Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	Fair Value Measurement at March 31, 2021
Description	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	3,896	$	3,896	$	—	$	—
U.S. Agencies		3,933		—		3,933		—
State and political subdivisions		17,296		—		17,296		—
Corporates		3,133		3,133		—		—
Trading – other		841		841		—		—
Trading securities		29,099		7,870		21,229		—
U.S. Treasury		49,479		49,479		—		—
U.S. Agencies		94,905		—		94,905		—
Mortgage-backed		5,989,606		—		5,989,606		—
State and political subdivisions		3,522,941		—		3,522,941		—
Corporates		96,461		96,461		—		—
Available for sale securities		9,753,392		145,940		9,607,452		—
Equity securities with readily determinable fair values		133,979		133,979		—		—
Company-owned life insurance		64,607		—		64,607		—
Bank-owned life insurance		389,806		—		389,806		—
Derivatives		65,539		—		65,539		—
Total	$	10,436,422	$	287,789	$	10,148,633	$	—
Liabilities
Derivatives	$	17,379	$	—	$	17,379	$	—
Securities sold not yet purchased		2,001		—		2,001		—
Total	$	19,380	$	—	$	19,380	$	—

	Fair Value Measurement at December 31, 2020
Description	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	651	$	651	$	—	$	—
U.S. Agencies		1,568		—		1,568		—
Mortgage-backed		4		—		4		—
State and political subdivisions		18,545		—		18,545		—
Corporates		711		711		—		—
Trading – other		13,541		13,541		—		—
Trading securities		35,020		14,903		20,117		—
U.S. Treasury		30,740		30,740		—		—
U.S. Agencies		95,949		—		95,949		—
Mortgage-backed		5,468,181		—		5,468,181		—
State and political subdivisions		3,623,619		—		3,623,619		—
Corporates		81,199		81,199		—		—
Available for sale securities		9,299,688		111,939		9,187,749		—
Equity securities with readily determinable fair values		134,197		134,197		—		—
Company-owned life insurance		63,575		—		63,575		—
Bank-owned life insurance		387,513		—		387,513		—
Derivatives		103,554		—		103,554		—
Total	$	10,023,547	$	261,039	$	9,762,508	$	—
Liabilities
Derivatives	$	9,375	$	—	$	9,375	$	—
Securities sold not yet purchased		2,177		—		2,177		—
Total	$	11,552	$	—	$	11,552	$	—

Assets measured at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	Fair Value Measurement at March 31, 2021 Using
Description	March 31, 2021		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
Collateral dependent assets	$	32,476	$	—	$	—	$	32,476	$	(3	)
Other real estate owned		—		—		—		—		—
Total	$	32,476	$	—	$	—	$	32,476	$	(3	)

	Fair Value Measurement at December 31, 2020 Using
Description	December 31, 2020		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 Twelve Months Ended December 31
Collateral dependent assets	$	35,995	$	—	$	—	$	35,995	$	(9,389	)
Other real estate owned		2,798		—		—		2,798		(938	)
Total	$	38,793	$	—	$	—	$	38,793	$	(10,327	)

The estimated fair value of the Company’s financial instruments at March 31, 2021 and December 31, 2020 are as follows (in thousands):

	Fair Value Measurement at March 31, 2021 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	$	5,877,806	$	4,247,993	$	1,629,813	$	—	$	5,877,806
Securities available for sale		9,753,392		145,940		9,607,452		—		9,753,392
Securities held to maturity (exclusive of allowance for credit losses)		1,042,670		—		1,012,129		—		1,012,129
Trading securities		29,099		7,870		21,229		—		29,099
Other securities		298,209		133,979		164,320		—		298,299
Loans (exclusive of allowance for credit losses)		16,507,660		—		16,820,506		—		16,820,506
Derivatives		65,539		—		65,539		—		65,539
FINANCIAL LIABILITIES
Demand and savings deposits		27,616,227		27,616,227		—		—		27,616,227
Time deposits		664,565		—		664,565		—		664,565
Other borrowings		2,759,818		217,301		2,542,517		—		2,759,818
Long-term debt		270,074		—		293,386		—		293,386
Derivatives		17,379		—		17,379		—		17,379
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										1,583
Commercial letters of credit										76
Standby letters of credit										777

	Fair Value Measurement at December 31, 2020 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	$	5,191,015	$	3,540,680	$	1,650,335	$	—	$	5,191,015
Securities available for sale		9,299,688		111,939		9,187,749		—		9,299,688
Securities held to maturity (exclusive of allowance for credit losses)		1,014,614		—		1,029,444		—		1,029,444
Trading securities		35,020		14,903		20,117		—		35,020
Other securities		296,053		134,197		161,856		—		296,053
Loans (exclusive of allowance for credit losses)		16,110,359		—		16,413,132		—		16,413,132
Derivatives		103,554		—		103,554		—		103,554
FINANCIAL LIABILITIES
Demand and savings deposits		26,175,156		26,175,156		—		—		26,175,156
Time deposits		876,095		—		879,841		—		879,841
Other borrowings		2,315,497		65,636		2,249,861		—		2,315,497
Long-term debt		269,595		—		299,858		—		299,858
Derivatives		9,375		—		9,375		—		9,375
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										6,405
Commercial letters of credit										150
Standby letters of credit										3,365