Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2016

Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2016 and 2015, and December 31, 2015, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


March 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,829	$	—	$	—	$	10,829
Obligations of U. S. government sponsored-enterprises and agencies		—		132,545		—		132,545
Obligations of states and political subdivisions		—		1,471,034		—		1,471,034
Corporate bonds		—		66,136		—		66,136
Residential mortgage-backed securities		—		809,726		—		809,726
Commercial mortgage-backed securities		—		268,173		—		268,173
Other securities		4,596		—		—		4,596


Total	$	15,425	$	2,747,614	$	—	$	2,763,039


March 31, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,983	$	—	$	—	$	10,983
Obligations of U. S. government sponsored-enterprises and agencies		—		175,117		—		175,117
Obligations of states and political subdivisions		—		1,303,492		—		1,303,492
Corporate bonds		—		93,158		—		93,158
Residential mortgage-backed securities		—		920,366		—		920,366
Commercial mortgage-backed securities		—		181,239		—		181,239
Other securities		4,975		—		—		4,975


Total	$	15,958	$	2,673,372	$	—	$	2,689,330


December 31, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,795	$	—	$	—	$	10,795
Obligations of U. S. government sponsored-enterprises and agencies		—		148,554		—		148,554
Obligations of states and political subdivisions		—		1,451,127		—		1,451,127
Corporate bonds		—		83,254		—		83,254
Residential mortgage-backed securities		—		788,882		—		788,882
Commercial mortgage-backed securities		—		246,586		—		246,586
Other securities		4,701		—		—		4,701


Total	$	15,496	$	2,718,403	$	—	$	2,733,899

Other Real Estate Owned

The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands):


	Three Months Ended March 31,
	2016		2015
Carrying value of other real estate owned prior to re-measurement	$	—	$	10
Write-downs included in gain (loss) on sale of other real estate owned		—		(10	)

Fair value	$	—	$	—

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance at March 31, 2016 and 2015, and December 31, 2015, were as follows (in thousands):


	March 31,				March 31,				December 31,
	2016				2015				2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	139,995	$	139,995	$	142,233	$	142,233	$	179,140	$	179,140	Level 1

Federal funds sold		2,660		2,660		5,460		5,460		3,810		3,810	Level 1

Interest-bearing deposits in banks		22,993		22,993		18,275		18,275		89,936		89,936	Level 1

Interest-bearing time deposits in banks		2,427		2,430		9,170		9,185		3,495		3,500	Level 2

Available-for-sale Securities		2,763,039		2,763,039		2,689,330		2,689,330		2,733,899		2,733,899	Levels 1 and 2

Held-to-maturity securities		146		150		310		317		278		283	Level 2

Loans		3,255,135		3,260,544		2,900,879		2,907,114		3,308,716		3,316,243	Level 3

Accrued interest receivable		26,166		26,166		25,238		25,238		34,697		34,697	Level 2

Deposits with stated maturities		589,898		591,675		623,108		624,926		620,852		622,572	Level 2

Deposits with no stated maturities		4,473,909		4,473,909		4,213,899		4,213,899		4,569,317		4,569,317	Level 1

Short-term borrowings		525,340		525,340		401,898		401,898		615,675		615,675	Level 2

Accrued interest payable		254		254		235		235		240		240	Level 2