v2.4.1.9

Fair Value Accounting and Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial Assets And Liabilities Accounted For Fair Value On Recurring Basis

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2015 and December 31, 2014 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

		Fair value				Fair Value Measurements at Reporting Date Using
						Level 1				Level 2				Level 3
March 31, 2015		(in thousands)
Assets
Securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations		$	1,102,700			$	—			$	1,102,700			$	—
State and municipal debt securities		501,671				—				501,671				—
U.S. government agency and government-sponsored enterprise securities		376,798				—				376,798				—
U.S. government securities		20,778				20,778				—				—
Other securities		5,212				—				5,212				—
Total securities available for sale		$	2,007,159			$	20,778			$	1,986,381			$	—
Other assets (Interest rate contracts)		$	14,244			$	—			$	14,244			$	—
Liabilities
Other liabilities (Interest rate contracts)		$	14,300			$	—			$	14,300			$	—

		Fair value				Fair Value Measurements at Reporting Date Using
						Level 1				Level 2				Level 3
December 31, 2014		(in thousands)
Assets
Securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations		$	1,162,387			$	—			$	1,162,387			$	—
State and municipal debt securities		496,484				—				496,484				—
U.S. government agency and government-sponsored enterprise securities		413,706				—				413,706				—
U.S. government securities		20,499				20,499				—				—
Other securities		5,181				—				5,181				—
Total securities available for sale		$	2,098,257			$	20,499			$	2,077,758			$	—
Other assets (Interest rate contracts)		$	11,800			$	—			$	11,800			$	—
Liabilities
Other liabilities (Interest rate contracts)		$	11,851			$	—			$	11,851			$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

		Fair value at March 31, 2015				Fair Value Measurements at Reporting Date Using												Losses During the Three Months Ended March 31, 2015
						Level 1				Level 2				Level 3
		(in thousands)
OREO		$	1,429			$	—			$	—			$	1,429			$	197
		$	1,429			$	—			$	—			$	1,429			$	197

		Fair value at March 31, 2014				Fair Value Measurements at Reporting Date Using												Losses During the Three Months Ended March 31, 2014
						Level 1				Level 2				Level 3
		(in thousands)
Impaired loans		$	2,094			$	—			$	—			$	2,094			$	1,387
OREO (1)		6,125				—				—				6,125				1,303
		$	8,219			$	—			$	—			$	8,219			$	2,690

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments as well as assumptions used by the Company in estimating fair value at March 31, 2015 and December 31, 2014:

		March 31, 2015
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
		(in thousands)
Assets
Cash and due from banks		$	177,026			$	177,026			$	177,026			$	—			$	—
Interest-earning deposits with banks		71,575				71,575				71,575				—				—
Securities available for sale		2,007,159				2,007,159				20,778				1,986,381				—
FHLB stock		33,004				33,004				—				33,004				—
Loans held for sale		3,545				3,545				—				3,545				—
Loans		5,380,661				5,540,202				—				—				5,540,202
FDIC loss-sharing asset		14,644				4,918				—				—				4,918
Interest rate contracts		14,244				14,244				—				14,244				—
Liabilities
Deposits		$	7,074,965			$	7,069,844			$	6,577,549			$	492,295			$	—
FHLB Advances		36,559				37,413				—				37,413				—
Repurchase agreements		96,852				97,868				—				97,868				—
Interest rate contracts		14,300				14,300				—				14,300				—

		December 31, 2014
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
		(in thousands)
Assets
Cash and due from banks		$	171,221			$	171,221			$	171,221			$	—			$	—
Interest-earning deposits with banks		16,949				16,949				16,949				—				—
Securities available for sale		2,098,257				2,098,257				20,499				2,077,758				—
FHLB stock		33,365				33,365				—				33,365				—
Loans held for sale		1,116				1,116				—				1,116				—
Loans		5,375,809				5,516,286				—				—				5,516,286
FDIC loss-sharing asset		15,174				4,054				—				—				4,054
Interest rate contracts		11,800				11,800				—				11,800				—
Liabilities
Deposits		$	6,924,722			$	6,921,804			$	6,416,017			$	505,787			$	—
FHLB Advances		216,568				217,296				—				217,296				—
Repurchase agreements		105,080				106,171				—				106,171				—
Interest rate contracts		11,851				11,851				—				11,851				—

Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The range and weighted-average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

		Fair value at March 31, 2015				Valuation Technique		Unobservable Input		Range (Weighted Average) (1)
		(dollars in thousands)
OREO		$	1,429			Fair Market Value of Collateral		Adjustment to Appraisal Value		N/A (2)
(1) Discount applied to appraisal value, letter of intent to purchase, or stated value (in the case of accounts receivable, inventory and equipment).
(2) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal value during the current period.

		Fair value at March 31, 2014				Valuation Technique		Unobservable Input		Range (Weighted Average) (1)
		(dollars in thousands)
Impaired loans		$	990			Fair Market Value of Collateral		Adjustment to Appraisal Value		N/A (2)
Impaired loans - other collateral (3)		1,104				Fair Market Value of Collateral		Adjustment to Stated value		0% - 100% (68%)
OREO		6,125				Fair Market Value of Collateral		Adjustment to Appraisal Value		N/A (2)
(1) Discount applied to appraisal value, letter of intent to purchase, or stated value (in the case of accounts receivable, inventory and equipment).
(2) Quantitative disclosures are not provided for impaired loans collateralized by real estate and OREO because there were no adjustments made to the appraisal value during the current period.
(3) Other collateral consists of accounts receivable, inventory and equipment.

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

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