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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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

The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:

	September 30, 2019
	Level 1				Level 2				Level 3				Total
	(in thousands)
Loans held for sale	$	—			$	33,945			$	—			$	33,945
Available for sale investment securities:
State and municipal securities	—				547,344				—				547,344
Corporate debt securities	—				356,036				2,370				358,406
Collateralized mortgage obligations	—				700,599				—				700,599
Residential mortgage-backed securities	—				183,785				—				183,785
Commercial mortgage-backed securities	—				422,109				—				422,109
Auction rate securities	—				—				103,298				103,298
Total available for sale investment securities	—				2,209,873				105,668				2,315,541
Other assets:
Investments held in Rabbi Trust	20,853				—				—				20,853
Derivative assets	535				195,263				—				195,798
Total assets	$	21,388			$	2,439,081			$	105,668			$	2,566,137
Other liabilities:
Deferred compensation liabilities	20,853				—				—				20,853
Derivative liabilities	480				105,016				—				105,496
Total liabilities	$	21,333			$	105,016			$	—			$	126,349

	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:
Deferred compensation liabilities	$	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 September 30, 2019	(in thousands)
Balance at June 30, 2019	$	—			$	2,370			$	103,365
Unrealized adjustment to fair value (1)	—				(2		)		(67		)
Discount accretion (2)	—				2				—
Balance at September 30, 2019	$	—			$	2,370			$	103,298
Three months ended September 30, 2018
Balance at June 30, 2018	$	875			$	3,200			$	103,122
Realized adjustment to fair value	—				71				—
Unrealized adjustment to fair value (1)	—				153				11
Settlements - calls	—				(950		)		—
Discount accretion (2)	—				1				—
Balance at September 30, 2018	$	875			$	2,475			$	103,133
Nine months ended September 30, 2019
Balance at December 31, 2018	$	875			$	2,400			$	102,994
Sales	(770		)		—				—
Unrealized adjustment to fair value (1)	(105		)		(32		)		304
Discount accretion (2)	—				2				—
Balance at September 30, 2019	$	—			$	2,370			$	103,298
Nine months ended September 30, 2018
Balance at December 31, 2017	$	707			$	3,050			$	98,668
Realized adjustment to fair value	—				71				—
Unrealized adjustment to fair value (1)	168				297				4,465
Settlements - calls	—				(950		)		—
Discount accretion (2)	—				7				—
Balance at September 30, 2018	$	875			$	2,475			$	103,133

(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 Level 3 financial assets measured at fair value on a nonrecurring basis:

	September 30, 2019				December 31, 2018
	(in thousands)
Net loans and leases	$	146,682			$	149,846
OREO	7,706				10,518
MSRs (1)	43,968				50,200
Total assets	$	198,356			$	210,564

Details of Book Value and Fair Value of Financial Instruments

he following table presents the carrying amounts and estimated fair values of the Corporation’s financial instruments as of September 30, 2019 and December 31, 2018. A general description of the methods and assumptions used to estimate such fair values follows:

	September 30, 2019
				Estimated Fair Value
	Carrying Amount			Level 1			Level 2			Level 3			Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	598,613		$	598,613		$	—		$	—		$	598,613
FRB and FHLB stock	94,557			—			94,557			—			94,557
Loans held for sale	33,945			—			33,945			—			33,945
Available for sale investment securities	2,315,541			—			2,209,873			105,668			2,315,541
Held to maturity investment securities	390,069			—			403,957			—			403,957
Net loans and leases	16,520,731			—			—			16,427,675			16,427,675
Accrued interest receivable	60,447			60,447			—			—			60,447
Other assets	478,924			236,599			195,263			51,674			483,536
FINANCIAL LIABILITIES
Demand and savings deposits	$	14,105,974		$	14,105,974		$	—		$	—		$	14,105,974
Brokered deposits	256,870			216,870			40,550			—			257,420
Time deposits	2,979,873			—			3,002,796			—			3,002,796
Short-term borrowings	832,860			832,860			—			—			832,860
Accrued interest payable	9,622			9,622			—			—			9,622
FHLB advances and long-term debt	726,714			—			723,194			—			723,194
Other liabilities	288,477			176,799			105,016			6,662			288,477
	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 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
FHLB advances and long-term debt	992,279			—			970,985			—			970,985
Other liabilities	218,061			161,003			48,185			8,873			218,061

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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).

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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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