Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (in thousands):

	Fair Value Measurement at March 31, 2019
Description	March 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Agencies	$	6,404	$	—	$	6,404	$	—
Mortgage-backed		2,131		—		2,131		—
State and political subdivisions		24,845		—		24,845		—
Corporates		9,887		9,887		—		—
Trading – other		12,758		12,758		—		—
Trading securities		56,025		22,645		33,380		—
U.S. Treasury		258,446		258,446		—		—
U.S. Agencies		91,437		—		91,437		—
Mortgage-backed		3,918,785		—		3,918,785		—
State and political subdivisions		2,578,957		—		2,578,957		—
Corporates		44,244		44,244		—		—
Available for sale securities		6,891,869		302,690		6,589,179		—
Company-owned life insurance		59,392		—		59,392		—
Bank-owned life insurance		275,439		—		275,439		—
Derivatives		20,567		—		20,567		—
Total	$	7,303,292	$	325,335	$	6,977,957	$	—
Liabilities
Derivatives	$	5,140	$	—	$	5,140	$	—
Securities sold not yet purchased		19,807		—		19,807		—
Total	$	24,947	$	—	$	24,947	$	—

	Fair Value Measurement at December 31, 2018
Description	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Agencies	$	3,063	$	—	$	3,063	$	—
Mortgage-backed		713		—		713		—
State and political subdivisions		37,974		—		37,974		—
Corporates		7,125		7,125		—		—
Trading – other		12,136		12,136		—		—
Trading securities		61,011		19,261		41,750		—
U.S. Treasury		247,130		247,130		—		—
U.S. Agencies		199		—		199		—
Mortgage-backed		3,812,211		—		3,812,211		—
State and political subdivisions		2,483,260		—		2,483,260		—
Available for sale securities		6,542,800		247,130		6,295,670		—
Company-owned life insurance		54,152		—		54,152		—
Bank-owned life insurance		273,553		—		273,553		—
Derivatives		9,339		—		9,339		—
Total	$	6,940,855	$	266,391	$	6,674,464	$	—
Liabilities
Derivatives	$	5,513	$	—	$	5,513	$	—
Securities sold not yet purchased		27,238		—		27,238		—
Total	$	32,751	$	—	$	32,751	$	—

Assets measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018 (in thousands):

	Fair Value Measurement at March 31, 2019 Using
Description	March 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Three Months Ended March 31
Impaired loans	$	16,198	$	—	$	—	$	16,198	$	(937	)
Other real estate owned		120		—		—		120		(2	)
Total	$	16,318	$	—	$	—	$	16,318	$	(939	)

	Fair Value Measurement at December 31, 2018 Using
Description	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains Recognized During the Twelve Months Ended December 31
Impaired loans	$	10,085	$	—	$	—	$	10,085	$	1,972
Other real estate owned		3,132		—		—		3,132		6
Total	$	13,217	$	—	$	—	$	13,217	$	1,978

The estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows

	Fair Value Measurement at March 31, 2019 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	1,777,629	$	1,518,057	$	259,572	$	—	$	1,777,629
Securities available for sale		6,891,869		302,690		6,589,179		—		6,891,869
Securities held to maturity		1,147,947		—		1,122,660		—		1,122,660
Trading securities		56,025		22,645		33,380		—		56,025
Other securities		75,357		—		75,357		—		75,357
Loans (exclusive of allowance for loan loss)		12,550,999		—		12,624,340		—		12,624,340
Derivatives		20,567		—		20,567		—		20,567
FINANCIAL LIABILITIES
Demand and savings deposits		18,467,002		18,467,002		—		—		18,467,002
Time deposits		898,213		—		898,213		—		898,213
Other borrowings		1,494,048		23,692		1,470,356		—		1,494,048
Long-term debt		81,608		—		81,869		—		81,869
Derivatives		5,140		—		5,140		—		5,140
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										1,288
Commercial letters of credit										31
Standby letters of credit										647

	Fair Value Measurement at December 31, 2018 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	2,319,954	$	1,693,453	$	626,501	$	—	$	2,319,954
Securities available for sale		6,542,800		247,130		6,295,670		—		6,542,800
Securities held to maturity		1,170,646		—		1,070,532		—		1,070,532
Trading securities		61,011		19,261		41,750		—		61,011
Other securities		73,692		—		73,692		—		73,692
Loans (exclusive of allowance for loan loss)		12,181,342		—		12,190,599		—		12,190,599
Derivatives		9,339		—		9,339		—		9,339
FINANCIAL LIABILITIES
Demand and savings deposits		18,134,512		18,134,512		—		—		18,134,512
Time deposits		1,146,748		—		1,146,748		—		1,146,748
Other borrowings		1,518,920		6,679		1,512,241		—		1,518,920
Long-term debt		82,671		—		82,818		—		82,818
Derivatives		5,513		—		5,513		—		5,513
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										5,425
Commercial letters of credit										115
Standby letters of credit										2,658