Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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):


June 30, 2017
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,573	$	—	$	—	$	10,573
Obligations of U. S. government sponsored enterprises and agencies		—		73,705		—		73,705
Obligations of states and political subdivisions		—		1,531,873		—		1,531,873
Corporate bonds		—		25,788		—		25,788
Residential mortgage-backed securities		—		975,082		—		975,082
Commercial mortgage-backed securities		—		343,040		—		343,040
Other securities		4,452		—		—		4,452

Total	$	15,025	$	2,949,488	$	—	$	2,964,513


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


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 June 30,
	2017			2016
Carrying value of other real estate owned prior to re-measurement	$	88		$	—
Write-downs included in gain (loss) on sale of other real estate owned		(8	)		—

Fair value	$	80		$	—


	Six Months Ended June 30,
	2017			2016
Carrying value of other real estate owned prior to re-measurement	$	88		$	—
Write-downs included in gain (loss) on sale of other real estate owned		(8	)		—

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


	June 30,								December 31,
	2017				2016				2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	163,435	$	163,435	$	135,092	$	135,092	$	204,782	$	204,782	Level 1
Federal funds sold		3,740		3,740		2,960		2,960		3,130		3,130	Level 1
Interest-bearing deposits in banks		53,336		53,336		67,746		67,746		48,574		48,574	Level 1
Interest-bearing time deposits in banks		1,458		1,458		2,427		2,429		1,707		1,709	Level 2
Available-for-sale Securities		2,964,513		2,964,513		2,795,356		2,795,356		2,860,837		2,860,837	Levels 1 and 2
Held-to-maturity securities		105		107		137		141		121		124	Level 2
Loans		3,410,269		3,466,431		3,264,328		3,269,221		3,338,426		3,361,735	Level 3
Accrued interest receivable		35,600		35,600		33,516		33,516		36,469		36,469	Level 2
Deposits with stated maturities		477,441		478,393		554,753		556,224		508,996		510,304	Level 2
Deposits with no stated maturities		5,149,168		5,149,168		4,501,536		4,501,536		4,969,543		4,969,543	Level 1
Borrowings		379,324		379,324		556,924		556,924		445,770		445,770	Level 2
Accrued interest Payable		164		164		283		283		225		225	Level 2