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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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:

			March 31, 2021
			Level 1						Level 2						Level 3						Total
			(in thousands)
Loans held for sale			$	—					$	34,092					$	—					$	34,092
Available for sale investment securities:
State and municipal securities			—						994,760						—						994,760
Corporate debt securities			—						359,371						—						359,371
Collateralized mortgage obligations			—						399,881						—						399,881
Residential mortgage-backed securities			—						255,364						—						255,364
Commercial mortgage-backed securities			—						673,017						—						673,017
Auction rate securities			—						—						76,204						76,204
Total available for sale investment securities			—						2,682,393						76,204						2,758,597
Other assets:
Investments held in Rabbi Trust			25,374						—						—						25,374
Derivative assets			323						196,808						—						197,131
Total assets			$	25,697					$	2,913,293					$	76,204					$	3,015,194
Other liabilities:
Deferred compensation liabilities			$	25,374					$	—					$	—					$	25,374
Derivative liabilities			272						108,897						—						109,169
Total liabilities			$	25,646					$	108,897					$	—					$	134,543

			December 31, 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

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):

									Single-issuer Trust Preferred Securities						ARCs
Three months ended March 31, 2021						(in thousands)
Balance at December 31, 2020									$	—					$	98,206
Sales									—						(24,619)
Unrealized adjustment to fair value (1)									—						2,617
Balance at March 31, 2021									$	—					$	76,204
Three months ended March 31, 2020
Balance at December 31, 2019									$	2,400					$	101,926
Unrealized adjustment to fair value (1)									(242)						(8,260)
Discount accretion									2						—
Balance at March 31, 2020									$	2,160					$	93,666

(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.

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:

			March 31, 2021						December 31, 2020
			(in thousands)
Loans, net			$	122,962					$	116,584
OREO			3,664						4,178
MSRs (1)			33,403						28,245
Total assets			$	160,029					$	149,007

Details of Book Value and Fair Value of Financial Instruments

The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments for the current period. A general description of the methods and assumptions used to estimate such fair values follows:

			March 31, 2021
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	1,661,876		$	1,661,876		$	—		$	—		$	1,661,876
FRB and FHLB stock			66,209			—			66,209			—			66,209
Loans held for sale			34,092			—			34,092			—			34,092
AFS securities			2,758,597			—			2,682,393			76,204			2,758,597
HTM securities			853,413			—			843,743			—			843,743
Net Loans			18,725,000			—			—			18,354,532			18,354,532
Accrued interest receivable			65,649			65,649			—			—			65,649
Other assets			510,534			276,659			196,808			37,067			510,534
FINANCIAL LIABILITIES
Demand and savings deposits			$	19,250,538		$	19,250,538		$	—		$	—		$	19,250,538
Brokered deposits			309,873			289,873			21,001			—			310,874
Time deposits			2,073,427			—			2,087,663			—			2,087,663
Short-term borrowings			520,989			520,989			—			—			520,989
Accrued interest payable			5,618			5,618			—			—			5,618
Long-term borrowings			626,407			—			607,577			—			607,577
Other liabilities			297,069			173,899			108,897			14,273			297,069

			December 31, 2020
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
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
AFS securities			3,062,143			—			2,963,937			98,206			3,062,143
HTM securities			278,281			—			296,857			—			296,857
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			2,224,665			—			2,246,457			—			2,246,457
Short-term borrowings			630,066			630,066			—			—			630,066
Accrued interest payable			10,365			10,365			—			—			10,365
Long-term borrowings			1,296,263			—			1,332,041			—			1,332,041
Other liabilities			338,747			156,869			167,505			14,373			338,747

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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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