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Fair Value Measurements (Tables)

9 Months Ended

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

X

- 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

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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
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