Fair Value Information (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013:


	Carrying Value at September 30, 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	$	329,199	$	—	$	329,199	$	—
Residential mortgage-backed securities		1,915,751		—		1,915,751		—
CMOs / REMICs - residential		321,955		—		321,955		—
Municipal bonds		588,013		—		588,013		—
Other securities		5,138		—		5,138		—

Total investment securities - AFS		3,160,056		—		3,160,056		—
Interest rate swaps		9,317		—		9,317		—

Total assets	$	3,169,373	$	—	$	3,169,373	$	—

Description of liability
Interest rate swaps	$	9,317	$	—	$	9,317	$	—

Total liabilities	$	9,317	$	—	$	9,317	$	—


	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		—
CMOs / REMICs - 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 experienced losses during the period.


	Carrying Value at September 30, 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 Nine Months Ended September 30, 2014
	(Dollars in thousands)
Description of assets
Impaired loans-non-covered:
Commercial and industrial	$	2,998	$	—	$	—	$	2,998	$	911
Real estate:
Commercial real estate		1,518		—		—		1,518		117
Dairy & livestock and agribusiness		1,463		—		—		1,463		1,061
Consumer and other loans		16		—		—		16		5
Other real estate owned:
Covered		275		—		—		275		65

Total assets	$	6,270	$	—	$	—	$	6,270	$	2,159


	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.


	September 30, 2014
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	240,056	$	240,056	$	—	$	—	$	240,056
Interest-earning balances due from depository institutions		18,314		—		18,314		—		18,314
FHLB stock		25,338		—		25,338		—		25,338
Investment securities available-for-sale		3,160,056		—		3,160,056		—		3,160,056
Investment securities held-to-maturity		1,598		—		—		2,194		2,194
Non-covered loans held-for-sale		—		—		—		—		—
Total loans, net of allowance for loan losses		3,646,654		—		—		3,680,071		3,680,071
Accrued interest receivable		23,459		—		23,459		—		23,459
Swaps		9,317		—		9,317		—		9,317
Liabilities
Deposits:
Noninterest-bearing	$	3,037,103	$	3,037,103	$	—	$	—	$	3,037,103
Interest-bearing		2,722,190		—		2,723,117		—		2,723,117
Borrowings		728,234		—		743,372		—		743,372
Junior subordinated debentures		25,774		—		25,993		—		25,993
Accrued interest payable		1,120		—		1,120		—		1,120
Swaps		9,317		—		9,317		—		9,317

	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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