Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands):

	Fair Value Measurement at June 30, 2021
Description	June 30, 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	$	885	$	885	$	—	$	—
Mortgage-backed		762		—		762		—
State and political subdivisions		32,533		—		32,533		—
Corporates		6,304		6,304		—		—
Trading – other		68		68		—		—
Trading securities		40,552		7,257		33,295		—
U.S. Treasury		15,344		15,344		—		—
U.S. Agencies		94,338		—		94,338		—
Mortgage-backed		6,531,332		—		6,531,332		—
State and political subdivisions		3,553,999		—		3,553,999		—
Corporates		152,518		152,518		—		—
Available-for-sale securities		10,347,531		167,862		10,179,669		—
Equity securities with readily determinable fair values		70,196		70,196		—		—
Company-owned life insurance		65,573		—		65,573		—
Bank-owned life insurance		492,366		—		492,366		—
Derivatives		77,354		—		77,354		—
Total	$	11,093,572	$	245,315	$	10,848,257	$	—
Liabilities
Derivatives	$	12,184	$	—	$	12,184	$	—
Securities sold not yet purchased		9,654		—		9,654		—
Total	$	21,838	$	—	$	21,838	$	—

	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 June 30, 2021 and December 31, 2020 (in thousands):

	Fair Value Measurement at June 30, 2021 Using
Description	June 30, 2021		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 Six Months Ended June 30
Collateral dependent assets	$	3,829	$	—	$	—	$	3,829	$	6,196
Other real estate owned		—		—		—		—		—
Total	$	3,829	$	—	$	—	$	3,829	$	6,196

	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 June 30, 2021 and December 31, 2020 are as follows (in thousands):

	Fair Value Measurement at June 30, 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	$	6,675,502	$	5,528,981	$	1,146,521	$	—	$	6,675,502
Securities available for sale		10,347,531		167,862		10,179,669		—		10,347,531
Securities held to maturity (exclusive of allowance for credit losses)		1,084,009		—		1,065,118		—		1,065,118
Trading securities		40,552		7,257		33,295		—		40,552
Other securities		254,315		70,196		184,119		—		254,315
Loans (exclusive of allowance for credit losses)		16,916,093		—		17,166,984		—		17,166,984
Derivatives		77,354		—		77,354		—		77,354
FINANCIAL LIABILITIES
Demand and savings deposits		29,370,158		29,370,158		—		—		29,370,158
Time deposits		678,313		—		678,313		—		678,313
Other borrowings		2,783,389		157,748		2,625,641		—		2,783,389
Long-term debt		270,558		—		289,989		—		289,989
Derivatives		12,184		—		12,184		—		12,184
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										3,439
Commercial letters of credit										146
Standby letters of credit										1,775

	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