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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present summaries of the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:

	March 31, 2019
	Level 1				Level 2				Level 3				Total
	(in thousands)
Loans held for sale	$	—			$	27,768			$	—			$	27,768
Available for sale investment securities:
U.S. Government sponsored agency securities	—				27,524				—				27,524
State and municipal securities	—				297,684				—				297,684
Corporate debt securities	—				118,088				3,200				121,288
Collateralized mortgage obligations	—				887,405				—				887,405
Residential mortgage-backed securities	—				440,858				—				440,858
Commercial mortgage-backed securities	—				282,237				—				282,237
Auction rate securities	—				—				102,810				102,810
Total available for sale investment securities	—				2,053,796				106,010				2,159,806
Other assets:
Investments held in Rabbi Trust	19,979				—				—				19,979
Derivative assets	428				81,698				—				82,126
Total assets	$	20,407			$	2,163,262			$	106,010			$	2,289,679
Other liabilities:
Investments held in Rabbi Trust	19,979				—				—				19,979
Derivative liabilities	356				50,085				—				50,441
Total liabilities	$	20,335			$	50,085			$	—			$	70,420

	December 31, 2018
	Level 1				Level 2				Level 3				Total
	(in thousands)
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
Other assets:
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
Other liabilities:
Investments held in Rabbi Trust	$	18,415			$	—			$	—			$	18,415
Derivative liabilities	381				48,185				—				48,566
Total liabilities	$	18,796			$	48,185			$	—			$	66,981

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 the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3):

	Pooled Trust Preferred Securities				Single-issuer Trust Preferred Securities				ARCs
Three months ended March 31, 2019	(in thousands)
Balance at December 31, 2018	$	875			$	2,400			$	102,994
Unrealized adjustment to fair value (1)	(105		)		30				(184		)
Balance at March 31, 2019	$	770			$	2,430			$	102,810
Three months ended March 31, 2018
Balance at December 31, 2017	$	707			$	3,050			$	98,668
Unrealized adjustment to fair value (1)	158				42				4,381
Discount accretion (2)	—				3				—
Balance at March 31, 2018	$	865			$	3,095			$	103,049

(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 at estimated fair value" 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 Level 3 financial assets measured at fair value on a nonrecurring basis and reported on the Corporation’s consolidated balance sheets:

	March 31, 2019				December 31, 2018
	(in thousands)
Net loans and leases	$	149,899			$	149,846
OREO	9,012				10,518
MSRs	38,504				38,573
Total assets	$	197,415			$	198,937

Details of Book Value and Fair Value of Financial Instruments

As required by FASB ASC Section 825-10-50, the following table details the carrying amounts and estimated fair values of the Corporation’s financial instruments as of March 31, 2019 and December 31, 2018. In addition, a general description of the methods and assumptions used to estimate such fair values is also provided.

	March 31, 2019
				Estimated Fair Value
	Carrying Amount			Level 1			Level 2			Level 3			Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	441,388		$	441,388		$	—		$	—		$	441,388
FRB and FHLB stock	85,533			—			85,533			—			85,533
Loans held for sale	27,768			—			27,768			—			27,768
Available for sale investment securities	2,159,806			—			2,053,796			106,010			2,159,806
Held to maturity investment securities	588,443			603,607			—			—			603,607
Net Loans and Leases	16,100,524			—			—			15,747,820			15,747,820
Accrued interest receivable	62,207			62,207			—			—			62,207
Other financial assets	258,146			128,931			81,698			47,517			258,146
FINANCIAL LIABILITIES
Demand and savings deposits	$	13,369,831		$	13,369,831		$	—		$	—		$	13,369,831
Brokered deposits	251,395			211,395			40,000			—			251,395
Time deposits	2,756,752			—			2,752,582			—			2,752,582
Short-term borrowings	829,016			829,016			—			—			829,016
Accrued interest payable	11,219			11,219			—			—			11,219
Other financial liabilities	213,443			155,095			50,085			8,263			213,443
FHLB advances and long-term debt	1,065,312			—			1,051,696			—			1,051,696
	December 31, 2018
				Estimated Fair Value
	Carrying Amount			Level 1			Level 2			Level 3			Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	445,687		$	445,687		$	—		$	—		$	445,687
FRB and FHLB stock	79,283			—			79,283			—			79,283
Loans held for sale	27,099			—			27,099			—			27,099
Available for sale investment securities	2,080,294			—			1,974,025			106,269			2,080,294
Held to maturity investment securities	606,679			611,419			—			—			611,419
Net Loans and Leases	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

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).

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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.

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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 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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