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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands):
|  | Fair Value Measurement at September 30, 2021 |
Description |  | September 30, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 25,086 |  |  | $ | 25,086 |  |  | $ | — |  |  | $ | — |
U.S. Agencies |  |  | 3,231 |  |  |  | — |  |  |  | 3,231 |  |  |  | — |
Mortgage-backed |  |  | 303 |  |  |  | — |  |  |  | 303 |  |  |  | — |
State and political subdivisions |  |  | 33,023 |  |  |  | — |  |  |  | 33,023 |  |  |  | — |
Corporates |  |  | 6,792 |  |  |  | 6,792 |  |  |  | — |  |  |  | — |
Trading – other |  |  | 447 |  |  |  | 447 |  |  |  | — |  |  |  | — |
Trading securities |  |  | 68,882 |  |  |  | 32,325 |  |  |  | 36,557 |  |  |  | — |
U.S. Treasury |  |  | 69,859 |  |  |  | 69,859 |  |  |  | — |  |  |  | — |
U.S. Agencies |  |  | 93,655 |  |  |  | — |  |  |  | 93,655 |  |  |  | — |
Mortgage-backed |  |  | 7,370,221 |  |  |  | — |  |  |  | 7,370,221 |  |  |  | — |
State and political subdivisions |  |  | 3,461,903 |  |  |  | — |  |  |  | 3,461,903 |  |  |  | — |
Corporates |  |  | 167,052 |  |  |  | 167,052 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 11,162,690 |  |  |  | 236,911 |  |  |  | 10,925,779 |  |  |  | — |
Equity securities with readily determinable fair values |  |  | 66,316 |  |  |  | 66,316 |  |  |  | — |  |  |  | — |
Company-owned life insurance |  |  | 66,218 |  |  |  | — |  |  |  | 66,218 |  |  |  | — |
Bank-owned life insurance |  |  | 495,333 |  |  |  | — |  |  |  | 495,333 |  |  |  | — |
Derivatives |  |  | 68,701 |  |  |  | — |  |  |  | 68,701 |  |  |  | — |
Total |  | $ | 11,928,140 |  |  | $ | 335,552 |  |  | $ | 11,592,588 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 13,860 |  |  | $ | — |  |  | $ | 13,860 |  |  | $ | — |
Securities sold not yet purchased |  |  | 2,328 |  |  |  | — |  |  |  | 2,328 |  |  |  | — |
Total |  | $ | 16,188 |  |  | $ | — |  |  | $ | 16,188 |  |  | $ | — |
|  | Fair Value Measurement at December 31, 2020 |
Description |  | December 31, 2020 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 651 |  |  | $ | 651 |  |  | $ | — |  |  | $ | — |
U.S. Agencies |  |  | 1,568 |  |  |  | — |  |  |  | 1,568 |  |  |  | — |
Mortgage-backed |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | — |
State and political subdivisions |  |  | 18,545 |  |  |  | — |  |  |  | 18,545 |  |  |  | — |
Corporates |  |  | 711 |  |  |  | 711 |  |  |  | — |  |  |  | — |
Trading – other |  |  | 13,541 |  |  |  | 13,541 |  |  |  | — |  |  |  | — |
Trading securities |  |  | 35,020 |  |  |  | 14,903 |  |  |  | 20,117 |  |  |  | — |
U.S. Treasury |  |  | 30,740 |  |  |  | 30,740 |  |  |  | — |  |  |  | — |
U.S. Agencies |  |  | 95,949 |  |  |  | — |  |  |  | 95,949 |  |  |  | — |
Mortgage-backed |  |  | 5,468,181 |  |  |  | — |  |  |  | 5,468,181 |  |  |  | — |
State and political subdivisions |  |  | 3,623,619 |  |  |  | — |  |  |  | 3,623,619 |  |  |  | — |
Corporates |  |  | 81,199 |  |  |  | 81,199 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 9,299,688 |  |  |  | 111,939 |  |  |  | 9,187,749 |  |  |  | — |
Equity securities with readily determinable fair values |  |  | 134,197 |  |  |  | 134,197 |  |  |  | — |  |  |  | — |
Company-owned life insurance |  |  | 63,575 |  |  |  | — |  |  |  | 63,575 |  |  |  | — |
Bank-owned life insurance |  |  | 387,513 |  |  |  | — |  |  |  | 387,513 |  |  |  | — |
Derivatives |  |  | 103,554 |  |  |  | — |  |  |  | 103,554 |  |  |  | — |
Total |  | $ | 10,023,547 |  |  | $ | 261,039 |  |  | $ | 9,762,508 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 9,375 |  |  | $ | — |  |  | $ | 9,375 |  |  | $ | — |
Securities sold not yet purchased |  |  | 2,177 |  |  |  | — |  |  |  | 2,177 |  |  |  | — |
Total |  | $ | 11,552 |  |  | $ | — |  |  | $ | 11,552 |  |  | $ | — |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis as of September 30, 2021 and December 31, 2020 (in thousands):
|  | Fair Value Measurement at September 30, 2021 Using |
Description |  | September 30, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Gains (Losses) Recognized During the Nine Months Ended September 30 |
Collateral dependent assets |  | $ | 53,435 |  |  | $ | — |  |  | $ | — |  |  | $ | 53,435 |  |  | $ | 4,499 |
Other real estate owned |  |  | 1,050 |  |  |  | — |  |  |  | — |  |  |  | 1,050 |  |  |  | (810 | )
Total |  | $ | 54,485 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,485 |  |  | $ | 3,689 |
|  | Fair Value Measurement at December 31, 2020 Using |
Description |  | December 31, 2020 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Losses Recognized During the Twelve Months Ended December 31 |
Collateral dependent assets |  | $ | 35,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,995 |  |  | $ | (9,389 | )
Other real estate owned |  |  | 2,798 |  |  |  | — |  |  |  | — |  |  |  | 2,798 |  |  |  | (938 | )
Total |  | $ | 38,793 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,793 |  |  | $ | (10,327 | )
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments at September 30, 2021 and December 31, 2020 are as follows (in thousands):
|  | Fair Value Measurement at September 30, 2021 Using |
|  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Estimated Fair Value |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 7,258,214 |  |  | $ | 6,166,110 |  |  | $ | 1,092,104 |  |  | $ | — |  |  | $ | 7,258,214 |
Securities available for sale |  |  | 11,162,690 |  |  |  | 236,911 |  |  |  | 10,925,779 |  |  |  | — |  |  |  | 11,162,690 |
Securities held to maturity (exclusive of allowance for credit losses) |  |  | 1,089,424 |  |  |  | — |  |  |  | 1,064,816 |  |  |  | — |  |  |  | 1,064,816 |
Trading securities |  |  | 68,882 |  |  |  | 32,325 |  |  |  | 36,557 |  |  |  | — |  |  |  | 68,882 |
Other securities |  |  | 274,645 |  |  |  | 66,316 |  |  |  | 208,329 |  |  |  | — |  |  |  | 274,645 |
Loans (exclusive of allowance for credit losses) |  |  | 16,474,108 |  |  |  | — |  |  |  | 16,682,840 |  |  |  | — |  |  |  | 16,682,840 |
Derivatives |  |  | 68,701 |  |  |  | — |  |  |  | 68,701 |  |  |  | — |  |  |  | 68,701 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand and savings deposits |  |  | 30,651,129 |  |  |  | 30,651,129 |  |  |  | — |  |  |  | — |  |  |  | 30,651,129 |
Time deposits |  |  | 584,681 |  |  |  | — |  |  |  | 584,681 |  |  |  | — |  |  |  | 584,681 |
Other borrowings |  |  | 2,500,340 |  |  |  | 110,722 |  |  |  | 2,389,618 |  |  |  | — |  |  |  | 2,500,340 |
Long-term debt |  |  | 271,049 |  |  |  | — |  |  |  | 290,064 |  |  |  | — |  |  |  | 290,064 |
Derivatives |  |  | 13,860 |  |  |  | — |  |  |  | 13,860 |  |  |  | — |  |  |  | 13,860 |
OFF-BALANCE SHEET ARRANGEMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit for loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,652 |
Commercial letters of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 166 |
Standby letters of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,659 |
|  | Fair Value Measurement at December 31, 2020 Using |
|  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Estimated Fair Value |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 5,191,015 |  |  | $ | 3,540,680 |  |  | $ | 1,650,335 |  |  | $ | — |  |  | $ | 5,191,015 |
Securities available for sale |  |  | 9,299,688 |  |  |  | 111,939 |  |  |  | 9,187,749 |  |  |  | — |  |  |  | 9,299,688 |
Securities held to maturity (exclusive of allowance for credit losses) |  |  | 1,014,614 |  |  |  | — |  |  |  | 1,029,444 |  |  |  | — |  |  |  | 1,029,444 |
Trading securities |  |  | 35,020 |  |  |  | 14,903 |  |  |  | 20,117 |  |  |  | — |  |  |  | 35,020 |
Other securities |  |  | 296,053 |  |  |  | 134,197 |  |  |  | 161,856 |  |  |  | — |  |  |  | 296,053 |
Loans (exclusive of allowance for credit losses) |  |  | 16,110,359 |  |  |  | — |  |  |  | 16,413,132 |  |  |  | — |  |  |  | 16,413,132 |
Derivatives |  |  | 103,554 |  |  |  | — |  |  |  | 103,554 |  |  |  | — |  |  |  | 103,554 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand and savings deposits |  |  | 26,175,156 |  |  |  | 26,175,156 |  |  |  | — |  |  |  | — |  |  |  | 26,175,156 |
Time deposits |  |  | 876,095 |  |  |  | — |  |  |  | 879,841 |  |  |  | — |  |  |  | 879,841 |
Other borrowings |  |  | 2,315,497 |  |  |  | 65,636 |  |  |  | 2,249,861 |  |  |  | — |  |  |  | 2,315,497 |
Long-term debt |  |  | 269,595 |  |  |  | — |  |  |  | 299,858 |  |  |  | — |  |  |  | 299,858 |
Derivatives |  |  | 9,375 |  |  |  | — |  |  |  | 9,375 |  |  |  | — |  |  |  | 9,375 |
OFF-BALANCE SHEET ARRANGEMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit for loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,405 |
Commercial letters of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 150 |
Standby letters of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,365 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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