Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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 September 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):


September 30, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,739	$	—	$	—	$	10,739
Obligations of U. S. government sponsored enterprises and agencies		—		115,720		—		115,720
Obligations of states and political subdivisions		—		1,502,716		—		1,502,716
Corporate bonds		—		65,037		—		65,037
Residential mortgage-backed securities		—		766,499		—		766,499
Commercial mortgage-backed securities		—		263,747		—		263,747
Other securities		4,572		—		—		4,572


Total	$	15,311	$	2,713,719	$	—	$	2,729,030


September 30, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,917	$	—	$	—	$	10,917
Obligations of U. S. government sponsored enterprises and agencies		—		155,197		—		155,197
Obligations of states and political subdivisions		—		1,437,151		—		1,437,151
Corporate bonds		—		86,342		—		86,342
Residential mortgage-backed securities		—		832,859		—		832,859
Commercial mortgage-backed securities		—		209,920		—		209,920
Other securities		4,967		—		—		4,967


Total	$	15,884	$	2,721,469	$	—	$	2,737,353


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

Fair value	$	—	$	—


	Nine Months Ended September 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 September 30, 2016 and 2015, and December 31, 2015, were as follows (in thousands):


	September 30,								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	$	166,981	$	166,981	$	133,340	$	133,340	$	179,140	$	179,140	Level 1

Federal funds sold		3,400		3,400		2,790		2,790		3,810		3,810	Level 1

Interest-bearing deposits in banks		117,334		117,334		4,268		4,268		89,936		89,936	Level 1

Interest-bearing time deposits in banks		1,707		1,709		4,491		4,498		3,495		3,500	Level 2

Available-for-sale Securities		2,729,030		2,729,030		2,737,353		2,737,353		2,733,899		2,733,899	Levels 1 and 2

Held-to-maturity securities		129		133		286		291		278		283	Level 2

Loans		3,324,086		3,334,965		3,248,002		3,249,558		3,308,716		3,316,243	Level 3

Accrued interest receivable		26,209		26,209		26,888		26,888		34,697		34,697	Level 2

Deposits with stated maturities		535,793		537,167		652,919		654,705		620,852		622,572	Level 2

Deposits with no stated maturities		4,699,671		4,699,671		4,444,364		4,444,364		4,569,317		4,569,317	Level 1

Borrowings		513,759		513,759		500,903		500,903		615,675		615,675	Level 2

Accrued interest Payable		230		230		261		261		240		240	Level 2