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v3.22.2.2

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
|  | Fair Value Measurements at Reporting Date Using
As of September 30, 2022 | 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 | $ | 336.8 |  | $ | 336.8 | $ | — |  | $ | —
State, county, and municipal securities | 260.5 |  |  | — | 260.5 |  |  | —
Obligations of U.S. government agencies | 199.0 |  |  | — | 199.0 |  |  | —
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 4,409.7 |  |  | — | 4,409.7 |  |  | —
Private mortgage-backed securities | 233.2 |  |  | — | 233.2 |  |  | —
Collateralized loan obligations | 1,105.1 |  |  | — | 1,105.1 |  |  | —
Corporate securities | 239.1 |  |  | — | 239.1 |  |  | —
Loans held for sale | 93.6 |  |  | — | 93.6 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 42.1 |  |  | — | 42.1 |  |  | —
Forward loan sale contracts | 0.6 |  |  | — | 0.6 |  |  | —
Derivative liabilities: |  |  |  |  |  |
Interest rate collars | 5.6 |  |  | — | 5.6 |  |  | —
Interest rate swap contracts | 163.7 |  |  | — | 163.7 |  |  | —
Risk participation agreements | 0.1 |  |  | — | 0.1 |  |  | —
Interest rate lock commitments | 0.5 |  |  | — | 0.5 |  |  | —
Deferred compensation plan assets | 19.0 |  |  | — | 19.0 |  |  | —
Deferred compensation plan liabilities | 19.0 |  |  | — | 19.0 |  |  | —
|  | Fair Value Measurements at Reporting Date Using
As of December 31, 2021 | 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 | $ | 684.7 |  | $ | 684.7 | $ | — |  | $ | —
State, county and municipal securities | 427.5 |  |  | — | 427.5 |  |  | —
Obligations of U.S. government agencies | 346.9 |  |  | — | 346.9 |  |  | —
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 2,018.1 |  |  | — | 2,018.1 |  |  | —
Private mortgage-backed securities | 173.4 |  |  | — | 173.4 |  |  | —
Collateralized loan obligations | 899.4 |  |  | — | 899.4 |  |  | —
Corporate securities | 270.5 |  |  | — | 270.5 |  |  | —
Loans held for sale | 30.1 |  |  | — | 30.1 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 26.3 |  |  | — | 26.3 |  |  | —
Interest rate lock commitments | 1.8 |  |  | — | 1.8 |  |  | —
Derivative liabilities |  |  |  |  |  |
Interest rate swap contracts | 18.2 |  |  | — | 18.2 |  |  | —
Deferred compensation plan assets | 21.4 |  |  | — | 21.4 |  |  | —
Deferred compensation plan liabilities | 21.4 |  |  | — | 21.4 |  |  | —
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, 2022 | 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 | $ | 57.6 |  | $ | — | $ | — | $ | 57.6 |
Other real estate owned | 16.4 |  |  | — |  | — | 16.4 |
Long-lived assets to be disposed of by sale | 6.7 |  |  | — |  | — | 6.7 |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2021 | 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 | $ | 11.7 |  | $ | — | $ | — | $ | 11.7 |
Other real estate owned | 2.0 |  |  | — |  | — | 2.0 |
Long-lived assets to be disposed of by sale | 1.3 |  |  | — |  | — | 1.3 |
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, 2022 | December 31, 2021 | Valuation Technique | Unobservable Inputs | Range (Weighted Average)
Collateral dependent loans | $ | 57.6 |  | $ | 11.7 |  | Appraisal | Appraisal adjustment | 1% | - | 18% | (7%)
Other real estate owned | 16.4 |  | 2.0 |  | Appraisal | Appraisal adjustment | 0% | - | 0% | 0%
Long-lived assets to be disposed of by sale | 6.7 |  | 1.3 |  | Appraisal | Appraisal adjustment | 0% | - | 0% | 0%
Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:
|  |  | Fair Value Measurements at Reporting Date Using
As of September 30, 2022 | 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 | $ | 591.9 |  | $ | 591.9 |  | $ | 591.9 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 6,783.4 |  | 6,783.4 |  | 336.8 |  | 6,446.6 |  | — |
Investment debt securities held-to-maturity | 3,485.7 |  | 3,063.5 |  | 385.5 |  | 2,678.0 |  | — |
Accrued interest receivable | 106.4 |  | 106.4 |  | — |  | 106.4 |  | — |
Mortgage servicing rights, net | 31.8 |  | 36.6 |  | — |  | 36.6 |  | — |
Loans held for sale | 93.6 |  | 93.6 |  | — |  | 93.6 |  | — |
Net loans held for investment | 17,390.5 |  | 17,293.6 |  | — |  | 17,236.0 |  | 57.6 |
Derivative assets | 42.7 |  | 42.7 |  | — |  | 42.7 |  | — |
Deferred compensation plan assets | 19.0 |  | 19.0 |  | — |  | 19.0 |  | — |
Total financial assets | $ | 28,545.0 |  | $ | 28,030.7 |  | $ | 1,314.2 |  | $ | 26,658.9 |  | $ | 57.6 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 24,255.6 |  | $ | 24,255.6 |  | $ | 24,255.6 |  | $ | — |  | $ | — |
Time deposits | 1,629.2 |  | 1,587.2 |  | — |  | 1,587.2 |  | — |
Securities sold under repurchase agreements | 1,075.6 |  | 1,075.6 |  | — |  | 1,075.6 |  | — |
Other borrowed funds | 625.0 |  | 625.0 |  | — |  | 625.0 |  | — |
Accrued interest payable | 7.4 |  | 7.4 |  | — |  | 7.4 |  | — |
Long-term debt | 120.7 |  | 116.7 |  | — |  | 116.7 |  | — |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 157.1 |  | — |  | 157.1 |  | — |
Derivative liabilities | 169.9 |  | 169.9 |  | — |  | 169.9 |  | — |
Deferred compensation plan liabilities | 19.0 |  | 19.0 |  | — |  | 19.0 |  | — |
Total financial liabilities | $ | 28,065.5 |  | $ | 28,013.5 |  | $ | 24,255.6 |  | $ | 3,757.9 |  | $ | — |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2021 | 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 | $ | 2,344.8 |  | $ | 2,344.8 |  | $ | 2,344.8 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 4,820.5 |  | 4,820.5 |  | 684.7 |  | 4,135.8 |  | — |
Investment debt securities held-to-maturity | 1,687.6 |  | 1,667.5 |  | — |  | 1,667.5 |  | — |
Accrued interest receivable | 47.4 |  | 47.4 |  | — |  | 47.4 |  | — |
Mortgage servicing rights, net | 28.2 |  | 28.2 |  | — |  | 28.2 |  | — |
Loans held for sale | 30.1 |  | 30.1 |  | — |  | 30.1 |  | — |
Net loans held for investment | 9,209.4 |  | 9,254.3 |  | — |  | 9,242.6 |  | 11.7 |
Derivative assets | 28.1 |  | 28.1 |  | — |  | 28.1 |  | — |
Deferred compensation plan assets | 21.4 |  | 21.4 |  | — |  | 21.4 |  | — |
Total financial assets | $ | 18,217.5 |  | $ | 18,242.3 |  | $ | 3,029.5 |  | $ | 15,201.1 |  | $ | 11.7 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 15,303.1 |  | $ | 15,303.1 |  | $ | 15,303.1 |  | $ | — |  | $ | — |
Time deposits | 966.5 |  | 963.1 |  | — |  | 963.1 |  | — |
Securities sold under repurchase agreements | 1,051.1 |  | 1,051.1 |  | — |  | 1,051.1 |  | — |
Accrued interest payable | 3.7 |  | 3.7 |  | — |  | 3.7 |  | — |
Long-term debt | 112.4 |  | 120.7 |  | — |  | 120.7 |  | — |
Subordinated debentures held by subsidiary trusts | 87.0 |  | 85.5 |  | — |  | 85.5 |  | — |
Derivative liabilities | 18.2 |  | 18.2 |  | — |  | 18.2 |  | — |
Deferred compensation plan liabilities | 21.4 |  | 21.4 |  | — |  | 21.4 |  | — |
Total financial liabilities | $ | 17,563.4 |  | $ | 17,566.8 |  | $ | 15,303.1 |  | $ | 2,263.7 |  | $ | — |

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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=123874694&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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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