XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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:

			September 30, 2021
			Level 1						Level 2						Level 3						Total
			(in thousands)
Loans held for sale			$	—					$	43,123					$	—					$	43,123
Available for sale investment securities:
U.S. Government securities			153,210						—						—						153,210
U.S. Government sponsored agency securities			—						62,066						—						62,066
State and municipal securities			—						1,150,394						—						1,150,394
Corporate debt securities			—						369,338						—						369,338
Collateralized mortgage obligations			—						252,035						—						252,035
Residential mortgage-backed securities			—						190,123						—						190,123
Commercial mortgage-backed securities			—						832,038						—						832,038
Auction rate securities			—						—						75,133						75,133
Total available for sale investment securities			153,210						2,855,994						75,133						3,084,337
Other assets:
Investments held in Rabbi Trust			27,015						—						—						27,015
Derivative assets			319						190,480						—						190,799
Total assets			$	180,544					$	3,089,597					$	75,133					$	3,345,274
Other liabilities:
Deferred compensation liabilities			$	27,015					$	—					$	—					$	27,015
Derivative liabilities			297						97,036						—						97,333
Total liabilities			$	27,312					$	97,036					$	—					$	124,348

			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 September 30, 2021						(in thousands)
Balance at June 30, 2021									$	—					$	74,834
Unrealized adjustment to fair value (1)									—						299
Balance at September 30, 2021									$	—					$	75,133
Three months ended September 30, 2020
Balance at June 30, 2020									$	—					$	100,859
Sales									—						—
Unrealized adjustment to fair value (1)									—						(2,869)
Balance at September 30, 2020									$	—					$	97,990
Nine months ended September 30, 2021
Balance at December 31, 2020									$	—					$	98,206
Sales									—						(24,619)
Unrealized adjustment to fair value (1)									—						1,546
Balance at September 30, 2021									$	—					$	75,133
Nine months ended September 30, 2020
Balance at December 31, 2019									$	2,400					$	101,926
Sales									(2,160)						—
Unrealized adjustment to fair value (1)									(242)						(3,936)
Discount accretion									2						—
Balance at September 30, 2020									$	—					$	97,990

(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:

			September 30, 2021						December 31, 2020
			(in thousands)
Loans, net			$	113,261					$	116,584
OREO			1,896						4,178
MSRs (1)			32,938						28,245
Total assets			$	148,095					$	149,007

(1)Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value. See "Note 5 - Mortgage Servicing Rights" for additional information.

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:

			September 30, 2021
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	2,471,009		$	2,471,009		$	—		$	—		$	2,471,009
FRB and FHLB stock			61,293			—			61,293			—			61,293
Loans held for sale			43,123			—			43,123			—			43,123
AFS securities			3,084,337			153,210			2,855,994			75,133			3,084,337
HTM securities			916,423			—			910,156			—			910,156
Net Loans			18,012,680			—			—			17,434,206			17,434,206
Accrued interest receivable			57,902			57,902			—			—			57,902
Other assets			517,140			291,826			190,480			34,834			517,140
FINANCIAL LIABILITIES
Demand and savings deposits			$	20,022,870		$	20,022,870		$	—		$	—		$	20,022,870
Brokered deposits			262,617			242,617			20,732			—			263,349
Time deposits			1,788,554			—			1,795,084			—			1,795,084
Short-term borrowings			468,967			468,967			—			—			468,967
Accrued interest payable			5,202			5,202			—			—			5,202
Long-term borrowings			627,386			—			614,866			—			614,866
Other liabilities			325,361			213,542			97,036			14,783			325,361

			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			2,224,664			—			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

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).

+ 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=123874694&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=123874694&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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 (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration