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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:
 2020
 Level 1Level 2Level 3Total
 (in thousands)
Loans held for sale$— $83,886 $— $83,886 
Available for sale investment securities:
State and municipal securities— 952,613 — 952,613 
Corporate debt securities— 367,145 — 367,145 
Collateralized mortgage obligations— 503,766 — 503,766 
Residential mortgage-backed securities— 377,998 — 377,998 
Commercial mortgage-backed securities— 762,415 — 762,415 
Auction rate securities— — 98,206 98,206 
Total available for sale investment securities— 2,963,937 98,206 3,062,143 
Other assets:
Investments held in Rabbi Trust24,383 — — 24,383 
Derivative assets323 338,987 — 339,310 
Total assets$24,706 $3,386,810 $98,206 $3,509,722 
Other liabilities:
Deferred compensation liabilities$24,383 $— $— $24,383 
Derivative liabilities280 167,505 — 167,785 
Total liabilities$24,663 $167,505 $— $192,168 
 2019
 Level 1Level 2Level 3Total
 (in thousands)
Loans held for sale$— $37,828 $— $37,828 
Available for sale investment securities:
State and municipal securities— 652,927 — 652,927 
Corporate debt securities— 374,957 2,400 377,357 
Collateralized mortgage obligations— 693,718 — 693,718 
Residential mortgage-backed securities— 177,312 — 177,312 
Commercial mortgage-backed securities— 494,297 — 494,297 
Auction rate securities— — 101,926 101,926 
Total available for sale investment securities— 2,393,211 104,326 2,497,537 
Other assets:
Investments held in Rabbi Trust22,213 — — 22,213 
Derivative assets230 145,365 — 145,595 
Total assets$22,443 $2,576,404 $104,326 $2,703,173 
Other liabilities:
Deferred compensation liabilities$22,213 $— $— $22,213 
Derivative liabilities199 76,447 — 76,646 
Total liabilities$22,412 $76,447 $— $98,859 
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following table presents the changes in AFS investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:
 Pooled Trust
Preferred
Securities		Single-issuer
Trust Preferred
Securities		ARCs
 (in thousands)
Balance at December 31, 2018$875 $2,400 $102,994 
Sales(770)— — 
Unrealized adjustment to fair value (1)
(105)(4)(1,068)
Discount accretion (2)
— 4 — 
Balance at December 31, 2019$— $2,400 $101,926 
Sales— (2,160)— 
Unrealized adjustment to fair value (1)
— (242)(3,720)
Discount accretion (2)
— 2 — 
Balance at December 31, 2020$— $— $98,206 
(1)Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as AFS investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "AFS at estimated fair value" on the consolidated balance sheets.
(2)Included as a component of "net interest income" on the consolidated statements of income.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis:
 20202019
 (in thousands)
Loans, net$116,584 $144,807 
OREO4,178 6,831 
MSRs (1)
28,245 45,193 
Total assets$149,007 $196,831 
(1)Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 7 - Mortgage Servicing Rights" for additional information.
Details of Book Value and Fair Value of Financial Instruments
The following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2020 and 2019. A general description of the methods and assumptions used to estimate such fair values is also provided.
 2020
Estimated Fair Value
Carrying AmountLevel 1Level 2Level 3Total
FINANCIAL ASSETS(in thousands)
Cash and cash equivalents$1,847,832 $1,847,832 $— $— $1,847,832 
FRB and FHLB stock92,129 — 92,129 — 92,129 
Loans held for sale 83,886 — 83,886 — 83,886 
HTM securities278,281 — 296,857 — 296,857 
AFS securities 3,062,143 — 2,963,937 98,206 3,062,143 
Net Loans 18,623,253 — — 18,354,532 18,354,532 
Accrued interest receivable72,942 72,942 — — 72,942 
Other assets 650,425 279,015 338,987 32,423 650,425 
FINANCIAL LIABILITIES
Demand and savings deposits$18,279,358 $18,279,358 $— $— $18,279,358 
Brokered deposits335,185 295,185 41,206 — 336,391 
Time deposits2,224,664 — 2,246,457 — 2,246,457 
Accrued interest payable10,365 10,365 — — 10,365 
Short-term borrowings630,066 630,066 — — 630,066 
Long-term borrowings1,296,263 — 1,332,041 — 1,332,041 
Other liabilities 338,747 156,869 167,505 14,373 338,747 
2019
Estimated Fair Value
Carrying AmountLevel 1Level 2Level 3Total
FINANCIAL ASSETS(in thousands)
Cash and cash equivalents$517,791 $517,791 $— $— $517,791 
FRB and FHLB stock97,422 — 97,422 — 97,422 
Loans held for sale37,828 — 37,828 — 37,828 
HTM securities369,841 — 383,705 — 383,705 
AFS securities2,497,537 — 2,393,211 104,326 2,497,537 
Net Loans16,673,904 — — 16,485,122 16,485,122 
Accrued interest receivable60,898 60,898 — — 60,898 
Other assets431,565 234,176 145,365 52,024 431,565 
FINANCIAL LIABILITIES
Demand and savings deposits$14,327,453 $14,327,453 $— $— $14,327,453 
Brokered deposits264,531 224,531 40,549 — 265,080 
Time deposits2,801,930 — 2,828,988 — 2,828,988 
Accrued interest payable8,834 8,834 — — 8,834 
Short-term borrowings883,241 883,241 — — 883,241 
Long-term borrowings881,769 — 878,385 — 878,385 
Other liabilities221,542 142,508 76,447 2,587 221,542 
Fair Value Measurement Inputs and Valuation Techniques Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below:
Significant InputScenario Shock% Change in Valuation
Prepayment Rate+ 30%(22)%
Prepayment Rate- 30%20%
Discount Rate- 200 bps(5)%
Discount Rate+ 200 bps7%