value, by Balance Sheet Grouping
 
 
 
Fair Value Measurements at Reporting Date Using
As of March 31, 2017
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
$
807,952

$
807,952

$
807,952

$
—

$
—

Investment securities available-for-sale
1,657,591

1,657,591

—

1,657,591

—

Investment securities held-to-maturity
490,968

493,925

—

493,925

—

Accrued interest receivable
27,712

27,712

—

27,712

—

Mortgage servicing rights, net
19,454

36,151

—

36,151

—

Loans held for sale
23,237

23,237

—

23,237

—

Net loans held for investment
5,300,311

5,148,977

—

5,111,493

37,484

Derivative assets
3,023

3,023

—

3,023

—

Deferred compensation plan assets
11,108

11,108

—

11,108

—

Total financial assets
$
8,341,356

$
8,209,676

$
807,952

$
7,364,240

$
37,484

 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
Total deposits, excluding time deposits
$
6,299,343

$
6,299,343

$
6,299,343

$
—

$
—

Time deposits
1,000,836

992,746

—

992,746

—

Securities sold under repurchase agreements
587,570

587,570

—

587,570

—

Other borrowed funds
1

1

—

1

—

Accrued interest payable
4,831

4,831

—

4,831

—

Long-term debt
27,994

27,520

—

27,520

—

Subordinated debentures held by subsidiary
   trusts
82,477

85,442

—

85,442

—

Derivative liabilities
1,688

1,688

—

1,688

—

Deferred compensation plan liabilities
11,108

11,108

—

11,108

—

Total financial liabilities
$
8,015,848

$
8,010,249

$
6,299,343

$
1,710,906

$
—

 
 
 
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

—

Loans held for sale
61,794

61,794

—

61,794



Net loans held for investment
$
5,340,536

5,248,127

—
5,208,783

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

$
—