XML 49 R39.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Measurements [Abstract]  
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The table below presents the September 30, 2021 and December 31, 2020 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first nine months of 2021 or the year ended December 31, 2020.

Fair Value Measurements Using
(In thousands)Total Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
September 30, 2021
Assets:
  Residential mortgage loans held for sale$11,982 $ $11,982 $ 
  Available for sale debt securities:
     U.S. government and federal agency obligations784,190 784,190   
     Government-sponsored enterprise obligations51,941  51,941  
     State and municipal obligations2,155,076  2,153,081 1,995 
     Agency mortgage-backed securities5,974,802  5,974,802  
     Non-agency mortgage-backed securities1,225,091  1,225,091  
     Asset-backed securities3,359,915  3,359,915  
     Other debt securities614,641  614,641  
  Trading debt securities40,114  40,114  
  Equity securities7,118 7,118   
  Private equity investments138,052   138,052 
  Derivatives *55,065  53,442 1,623 
  Assets held in trust for deferred compensation plan20,880 20,880   
  Total assets14,438,867 812,188 13,485,009 141,670 
Liabilities:
  Derivatives *
12,466  12,183 283 
Liabilities held in trust for deferred compensation plan
20,880 20,880   
  Total liabilities$33,346 $20,880 $12,183 $283 
December 31, 2020
Assets:
  Residential mortgage loans held for sale$39,396 $— $39,396 $— 
  Available for sale debt securities:
     U.S. government and federal agency obligations838,059 838,059 — — 
     Government-sponsored enterprise obligations54,485 — 54,485 — 
     State and municipal obligations2,045,099 — 2,037,131 7,968 
     Agency mortgage-backed securities6,712,085 — 6,712,085 — 
     Non-agency mortgage-backed securities361,074 — 361,074 — 
     Asset-backed securities1,882,243 — 1,882,243 — 
     Other debt securities556,219 — 556,219 — 
  Trading debt securities35,321 — 35,321 — 
  Equity securities2,966 2,966 — — 
  Private equity investments94,368 — — 94,368 
  Derivatives *89,889 — 86,447 3,442 
  Assets held in trust for deferred compensation plan19,278 19,278 — — 
  Total assets12,730,482 860,303 11,764,401 105,778 
Liabilities:
  Derivatives *
18,675 — 17,974 701 
Liabilities held in trust for deferred compensation plan
19,278 19,278 — — 
  Total liabilities$37,953 $19,278 $17,974 $701 
* The fair value of each class of derivative is shown in Note 11.
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)


(In thousands)
State and Municipal Obligations
Private Equity
Investments
DerivativesTotal
For the three months ended September 30, 2021
Balance June 30, 2021$7,991 $116,246 $1,629 $125,866 
Total gains or losses (realized/unrealized):
   Included in earnings  12,971 (262)12,709 
   Included in other comprehensive income *(175)  (175)
Investment securities called(6,000)  (6,000)
Discount accretion179   179 
Purchases of private equity investments 8,835  8,835 
Sale of risk participation agreements  (27)(27)
Balance September 30, 2021$1,995 $138,052 $1,340 $141,387 
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2021
$ $12,971 $1,557 $14,528 
Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2021
$2 $ $ $2 
For the nine months ended September 30, 2021
Balance January 1, 2021
$7,968 $94,368 $2,741 $105,077 
Total gains or losses (realized/unrealized):
   Included in earnings 38,002 (1,689)36,313 
   Included in other comprehensive income *(158)  (158)
Investment securities called(6,000)  (6,000)
Discount accretion185   185 
Purchases of private equity investments 14,491  14,491 
Sale/pay down of private equity investments (8,832) (8,832)
Capitalized interest/dividends 23  23 
Purchase of risk participation agreement  445 445 
Sale of risk participation agreement  (157)(157)
Balance September 30, 2021$1,995 $138,052 $1,340 $141,387 
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2021
$ $38,002 $1,367 $39,369 
Total gains or losses for the nine months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2021
$23 $ $ $23 
Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)


(In thousands)
State and Municipal Obligations
Private Equity
Investments
DerivativesTotal
For the three months ended September 30, 2020
Balance June 30, 2020
$9,490 $73,846 $1,888 $85,224 
Total gains or losses (realized/unrealized):
Included in earnings— 2,389 504 2,893 
Included in other comprehensive income *271 — — 271 
Investment securities called(2,000)— — (2,000)
Discount accretion105 — — 105 
Purchases of private equity investments— 2,522 — 2,522 
Sale/pay down of private equity investments— (295)— (295)
Balance September 30, 2020$7,866 $78,462 $2,392 $88,720 
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2020
$— $2,409 $3,050 $5,459 
Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2020
$258 $— $— $258 
For the nine months ended September 30, 2020
Balance January 1, 2020
$9,853 $94,122 $369 $104,344 
Total gains or losses (realized/unrealized):
Included in earnings— (18,116)2,832 (15,284)
Included in other comprehensive income *(101)— — (101)
Investment securities called(2,000)— — (2,000)
Discount accretion114 — — 114 
Purchases of private equity investments— 2,791 — 2,791 
Sale/pay down of private equity investments— (364)— (364)
Capitalized interest/dividends— 29 — 29 
Sale of risk participation agreement— — (809)(809)
Balance September 30, 2020$7,866 $78,462 $2,392 $88,720 
Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2020
$— $(18,096)$3,262 $(14,834)
Total gains or losses for the nine months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2020
$(52)$— $— $(52)
* Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.
Summary Of Gains And Losses On Level 3 Assets And Liabilities
Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:

(In thousands)Loan Fees and SalesOther Non-Interest IncomeInvestment Securities Gains (Losses), Net
Total
For the three months ended September 30, 2021
Total gains or losses included in earnings$(309)$47 $12,971 $12,709 
Change in unrealized gains or losses relating to assets still held at September 30, 2021
$1,510 $47 $12,971 $14,528 
For the nine months ended September 30, 2021
Total gains or losses included in earnings $(1,716)$27 $38,002 $36,313 
Change in unrealized gains or losses relating to assets still held at September 30, 2021
$1,510 $(143)$38,002 $39,369 
For the three months ended September 30, 2020
Total gains or losses included in earnings $591 $(87)$2,389 $2,893 
Change in unrealized gains or losses relating to assets still held at September 30, 2020
$3,137 $(87)$2,409 $5,459 
For the nine months ended September 30, 2020
Total gains or losses included in earnings$2,679 $153 $(18,116)$(15,284)
Change in unrealized gains or losses relating to assets still held at September 30, 2020
$3,137 $125 $(18,096)$(14,834)
Summary Of Quantitative Information About Level 3 Fair Value Measurements
The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to auction rate securities (ARS), investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $2.0 million at September 30, 2021, while private equity investments, included in other securities, totaled $138.1 million.

Information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Auction rate securitiesDiscounted cash flowEstimated market recovery period5 years5 years
Estimated market rate1.1%-1.3%1.2%
Private equity investmentsMarket comparable companiesEBITDA multiple4.0-6.05.3
Mortgage loan commitmentsDiscounted cash flowProbability of funding67.2%-100.0%87.0%
Embedded servicing value.8%-1.2%1.0%
* Unobservable inputs were weighted by the relative fair value of the instruments.
Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]
For assets measured at fair value on a nonrecurring basis during the first nine months of 2021 and 2020, and still held as of September 30, 2021 and 2020, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at September 30, 2021 and 2020.

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)
Total Gains (Losses) Recognized During the Nine Months Ended September 30
September 30, 2021
  Collateral dependent loans$2,057 $ $ $2,057 $(349)
  Mortgage servicing rights9,774   9,774 1,120 
  Long-lived assets1,393   1,393 (726)
September 30, 2020
  Collateral dependent loans$11,772 $— $— $11,772 $(3,214)
  Mortgage servicing rights5,731 — — 5,731 (1,823)
Information about Level Three Fair Value Measurements - Nonrecurring Basis
The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other assets on the consolidated balance sheet, and information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Mortgage servicing rightsDiscounted cash flowDiscount rate9.02 %-9.35 %9.15 %
Prepayment speeds (CPR)*11.46 %-14.21 %12.55 %
Loan servicing costs - annually per loan
    Performing loans$70 -$72 $71 
    Delinquent loans$200 -$750 
    Loans in foreclosure$1,000 
*Ranges and weighted averages based on interest rate tranches.