Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurement at September 30, 2022
Description	September 30, 2022		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	$	574	$	574	$	—	$	—
U.S. Agencies		994		—		994		—
Mortgage-backed		2,376		—		2,376		—
State and political subdivisions		4,910		—		4,910		—
Corporates		5,017		5,017		—		—
Trading – other		519		519		—		—
Trading securities		14,390		6,110		8,280		—
U.S. Treasury		736,612		736,612		—		—
U.S. Agencies		171,659		—		171,659		—
Mortgage-backed		4,109,568		—		4,109,568		—
State and political subdivisions		1,426,539		—		1,426,539		—
Corporates		366,151		366,151		—		—
Collateralized loan obligations		317,748		—		317,748		—
Available-for-sale securities		7,128,277		1,102,763		6,025,514		—
Equity securities with readily determinable fair values		28,182		28,182		—		—
Company-owned life insurance		56,748		—		56,748		—
Bank-owned life insurance		507,241		—		507,241		—
Derivatives		50,470		—		50,470		—
Total	$	7,785,308	$	1,137,055	$	6,648,253	$	—
Liabilities
Derivatives	$	131,294	$	—	$	131,294	$	—
Securities sold not yet purchased		4,018		—		4,018		—
Total	$	135,312	$	—	$	135,312	$	—

	Fair Value Measurement at December 31, 2021
Description	December 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	$	1,625	$	1,625	$	—	$	—
U.S. Agencies		2,159		—		2,159		—
Mortgage-backed		2,060		—		2,060		—
State and political subdivisions		21,671		—		21,671		—
Corporates		4,000		4,000		—		—
Trading – other		360		360		—		—
Trading securities		31,875		5,985		25,890		—
U.S. Treasury		69,174		69,174		—		—
U.S. Agencies		124,932		—		124,932		—
Mortgage-backed		7,965,055		—		7,965,055		—
State and political subdivisions		3,422,688		—		3,422,688		—
Corporates		317,846		317,846		—		—
Collateralized loan obligations		76,819		—		76,819		—
Available-for-sale securities		11,976,514		387,020		11,589,494		—
Equity securities with readily determinable fair values		64,149		64,149		—		—
Company-owned life insurance		65,245		—		65,245		—
Bank-owned life insurance		498,373		—		498,373		—
Derivatives		57,680		—		57,680		—
Total	$	12,693,836	$	457,154	$	12,236,682	$	—
Liabilities
Derivatives	$	13,944	$	—	$	13,944	$	—
Securities sold not yet purchased		3,197		—		3,197		—
Total	$	17,141	$	—	$	17,141	$	—

Assets measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurement at September 30, 2022 Using
Description	September 30, 2022		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 Nine Months Ended September 30
Collateral dependent assets	$	4,474	$	—	$	—	$	4,474	$	(3,089	)
Other real estate owned		68		—		—		68		—
Total	$	4,542	$	—	$	—	$	4,542	$	(3,089	)

	Fair Value Measurement at December 31, 2021 Using
Description	December 31, 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 Twelve Months Ended December 31
Collateral dependent assets	$	46,979	$	—	$	—	$	46,979	$	1,521
Other real estate owned		—		—		—		—		—
Total	$	46,979	$	—	$	—	$	46,979	$	1,521

The estimated fair value of the Company’s financial instruments at September 30, 2022 and December 31, 2021 are as follows (in thousands):

	Fair Value Measurement at September 30, 2022 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	$	2,855,893	$	2,148,354	$	707,539	$	—	$	2,855,893
Securities available for sale		7,128,277		1,102,763		6,025,514		—		7,128,277
Securities held to maturity, exclusive of allowance for credit losses		5,837,706		—		5,079,806		—		5,079,806
Trading securities		14,390		6,110		8,280		—		14,390
Other securities		333,732		28,182		305,550		—		333,732
Loans, exclusive of allowance for credit losses		19,886,443		—		19,516,058		—		19,516,058
Derivatives		50,470		—		50,470		—		50,470
FINANCIAL LIABILITIES
Demand and savings deposits		30,936,421		30,936,421		—		—		30,936,421
Time deposits		869,967		—		869,967		—		869,967
Other borrowings		2,314,168		54,440		2,259,728		—		2,314,168
Long-term debt		381,543		—		420,467		—		420,467
Derivatives		131,294		—		131,294		—		131,294
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										6,346
Commercial letters of credit										152
Standby letters of credit										3,017

	Fair Value Measurement at December 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	$	10,472,084	$	9,255,727	$	1,216,357	$	—	$	10,472,084
Securities available for sale		11,976,514		387,020		11,589,494		—		11,976,514
Securities held to maturity, exclusive of allowance for credit losses		1,480,416		—		1,442,391		—		1,442,391
Trading securities		31,875		5,985		25,890		—		31,875
Other securities		327,098		64,149		262,949		—		327,098
Loans, exclusive of allowance for credit losses		17,172,148		—		17,506,662		—		17,506,662
Derivatives		57,680		—		57,680		—		57,680
FINANCIAL LIABILITIES
Demand and savings deposits		34,748,286		34,748,286		—		—		34,748,286
Time deposits		851,641		—		851,641		—		851,641
Other borrowings		3,238,435		12,597		3,225,838		—		3,238,435
Long-term debt		271,544		—		285,961		—		285,961
Derivatives		13,944		—		13,944		—		13,944
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										7,841
Commercial letters of credit										179
Standby letters of credit										3,553