Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017.



				Fair Value Measurements Using
(In thousands)	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)

June 30, 2018
Available-for-sale securities
U.S. Government agencies	$	145,767		$	—	$	145,767		$	—
Mortgage-backed securities	1,395,231			—		1,395,231			—
State and political subdivisions	245,335			—		245,335			—
Other securities	152,311			—		152,311			—
Other assets held for sale	14,898			—		—			14,898
Derivative asset	8,958			—		8,958			—
Other liabilities held for sale	(1,840		)	—		—			(1,840		)
Derivative liability	(7,401		)	—		(7,401		)	—

December 31, 2017
Available-for-sale securities
U.S. Government agencies	$	139,724		$	—	$	139,724		$	—
Mortgage-backed securities	1,187,317			—		1,187,317			—
States and political subdivisions	143,165			—		143,165			—
Other securities	119,311			—		119,311			—
Other assets held for sale	165,780			—		—			165,780
Derivative asset	3,634			—		3,634			—
Other liabilities held for sale	(157,366		)	—		—			(157,366		)
Derivative liability	(3,068		)	—		(3,068		)	—

Financial Assets Measure on Nonrecurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of June 30, 2018 and December 31, 2017.



			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

June 30, 2018
Impaired loans (1) (2) (collateral dependent)	$	15,154	$	—	$	—	$	15,154
Foreclosed assets and other real estate owned (1)	13,735		—		—		13,735

December 31, 2017
Impaired loans (1) (2) (collateral dependent)	$	11,229	$	—	$	—	$	11,229
Foreclosed assets and other real estate owned (1)	24,093		—		—		24,093

Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:



	Carrying		Fair Value Measurements
(In thousands)	Amount		Level 1		Level 2		Level 3		Total

June 30, 2018
Financial assets:
Cash and cash equivalents	$	943,846	$	943,846	$	—	$	—	$	943,846
Interest bearing balances due from banks - time	2,974		—		2,974		—		2,974
Held-to-maturity securities	333,503		—		334,857		—		334,857
Mortgage loans held for sale	39,812		—		—		39,812		39,812
Interest receivable	44,266		—		44,266		—		44,266
Legacy loans, net	7,081,729		—		—		7,028,100		7,028,100
Loans acquired, net	4,232,434		—		—		4,200,382		4,200,382

Financial liabilities:
Non-interest bearing transaction accounts	2,683,489		—		2,683,489		—		2,683,489
Interest bearing transaction accounts and savings deposits	6,916,520		—		6,916,520		—		6,916,520
Time deposits	2,353,439		—		—		2,330,200		2,330,200
Federal funds purchased and securities sold under agreements to repurchase	99,801		—		99,801		—		99,801
Other borrowings	1,451,811		—		1,449,378		—		1,449,378
Subordinated notes and debentures	413,337		—		475,729		—		475,729
Interest payable	8,494		—		8,494		—		8,494

December 31, 2017
Financial assets:
Cash and cash equivalents	$	598,042	$	598,042	$	—	$	—	$	598,042
Interest bearing balances due from banks - time	3,314		—		3,314		—		3,314
Held-to-maturity securities	368,058		—		373,298		—		373,298
Mortgage loans held for sale	24,038		—		—		24,038		24,038
Interest receivable	43,528		—		43,528		—		43,528
Legacy loans, net	5,663,941		—		—		5,646,505		5,646,505
Loans acquired, net	5,074,076		—		—		5,058,455		5,058,455

Financial liabilities:
Non-interest bearing transaction accounts	2,665,249		—		2,665,249		—		2,665,249
Interest bearing transaction accounts and savings deposits	6,494,896		—		6,494,896		—		6,494,896
Time deposits	1,932,730		—		—		1,915,539		1,915,539
Federal funds purchased and securities sold under agreements to repurchase	122,444		—		122,444		—		122,444
Other borrowings	1,380,024		—		1,381,365		—		1,381,365
Subordinated debentures	140,565		—		136,474		—		136,474
Interest payable	4,564		—		4,564		—		4,564