Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Fair value measurement of assets and liabilities measured at fair value on a recurring basis



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2013		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. government sponsored enterprises	$	10,628	—	10,628	—
State and local governments	1,385,078		—	1,385,078	—
Corporate bonds	442,501		—	442,501	—
Residential mortgage-backed securities	1,384,622		—	1,384,622	—
Interest rate swaps	1,896		—	1,896	—
Total assets measured at fair value on a recurring basis	$	3,224,725	—	3,224,725	—



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2012		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. government and federal agency	$	202	—	202	—
U.S. government sponsored enterprises	17,480		—	17,480	—
State and local governments	1,214,518		—	1,214,518	—
Corporate bonds	288,795		—	288,795	—
Collateralized debt obligations	1,708		—	1,708	—
Residential mortgage-backed securities	2,160,302		—	2,160,302	—
Total assets measured at fair value on a recurring basis	$	3,683,005	—	3,683,005	—
Interest rate swaps	$	16,832	—	16,832	—
Total liabilities measured at fair value on a recurring basis	$	16,832	—	16,832	—

Fair value measurement of assets measured at fair value on a non-recurring basis



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	10,888	—	—	10,888
Collateral-dependent impaired loans, net of ALLL	18,670		—	—	18,670
Total assets measured at fair value on a non-recurring basis	$	29,558	—	—	29,558



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	13,983	—	—	13,983
Collateral-dependent impaired loans, net of ALLL	22,966		—	—	22,966
Total assets measured at fair value on a non-recurring basis	$	36,949	—	—	36,949

Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used



	Fair Value		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)	December 31, 2013		Valuation Technique	Unobservable Input	Range (Weighted- Average) ¹
Other real estate owned	$	9,278	Sales comparison approach	Selling costs	7.0% - 10.0% (7.7%)
				Adjustment to comparables	0.0% - 37.5% (1.4%)
	1,610		Combined approach	Selling costs	5.0% - 10.0% (7.5%)
				Discount rate	8.5% - 8.5% (8.5%)
				Adjustment to comparables	25.0% - 25.0% (25.0%)
	$	10,888
Collateral-dependent impaired loans, net of ALLL	$	4,076	Income approach	Selling costs	8.0% - 8.0% (8.0%)
				Discount rate	8.3% - 8.3% (8.3%)
	11,784		Sales comparison approach	Selling costs	0.0% - 10.0% (7.9%)
				Adjustment to comparables	0.0% - 1.0% (0.0%)
	2,810		Combined approach	Selling costs	0.0% - 8.0% (7.8%)
				Discount rate	7.3% - 7.3% (7.3%)
				Adjustment to comparables	10.0% - 50.0% (18.9%)
	$	18,670



	Fair Value		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)	December 31, 2012		Valuation Technique	Unobservable Input	Range (Weighted- Average) ¹
Other real estate owned	$	93	Cost approach	Selling costs	7.0% - 7.0% (7.0%)
	11,787		Sales comparison approach	Selling costs	7.0% - 14.0% (7.9%)
				Adjustment to comparables	0.0% - 37.0% (11.7%)
	2,103		Combined approach	Selling costs	5.0% - 8.0% (6.6%)
				Discount rate	25.0% - 25.0% (25.0%)
				Adjustment to comparables	0.0% - 30.0% (7.7%)
	$	13,983
Collateral-dependent impaired loans, net of ALLL	$	84	Cost approach	Selling costs	8.0% - 8.0% (8.0%)
	5,509		Income approach	Selling costs	8.0% - 10.0% (8.2%)
				Discount rate	0.0% - 8.3% (6.3%)
	12,878		Sales comparison approach	Selling costs	0.0% - 16.0% (8.6%)
				Adjustment to comparables	0.0% - 12.0% (1.6%)
	4,495		Combined approach	Selling costs	8.0% - 10.0% (8.4%)
				Discount rate	8.0% - 8.0% (8.0%)
				Adjustment to comparables	0.0% - 36.0% (17.6%)
	$	22,966

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¹The range for selling costs and adjustments to comparables indicate reductions to the fair value.

Carrying amounts and estimated fair values of financial instruments



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2013		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	$	155,657	155,657	—	—
Investment securities, available-for-sale	3,222,829		—	3,222,829	—
Loans held for sale	46,738		46,738	—	—
Loans receivable, net of ALLL	3,932,487		—	3,807,993	187,731
Accrued interest receivable	41,898		41,898	—	—
Non-marketable equity securities	52,192		—	52,192	—
Interest rate swaps	1,896		—	1,896	—
Total financial assets	$	7,453,697	244,293	7,084,910	187,731
Financial liabilities
Deposits	$	5,579,967	4,258,213	1,341,382	—
FHLB advances	840,182		—	857,551	—
Repurchase agreements and other borrowed funds	321,781		—	321,781	—
Subordinated debentures	125,562		—	71,501	—
Accrued interest payable	3,505		3,505	—	—
Total financial liabilities	$	6,870,997	4,261,718	2,592,215	—



			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2012		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	$	187,040	187,040	—	—
Investment securities, available-for-sale	3,683,005		—	3,683,005	—
Loans held for sale	145,501		145,501	—	—
Loans receivable, net of ALLL	3,266,571		—	3,184,987	186,201
Accrued interest receivable	37,770		37,770	—	—
Non-marketable equity securities	48,812		—	48,812	—
Total financial assets	$	7,368,699	370,311	6,916,804	186,201
Financial liabilities
Deposits	$	5,364,461	3,585,126	1,789,134	—
FHLB advances	997,013		—	1,027,101	—
Repurchase agreements and other borrowed funds	299,540		—	299,540	—
Subordinated debentures	125,418		—	70,895	—
Accrued interest payable	4,675		4,675	—	—
Interest rate swaps	16,832		—	16,832	—
Total financial liabilities	$	6,807,939	3,589,801	3,203,502	—

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details