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Fair Value Measurements (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and 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 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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