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Fair Value Measurements (Tables) | 6 Months Ended | 9 Months Ended
--- | --- | ---
Jun. 30, 2020 | Sep. 30, 2020
Fair Value Disclosures [Abstract] |  |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are as follows:
|  | Fair Value Measurements at Reporting Date Using
As of September 30, 2020 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury Notes | $ | 8.0 |  | $ | — | $ | 8.0 |  | $ | —
State, county and municipal securities | 236.1 |  |  | — | 236.1 |  |  | —
Obligations of U.S. government agencies | 278.8 |  |  | — | 278.8 |  |  | —
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 2,611.7 |  |  | — | 2,611.7 |  |  | —
Private mortgage-backed securities | 20.1 |  |  | — | 20.1 |  |  | —
Corporate securities | 297.8 |  |  | — | 297.8 |  |  | —
Other investments | 1.0 |  |  | — | 1.0 |  |  | —
Loans held for sale | 102.0 |  |  | — | 102.0 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 61.3 |  |  | — | 61.3 |  |  | —
Interest rate lock commitments | 7.0 |  |  | — | 7.0 |  |  | —
Derivative liabilities: |  |  |  |  |  |
Interest rate swap contracts | 61.5 |  |  | — | 61.5 |  |  | —
Forward loan sale contracts | 1.6 |  |  | — | 1.6 |  |  | —
Deferred compensation plan assets | 18.9 |  |  | — | 18.9 |  |  | —
Deferred compensation plan liabilities | 18.9 |  |  | — | 18.9 |  |  | —
|  | Fair Value Measurements at Reporting Date Using
As of December 31, 2019 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 9.0 |  | $ | — | $ | 9.0 |  | $ | —
State, county and municipal securities | 80.9 |  |  | — | 80.9 |  |  | —
Obligations of U.S. government agencies | 366.8 |  |  | — | 366.8 |  |  | —
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 2,317.2 |  |  | — | 2,317.2 |  |  | —
Private mortgage-backed securities | 47.2 |  |  | — | 47.2 |  |  | —
Corporate securities | 135.7 |  |  | — | 135.7 |  |  | —
Other investments | 3.2 |  |  | — | 3.2 |  |  | —
Loans held for sale | 100.9 |  |  | — | 100.9 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 21.9 |  |  | — | 21.9 |  |  | —
Interest rate lock commitments | 1.3 |  |  | — | 1.3 |  |  | —
Derivative liabilities |  |  |  |  |  |
Interest rate swap contracts | 21.9 |  |  | — | 21.9 |  |  | —
Forward loan sales contracts | 0.3 |  |  | — | 0.3 |  |  | —
Deferred compensation plan assets | 18.2 |  |  | — | 18.2 |  |  | —
Deferred compensation plan liabilities | 18.2 |  |  | — | 18.2 |  |  | —
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
|  |  | Fair Value Measurements at Reporting Date Using
As of September 30, 2020 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Collateral dependent loans* | $ | 11.4 |  | $ | — | $ | — | $ | 11.4 |
Other real estate owned | 1.1 |  |  | — |  | — | 1.1 |
Long-lived assets to be disposed of by sale | 5.0 |  |  | — |  | — | 5.0 |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2019 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Impaired Loans* | $ | 27.6 |  | $ | — | $ | — | $ | 27.6 |
Other real estate owned | 2.2 |  |  | — |  | — | 2.2 |
Long-lived assets to be disposed of by sale | 6.2 |  |  | — |  | — | 6.2 |
*The Company adopted ASC 326 as of January 1, 2020 which changes the methodology of impaired loans. The comparable period presents impaired loans under previously applicable GAAP.
Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
| Fair Value As of |  |  |  |  |  |
| September 30, 2020 | December 31, 2019 | Valuation Technique | Unobservable Inputs | Range (Weighted Average)
Collateral dependent loans | $ | 11.4 |  | $ | 27.6 |  | Appraisal | Appraisal adjustment | 0% | - | 56% | (22%)
Other real estate owned | 1.1 |  | 2.2 |  | Appraisal | Appraisal adjustment | 8% | - | 65% | (27%)
Long-lived assets to be disposed of by sale | 5.0 |  | 6.2 |  | Appraisal | Appraisal adjustment | 0% | - | 37% | (3%)
Fair Value, by Balance Sheet Grouping |  | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
|  |  | Fair Value Measurements at Reporting Date Using
As of September 30, 2020 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 1,860.6 |  | $ | 1,860.6 |  | $ | 1,860.6 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 3,453.5 |  | 3,453.5 |  | — |  | 3,453.5 |  | — |
Investment debt securities held-to-maturity | 55.0 |  | 58.4 |  | — |  | 58.4 |  | — |
Accrued interest receivable | 56.7 |  | 56.7 |  | — |  | 56.7 |  | — |
Mortgage servicing rights, net | 24.1 |  | 24.1 |  | — |  | 24.1 |  | — |
Loans held for sale | 102.0 |  | 102.0 |  | — |  | 102.0 |  | — |
Net loans held for investment | 10,006.7 |  | 9,927.4 |  | — |  | 9,916.0 |  | 11.4 |
Derivative assets | 68.3 |  | 68.3 |  | — |  | 68.3 |  | — |
Deferred compensation plan assets | 18.9 |  | 18.9 |  | — |  | 18.9 |  | — |
Total financial assets | $ | 15,645.8 |  | $ | 15,569.9 |  | $ | 1,860.6 |  | $ | 13,697.9 |  | $ | 11.4 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 12,770.3 |  | $ | 12,770.3 |  | $ | 12,770.3 |  | $ | — |  | $ | — |
Time deposits | 1,112.1 |  | 1,115.4 |  | — |  | 1,115.4 |  | — |
Securities sold under repurchase agreements | 820.3 |  | 820.3 |  | — |  | 820.3 |  | — |
Accrued interest payable | 8.1 |  | 8.1 |  | — |  | 8.1 |  | — |
Long-term debt | 112.4 |  | 111.6 |  | — |  | 111.6 |  | — |
Subordinated debentures held by subsidiary trusts | 87.0 |  | 82.0 |  | — |  | 82.0 |  | — |
Derivative liabilities | 63.1 |  | 63.1 |  | — |  | 63.1 |  | — |
Deferred compensation plan liabilities | 18.9 |  | 18.9 |  | — |  | 18.9 |  | — |
Total financial liabilities | $ | 14,992.2 |  | $ | 14,989.7 |  | $ | 12,770.3 |  | $ | 2,219.4 |  | $ | — |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2019 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 1,076.8 |  | $ | 1,076.8 |  | $ | 1,076.8 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 2,960.0 |  | 2,960.0 |  | — |  | 2,960.0 |  | — |
Investment debt securities held-to-maturity | 92.3 |  | 94.5 |  | — |  | 94.5 |  | — |
Accrued interest receivable | 46.7 |  | 46.7 |  | — |  | 46.7 |  | — |
Mortgage servicing rights, net | 30.2 |  | 34.8 |  | — |  | 34.8 |  | — |
Loans held for sale | 100.9 |  | 100.9 |  | — |  | 100.9 |  | — |
Net loans held for investment | 8,857.7 |  | 8,930.7 |  | — |  | 8,906.7 |  | 24.0 |
Derivative assets | 23.2 |  | 23.2 |  | — |  | 23.2 |  | — |
Deferred compensation plan assets | 18.2 |  | 18.2 |  | — |  | 18.2 |  | — |
Total financial assets | $ | 13,206.0 |  | $ | 13,285.8 |  | $ | 1,076.8 |  | $ | 12,185.0 |  | $ | 24.0 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 10,213.5 |  | $ | 10,213.5 |  | $ | 10,213.5 |  | $ | — |  | $ | — |
Time deposits | 1,450.0 |  | 1,446.6 |  | — |  | 1,446.6 |  | — |
Securities sold under repurchase agreements | 697.6 |  | 697.6 |  | — |  | 697.6 |  | — |
Accrued interest payable | 12.1 |  | 12.1 |  | — |  | 12.1 |  | — |
Long-term debt | 13.9 |  | 10.4 |  | — |  | 10.4 |  | — |
Subordinated debentures held by subsidiary trusts | 86.9 |  | 81.3 |  | — |  | 81.3 |  | — |
Derivative liabilities | 22.2 |  | 22.2 |  | — |  | 22.2 |  | — |
Deferred compensation plan liabilities | 18.2 |  | 18.2 |  | — |  | 18.2 |  | — |
Total financial liabilities | $ | 12,514.4 |  | $ | 12,501.9 |  | $ | 10,213.5 |  | $ | 2,288.4 |  | $ | — |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- 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 http://asc.fasb.org/extlink&oid=121572278&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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