Fair Value Accounting and Measurement (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at September 30, 2018 and December 31, 2017 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
September 30, 2018	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	1,928,832	$	—	$	1,928,832	$	—
State and municipal debt securities	567,818		—		567,818		—
U.S. government agency and government-sponsored enterprise securities	424,217		—		424,217		—
U.S. government securities	247		247		—		—
Total debt securities available for sale	$	2,921,114	$	247	$	2,920,867	$	—
Equity securities	$	4,901	$	4,901	$	—	$	—
Other assets (Interest rate contracts)	$	10,479	$	—	$	10,479	$	—
Liabilities
Other liabilities (Interest rate contracts)	$	10,478	$	—	$	10,478	$	—

	Fair value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
December 31, 2017	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	1,726,725	$	—	$	1,726,725	$	—
State and municipal debt securities	596,004		—		596,004		—
U.S. government agency and government-sponsored enterprise securities	414,774		—		414,774		—
U.S. government securities	248		248		—		—
Total debt securities available for sale	$	2,737,751	$	248	$	2,737,503	$	—
Equity securities	$	5,080	$	5,080	$	—	$	—
Other assets (Interest rate contracts)	$	6,707	$	—	$	6,707	$	—
Liabilities
Other liabilities (Interest rate contracts)	$	6,714	$	—	$	6,714	$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

	Fair value at September 30, 2018		Fair Value Measurements at Reporting Date Using						Losses During the Three Months Ended September 30, 2018		Losses During the Nine Months Ended September 30, 2018
			Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	14,616	$	—	$	—	$	14,616	$	1,208	$	1,208
OREO	1,240		—		—		1,240		445		445
	$	15,856	$	—	$	—	$	15,856	$	1,653	$	1,653

	Fair value at September 30, 2017		Fair Value Measurements at Reporting Date Using						Losses During the Three Months Ended September 30, 2017		Losses During the Nine Months Ended September 30, 2017
			Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	843	$	—	$	—	$	843	$	170	$	170
OREO	625		—		—		625		138		138
	$	1,468	$	—	$	—	$	1,468	$	308	$	308

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at September 30, 2018 and December 31, 2017:

	September 30, 2018
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	220,706	$	220,706	$	220,706	$	—	$	—
Interest-earning deposits with banks	21,456		21,456		21,456		—		—
Debt securities available for sale	2,921,114		2,921,114		247		2,920,867		—
Equity securities	4,901		4,901		4,901		—		—
FHLB stock	16,640		16,640		—		16,640		—
Loans held for sale	5,275		5,275		—		5,275		—
Loans	8,430,530		8,425,433		—		—		8,425,433
Interest rate contracts	10,479		10,479		—		10,479		—
Liabilities
Time deposits	$	431,496	$	423,165	$	—	$	423,165	$	—
FHLB advances	166,536		166,999		—		166,999		—
Repurchase agreements	62,197		62,197		—		62,197		—
Subordinated debentures	35,508		35,001		—		35,001		—
Interest rate contracts	10,478		10,478		—		10,478		—

	December 31, 2017
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	244,615	$	244,615	$	244,615	$	—	$	—
Interest-earning deposits with banks	97,918		97,918		97,918		—		—
Debt securities available for sale	2,737,751		2,737,751		248		2,737,503		—
Equity securities	5,080		5,080		5,080		—		—
FHLB stock	10,440		10,440		—		10,440		—
Loans held for sale	5,766		5,766		—		5,766		—
Loans	8,283,011		8,055,817		—		—		8,055,817
Interest rate contracts	6,707		6,707		—		6,707		—
Liabilities
Time deposits	$	491,045	$	483,095	$	—	$	483,095	$	—
FHLB advances	11,579		12,281		—		12,281		—
Repurchase agreements	79,059		79,070		—		79,070		—
Subordinated debentures	35,647		35,895		—		35,895		—
Junior subordinated debentures	8,248		8,248		—		8,248		—
Interest rate contracts	6,714		6,714		—		6,714		—

Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The range and weighted-average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

	Fair value at September 30, 2018		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Impaired loans - collateral-dependent (3)	$	14,616	Fair Market Value of Collateral	Adjustment to Stated Value	0.00% - 54.51% (6.66%)
OREO	$	1,240	Fair Market Value of Collateral	Adjustment to Appraisal Value	N/A (2)
(1) Discount applied to appraisal value or stated value (in the case of accounts receivable, fixed assets, and inventory).
(2) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values.
(3) Collateral consists of accounts receivable, fixed assets, inventory, cash, real estate and state guarantee.

	Fair value at September 30, 2017		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Impaired loans - collateral-dependent (3)	$	715	Fair Market Value of Collateral	Adjustment to Stated Value	N/A (2)
Impaired loans - other (4)	$	128	Discounted Cash Flow	Discount Rate	7.75%
OREO	$	625	Fair Market Value of Collateral	Adjustment to Appraisal Value	N/A (2)
(1) Discount rate used in discounted cash flow valuation.
(2) Quantitative disclosures are not provided for collateral-dependent impaired loans and OREO because there were no adjustments made to the appraisal values or stated values during the current period.
(3) Collateral consists of government agency guarantee.
(4) As there was only one impaired loan remeasured using discounted cash flows, a range of discounts could not be provided.