Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2015

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 for the periods presented.


	Carrying Value at		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency	$	329,866	$	—	$	329,866	$	—
Residential mortgage-backed securities		1,855,154		—		1,855,154		—
CMO’s / REMIC’s - residential		288,244		—		288,244		—
Municipal bonds		549,844		—		549,844		—
Other securities		5,181		—		5,181		—

Total investment securities - AFS		3,028,289		—		3,028,289		—
Interest rate swaps		11,624		—		11,624		—

Total assets	$	3,039,913	$	—	$	3,039,913	$	—

Description of liability
Interest rate swaps	$	11,624	$	—	$	11,624	$	—

Total liabilities	$	11,624	$	—	$	11,624	$	—


	Carrying Value at		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency	$	330,843	$	—	$	330,843	$	—
Residential mortgage-backed securities		1,917,496		—		1,917,496		—
CMO’s / REMIC’s - residential		304,091		—		304,091		—
Municipal bonds		579,641		—		579,641		—
Other securities		5,087		—		5,087		—

Total investment securities - AFS		3,137,158		—		3,137,158		—
Interest rate swaps		10,080		—		10,080		—

Total assets	$	3,147,238	$	—	$	3,147,238	$	—

Description of liability
Interest rate swaps	$	10,080	$	—	$	10,080	$	—

Total liabilities	$	10,080	$	—	$	10,080	$	—

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		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Losses For the Three Months Ended
	March 31, 2015		(Level 1)		(Level 2)		(Level 3)		March 31, 2015
	(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI Loans:
Commercial and industrial	$	—	$	—	$	—	$	—	$	—
SBA		—		—		—		—		—
Real estate:
Commercial real estate		—		—		—		—		—
Construction		—		—		—		—		—
SFR mortgage		—		—		—		—		—
Dairy & livestock and agribusiness		—		—		—		—		—
Consumer and other loans		209		—		—		209		76
Other real estate owned		340		—		—		340		33

Total assets	$	549	$	—	$	—	$	549	$	109


	Carrying Value at		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Losses For the Year Ended
	December 31, 2014		(Level 1)		(Level 2)		(Level 3)		December 31, 2014
	(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI Loans:
Commercial and industrial	$	1,911	$	—	$	—	$	1,911	$	771
SBA		1,327		—		—		1,327		296
Real estate:
Commercial real estate		2,500		—		—		2,500		271
Construction		—		—		—		—		—
SFR mortgage		—		—		—		—		—
Dairy & livestock and agribusiness		103		—		—		103		1,061
Consumer and other loans		482		—		—		482		447
Other real estate owned		—		—		—		—		—

Total assets	$	6,323	$	—	$	—	$	6,323	$	2,846

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, 2015
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	401,372	$	401,372	$	—	$	—	$	401,372
Interest-earning balances due from depository institutions		25,873		—		25,873		—		25,873
FHLB stock		25,338		—		25,338		—		25,338
Investment securities available-for-sale		3,028,289		—		3,028,289		—		3,028,289
Investment securities held-to-maturity		1,464		—		—		2,040		2,040
Loans held-for-sale		—		—		—		—		—
Total loans, net of allowance for loan losses		3,655,314		—		—		3,704,042		3,704,042
Accrued interest receivable		22,872		—		22,872		—		22,872
Swaps		11,624		—		11,624		—		11,624
Liabilities
Deposits:
Noninterest-bearing	$	3,126,928	$	3,126,928	$	—	$	—	$	3,126,928
Interest-bearing		2,770,848		—		2,771,030		—		2,771,030
Borrowings		560,352		—		560,291		—		560,291
Junior subordinated debentures		25,774		—		26,016		—		26,016
Accrued interest payable		306		—		306		—		306
Swaps		11,624		—		11,624		—		11,624

	December 31, 2014
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	105,768	$	105,768	$	—	$	—	$	105,768
Interest-earning balances due from depository institutions		27,118		—		27,118		—		27,118
FHLB stock		25,338		—		25,338		—		25,338
Investment securities available-for-sale		3,137,158		—		3,137,158		—		3,137,158
Investment securities held-to-maturity		1,528		—		—		2,177		2,177
Loans held-for-sale		—		—		—		—		—
Total loans, net of allowance for loan losses		3,757,242		—		—		3,794,454		3,794,454
Accrued interest receivable		23,194		—		23,194		—		23,194
Swaps		10,080		—		10,080		—		10,080
Liabilities
Deposits:
Noninterest-bearing	$	2,866,365	$	2,866,365	$	—	$	—	$	2,866,365
Interest-bearing		2,738,293		—		2,739,221		—		2,739,221
Borrowings		809,106		—		822,607		—		822,607
Junior subordinated debentures		25,774		—		26,005		—		26,005
Accrued interest payable		1,161		—		1,161		—		1,161
Swaps		10,080		—		10,080		—		10,080

- 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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