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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at March 31, 2019 and December 31, 2018:

		March 31, 2019
(in thousands)		Level 1				Level 2				Level 3				Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities		$	—			$	72,143			$	—			$	72,143
Municipal obligations			—				245,940				—				245,940
Corporate debt securities			—				3,500				—				3,500
Residential mortgage-backed securities			—				1,413,032				—				1,413,032
Commercial mortgage-backed securities			—				787,834				—				787,834
Collateralized mortgage obligations			—				158,631				—				158,631
Total available for sale securities			—				2,681,080				—				2,681,080
Derivative assets (1)			—				25,827				—				25,827
Total recurring fair value measurements - assets			—			$	2,706,907				—			$	2,706,907
Liabilities
Derivative liabilities (1)		$	—			$	11,176			$	6,953			$	18,129
Total recurring fair value measurements - liabilities		$	—			$	11,176			$	6,953			$	18,129

		December 31, 2018
(in thousands)		Level 1				Level 2				Level 3				Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities		$	—			$	71,706			$	—			$	71,706
Municipal obligations			—				240,427				—				240,427
Corporate debt securities			—				3,500				—				3,500
Residential mortgage-backed securities			—				1,443,402				—				1,443,402
Commercial mortgage-backed securities			—				770,077				—				770,077
Collateralized mortgage obligations			—				161,925				—				161,925
Total available for sale securities			—				2,691,037				—				2,691,037
Derivative assets (1)			—				16,980				—				16,980
Total recurring fair value measurements - assets			—			$	2,708,017				—			$	2,708,017
Liabilities
Derivative liabilities (1)		$	—			$	14,923			$	7,304			$	22,227
Total recurring fair value measurements - liabilities		$	—			$	14,923			$	7,304			$	22,227

(1) For further disaggregation of derivative assets and liabilities, see Note 7 - Derivatives.

Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis

The table below presents a rollforward of the amounts on the consolidated balance sheets for the three months ended March 31, 2019 and the year ended December 31, 2018 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis:

(in thousands)
Liability balance at December 31, 2017		$	—
Entry into derivative contract			7,304
Liability balance at December 31, 2018			7,304
Cash settlement			(414	)
Losses included in earnings			63
Liability balance at March 31, 2019		$	6,953

Overview of the Valuation Techniques and Significant Unobservable Inputs

($ in thousands)



Fair Value

Level 3 Class

March 31, 2019

December 31, 2018

Valuation Technique

Unobservable Input

Values Utilized

Visa Class A appreciation

6% - 18%

Derivative liability

$

6,953

$

7,304

Discounted cash flow

Conversion rate

1.62x - 1.59x

Time until resolution

24-48 months

Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels.

		March 31, 2019
(in thousands)		Level 1				Level 2				Level 3				Total
Collateral-dependent impaired loans		$	—			$	163,781			$	—			$	163,781
Other real estate owned and foreclosed assets, net			—				—				7,688				7,688
Total nonrecurring fair value measurements		$	—			$	163,781			$	7,688			$	171,469

		December 31, 2018
(in thousands)		Level 1				Level 2				Level 3				Total
Collateral-dependent impaired loans		$	—			$	170,918			$	—			$	170,918
Other real estate owned and foreclosed assets, net			—				—				14,594				14,594
Total nonrecurring fair value measurements		$	—			$	170,918			$	14,594			$	185,512

Estimated Fair Values of Financial Instruments

The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts:

		March 31, 2019
														Total Fair				Carrying
(in thousands)		Level 1				Level 2				Level 3				Value				Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold		$	523,956			$	—			$	—			$	523,956			$	523,956
Available for sale securities			—				2,681,080				—				2,681,080				2,681,080
Held to maturity securities			—				2,892,910				—				2,892,910				2,896,442
Loans, net			—				163,781				19,646,070				19,809,851				19,918,150
Loans held for sale			—				27,437				—				27,437				27,437
Derivative financial instruments			—				25,827				—				25,827				25,827
Financial liabilities:
Deposits		$	—			$	—			$	23,351,829			$	23,351,829			$	23,380,294
Federal funds purchased			450				—				—				450				450
Securities sold under agreements to repurchase			478,285				—				—				478,285				478,285
FHLB short-term borrowings			910,000				—				—				910,000				910,000
Long-term debt			—				227,206				—				227,206				224,962
Derivative financial instruments			—				11,176				6,953				18,129				18,129

		December 31, 2018
(in thousands)		Level 1				Level 2				Level 3				Total Fair Value				Carrying Amount
Financial assets:
Cash, interest-bearing bank deposits, and federal funds sold		$	494,466			$	—			$	—			$	494,466			$	494,466
Available for sale securities			—				2,691,037				—				2,691,037				2,691,037
Held to maturity securities			—				2,935,856				—				2,935,856				2,979,547
Loans, net			—				170,918				19,555,969				19,726,887				19,831,897
Loans held for sale			—				28,150				—				28,150				28,150
Derivative financial instruments			—				16,980				—				16,980				16,980
Financial liabilities:
Deposits		$	—			$	—			$	23,129,574			$	23,129,574			$	23,150,185
Federal funds purchased			425				—				—				425				425
Securities sold under  agreements to repurchase			428,599				—				—				428,599				428,599
FHLB short-term borrowings			1,160,104				—				—				1,160,104				1,160,104
Long-term debt			—				223,135				—				223,135				224,993
Derivative financial instruments			—				14,923				7,304				22,227				22,227

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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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).

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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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).

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