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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 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:
| 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Loans held for sale | $ | — |  |  | $ | 35,768 |  |  | $ | — |  |  | $ | 35,768 |
Available for sale investment securities: |  |  |  |  |  |  |
U.S. Government securities | 127,618 |  |  | — |  |  | — |  |  | 127,618 |
State and municipal securities | — |  |  | 1,188,670 |  |  | — |  |  | 1,188,670 |
Corporate debt securities | — |  |  | 386,133 |  |  | — |  |  | 386,133 |
Collateralized mortgage obligations | — |  |  | 209,359 |  |  | — |  |  | 209,359 |
Residential mortgage-backed securities | — |  |  | 229,795 |  |  | — |  |  | 229,795 |
Commercial mortgage-backed securities | — |  |  | 971,148 |  |  | — |  |  | 971,148 |
Auction rate securities | — |  |  | — |  |  | 74,667 |  |  | 74,667 |
Total available for sale investment securities | 127,618 |  |  | 2,985,105 |  |  | 74,667 |  |  | 3,187,390 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 28,619 |  |  | — |  |  | — |  |  | 28,619 |
Derivative assets | 298 |  |  | 160,945 |  |  | — |  |  | 161,243 |
Total assets | $ | 156,535 |  |  | $ | 3,181,818 |  |  | $ | 74,667 |  |  | $ | 3,413,020 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 28,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,619 |
Derivative liabilities | 291 |  |  | 86,110 |  |  | — |  |  | 86,401 |
Total liabilities | $ | 28,910 |  |  | $ | 86,110 |  |  | $ | — |  |  | $ | 115,020 |
| 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 AFS investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:
|  |  | Single-issuer Trust Preferred Securities |  | ARCs
|  | (in thousands)
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 |
Sales |  |  | — |  |  | (24,619) |
Unrealized adjustment to fair value (1) |  |  | — |  |  | 1,080 |
Discount accretion (2) |  |  | — |  |  | — |
Balance at December 31, 2021 |  |  | $ | — |  |  | $ | 74,667 |
(1)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:
| 2021 |  | 2020
| (in thousands)
Loans, net | $ | 118,458 |  |  | $ | 116,584 |
OREO | 1,817 |  |  | 4,178 |
MSRs (1) | 35,393 |  |  | 28,245 |
Total assets | $ | 155,668 |  |  | $ | 149,007 |
(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.
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% |  | (16)%
Prepayment Rate |  | - 30% |  | 15%
Discount Rate |  | - 200 bps |  | 7%
Discount Rate |  | + 200 bps |  | (7)%
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, 2021 and 2020. A general description of the methods and assumptions used to estimate such fair values is also provided.
| 2021
|  |  | Estimated Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS | (in thousands)
Cash and cash equivalents | $ | 1,638,614 |  |  | $ | 1,638,614 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,638,614 |
FRB and FHLB stock | 57,635 |  |  | — |  |  | 57,635 |  |  | — |  |  | 57,635 |
Loans held for sale | 35,768 |  |  | — |  |  | 35,768 |  |  | — |  |  | 35,768 |
HTM securities | 980,384 |  |  | — |  |  | 965,867 |  |  | — |  |  | 965,867 |
AFS securities | 3,187,390 |  |  | 127,618 |  |  | 2,985,105 |  |  | 74,667 |  |  | 3,187,390 |
Net Loans | 18,076,349 |  |  | — |  |  | — |  |  | 17,519,497 |  |  | 17,519,497 |
Accrued interest receivable | 57,451 |  |  | 57,451 |  |  | — |  |  | — |  |  | 57,451 |
Other assets | 565,491 |  |  | 367,336 |  |  | 160,945 |  |  | 37,210 |  |  | 565,491 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 19,594,497 |  |  | $ | 19,594,497 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,594,497 |
Brokered deposits | 251,526 |  |  | 231,526 |  |  | 20,603 |  |  | — |  |  | 252,129 |
Time deposits | 1,727,476 |  |  | — |  |  | 1,730,673 |  |  | — |  |  | 1,730,673 |
Accrued interest payable | 7,000 |  |  | 7,000 |  |  | — |  |  | — |  |  | 7,000 |
Short-term borrowings | 416,764 |  |  | 416,764 |  |  | — |  |  | — |  |  | 416,764 |
Long-term borrowings | 621,345 |  |  | — |  |  | 605,719 |  |  | — |  |  | 605,719 |
Other liabilities | 288,862 |  |  | 188,219 |  |  | 86,110 |  |  | 14,533 |  |  | 288,862 |
| 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 |

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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). + 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
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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. + 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
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