Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017 and 2016, and December 31, 2016, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


March 31, 2017
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,619	$	—	$	—	$	10,619
Obligations of U. S. government sponsored enterprises and agencies		—		79,905		—		79,905
Obligations of states and political subdivisions		—		1,564,513		—		1,564,513
Corporate bonds		—		43,503		—		43,503
Residential mortgage-backed securities		—		991,553		—		991,553
Commercial mortgage-backed securities		—		323,758		—		323,758
Other securities		4,428		—		—		4,428

Total	$	15,047	$	3,003,232	$	—	$	3,018,279


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


December 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,668	$	—	$	—	$	10,668
Obligations of U. S. government sponsored enterprises and agencies		—		113,703		—		113,703
Obligations of states and political subdivisions		—		1,564,276		—		1,564,276
Corporate bonds		—		47,965		—		47,965
Residential mortgage-backed securities		—		851,361		—		851,361
Commercial mortgage-backed securities		—		268,436		—		268,436
Other securities		4,428		—		—		4,428

Total	$	15,096	$	2,845,741	$	—	$	2,860,837

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,
	2017		2016
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	$	—	$	—

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, 2017 and 2016, and December 31, 2016, were as follows (in thousands):


	March 31,								December 31,
	2017				2016				2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Hierarchy
Cash and due from banks	$	163,674	$	163,674	$	139,995	$	139,995	$	204,782	$	204,782	Level 1
Federal funds sold		3,840		3,840		2,660		2,660		3,130		3,130	Level 1
Interest-bearing deposits in banks		55,165		55,165		22,993		22,993		48,574		48,574	Level 1
Interest-bearing time deposits in banks		1,707		1,708		2,427		2,430		1,707		1,709	Level 2
Available-for-sale Securities		3,018,279		3,018,279		2,763,039		2,763,039		2,860,837		2,860,837	Levels 1 and 2
Held-to-maturity securities		114		116		146		150		121		124	Level 2
Loans		3,339,949		3,368,084		3,255,135		3,260,544		3,338,426		3,361,735	Level 3
Accrued interest receivable		26,639		26,639		26,166		26,166		36,469		36,469	Level 2
Deposits with stated maturities		495,720		496,782		589,898		591,675		508,996		510,304	Level 2
Deposits with no stated maturities		5,166,248		5,166,248		4,473,909		4,473,909		4,969,543		4,969,543	Level 1
Borrowings		360,264		360,264		525,340		525,340		445,770		445,770	Level 2
Accrued interest Payable		166		166		254		254		225		225	Level 2