Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of March 31, 2016 by level within the fair value measurement hierarchy:

			Fair Value Measurements at
			Reporting Date Using
			(in Thousands)
			Quoted
			Prices in
			Active		Significant
	Assets/Liabilities		Markets for		Other		Significant
	Measured at		Identical		Observable		Unobservable
	Fair Value		Assets		Inputs		Inputs
	March 31, 2016		(Level 1)		(Level 2)		(Level 3)
Measured on a recurring basis:
Assets:
Available-for-sale securities
Residential mortgage-backed securities	$	4,030,513	$	—	$	4,010,298	$	20,215
States and political subdivisions		278,556		—		278,556		—
Other		28,871		28,871		—		—
	$	4,337,940	$	28,871	$	4,288,854	$	20,215

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2015 by level within the fair value measurement hierarchy:

			Fair Value Measurements at
			Reporting Date Using
			(in Thousands)
			Quoted
			Prices in
			Active		Significant
	Assets/Liabilities		Markets for		Other		Significant
	Measured at		Identical		Observable		Unobservable
	Fair Value		Assets		Inputs		Inputs
	December 31, 2015		(Level 1)		(Level 2)		(Level 3)
Measured on a recurring basis:
Assets:
Available-for-sale securities
Residential mortgage - backed securities	$	3,893,210	$	—	$	3,871,981	$	21,229
States and political subdivisions		277,705		—		277,705		—
Other		28,457		28,457		—		—
	$	4,199,372	$	28,457	$	4,149,686	$	21,229

Reconciliation of activity for mortgage-backed securities on a net basis

The following table presents a reconciliation of activity for such mortgage-backed securities on a net basis (Dollars in Thousands):

Balance at December 31, 2015	$	21,229
Principal paydowns		(1,046)
Total unrealized gains (losses) included in:
Other comprehensive income		156
Impairment realized in earnings		(124)
Balance at March 31, 2016	$	20,215

Assets measured at fair value on a non-recurring basis

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended March 31, 2016 by level within the fair value measurement hierarchy:

			Fair Value Measurements at Reporting
			Date Using
			(in Thousands)
			Quoted
	Assets/Liabilities		Prices in
	Measured at		Active		Significant
	Fair Value		Markets for		Other		Significant		Net (Credit)
	Year ended		Identical		Observable		Unobservable		Provision
	March 31,		Assets		Inputs		Inputs		During
	2016		(Level 1)		(Level 2)		(Level 3)		Period
Measured on a non-recurring basis:
Assets:
Impaired loans	$	36,072	$	—	$	—	$	36,072	$	18,514
Other real estate owned		1,722		—		—		1,722		47

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2015 by level within the fair value measurement hierarchy:

			Fair Value Measurements at Reporting
			Date Using
			(in Thousands)
			Quoted
	Assets/Liabilities		Prices in
	Measured at		Active		Significant
	Fair Value		Markets		Other		Significant		Net (Credit)
	Year ended		for Identical		Observable		Unobservable		Provision
	December 31,		Assets		Inputs		Inputs		During
	2015		(Level 1)		(Level 2)		(Level 3)		Period
Measured on a non-recurring basis:
Assets:
Impaired loans	$	52,400	$	—	$	—	$	52,400	$	13,439
Other real estate owned		12,705		—		—		12,705		1,023