Fair Value Information (Tables)

12 Months Ended

Dec. 31, 2013

Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012.


	Carrying Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities — AFS:
Government agency	$	326,525	$	—	$	326,525	$	—
Residential mortgage-backed securities		1,379,943		—		1,379,943		—
CMO’s/REMIC’s — residential		366,175		—		366,175		—
Municipal bonds		586,091		—		586,091		—
Other securities		4,908		—		4,908		—

Total investment securities — AFS		2,663,642		—		2,663,642		—
Interest rate swaps		10,846		—		10,846		—

Total assets	$	2,674,488	$	—	$	2,674,488	$	—

Description of liability
Interest rate swaps	$	10,846	$	—	$	10,846	$	—

Total liabilities	$	10,846	$	—	$	10,846	$	—


	Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities — AFS:
Government agency	$	359,300	$	—	$	359,300	$	—
Residential mortgage-backed securities		887,598		—		887,598		—
CMO’s/REMIC’s — residential		571,960		—		571,960		—
Municipal bonds		625,429		—		625,429		—
Other securities		5,100		—		5,100		—

Total investment securities — AFS		2,449,387		—		2,449,387		—
Interest rate swaps		23,966		—		23,966		—

Total assets	$	2,473,353	$	—	$	2,473,353	$	—

Description of liability
Interest rate swaps	$	23,966	$	—	$	23,966	$	—

Total liabilities	$	23,966	$	—	$	23,966	$	—

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.


	Carrying Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For the Year Ended December 31, 2013
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered:
Commercial and industrial	$	529	$	—	$	—	$	529	$	627
Real estate:
Commercial real estate
Construction		—		—		—		—		—
SFR mortgage		—		—		—		—		—
Dairy & livestock and agribusiness		11,899		—		—		11,899		2,096
Consumer and other loans		2		—		—		2		2
Other real estate owned:
Non-covered		—		—		—		—		—
Covered		504		—		—		504		434

Total assets	$	12,934	$	—	$	—	$	12,934	$	3,159


	Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For the Year Ended December 31, 2012
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered:
Commercial and industrial	$	1,134	$	—	$	—	$	1,134	$	409
Real estate:
Commercial real estate		4,146		—		—		4,146		1,441
Construction		—		—		—		—		—
SFR mortgage		2,807		—		—		2,807		473
Dairy & livestock and agribusiness		4,303		—		—		4,303		1,597
Consumer and other loans		70		—		—		70		10
Other real estate owned:
Non-covered		3,008		—		—		3,008		336
Covered		1,067		—		—		1,067		467

Total assets	$	16,535	$	—	$	—	$	16,535	$	4,733

Estimated Fair Value of Financial Instruments

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.


	December 31, 2013
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)

Assets
Total cash and cash equivalents	$	94,693	$	94,693	$	—	$	—	$	94,693
Interest-earning balances due from depository institutions		70,000		—		70,000		—		70,000
FHLB stock		32,331		—		32,331		—		32,331
Investment securities available-for-sale		2,663,642		—		2,663,642		—		2,663,642
Investment securities held-to-maturity		1,777		—		—		2,296		2,296
Non-covered loans held-for-sale		3,667		—		—		8,897		8,897
Total loans, net of allowance for loan losses		3,470,996		—		—		3,527,725		3,527,725
Accrued interest receivable		22,051		—		22,051		—		22,051
Swaps		10,846		—		10,846		—		10,846

Liabilities
Deposits:
Noninterest-bearing	$	2,562,980	$	2,562,980	$	—	$	—	$	2,562,980
Interest-bearing		2,327,651		—		2,328,488		—		2,328,488
Borrowings		911,457		—		932,408		—		932,408
Junior subordinated debentures		25,774		—		25,819		—		25,819
Accrued interest payable		1,111		—		1,111		—		1,111
Swaps		10,846		—		10,846		—		10,846


	December 31, 2012
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	98,431	$	98,431	$	—	$	—	$	98,431
Interest-earning balances due from depository institutions		70,000		—		70,000		—		70,000
FHLB stock		56,651		—		56,651		—		56,651
Investment securities available-for-sale		2,449,387		—		2,449,387		—		2,449,387
Investment securities held-to-maturity		2,050		—		—		2,515		2,515
Total loans, net of allowance for loan losses		3,355,087		—		—		3,503,332		3,503,332
Accrued interest receivable		22,355		—		22,355		—		22,355
Swaps		23,966		—		23,966		—		23,966

Liabilities
Deposits:
Noninterest-bearing	$	2,420,993	$	2,420,993	$	—	$	—	$	2,420,993
Interest-bearing		2,352,994		—		2,354,126		—		2,354,126
Borrowings		698,178		—		727,512		—		727,512
Junior subordinated debentures		67,012		—		67,415		—		67,415
Accrued interest payable		1,493		—		1,493		—		1,493
Swaps		23,966		—		23,966		—		23,966

- 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.

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