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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of December 31, 2020 and 2019. 

									Fair Value Measurements
(In thousands)			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
December 31, 2020
Available-for-sale securities
U.S. Government agencies			$	477,237					$	—					$	477,237					$	—
Mortgage-backed securities			1,394,936						—						1,394,936						—
State and political subdivisions			1,470,723						—						1,470,723						—
Other securities			130,702						—						130,702						—
Mortgage loans held for sale			137,378						—						—						137,378
Derivative asset			35,846						—						35,846						—
Other liabilities held for sale			(154,620)						—						—						(154,620)
Derivative liability			(36,141)						—						(36,141)						—
December 31, 2019
Available-for-sale securities
U.S. Treasury			$	449,729					$	449,729					$	—					$	—
U.S. Government agencies			194,249						—						194,249						—
Mortgage-backed securities			1,742,945						—						1,742,945						—
State and political subdivisions			880,524						—						880,524						—
Other securities			20,896						—						20,896						—
Mortgage loans held for sale			58,102						—						—						58,102
Other assets held for sale			260,332						—						—						260,332
Derivative asset			14,903						—						14,903						—
Other liabilities held for sale			(159,853)						—						—						(159,853)
Derivative liability			(12,650)						—						(12,650)						—

Fair Value, Assets Measured on Nonrecurring

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019.

									Fair Value Measurements Using
(In thousands)			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
December 31, 2020
Individually assessed loans (1) (2) (collateral-dependent)			$	66,209					$	—					$	—					$	66,209
Foreclosed assets and other real estate owned (1)			17,074						—						—						17,074
December 31, 2019
Individually assessed loans (1) (2) (collateral-dependent)			$	49,190					$	—					$	—					$	49,190
Foreclosed assets and other real estate owned (1)			18,798						—						—						18,798

______________________  

(1)    These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2)    Identified reserves of $13,725,000 and $1,297,000 were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2020 and 2019, respectively.

Fair Value, by Balance Sheet Grouping

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows: 

			Carrying						Fair Value Measurements
(In thousands)			Amount						Level 1						Level 2						Level 3						Total
December 31, 2020
Financial assets:
Cash and cash equivalents			$	3,472,152					$	3,472,152					$	—					$	—					$	3,472,152
Interest bearing balances due from banks - time			1,579						—						1,579						—						1,579
Held-to-maturity securities			333,031						—						341,925						—						341,925
Interest receivable			72,597						—						72,597						—						72,597
Loans, net			12,662,847						—						—						12,736,991						12,736,991
Financial liabilities:
Non-interest bearing transaction accounts			4,482,091						—						4,482,091						—						4,482,091
Interest bearing transaction accounts and savings deposits			9,672,608						—						9,672,608						—						9,672,608
Time deposits			2,832,327						—						—						2,848,621						2,848,621
Federal funds purchased and securities sold under agreements to repurchase			299,111						—						299,111						—						299,111
Other borrowings			1,342,067						—						1,448,625						—						1,448,625
Subordinated notes and debentures			382,874						—						398,827						—						398,827
Interest payable			8,887						—						8,887						—						8,887
December 31, 2019
Financial assets:
Cash and cash equivalents			$	996,623					$	996,623					$	—					$	—					$	996,623
Interest bearing balances due from banks - time			4,554						—						4,554						—						4,554
Held-to-maturity securities			40,927						—						41,855						—						41,855
Interest receivable			62,707						—						62,707						—						62,707
Loans, net			14,357,460						—						—						14,290,188						14,290,188
Financial liabilities:
Non-interest bearing transaction accounts			3,741,093						—						3,741,093						—						3,741,093
Interest bearing transaction accounts and savings deposits			9,090,878						—						9,090,878						—						9,090,878
Time deposits			3,276,969						—						—						3,270,333						3,270,333
Federal funds purchased and securities sold under agreements to repurchase			150,145						—						150,145						—						150,145
Other borrowings			1,297,599						—						1,298,011						—						1,298,011
Subordinated debentures			388,260						—						397,088						—						397,088
Interest payable			12,898						—						12,898						—						12,898

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

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-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

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://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 (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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.

+ 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
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-Publisher FASB
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