Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 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	$	3,205	$	—	$	3,205	$	—
Obligations of U.S. government agencies	505,578			—	505,578			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,435,238			—	1,435,238			—
Private mortgage-backed securities	97,838			—	97,838			—
Corporate securities	66,878			—	66,878
Other investments	2,960			—	2,960			—
Loans held for sale	49,729			—	49,729			—
Derivative assets:
Interest rate swap contracts	8,764			—	8,764			—
Interest rate lock commitments	1,627			—	1,627			—
Forward loan sale contracts	330			—	330			—
Derivative liabilities:
Interest rate swap contracts	9,099			—	9,099			—
Deferred compensation plan assets	11,632			—	11,632			—
Deferred compensation plan liabilities	11,632			—	11,632			—



			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 September 30, 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	$	34,489	$	—	$	—	$	34,489
Other real estate owned	1,578			—		—	1,578
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

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:



	Fair Value As of
	September 30, 2017		December 31, 2016		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	34,489	$	39,344	Appraisal	Appraisal adjustment	0%	-	66%	(31%)
Other real estate owned	1,578		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

The estimated fair values of financial instruments that are reported in the Company's consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:



					Fair Value Measurements at Reporting Date Using
As of September 30, 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	$	882,834	$	882,834	$	882,834	$	—	$	—
Investment securities available-for-sale	2,111,697		2,111,697		—		2,111,697		—
Investment securities held-to-maturity	505,985		510,405		—		510,405		—
Accrued interest receivable	40,621		40,621		—		40,621		—
Mortgage servicing rights, net	24,372		38,142		—		38,142		—
Loans held for sale	49,729		49,729		—		49,729		—
Net loans held for investment	7,427,815		7,163,825		—		7,129,336		34,489
Derivative assets	10,721		10,721		—		10,721		—
Deferred compensation plan assets	11,632		11,632		—		11,632		—
Total financial assets	$	11,065,406	$	10,819,606	$	882,834	$	9,902,283	$	34,489

Financial liabilities:
Total deposits, excluding time deposits	$	8,751,295	$	8,751,295	$	8,751,295	$	—	$	—
Time deposits	1,182,173		1,172,783		—		1,172,783		—
Securities sold under repurchase agreements	635,288		635,288		—		635,288		—
Other borrowed funds	30,008		30,008		—		30,008		—
Accrued interest payable	5,648		5,648		—		5,648		—
Long-term debt	8,039		8,266		—		8,266		—
Subordinated debentures held by subsidiary trusts	82,477		92,303		—		92,303		—
Derivative liabilities	9,099		9,099		—		9,099		—
Deferred compensation plan liabilities	11,632		11,632		—		11,632		—
Total financial liabilities	$	10,715,659	$	10,716,322	$	8,751,295	$	1,965,027	$	—



					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	$	—