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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
| 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Loans held for sale | $ | — |  |  | $ | 83,886 |  |  | $ | — |  |  | $ | 83,886 |
Available for sale investment securities: |  |  |  |  |  |  |
State and municipal securities | — |  |  | 952,613 |  |  | — |  |  | 952,613 |
Corporate debt securities | — |  |  | 367,145 |  |  | — |  |  | 367,145 |
Collateralized mortgage obligations | — |  |  | 503,766 |  |  | — |  |  | 503,766 |
Residential mortgage-backed securities | — |  |  | 377,998 |  |  | — |  |  | 377,998 |
Commercial mortgage-backed securities | — |  |  | 762,415 |  |  | — |  |  | 762,415 |
Auction rate securities | — |  |  | — |  |  | 98,206 |  |  | 98,206 |
Total available for sale investment securities | — |  |  | 2,963,937 |  |  | 98,206 |  |  | 3,062,143 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 24,383 |  |  | — |  |  | — |  |  | 24,383 |
Derivative assets | 323 |  |  | 338,987 |  |  | — |  |  | 339,310 |
Total assets | $ | 24,706 |  |  | $ | 3,386,810 |  |  | $ | 98,206 |  |  | $ | 3,509,722 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 24,383 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,383 |
Derivative liabilities | 280 |  |  | 167,505 |  |  | — |  |  | 167,785 |
Total liabilities | $ | 24,663 |  |  | $ | 167,505 |  |  | $ | — |  |  | $ | 192,168 |
| 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Loans held for sale | $ | — |  |  | $ | 37,828 |  |  | $ | — |  |  | $ | 37,828 |
Available for sale investment securities: |  |  |  |  |  |  |
State and municipal securities | — |  |  | 652,927 |  |  | — |  |  | 652,927 |
Corporate debt securities | — |  |  | 374,957 |  |  | 2,400 |  |  | 377,357 |
Collateralized mortgage obligations | — |  |  | 693,718 |  |  | — |  |  | 693,718 |
Residential mortgage-backed securities | — |  |  | 177,312 |  |  | — |  |  | 177,312 |
Commercial mortgage-backed securities | — |  |  | 494,297 |  |  | — |  |  | 494,297 |
Auction rate securities | — |  |  | — |  |  | 101,926 |  |  | 101,926 |
Total available for sale investment securities | — |  |  | 2,393,211 |  |  | 104,326 |  |  | 2,497,537 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 22,213 |  |  | — |  |  | — |  |  | 22,213 |
Derivative assets | 230 |  |  | 145,365 |  |  | — |  |  | 145,595 |
Total assets | $ | 22,443 |  |  | $ | 2,576,404 |  |  | $ | 104,326 |  |  | $ | 2,703,173 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 22,213 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,213 |
Derivative liabilities | 199 |  |  | 76,447 |  |  | — |  |  | 76,646 |
Total liabilities | $ | 22,412 |  |  | $ | 76,447 |  |  | $ | — |  |  | $ | 98,859 |
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 AFS 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 |  | ARCs
| (in thousands)
Balance at December 31, 2018 | $ | 875 |  |  | $ | 2,400 |  |  | $ | 102,994 |
Sales | (770) |  |  | — |  |  | — |
Unrealized adjustment to fair value (1) | (105) |  |  | (4) |  |  | (1,068) |
Discount accretion (2) | — |  |  | 4 |  |  | — |
Balance at December 31, 2019 | $ | — |  |  | $ | 2,400 |  |  | $ | 101,926 |
Sales | — |  |  | (2,160) |  |  | — |
Unrealized adjustment to fair value (1) | — |  |  | (242) |  |  | (3,720) |
Discount accretion (2) | — |  |  | 2 |  |  | — |
Balance at December 31, 2020 | $ | — |  |  | $ | — |  |  | $ | 98,206 |
(1)Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as AFS investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "AFS 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 instruments measured at fair value on a nonrecurring basis:
| 2020 |  | 2019
| (in thousands)
Loans, net | $ | 116,584 |  |  | $ | 144,807 |
OREO | 4,178 |  |  | 6,831 |
MSRs (1) | 28,245 |  |  | 45,193 |
Total assets | $ | 149,007 |  |  | $ | 196,831 |
(1)Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 7 - Mortgage Servicing Rights" for additional information.
Details of Book Value and Fair Value of Financial Instruments | The following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2020 and 2019. A general description of the methods and assumptions used to estimate such fair values is also provided.
| 2020
|  |  | Estimated Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS | (in thousands)
Cash and cash equivalents | $ | 1,847,832 |  |  | $ | 1,847,832 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,847,832 |
FRB and FHLB stock | 92,129 |  |  | — |  |  | 92,129 |  |  | — |  |  | 92,129 |
Loans held for sale | 83,886 |  |  | — |  |  | 83,886 |  |  | — |  |  | 83,886 |
HTM securities | 278,281 |  |  | — |  |  | 296,857 |  |  | — |  |  | 296,857 |
AFS securities | 3,062,143 |  |  | — |  |  | 2,963,937 |  |  | 98,206 |  |  | 3,062,143 |
Net Loans | 18,623,253 |  |  | — |  |  | — |  |  | 18,354,532 |  |  | 18,354,532 |
Accrued interest receivable | 72,942 |  |  | 72,942 |  |  | — |  |  | — |  |  | 72,942 |
Other assets | 650,425 |  |  | 279,015 |  |  | 338,987 |  |  | 32,423 |  |  | 650,425 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 18,279,358 |  |  | $ | 18,279,358 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,279,358 |
Brokered deposits | 335,185 |  |  | 295,185 |  |  | 41,206 |  |  | — |  |  | 336,391 |
Time deposits | 2,224,664 |  |  | — |  |  | 2,246,457 |  |  | — |  |  | 2,246,457 |
Accrued interest payable | 10,365 |  |  | 10,365 |  |  | — |  |  | — |  |  | 10,365 |
Short-term borrowings | 630,066 |  |  | 630,066 |  |  | — |  |  | — |  |  | 630,066 |
Long-term borrowings | 1,296,263 |  |  | — |  |  | 1,332,041 |  |  | — |  |  | 1,332,041 |
Other liabilities | 338,747 |  |  | 156,869 |  |  | 167,505 |  |  | 14,373 |  |  | 338,747 |
| 2019
|  |  | Estimated Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS | (in thousands)
Cash and cash equivalents | $ | 517,791 |  |  | $ | 517,791 |  |  | $ | — |  |  | $ | — |  |  | $ | 517,791 |
FRB and FHLB stock | 97,422 |  |  | — |  |  | 97,422 |  |  | — |  |  | 97,422 |
Loans held for sale | 37,828 |  |  | — |  |  | 37,828 |  |  | — |  |  | 37,828 |
HTM securities | 369,841 |  |  | — |  |  | 383,705 |  |  | — |  |  | 383,705 |
AFS securities | 2,497,537 |  |  | — |  |  | 2,393,211 |  |  | 104,326 |  |  | 2,497,537 |
Net Loans | 16,673,904 |  |  | — |  |  | — |  |  | 16,485,122 |  |  | 16,485,122 |
Accrued interest receivable | 60,898 |  |  | 60,898 |  |  | — |  |  | — |  |  | 60,898 |
Other assets | 431,565 |  |  | 234,176 |  |  | 145,365 |  |  | 52,024 |  |  | 431,565 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 14,327,453 |  |  | $ | 14,327,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,327,453 |
Brokered deposits | 264,531 |  |  | 224,531 |  |  | 40,549 |  |  | — |  |  | 265,080 |
Time deposits | 2,801,930 |  |  | — |  |  | 2,828,988 |  |  | — |  |  | 2,828,988 |
Accrued interest payable | 8,834 |  |  | 8,834 |  |  | — |  |  | — |  |  | 8,834 |
Short-term borrowings | 883,241 |  |  | 883,241 |  |  | — |  |  | — |  |  | 883,241 |
Long-term borrowings | 881,769 |  |  | — |  |  | 878,385 |  |  | — |  |  | 878,385 |
Other liabilities | 221,542 |  |  | 142,508 |  |  | 76,447 |  |  | 2,587 |  |  | 221,542 |
Fair Value Measurement Inputs and Valuation Techniques | Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below:
Significant Input |  | Scenario Shock |  | % Change in Valuation
Prepayment Rate |  | + 30% |  | (22)%
Prepayment Rate |  | - 30% |  | 20%
Discount Rate |  | - 200 bps |  | (5)%
Discount Rate |  | + 200 bps |  | 7%

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