XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 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:
| September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Loans held for sale | $ | — |  |  | $ | 14,411 |  |  | $ | — |  |  | $ | 14,411 |
Available for sale investment securities: |  |  |  |  |  |  |
Equity securities | — |  |  | — |  |  | — |  |  | — |
U.S. Government securities | 218,184 |  |  | — |  |  | — |  |  | 218,184 |
U.S. Government-sponsored agency securities | — |  |  | 1,006 |  |  | — |  |  | 1,006 |
State and municipal securities | — |  |  | 1,038,185 |  |  | — |  |  | 1,038,185 |
Corporate debt securities | — |  |  | 399,615 |  |  | — |  |  | 399,615 |
Collateralized mortgage obligations | — |  |  | 142,401 |  |  | — |  |  | 142,401 |
Residential mortgage-backed securities | — |  |  | 214,252 |  |  | — |  |  | 214,252 |
Commercial mortgage-backed securities | — |  |  | 583,741 |  |  | — |  |  | 583,741 |
Total available for sale investment securities | 218,184 |  |  | 2,379,200 |  |  | — |  |  | 2,597,384 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 22,933 |  |  | — |  |  | — |  |  | 22,933 |
Derivative assets | 1,027 |  |  | 179,049 |  |  | — |  |  | 180,076 |
Total assets | $ | 242,144 |  |  | $ | 2,572,660 |  |  | $ | — |  |  | $ | 2,814,804 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 22,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,933 |
Derivative liabilities | 1,006 |  |  | 314,438 |  |  | — |  |  | 315,444 |
Total liabilities | $ | 23,939 |  |  | $ | 314,438 |  |  | $ | — |  |  | $ | 338,377 |
| 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 September 30, 2022 |  | (in thousands)
Balance at June 30, 2022 |  |  | $ | — |
Sales |  |  | — |
Unrealized adjustment to fair value (1) |  |  | — |
Balance at September 30, 2022 |  |  | $ | — |
Three months ended September 30, 2021 |  |  |
Balance at June 30, 2021 |  |  | $ | 74,834 |
Unrealized adjustment to fair value (1) |  |  | 299 |
Balance at September 30, 2021 |  |  | $ | 75,133 |
Nine months ended September 30, 2022 |  |  |
Balance at December 31, 2021 |  |  | $ | 74,667 |
Sales |  |  | (74,823) |
Unrealized adjustment to fair value (1) |  |  | 156 |
Balance at September 30, 2022 |  |  | $ | — |
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 |
(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:
| September 30, 2022 |  | December 31, 2021
| (in thousands)
Loans, net | $ | 140,763 |  |  | $ | 118,458 |
OREO | 5,877 |  |  | 1,817 |
MSRs (1) | 51,072 |  |  | 35,393 |
Total assets | $ | 197,712 |  |  | $ | 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 6 - 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 September 30, 2022 and December 31, 2021.
| September 30, 2022
|  | Estimated Fair Value
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total
| (in thousands)
FINANCIAL ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 528,715 |  | $ | 528,715 |  | $ | — |  | $ | — |  | $ | 528,715 |
FRB and FHLB stock | 81,914 |  | — |  | 81,914 |  | — |  | 81,914 |
Loans held for sale | 14,411 |  | — |  | 14,411 |  | — |  | 14,411 |
AFS securities | 2,597,384 |  | 218,184 |  | 2,379,200 |  | — |  | 2,597,384 |
HTM securities | 1,339,310 |  | — |  | 1,141,710 |  | — |  | 1,141,710 |
Loans, net | 19,428,361 |  | — |  | — |  | 18,817,452 |  | 18,817,452 |
Accrued interest receivable | 72,821 |  | 72,821 |  | — |  | — |  | 72,821 |
Other assets | 653,358 |  | 417,360 |  | 179,049 |  | 56,949 |  | 653,358 |
FINANCIAL LIABILITIES |  |  |  |  |
Demand and savings deposits | $ | 19,612,499 |  | $ | 19,612,499 |  | $ | — |  | $ | — |  | $ | 19,612,499 |
Brokered deposits | 226,883 |  | 206,883 |  | 26,216 |  | — |  | 233,099 |
Time deposits | 1,537,172 |  | — |  | 1,521,484 |  | — |  | 1,521,484 |
Accrued interest payable | 5,739 |  | 5,739 |  | — |  | — |  | 5,739 |
Federal funds purchased | 136,000 |  | 136,000 |  | — |  | — |  | 136,000 |
Federal Home Loan Bank advances | 265,500 |  | 265,500 |  | — |  | — |  | 265,500 |
Senior debt and subordinated debt | 539,461 |  | — |  | 455,833 |  | — |  | 455,833 |
Other borrowings | 483,720 |  | 482,449 |  | 1,263 |  | — |  | 483,712 |
Other liabilities | 500,827 |  | 170,315 |  | 314,438 |  | 16,074 |  | 500,827 |
| 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 |
Senior debt and subordinated debt | 620,406 |  | — |  | 604,780 |  | — |  | 604,780 |
Other borrowings | 417,703 |  | 416,764 |  | 939 |  | — |  | 417,703 |
Other liabilities | 288,862 |  | 188,219 |  | 86,110 |  | 14,533 |  | 288,862 |

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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration