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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
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 financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets.
|  | December 31, 2020 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ |  | — |  |  | $ |  | 213,370 |  |  | $ |  | — |  |  | $ |  | 213,370 |
Municipal obligations |  |  |  | — |  |  |  |  | 326,725 |  |  |  |  | — |  |  |  |  | 326,725 |
Corporate debt securities |  |  |  | — |  |  |  |  | 11,764 |  |  |  |  | — |  |  |  |  | 11,764 |
Residential mortgage-backed securities |  |  |  | — |  |  |  |  | 2,629,811 |  |  |  |  | — |  |  |  |  | 2,629,811 |
Commercial mortgage-backed securities |  |  |  | — |  |  |  |  | 2,455,534 |  |  |  |  | — |  |  |  |  | 2,455,534 |
Collateralized mortgage obligations |  |  |  | — |  |  |  |  | 362,123 |  |  |  |  | — |  |  |  |  | 362,123 |
Total available for sale securities |  |  |  | — |  |  |  |  | 5,999,327 |  |  |  |  | — |  |  |  |  | 5,999,327 |
Derivative assets (1) |  |  |  | — |  |  |  |  | 150,180 |  |  |  |  | — |  |  |  |  | 150,180 |
Total recurring fair value measurements - assets |  | $ |  | — |  |  | $ |  | 6,149,507 |  |  | $ |  | — |  |  | $ |  | 6,149,507 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (1) |  | $ |  | — |  |  | $ |  | 49,612 |  |  | $ |  | 5,645 |  |  | $ |  | 55,257 |
Total recurring fair value measurements - liabilities |  | $ |  | — |  |  | $ |  | 49,612 |  |  | $ |  | 5,645 |  |  | $ |  | 55,257 |
(1) | For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives.
|  | December 31, 2019 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ |  | — |  |  | $ |  | 98,672 |  |  | $ |  | — |  |  | $ |  | 98,672 |
Municipal obligations |  |  |  | — |  |  |  |  | 249,805 |  |  |  |  | — |  |  |  |  | 249,805 |
Corporate debt securities |  |  |  | — |  |  |  |  | 7,988 |  |  |  |  | — |  |  |  |  | 7,988 |
Residential mortgage-backed securities |  |  |  | — |  |  |  |  | 1,924,157 |  |  |  |  | — |  |  |  |  | 1,924,157 |
Commercial mortgage-backed securities |  |  |  | — |  |  |  |  | 1,586,467 |  |  |  |  | — |  |  |  |  | 1,586,467 |
Collateralized mortgage obligations |  |  |  | — |  |  |  |  | 808,215 |  |  |  |  | — |  |  |  |  | 808,215 |
Total available for sale securities |  |  |  | — |  |  |  |  | 4,675,304 |  |  |  |  | — |  |  |  |  | 4,675,304 |
Derivative assets (1) |  |  |  | — |  |  |  |  | 54,446 |  |  |  |  | — |  |  |  |  | 54,446 |
Total recurring fair value measurements - assets |  | $ |  | — |  |  | $ |  | 4,729,750 |  |  | $ |  | — |  |  | $ |  | 4,729,750 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (1) |  | $ |  | — |  |  | $ |  | 15,385 |  |  | $ |  | 5,704 |  |  | $ |  | 21,089 |
Total recurring fair value measurements - liabilities |  | $ |  | — |  |  | $ |  | 15,385 |  |  | $ |  | 5,704 |  |  | $ |  | 21,089 |
(1) | For further disaggregation of derivative assets and liabilities, see Note 12 – 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 sheet for the year ended December 31, 2020 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) |  |  |  |
Balance at December 31, 2018 |  | $ | 7,304 |
Cash settlements |  |  | (1,900 | )
Losses included in earnings |  |  | 300 |
Balance at December 31, 2019 |  |  | 5,704 |
Cash settlements |  |  | (1,656 | )
Losses included in earnings |  |  | 1,597 |
Balance at December 31, 2020 |  | $ | 5,645 |
Overview of the Valuation Techniques and Significant Unobservable Inputs |
Level 3 Class |  | December 31, 2020 |  |  | December 31, 2019 |
Derivative liability | $ |  | 5,645 |  | $ | 5,704 |
Valuation technique |  | Discounted cash flow |  |  | Discounted cash flow |
Unobservable inputs: |  |  |  |  |  |  |  |
Visa Class A appreciation - terminal range |  | 6% - 12% |  |  | 6% - 18% |
Visa Class A appreciation - at end of reporting period |  | 9% |  |  | 12% |
Conversion rate - range |  | 1.62x-1.60x |  |  | 1.62x - 1.59x |
Conversion rate - at end of reporting period |  | 1.6114x |  |  | 1.616x |
Time until resolution |  | 3-36 months |  |  | 24 - 48 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels:
|  | December 31, 2020 |  |  |  |  |  |
(in thousands) |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Collateral dependent loans individually evaluated for credit loss |  | $ |  | — |  |  | $ |  | 60,451 |  |  | $ |  | — |  |  | $ |  | 60,451 |
Other real estate owned and foreclosed assets |  |  |  | — |  |  |  |  | — |  |  |  |  | 11,648 |  |  |  |  | 11,648 |
Total nonrecurring fair value measurements |  | $ |  | — |  |  | $ |  | 60,451 |  |  | $ |  | 11,648 |  |  | $ |  | 72,099 |
|  | December 31, 2019 |  |  |  |  |  |
(in thousands) |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Collateral dependent impaired loans |  | $ |  | — |  |  | $ |  | 182,377 |  |  | $ |  | — |  |  | $ |  | 182,377 |
Other real estate owned and foreclosed assets |  |  |  | — |  |  |  |  | — |  |  |  |  | 24,422 |  |  |  |  | 24,422 |
Total nonrecurring fair value measurements |  | $ |  | — |  |  | $ |  | 182,377 |  |  | $ |  | 24,422 |  |  | $ |  | 206,799 |
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 amount at December 31, 2020 and 2019.
|  | December 31, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Carrying |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Amount |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, interest-bearing bank deposits, and federal funds sold |  | $ |  | 1,860,092 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 1,860,092 |  |  | $ |  | 1,860,092 |
Available for sale securities |  |  |  | — |  |  |  |  | 5,999,327 |  |  |  |  | — |  |  |  |  | 5,999,327 |  |  |  |  | 5,999,327 |
Held to maturity securities |  |  |  | — |  |  |  |  | 1,467,581 |  |  |  |  | — |  |  |  |  | 1,467,581 |  |  |  |  | 1,357,170 |
Loans, net |  |  |  | — |  |  |  |  | 60,451 |  |  |  |  | 21,472,933 |  |  |  |  | 21,533,384 |  |  |  |  | 21,339,754 |
Loans held for sale |  |  |  | — |  |  |  |  | 136,063 |  |  |  |  | — |  |  |  |  | 136,063 |  |  |  |  | 136,063 |
Derivative financial instruments |  |  |  | — |  |  |  |  | 150,180 |  |  |  |  | — |  |  |  |  | 150,180 |  |  |  |  | 150,180 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 27,679,321 |  |  | $ |  | 27,679,321 |  |  | $ |  | 27,697,877 |
Federal funds purchased |  |  |  | 300 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 300 |  |  |  |  | 300 |
Securities sold under agreements to repurchase |  |  |  | 567,213 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 567,213 |  |  |  |  | 567,213 |
Short-term FHLB Borrowings |  |  |  | — |  |  |  |  | 1,147,335 |  |  |  |  | — |  |  |  |  | 1,147,335 |  |  |  |  | 1,100,000 |
Long-term debt |  |  |  | — |  |  |  |  | 404,880 |  |  |  |  | — |  |  |  |  | 404,880 |  |  |  |  | 378,322 |
Derivative financial instruments |  |  |  | — |  |  |  |  | 49,612 |  |  |  |  | 5,645 |  |  |  |  | 55,257 |  |  |  |  | 55,257 |
|  | December 31, 2019 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Carrying |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |  |  | Amount |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, interest-bearing bank deposits, and federal funds sold |  | $ |  | 542,333 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 542,333 |  |  | $ |  | 542,333 |
Available for sale securities |  |  |  | — |  |  |  |  | 4,675,304 |  |  |  |  | — |  |  |  |  | 4,675,304 |  |  |  |  | 4,675,304 |
Held to maturity securities |  |  |  | — |  |  |  |  | 1,611,004 |  |  |  |  | — |  |  |  |  | 1,611,004 |  |  |  |  | 1,568,009 |
Loans, net |  |  |  | — |  |  |  |  | 182,377 |  |  |  |  | 20,861,702 |  |  |  |  | 21,044,079 |  |  |  |  | 21,021,504 |
Loans held for sale |  |  |  | — |  |  |  |  | 55,864 |  |  |  |  | — |  |  |  |  | 55,864 |  |  |  |  | 55,864 |
Derivative financial instruments |  |  |  | — |  |  |  |  | 54,446 |  |  |  |  | — |  |  |  |  | 54,446 |  |  |  |  | 54,446 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 23,786,775 |  |  | $ |  | 23,786,775 |  |  | $ |  | 23,803,575 |
Federal funds purchased |  |  |  | 195,450 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 195,450 |  |  |  |  | 195,450 |
Securities sold under agreements to repurchase |  |  |  | 484,422 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 484,422 |  |  |  |  | 484,422 |
FHLB short-term borrowings |  |  |  | 2,035,000 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,035,000 |  |  |  |  | 2,035,000 |
Long-term debt |  |  |  | — |  |  |  |  | 226,098 |  |  |  |  | — |  |  |  |  | 226,098 |  |  |  |  | 233,462 |
Derivative financial instruments |  |  |  | — |  |  |  |  | 15,385 |  |  |  |  | 5,704 |  |  |  |  | 21,089 |  |  |  |  | 21,089 |

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- Definition 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. + 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 (c) -URI http://asc.fasb.org/extlink&oid=117815213&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 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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