Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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):


June 30, 2016	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,811	$	—	$	—	$	10,811
Obligations of U. S. government sponsored enterprises and agencies		—		122,352		—		122,352
Obligations of states and political subdivisions		—		1,516,312		—		1,516,312
Corporate bonds		—		65,550		—		65,550
Residential mortgage-backed securities		—		805,773		—		805,773
Commercial mortgage-backed securities		—		266,698		—		266,698
Other securities		7,860		—		—		7,860

Total	$	18,671	$	2,776,685	$	—	$	2,795,356


June 30, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,936	$	—	$	—	$	10,936
Obligations of U. S. government sponsored enterprises and agencies		—		165,336		—		165,336
Obligations of states and political subdivisions		—		1,384,246		—		1,384,246
Corporate bonds		—		92,188		—		92,188
Residential mortgage-backed securities		—		868,091		—		868,091
Commercial mortgage-backed securities		—		203,396		—		203,396
Other securities		4,920		—		—		4,920

Total	$	15,856	$	2,713,257	$	—	$	2,729,113


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 June 30,
	2016		2015
Carrying value of other real estate owned prior to re-measurement	$	—	$	341
Write-downs included in gain (loss) on sale of other real estate owned		—		(85	)

Fair value	$	—	$	256


	Six Months Ended June 30,
	2016		2015
Carrying value of other real estate owned prior to re-measurement	$	—	$	351
Write-downs included in gain (loss) on sale of other real estate owned		—		(95	)

Fair value	$	—	$	256

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 June 30, 2016 and 2015, and December 31, 2015, were as follows (in thousands):


	June 30,								December 31,
	2016				2015				2015
	Carrying		Estimated		Carrying		Estimated		Carrying		Estimated		Fair Value
	Value		Fair Value		Value		Fair Value		Value		Fair Value		Hierarchy
Cash and due from banks	$	135,092	$	135,092	$	149,524	$	149,524	$	179,140	$	179,140	Level 1
Federal funds sold		2,960		2,960		5,720		5,720		3,810		3,810	Level 1
Interest-bearing deposits in banks		67,746		67,746		18,179		18,179		89,936		89,936	Level 1
Interest-bearing time deposits in banks		2,427		2,429		5,456		5,466		3,495		3,500	Level 2
Available-for-sale Securities		2,795,356		2,795,356		2,729,113		2,729,113		2,733,899		2,733,899	Levels 1 and 2
Held-to-maturity securities		137		141		295		301		278		283	Level 2
Loans		3,264,328		3,269,221		2,928,769		2,935,344		3,308,716		3,316,243	Level 3
Accrued interest receivable		33,516		33,516		32,003		32,003		34,697		34,697	Level 2
Deposits with stated maturities		554,753		556,224		598,404		600,093		620,852		622,572	Level 2
Deposits with no stated maturities		4,501,536		4,501,536		4,129,015		4,129,015		4,569,317		4,569,317	Level 1
Short-term borrowings		556,924		556,924		621,155		621,155		615,675		615,675	Level 2
Accrued interest payable		283		283		242		242		240		240	Level 2