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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2018
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarizes the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets as of December 31:
| 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Mortgage loans held for sale | $ | — |  |  | $ | 27,099 |  |  | $ | — |  |  | $ | 27,099 |
Available for sale investment securities: |  |  |  |  |  |  |
U.S. Government sponsored agency securities | — |  |  | 31,632 |  |  | — |  |  | 31,632 |
State and municipal securities | — |  |  | 279,095 |  |  | — |  |  | 279,095 |
Corporate debt securities | — |  |  | 106,258 |  |  | 3,275 |  |  | 109,533 |
Collateralized mortgage obligations | — |  |  | 832,080 |  |  | — |  |  | 832,080 |
Residential mortgage-backed securities | — |  |  | 463,344 |  |  | — |  |  | 463,344 |
Commercial mortgage-backed securities | — |  |  | 261,616 |  |  | — |  |  | 261,616 |
Auction rate securities | — |  |  | — |  |  | 102,994 |  |  | 102,994 |
Total available for sale investment securities | — |  |  | 1,974,025 |  |  | 106,269 |  |  | 2,080,294 |
Investments held in Rabbi Trust | 18,415 |  |  | — |  |  | — |  |  | 18,415 |
Derivative assets | 392 |  |  | 62,552 |  |  | — |  |  | 62,944 |
Total assets | $ | 18,807 |  |  | $ | 2,063,676 |  |  | $ | 106,269 |  |  | $ | 2,188,752 |
Investments held in Rabbi Trust | $ | 18,415 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,415 |
Derivative liabilities | 381 |  |  | 48,185 |  |  | — |  |  | 48,566 |
Total liabilities | $ | 18,796 |  |  | $ | 48,185 |  |  | $ | — |  |  | $ | 66,981 |
| 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Mortgage loans held for sale | $ | — |  |  | $ | 31,530 |  |  | $ | — |  |  | $ | 31,530 |
Available for sale investment securities: |  |  |  |  |  |  |
Equity securities | 918 |  |  | — |  |  | — |  |  | 918 |
U.S. Government sponsored agency securities | — |  |  | 5,938 |  |  | — |  |  | 5,938 |
State and municipal securities | — |  |  | 408,949 |  |  | — |  |  | 408,949 |
Corporate debt securities | — |  |  | 93,552 |  |  | 3,757 |  |  | 97,309 |
Collateralized mortgage obligations | — |  |  | 602,623 |  |  | — |  |  | 602,623 |
Residential mortgage-backed securities | — |  |  | 1,120,796 |  |  | — |  |  | 1,120,796 |
Commercial mortgage-backed securities | — |  |  | 212,755 |  |  | — |  |  | 212,755 |
Auction rate securities | — |  |  | — |  |  | 98,668 |  |  | 98,668 |
Total available for sale investment securities | 918 |  |  | 2,444,613 |  |  | 102,425 |  |  | 2,547,956 |
Investments held in Rabbi Trust | 18,982 |  |  | — |  |  | — |  |  | 18,982 |
Derivative assets | 469 |  |  | 44,539 |  |  | — |  |  | 45,008 |
Total assets | $ | 20,369 |  |  | $ | 2,520,682 |  |  | $ | 102,425 |  |  | $ | 2,643,476 |
Investments held in Rabbi Trust | $ | 18,982 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,982 |
Derivative liabilities | 375 |  |  | 39,014 |  |  | — |  |  | 39,389 |
Other liabilities | $ | 19,357 |  |  | $ | 39,014 |  |  | $ | — |  |  | $ | 58,371 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:
| Pooled Trust Preferred Securities |  | Single-issuer Trust Preferred Securities |  | Auction Rate Securities
| (in thousands)
Balance as of December 31, 2016 | $ | 422 |  |  | $ | 2,450 |  |  | $ | 97,256 |
Unrealized adjustments to fair value (1) | 285 |  |  | 588 |  |  | 1,217 |
Discount accretion (2) | — |  |  | 12 |  |  | 195 |
Balance as of December 31, 2017 | 707 |  |  | 3,050 |  |  | 98,668 |
Realized adjustments to fair value | — |  |  | 71 |  |  | — |
Unrealized adjustments to fair value (1) | 168 |  |  | 221 |  |  | 4,326 |
Settlements - calls | — |  |  | (950 | ) |  | — |
Discount accretion (2) | — |  |  | 8 |  |  | — |
Balance as of December 31, 2018 | $ | 875 |  |  | $ | 2,400 |  |  | $ | 102,994 |
(1) | Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the
unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets.
(2) | Included as a component of net interest income on the consolidated statements of income.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents the Corporation's assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31:
| 2018 |  | 2017
| (in thousands)
Net loans |  | $ | 149,846 |  |  | $ | 149,608 |
OREO |  | 10,518 |  |  | 9,823 |
MSRs |  | 38,573 |  |  | 37,663 |
Total assets |  | $ | 198,937 |  |  | $ | 197,094 |
Details of Book Value and Fair Value of Financial Instruments | As required by FASB ASC Section 825-10-50, the following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2018 and 2017. A general description of the methods and assumptions used to estimate such fair values is also provided.
| 2018
| Amortized Cost |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value
FINANCIAL ASSETS | (in thousands)
Cash and due from banks | $ | 103,436 |  |  | $ | 103,436 |  |  | $ | — |  |  | $ | — |  |  | $ | 103,436 |
Interest-bearing deposits with other banks | 342,251 |  |  | 342,251 |  |  | — |  |  | — |  |  | 342,251 |
FRB and FHLB stock | 79,283 |  |  | — |  |  | 79,283 |  |  | — |  |  | 79,283 |
Loans held for sale | 27,099 |  |  | — |  |  | 27,099 |  |  | — |  |  | 27,099 |
Held to maturity investment securities | 606,679 |  |  | 611,419 |  |  | — |  |  | — |  |  | 611,419 |
Available for sale investment securities | 2,115,265 |  |  | — |  |  | 1,974,025 |  |  | 106,269 |  |  | 2,080,294 |
Net Loans | 16,005,263 |  |  | — |  |  | — |  |  | 15,446,895 |  |  | 15,446,895 |
Accrued interest receivable | 58,879 |  |  | 58,879 |  |  | — |  |  | — |  |  | 58,879 |
Other financial assets | 235,782 |  |  | 124,138 |  |  | 62,552 |  |  | 49,092 |  |  | 235,782 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 13,478,016 |  |  | $ | 13,478,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,478,016 |
Brokered deposits | 176,239 |  |  | 176,239 |  |  | — |  |  | — |  |  | 176,239 |
Time deposits | 2,721,904 |  |  | — |  |  | 2,712,296 |  |  | — |  |  | 2,712,296 |
Short-term borrowings | 754,777 |  |  | 754,777 |  |  | — |  |  | — |  |  | 754,777 |
Accrued interest payable | 10,529 |  |  | 10,529 |  |  | — |  |  | — |  |  | 10,529 |
Other financial liabilities | 218,061 |  |  | 161,003 |  |  | 48,185 |  |  | 8,873 |  |  | 218,061 |
FHLB advances and long-term debt | 992,279 |  |  | — |  |  | 970,985 |  |  | — |  |  | 970,985 |
| 2017
| Amortized Cost |  | Level 1 |  | Level 2 |  | Level 3 |  | Estimated Fair Value
| (in thousands)
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 108,291 |  |  | $ | 108,291 |  |  | $ | — |  |  | $ | — |  |  | $ | 108,291 |
Interest-bearing deposits with other banks | 293,805 |  |  | 293,805 |  |  | — |  |  | — |  |  | 293,805 |
FRB and FHLB stock | 60,761 |  |  | — |  |  | 60,761 |  |  | — |  |  | 60,761 |
Loans held for sale | 31,530 |  |  | — |  |  | 31,530 |  |  | — |  |  | 31,530 |
Held to maturity investment securities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Available for sale investment securities | 2,547,956 |  |  | 918 |  |  | 2,444,613 |  |  | 102,425 |  |  | 2,547,956 |
Net Loans | 15,598,337 |  |  | — |  |  | — |  |  | 15,380,974 |  |  | 15,380,974 |
Accrued interest receivable | 52,910 |  |  | 52,910 |  |  | — |  |  | — |  |  | 52,910 |
Other financial assets | 215,464 |  |  | 123,439 |  |  | 44,539 |  |  | 47,486 |  |  | 215,464 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 13,042,147 |  |  | $ | 13,042,147 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,042,147 |
Brokered deposits | 90,473 |  |  | 90,473 |  |  | — |  |  | — |  |  | 90,473 |
Time deposits | 2,664,912 |  |  | — |  |  | 2,673,359 |  |  | — |  |  | 2,673,359 |
Short-term borrowings | 617,524 |  |  | 617,524 |  |  | — |  |  | — |  |  | 617,524 |
Accrued interest payable | 9,317 |  |  | 9,317 |  |  | — |  |  | — |  |  | 9,317 |
Other financial liabilities | 227,569 |  |  | 182,381 |  |  | 39,014 |  |  | 6,174 |  |  | 227,569 |
FHLB advances and long-term debt | 1,038,346 |  |  | — |  |  | 1,025,640 |  |  | — |  |  | 1,025,640 |

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- 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 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 (b) -URI http://asc.fasb.org/extlink&oid=99377789&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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset. + References Reference 1: 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=99377789&loc=d3e19279-110258 Reference 2: 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=99377789&loc=d3e19207-110258 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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