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 1		Level 2		Level 3		Total
	(in thousands)
Loans held for sale	$	—	$	41,924	$	—	$	41,924
Available for sale investment securities:
U.S. Government securities	153,545		—		—		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 securities	153,545		2,868,996		74,834		3,097,375
Other assets:
Investments held in Rabbi Trust	27,142		—		—		27,142
Derivative assets	232		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 liabilities	193		107,405		—		107,598
Total liabilities	$	27,335	$	107,405	$	—	$	134,740

	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(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 Trust	24,383		—		—		24,383
Derivative assets	323		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 liabilities	280		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 accretion		2		—
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, 2021		December 31, 2020
	(in thousands)
Loans, net	$	129,542	$	116,584
OREO	2,779		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 Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,904,059	$	1,904,059	$	—	$	—	$	1,904,059
FRB and FHLB stock	62,631		—		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 securities	824,283		—		826,932		—		826,932
Net Loans	18,331,724		—		—		17,963,518		17,963,518
Accrued interest receivable	63,232		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 deposits	277,444		257,444		20,830		—		278,274
Time deposits	1,932,778		—		1,942,321		—		1,942,321
Short-term borrowings	533,749		533,749		—		—		533,749
Accrued interest payable	7,322		7,322		—		—		7,322
Long-term borrowings	627,213		—		617,167		—		617,167
Other liabilities	312,700		190,522		107,405		14,773		312,700

	December 31, 2020
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,847,832	$	1,847,832	$	—	$	—	$	1,847,832
FRB and FHLB stock	92,129		—		92,129		—		92,129
Loans held for sale	83,886		—		83,886		—		83,886
AFS securities	3,062,143		—		2,963,937		98,206		3,062,143
HTM securities	278,281		—		296,857		—		296,857
Net Loans	18,623,253		—		—		18,354,532		18,354,532
Accrued interest receivable	72,942		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 deposits	335,185		295,185		41,206		—		336,391
Time deposits	2,224,664		—		2,246,457		—		2,246,457
Short-term borrowings	630,066		630,066		—		—		630,066
Accrued interest payable	10,365		10,365		—		—		10,365
Long-term borrowings	1,296,263		—		1,332,041		—		1,332,041
Other liabilities	338,747		156,869		167,505		14,373		338,747