Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2014

Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013:


	Carrying Value at March 31, 2014		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	$	316,829	$	—	$	316,829	$	—
Residential mortgage-backed securities		1,512,176		—		1,512,176		—
CMO’s / REMIC’s - residential		351,373		—		351,373		—
Municipal bonds		564,685		—		564,685		—
Other securities		5,000		—		5,000		—

Total investment securities - AFS		2,750,063		—		2,750,063		—
Interest rate swaps		10,674		—		10,674		—

Total assets	$	2,760,737	$	—	$	2,760,737	$	—

Description of liability
Interest rate swaps	$	10,674	$	—	$	10,674	$	—

Total liabilities	$	10,674	$	—	$	10,674	$	—


	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	$	—

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 for investments that had losses during the period.


	Carrying Value at March 31, 2014		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 Three Months Ended March 31, 2014
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered:
Commercial and industrial	$	3,068	$	—	$	—	$	3,068	$	981
Real estate:
Commercial real estate		1,871		—		—		1,871		320
Dairy & livestock and agribusiness		2,100		—		—		2,100		420
Consumer and other loans		94		—		—		94		94
Other real estate owned:
Covered		—		—		—		—		—

Total assets	$	7,133	$	—	$	—	$	7,133	$	1,815


	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
Dairy & livestock and agribusiness		11,899		—		—		11,899		2,096
Consumer and other loans		2		—		—		2		2
Other real estate owned:
Covered		504		—		—		504		434

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

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.


	March 31, 2014
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	421,386	$	421,386	$	—	$	—	$	421,386
Interest-earning balances due from depository institutions		70,000		—		70,000		—		70,000
FHLB stock		25,560		—		25,560		—		25,560
Investment securities available-for-sale		2,750,063		—		2,750,063		—		2,750,063
Investment securities held-to-maturity		1,730		—		—		2,291		2,291
Non-covered loans held-for-sale		—		—		—		—		—
Total loans, net of allowance for loan losses		3,334,147		—		—		3,387,259		3,387,259
Accrued interest receivable		21,775		—		21,775		—		21,775
Swaps		10,674		—		10,674		—		10,674
Liabilities
Deposits:
Noninterest-bearing	$	2,688,585	$	2,688,585	$	—	$	—	$	2,688,585
Interest-bearing		2,422,201		—		2,423,139		—		2,423,139
Borrowings		826,076		—		844,486		—		844,486
Junior subordinated debentures		25,774		—		25,762		—		25,762
Accrued interest payable		1,083		—		1,083		—		1,083
Swaps		10,674		—		10,674		—		10,674


	December 31, 2013
			Estimated Fair Value
	Carrying 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

- 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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