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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 (in thousands):

		Fair Value Measurement at June 30, 2022
Description		June 30, 2022				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		$	593			$	593			$	—			$	—
State and political subdivisions			5,897				—				5,897				—
Corporates			2,743				2,743				—				—
Trading – other			413				413				—				—
Trading securities			9,646				3,749				5,897				—
U.S. Treasury			750,752				750,752				—				—
U.S. Agencies			175,247				—				175,247				—
Mortgage-backed			4,486,585				—				4,486,585				—
State and political subdivisions			1,662,375				—				1,662,375				—
Corporates			383,785				383,785				—				—
Collateralized loan obligations			280,472				—				280,472				—
Available-for-sale securities			7,739,216				1,134,537				6,604,679				—
Equity securities with readily determinable fair values			40,639				40,639				—				—
Company-owned life insurance			54,413				—				54,413				—
Bank-owned life insurance			504,250				—				504,250				—
Derivatives			23,626				—				23,626				—
Total		$	8,371,790			$	1,178,925			$	7,192,865			$	—
Liabilities
Derivatives		$	71,268			$	—			$	71,268			$	—
Securities sold not yet purchased			1,282				—				1,282				—
Total		$	72,550			$	—			$	72,550			$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):

		Fair Value Measurement at June 30, 2022 Using
Description		June 30, 2022				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 Six Months Ended June 30
Collateral dependent assets		$	1,996			$	—			$	—			$	1,996			$	(2,618	)
Other real estate owned			12,313				—				—				12,313				—
Total		$	14,309			$	—			$	—			$	14,309			$	(2,618	)

		Fair Value Measurement at December 31, 2021 Using
Description		December 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Gains Recognized During the Twelve Months Ended December 31
Collateral dependent assets		$	46,979			$	—			$	—			$	46,979			$	1,521
Other real estate owned			—				—				—				—				—
Total		$	46,979			$	—			$	—			$	46,979			$	1,521

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at June 30, 2022 and December 31, 2021 are as follows (in thousands):

		Fair Value Measurement at June 30, 2022 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		$	3,240,996			$	2,205,537			$	1,035,459			$	—			$	3,240,996
Securities available for sale			7,739,216				1,134,537				6,604,679				—				7,739,216
Securities held to maturity (exclusive of allowance for credit losses)			5,709,541				—				5,245,451				—				5,245,451
Trading securities			9,646				3,749				5,897				—				9,646
Other securities			342,543				40,639				301,904				—				342,543
Loans (exclusive of allowance for credit losses)			18,972,908				—				18,971,934				—				18,971,934
Derivatives			23,626				—				23,626				—				23,626
FINANCIAL LIABILITIES
Demand and savings deposits			30,932,642				30,932,642				—				—				30,932,642
Time deposits			553,382				—				553,382				—				553,382
Other borrowings			2,661,283				52,987				2,608,296				—				2,661,283
Long-term debt			272,505				—				273,596				—				273,596
Derivatives			71,268				—				71,268				—				71,268
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans																			4,116
Commercial letters of credit																			113
Standby letters of credit																			2,074

		Fair Value Measurement at December 31, 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		$	10,472,084			$	9,255,727			$	1,216,357			$	—			$	10,472,084
Securities available for sale			11,976,514				387,020				11,589,494				—				11,976,514
Securities held to maturity (exclusive of allowance for credit losses)			1,480,416				—				1,442,391				—				1,442,391
Trading securities			31,875				5,985				25,890				—				31,875
Other securities			327,098				64,149				262,949				—				327,098
Loans (exclusive of allowance for credit losses)			17,172,148				—				17,506,662				—				17,506,662
Derivatives			57,680				—				57,680				—				57,680
FINANCIAL LIABILITIES
Demand and savings deposits			34,748,286				34,748,286				—				—				34,748,286
Time deposits			851,641				—				851,641				—				851,641
Other borrowings			3,238,435				12,597				3,225,838				—				3,238,435
Long-term debt			271,544				—				285,961				—				285,961
Derivatives			13,944				—				13,944				—				13,944
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans																			7,841
Commercial letters of credit																			179
Standby letters of credit																			3,553

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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-Publisher FASB
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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