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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(Dollars in thousands)
March 31, 2016
Securities available for sale:
U.S. Treasury		$	280,715			$	—			$	—			$	280,715
U.S. federal agencies			—				128,854				—				128,854
Mortgage-backed securities			—				6,493				14,816				21,309
States and political subdivisions			—				49,292				—				49,292
Other securities			—				3,432				6,005				9,437
Derivative assets			—				1,210				—				1,210
Derivative liabilities			—				605				—				605
Loans held for sale			—				7,626				—				7,626
December 31, 2015
Securities available for sale:
U.S. Treasury		$	329,696			$	—			$	—			$	329,696
U.S. federal agencies			—				131,896				—				131,896
Mortgage-backed securities			—				7,039				14,816				21,855
States and political subdivisions			—				50,920				—				50,920
Other securities			—				3,485				6,308				9,793
Derivative assets			—				1,946				—				1,946
Derivative liabilities			—				989				—				989
Loans held for sale			—				13,725				—				13,725

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

		Three Months Ended March 31,
		2016				2015
		(Dollars in thousands)
Balance at the beginning of the year		$	21,124			$	28,459
Purchases, issuances and settlements			(4	)			(744	)
Sales			(299	)			(1,729	)
Gains included in earnings			100				1,729
Total unrealized (losses) gains			(100	)			(589	)
Balance at the end of the period		$	20,821			$	27,126

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis and the related losses recognized during the period:

		Total Fair Value            Level 3				Losses
		(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2016
Impaired loans (less specific allowance)		$	28,653			$	—
Foreclosed assets			281				2
Other real estate owned			3,963				—
As of and for the Year-to-date Period Ended December 31, 2015
Impaired loans (less specific allowance)		$	44,399			$	—
Foreclosed assets			230				—
Other real estate owned			7,984				128

Estimated Fair Values of Financial Instruments

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

		March 31,								December 31,
		2016								2015
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,668,325			$	1,668,325			$	1,598,177			$	1,598,177
Securities held for investment			7,879				7,934				8,289				8,350
Level 3 inputs:
Securities held for investment			500				500				500				500
Loans, net of allowance for loan losses			4,230,541				4,286,603				4,190,382				4,222,153
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			6,010,872				6,061,676				5,973,538				6,028,012
Short-term borrowings			1,300				1,300				500				500
Junior subordinated debentures			31,959				34,886				31,959				33,793
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,634								1,681
Letters of credit							443								464

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611

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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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