Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:



			Fair Value Measurements at Reporting Date Using
As of March 31, 2018	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale:
U.S. Treasury Notes	$	3.2	$	—	$	3.2	$	—
Obligations of U.S. government agencies	549.8			—	549.8			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,549.3			—	1,549.3			—
Private mortgage-backed securities	83.2			—	83.2			—
Corporate securities	92.2			—	92.2			—
Other investments	3.0			—	3.0			—
Loans held for sale	32.3			—	32.3			—
Derivative assets:
Interest rate swap contracts	8.3			—	8.3			—
Interest rate lock commitments	1.4			—	1.4			—
Derivative liabilities:
Interest rate swap contracts	7.7			—	7.7			—
Forward loan sale contracts	0.2			—	0.2			—
Deferred compensation plan assets	12.1			—	12.1			—
Deferred compensation plan liabilities	12.1			—	12.1			—



			Fair Value Measurements at Reporting Date Using
As of December 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 debt securities available-for-sale:
U.S. Treasury notes	$	3.2	$	—	$	3.2	$	—
Obligations of U.S. government agencies	561.5			—	561.5			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,462.5			—	1,462.5			—
Private mortgage-backed securities	90.7			—	90.7			—
Corporate securities	87.9			—	87.9			—
Other investments	3.0			—	3.0			—
Loans held for sale	46.6			—	46.6			—
Derivative assets:
Interest rate swap contracts	7.5			—	7.5			—
Interest rate lock commitments	1.3			—	1.3			—
Derivative liabilities
Interest rate swap contracts	7.8			—	7.8			—
Forward loan sales contracts	0.1			—	0.1			—
Deferred compensation plan assets	12.2			—	12.2			—
Deferred compensation plan liabilities	12.2			—	12.2			—

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, 2018	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans	$	36.0	$	—	$	—	$	36.0
Other real estate owned	1.3			—		—	1.3
Long-lived assets to be disposed of by sale	0.8			—		—	0.8

				Fair Value Measurements at Reporting Date Using
As of December 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	$	32.6	$	—	$	—	$	32.6
Other real estate owned	1.3			—		—	1.3
Long-lived assets to be disposed of by sale	0.8			—		—	0.8

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
	March 31, 2018		December 31, 2017		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	36.0	$	32.6	Appraisal	Appraisal adjustment	0.0%	-	78.1%	(26.1%)
Other real estate owned	1.3		1.3		Appraisal	Appraisal adjustment	8.0%	-	96.2%	(11.6%)
Long-lived assets to be disposed of by sale	0.8		0.8		Appraisal	Appraisal adjustment	0.0%	-	0.0%	0.0%

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 March 31, 2018	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	$	744.2	$	744.2	$	744.2	$	—	$	—
Investment debt securities available-for-sale	2,280.7		2,280.7		—		2,280.7		—
Investment debt securities held-to-maturity	462.3		455.5		—		455.5		—
Accrued interest receivable	38.9		38.9		—		38.9		—
Mortgage servicing rights, net	25.2		43.7		—		43.7		—
Loans held for sale	32.3		32.3		—		32.3		—
Net loans held for investment	7,614.5		7,388.2		—		7,352.2		36.0
Derivative assets	9.7		9.7		—		9.7		—
Deferred compensation plan assets	12.1		12.1		—		12.1		—
Total financial assets	$	11,219.9	$	11,005.3	$	744.2	$	10,225.1	$	36.0

Financial liabilities:
Total deposits, excluding time deposits	$	8,891.2	$	8,891.2	$	8,891.2	$	—	$	—
Time deposits	1,134.7		1,116.8		—		1,116.8		—
Securities sold under repurchase agreements	633.8		633.8		—		633.8		—
Other borrowed funds	—		—		—		—		—
Accrued interest payable	75.7		75.7		—		75.7		—
Long-term debt	15.7		15.8		—		15.8		—
Subordinated debentures held by subsidiary trusts	82.5		76.9		—		76.9		—
Derivative liabilities	7.9		7.9		—		7.9		—
Deferred compensation plan liabilities	12.1		12.1		—		12.1		—
Total financial liabilities	$	10,853.6	$	10,830.2	$	8,891.2	$	1,939.0	$	—



					Fair Value Measurements at Reporting Date Using
As of December 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	$	759.0	$	759.0	$	759.0	$	—	$	—
Investment debt securities available-for-sale	2,208.7		2,208.7		—		2,208.7		—
Investment debt securities held-to-maturity	484.5		483.3		—		483.3		—
Accrued interest receivable	38.0		38.0		—		38.0		—
Mortgage servicing rights, net	24.8		40.1		—		40.1		—
Loans held for sale	—		—		—		—		—
Net loans held for investment	7,542.2		7,298.8		—		7,266.2		32.6
Derivative assets	8.8		8.8		—		8.8		—
Deferred compensation plan assets	12.2		12.2		—		12.2		—
Total financial assets	$	11,078.2	$	10,848.9	$	759.0	$	10,057.3	$	32.6

Financial liabilities:
Total deposits, excluding time deposits	$	8,783.0	$	8,783.0	$	8,783.0	$	—	$	—
Time deposits	1,151.9		1,137.9		—		1,137.9		—
Securities sold under repurchase agreements	643.0		643.0		—		643.0		—
Other borrowed funds	20.0		20.0		—		20.0		—
Accrued interest payable	5.6		5.6		—		5.6		—
Long-term debt	13.1		11.3		—		11.3		—
Subordinated debentures held by subsidiary trusts	82.5		76.7		—		76.7		—
Derivative liabilities	7.9		7.9		—		7.9		—
Deferred compensation plan liabilities	12.2		12.2		—		12.2		—
Total financial liabilities	$	10,719.2	$	10,697.6	$	8,783.0	$	1,914.6	$	—