Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2015
Securities available for sale:
U.S. Treasury	$	281,215	$	—	$	—	$	281,215
U.S. federal agencies		—		169,462		—		169,462
Mortgage-backed securities		—		9,078		16,222		25,300
States and political subdivisions		—		51,480		—		51,480
Other securities		—		3,483		10,904		14,387
Derivative assets		—		5,300		—		5,300
Derivative liabilities		—		3,775		—		3,775
Loans held for sale		—		11,103		—		11,103
Mortgage servicing intangibles		—		—		416		416
March 31, 2014
Securities available for sale:
U.S. Treasury	$	128,740	$	—	$	—	$	128,740
U.S. federal agencies		—		346,793		—		346,793
Mortgage-backed securities		—		12,277		17,587		29,864
States and political subdivisions		—		54,971		—		54,971
Other securities		—		3,482		11,899		15,381
Derivative assets		—		3,072		—		3,072
Derivative liabilities		—		1,667		—		1,667
Loans held for sale		—		5,231		—		5,231
Mortgage servicing intangibles		—		—		535		535

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31
	2015			2014
	(Dollars in thousands)
Balance at the beginning of the year	$	28,909		$	32,002
Purchases, issuances and settlements		(744	)		(1,847	)
Sales		(1,729	)		(499	)
Gains included in earnings		1,695			417
Total unrealized losses		(589	)		(52	)
Balance at the end of the period	$	27,542		$	30,021

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis and the related gains or losses recognized during the period:

	Level 1		Level 2		Level 3		Total Fair Value		Losses
	(Dollars in thousands)
Three Months Ended March 31, 2015
Impaired loans (less specific allowance)		—		—	$	32,464	$	32,464	$	—
Foreclosed assets		—		—		172		172		—
Other real estate owned		—		—		6,246		6,246		(23	)
Three Months Ended March 31, 2014
Impaired loans (less specific allowance)		—		—	$	38,807	$	38,807	$	—
Foreclosed assets		—		—		262		262		—
Other real estate owned		—		—		7,328		7,328		(576	)

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31,
	2015				2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	1,887,681	$	1,887,681	$	1,966,106	$	1,966,106
Securities held for investment		8,281		8,350		11,269		11,351
Level 3 inputs:
Loans, net		3,816,185		3,863,834		3,502,346		3,424,944
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		5,883,801		5,925,150		5,737,850		5,538,503
Short-term borrowings		2,043		2,043		8,603		8,603
Long-term borrowings		—		—		2,000		1,997
Junior subordinated debentures		26,804		28,981		26,804		28,948
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				1,672				1,712
Letters of credit				481				459