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Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block]

Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:

	September 30, 2016
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	642,683		$	-		$	642,683
Trading securities		-			380			-			380
Money market investments		5,460			-			-			5,460
Derivative assets		-			1,503			-			1,503
Servicing assets		-			-			8,393			8,393
Derivative liabilities		-			(4,306)			-			(4,306)
	$	5,460		$	640,260		$	8,393		$	654,113
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	36,601		$	36,601
Foreclosed real estate		-			-			45,740			45,740
Other repossessed assets		-			-			3,449			3,449
	$	-		$	-		$	85,790		$	85,790

	December 31, 2015
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	974,609		$	-		$	974,609
Trading securities		-			288			-			288
Money market investments		4,699			-			-			4,699
Derivative assets		-			1,853			1,172			3,025
Servicing assets		-			-			7,455			7,455
Derivative liabilities		-			(6,162)			(1,095)			(7,257)
	$	4,699		$	970,588		$	7,532		$	982,819
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	235,767		$	235,767
Foreclosed real estate		-			-			58,176			58,176
Other repossessed assets		-			-			6,226			6,226
	$	-		$	-		$	300,169		$	300,169

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2016 and 2015:

	Quarter Ended September 30, 2016
	Derivative						Derivative
	asset						liability
	(S&P						(S&P
	Purchased				Servicing		Embedded
Level 3 Instruments Only	Options)				assets		Options)			Total
Balance at beginning of period	$	187		$	7,932		$	(181)		$	7,938
Gains (losses) included in earnings		(187)			-			181			(6)
New instruments acquired		-			466			-			466
Principal repayments		-			(123)			(1)			(124)
Amortization		-			-			1			1
Changes in fair value of servicing assets		-			118			-			118
Balance at end of period	$	-		$	8,393		$	-		$	8,393
	Nine-Month Period Ended September 30, 2016
	Derivative							Derivative
	asset							liability
	(S&P							(S&P
	Purchased				Servicing			Embedded
Level 3 Instruments Only	Options)				assets			Options)			Total
Balance at beginning of period	$	1,170		$	7,455		$	(1,095)		$	7,530
Gains (losses) included in earnings		(1,170)			-			1,067			(103)
New instruments acquired		-			1,740			-			1,740
Principal repayments		-			(347)			-			(347)
Amortization		-			-			28			28
Changes in fair value of servicing assets		-			(455)			-			(455)
Balance at end of period	$	-		$	8,393		$	-		$	8,393
	Quarter Ended September 30, 2015
	Derivative							Derivative
	asset							liability
	(S&P							(S&P
	Purchased				Servicing			Embedded
Level 3 Instruments Only	Options)				assets			Options)			Total
Balance at beginning of period	$	2,138		$	5,791		$	(2,044)		$	5,885
(Losses) gains included in earnings		(1,023)			-			972			(51)
New instruments acquired		-			748			-			748
Changes due to payments on loans		-			(242)			-			(242)
Amortization		-			-			31			31
Changes in fair value of servicing assets		-			166			-			166
Balance at end of period	$	1,115		$	6,463		$	(1,041)		$	6,537

	Nine-Month Period Ended September 30, 2015
		Derivative						Derivative
		asset						liability
		(S&P						(S&P
		Purchased			Servicing			Embedded
Level 3 Instruments Only		Options)			assets			Options)			Total
Balance at beginning of period		$	5,555		$	13,992		$	(5,477)		$	14,070
(Losses) gains included in earnings			(4,440)			-			4,271			(169)
Sale of mortgage servicing rights held-for-sale			-			(6,985)			-			(6,985)
Changes due to payments on loans			-			(974)			-			(974)
New instruments acquired			-			2,808			-			2,808
Amortization			-			-			165			165
Changes in fair value related to price of MSRs held for sale			-			(2,716)			-			(2,716)
Changes in fair value of servicing assets			-			338			-			338
Balance at end of period		$	1,115		$	6,463		$	(1,041)		$	6,537

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block]

The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at September 30, 2016:

		September 30, 2016
		Fair Value			Valuation Technique		Unobservable Input		Range
		(In thousands)
Servicing assets		$	8,393		Cash flow valuation		Constant prepayment rate		5.18% - 10.49%
							Discount rate		10.00% - 12.00%
Collateral dependant impaired loans		$	23,759		Fair value of property or collateral		Appraised value less disposition costs		29.20% - 46.20%
Non-collateral dependant impaired loans		$	12,840		Cash flow valuation		Discount rate		4.25%-10.50%
Foreclosed real estate		$	45,740		Fair value of property or collateral		Appraised value less disposition costs		29.20% - 46.20%
Other repossessed assets		$	3,449		Fair value of property or collateral		Appraised value less disposition costs		29.20% - 46.20%

Fair Value By Balance Sheet Grouping [Text Block]

The estimated fair value and carrying value of the Company’s financial instruments at September 30, 2016 and December 31, 2015 is as follows:

	September 30,						December 31,
	2016						2015
	Fair			Carrying			Fair			Carrying
	Value			Value			Value			Value
	(In thousands)
Level 1
Financial Assets:
Cash and cash equivalents	$	509,265		$	509,265		$	536,709		$	536,709
Restricted cash		3,030			3,030			3,349			3,349
Level 2
Financial Assets:
Trading securities		380			380			288			288
Investment securities available-for-sale		642,683			642,683			974,609			974,609
Investment securities held-to-maturity		650,023			641,890			614,679			620,189
Federal Home Loan Bank (FHLB) stock		12,712			12,712			20,783			20,783
Other investments		3			3			3			3
Derivative assets		1,503			1,503			1,855			1,855
Financial Liabilities:
Derivative liabilities		4,306			4,306			6,162			6,162
Level 3
Financial Assets:
Total loans (including loans held-for-sale)		4,041,684			4,298,965			4,101,219			4,434,213
Derivative assets		-			-			1,170			1,170
FDIC indemnification asset		10,585			16,670			17,786			22,599
Accrued interest receivable		17,966			17,966			20,637			20,637
Servicing assets		8,393			8,393			7,455			7,455
Accounts receivable and other assets		49,733			49,733			42,786			42,786
Financial Liabilities:
Deposits		4,738,963			4,754,771			4,705,878			4,716,656
Securities sold under agreements to repurchase		662,027			658,232			955,859			934,691
Advances from FHLB		106,811			105,944			335,812			332,476
Other borrowings		40			40			2,593			1,734
Subordinated capital notes		32,831			36,083			94,940			102,633
Accrued expenses and other liabilities		89,759			89,759			92,043			92,043
Derivative liabilities embedded in deposits		-			-			1,095			1,095

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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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

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