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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

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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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