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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 2022
			Level 1						Level 2						Level 3						Total
			(in thousands)
Loans held for sale			$	—					$	17,528					$	—					$	17,528
Available for sale investment securities:
Equity securities			—						—						—						—
U.S. Government securities			371,266						—						—						371,266
State and municipal securities			—						1,083,477						—						1,083,477
Corporate debt securities			—						393,561						—						393,561
Collateralized mortgage obligations			—						148,103						—						148,103
Residential mortgage-backed securities			—						195,359						—						195,359
Commercial mortgage-backed securities			—						587,072						—						587,072
Total available for sale investment securities			371,266						2,407,572						—						2,778,838
Other assets:
Investments held in Rabbi Trust			23,669						—						—						23,669
Derivative assets			813						93,045						—						93,858
Total assets			$	395,748					$	2,518,145					$	—					$	2,913,893
Other liabilities:
Deferred compensation liabilities			$	23,669					$	—					$	—					$	23,669
Derivative liabilities			765						168,272						—						169,037
Total liabilities			$	24,434					$	168,272					$	—					$	192,706

			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 June 30, 2022						(in thousands)
Balance at March 31, 2022									$	—
Sales									—
Unrealized adjustment to fair value (1)									—
Balance at June 30, 2022									$	—
Three months ended June 30, 2021
Balance at March 31, 2021									$	76,204
Unrealized adjustment to fair value (1)									(1,370)
Balance at June 30, 2021									$	74,834
Six months ended June 30, 2022
Balance at December 31, 2021									$	74,667
Sales									(74,823)
Unrealized adjustment to fair value (1)									156
Balance at June 30, 2022									$	—
Six months ended June 30, 2021
Balance at December 31, 2020									$	98,206
Sales									(24,619)
Unrealized adjustment to fair value (1)									1,247
Balance at June 30, 2021									$	74,834

(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:

			June 30, 2022						December 31, 2021
			(in thousands)
Loans, net			$	137,267					$	118,458
OREO			4,786						1,817
MSRs (1)			49,804						35,393
Total assets			$	191,857					$	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 June 30, 2022 and December 31, 2021.

			June 30, 2022
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	449,674		$	449,674		$	—		$	—		$	449,674
FRB and FHLB stock			62,146			—			62,146			—			62,146
Federal funds sold			30,500			30,500			—			—			30,500
Loans held for sale			17,528			—			17,528			—			17,528
AFS securities			2,778,838			371,266			2,407,572			—			2,778,838
HTM securities			1,338,963			—			1,215,325			—			1,215,325
Loans, net			18,672,386			—			—			17,993,585			17,993,585
Accrued interest receivable			64,457			64,457			—			—			64,457
Other assets			505,136			357,501			93,045			54,590			505,136
FINANCIAL LIABILITIES
Demand and savings deposits			$	19,340,633		$	19,340,633		$	—		$	—		$	19,340,633
Brokered deposits			243,172			223,172			20,167			—			243,339
Time deposits			1,560,061			—			1,552,555			—			1,552,555
Accrued interest payable			6,010			6,010			—			—			6,010
Short-term borrowings			456,185			456,185			—			—			456,185
Long-term borrowings			557,130			—			490,331			—			490,331
Other liabilities			343,794			161,198			168,272			14,324			343,794

			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
Loans, net			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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