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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
			Level 1						Level 2						Level 3						Total
			(in thousands)
Loans held for sale			$	—					$	27,675					$	—					$	27,675
Available for sale investment securities:
U.S. Government securities			373,717						—						—						373,717
State and municipal securities			—						1,144,646						—						1,144,646
Corporate debt securities			—						395,597						—						395,597
Collateralized mortgage obligations			—						171,264						—						171,264
Residential mortgage-backed securities			—						275,602						—						275,602
Commercial mortgage-backed securities			—						963,507						—						963,507
Total available for sale investment securities			373,717						2,950,616						—						3,324,333
Other assets:
Investments held in Rabbi Trust			27,065						—						—						27,065
Derivative assets			411						65,132						—						65,543
Total assets			$	401,193					$	3,043,423					$	—					$	3,444,616
Other liabilities:
Deferred compensation liabilities			$	27,065					$	—					$	—					$	27,065
Derivative liabilities			357						89,976						—						90,333
Total liabilities			$	27,422					$	89,976					$	—					$	117,398

			December 31, 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

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):

									ARCs
Three months ended March 31, 2022						(in thousands)
Balance at December 31, 2021									$	74,667
Sales									(74,823)
Unrealized adjustment to fair value (1)									156
Balance at March 31, 2022									$	—
Three months ended March 31, 2021
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

(1)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 "AFS 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, 2022						December 31, 2021
			(in thousands)
Loans, net			$	113,034					$	118,458
OREO			2,014						1,817
MSRs (1)			47,609						35,393
Total assets			$	162,657					$	155,668

(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 detail the book values and the estimated fair values of the Corporation’s financial instruments as of March 31, 2022 and December 31, 2021.

			March 31, 2022
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	1,157,965		$	1,157,965		$	—		$	—		$	1,157,965
FRB and FHLB stock			57,729			—			57,729			—			57,729
Loans held for sale			27,675			—			27,675			—			27,675
AFS securities			3,324,333			373,717			2,950,616			—			3,324,333
HTM securities			964,341			—			888,989			—			888,989
Net loans			18,232,414			—			—			17,588,031			17,588,031
Accrued interest receivable			55,102			55,102			—			—			55,102
Other assets			478,961			364,206			65,132			49,623			478,961
FINANCIAL LIABILITIES
Demand and savings deposits			$	19,632,873		$	19,632,873		$	—		$	—		$	19,632,873
Brokered deposits			248,833			228,833			20,514			—			249,347
Time deposits			1,659,468			—			1,657,129			—			1,657,129
Accrued interest payable			4,713			4,713			—			—			4,713
Short-term borrowings			452,440			452,440			—			—			452,440
Long-term borrowings			556,494			—			509,423			—			509,423
Other liabilities			299,695			195,786			89,976			13,933			299,695

			December 31, 2021
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
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
AFS securities			3,187,390			127,618			2,985,105			74,667			3,187,390
HTM securities			980,384			—			965,867			—			965,867
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

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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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