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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
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:
 June 30, 2021
 Level 1Level 2Level 3Total
 (in thousands)
Loans held for sale$— $41,924 $— $41,924 
Available for sale investment securities:
U.S. Government securities153,545 — — 153,545 
U.S. Government sponsored agency securities— 62,431 — 62,431 
State and municipal securities— 1,055,462 — 1,055,462 
Corporate debt securities— 371,381 — 371,381 
Collateralized mortgage obligations— 307,165 — 307,165 
Residential mortgage-backed securities— 201,547 — 201,547 
Commercial mortgage-backed securities— 871,010 — 871,010 
Auction rate securities— — 74,834 74,834 
Total available for sale investment securities153,545 2,868,996 74,834 3,097,375 
Other assets:
Investments held in Rabbi Trust27,142 — — 27,142 
Derivative assets232 215,701 — 215,933 
Total assets$180,919 $3,126,621 $74,834 $3,382,374 
Other liabilities:
Deferred compensation liabilities$27,142 $— $— $27,142 
Derivative liabilities193 107,405 — 107,598 
Total liabilities$27,335 $107,405 $— $134,740 
 December 31, 2020
 Level 1Level 2Level 3Total
 (in thousands)
Loans held for sale$— $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 $— $192,168 
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3):
Single-issuer
Trust Preferred
Securities		ARCs
Three months ended June 30, 2021(in thousands)
Balance at March 31, 2021$— $76,204 
Unrealized adjustment to fair value (1)
— (1,370)
Balance at June 30, 2021$— $74,834 
Three months ended June 30, 2020
Balance at March 31, 2020$2,160 $93,666 
Sales(2,160)— 
Unrealized adjustment to fair value (1)
— 7,193 
Balance at June 30, 2020$— $100,859 
Six months ended June 30, 2021
Balance at December 31, 2020$— $98,206 
Sales— (24,619)
Unrealized adjustment to fair value (1)
— 1,247 
Balance at June 30, 2021$— $74,834 
Six months ended June 30, 2020
Balance at December 31, 2019$2,400 $101,926 
Sales(2,160)— 
Unrealized adjustment to fair value (1)
(242)(1,067)
Discount accretion2 — 
Balance at June 30, 2020$— $100,859 
(1)Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:
 June 30, 2021December 31, 2020
 (in thousands)
Loans, net$129,542 $116,584 
OREO2,779 4,178 
MSRs (1)
29,462 28,245 
Total assets$161,783 $149,007 
(1)Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value. See "Note 5 - Mortgage Servicing Rights" for additional information.
Details of Book Value and Fair Value of Financial Instruments
The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments for the current period. A general description of the methods and assumptions used to estimate such fair values follows:
 June 30, 2021
Estimated Fair Value
Carrying AmountLevel 1Level 2Level 3Total
(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents$1,904,059 $1,904,059 $— $— $1,904,059 
FRB and FHLB stock62,631 — 62,631 — 62,631 
Loans held for sale 41,924 — 41,924 — 41,924 
AFS securities 3,097,375 153,545 2,868,996 74,834 3,097,375 
HTM securities824,283 — 826,932 — 826,932 
Net Loans 18,331,724 — — 17,963,518 17,963,518 
Accrued interest receivable63,232 63,232 — — 63,232 
Other assets 542,967 295,025 215,701 32,241 542,967 
FINANCIAL LIABILITIES  
Demand and savings deposits$19,514,090 $19,514,090 $— $— $19,514,090 
Brokered deposits277,444 257,444 20,830 — 278,274 
Time deposits1,932,778 — 1,942,321 — 1,942,321 
Short-term borrowings533,749 533,749 — — 533,749 
Accrued interest payable7,322 7,322 — — 7,322 
Long-term borrowings627,213 — 617,167 — 617,167 
Other liabilities 312,700 190,522 107,405 14,773 312,700 

 
December 31, 2020
Estimated Fair Value
Carrying AmountLevel 1Level 2Level 3Total
(in thousands)
FINANCIAL ASSETS
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 sale83,886 — 83,886 — 83,886 
AFS securities3,062,143 — 2,963,937 98,206 3,062,143 
HTM securities278,281 — 296,857 — 296,857 
Net Loans18,623,253 — — 18,354,532 18,354,532 
Accrued interest receivable72,942 72,942 — — 72,942 
Other assets650,425 279,015 338,987 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 
Short-term borrowings630,066 630,066 — — 630,066 
Accrued interest payable10,365 10,365 — — 10,365 
Long-term borrowings1,296,263 — 1,332,041 — 1,332,041 
Other liabilities338,747 156,869 167,505 14,373 338,747