Fair Value Accounting and Measurement (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2020 and December 31, 2019 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
June 30, 2020	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	2,865,030	$	—	$	2,865,030	$	—
Other asset-backed securities	224,276		—		224,276		—
State and municipal securities	468,615		—		468,615		—
U.S. government agency and government-sponsored enterprise securities	135,866		—		135,866		—
Total debt securities available for sale	$	3,693,787	$	—	$	3,693,787	$	—
Other assets:
Interest rate contracts	$	54,424	$	—	$	54,424	$	—
Interest rate collar	$	38,421	$	—	$	38,421	$	—
Liabilities
Other liabilities:
Interest rate contracts	$	54,898	$	—	$	54,898	$	—

	Fair Value		Fair Value Measurements at Reporting Date Using
			Level 1		Level 2		Level 3
December 31, 2019	(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations	$	2,892,950	$	—	$	2,892,950	$	—
Other asset-backed securities	196,050		—		196,050		—
State and municipal securities	488,802		—		488,802		—
U.S. government agency and government-sponsored enterprise securities	168,340		—		168,340		—
Total debt securities available for sale	$	3,746,142	$	—	$	3,746,142	$	—
Other assets:
Interest rate contracts	$	19,144	$	—	$	19,144	$	—
Interest rate collar	$	14,727	$	—	$	14,727	$	—
Liabilities
Other liabilities:
Interest rate contracts	$	19,145	$	—	$	19,145	$	—

Equity Securities without Readily Determinable Fair Value [Table Text Block]

The following table presents the carrying value of equity securities, without readily determinable fair values, still held as of June 30, 2020, that are measured under the measurement alternative and related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Equity securities without readily determinable fair values	(in thousands)
Carrying value, beginning of period	$	—	$	—	$	—	$	—
Upward carrying value changes	13,425		—		13,425		—
Carrying value, end of period	$	13,425	$	—	$	13,425	$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

	Fair Value at June 30, 2020		Fair Value Measurements at Reporting Date Using						Gains(Losses) During the Three Months Ended June 30, 2020			Gains(Losses) During the Six Months Ended June 30, 2020
			Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	7,976	$	—	$	—	$	7,976	$	(6,946	)	$	(7,745	)
Equity securities	$	13,425	$	—	$	—	$	13,425	$	13,425		$	13,425

	Fair Value at June 30, 2019		Fair Value Measurements at Reporting Date Using						Losses During the Three Months Ended June 30, 2019			Losses During the Six Months Ended June 30, 2019
			Level 1		Level 2		Level 3
	(in thousands)
Collateral dependent loans	$	4,837	$	—	$	—	$	4,837	$	(2,124	)	$	(2,525	)

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at June 30, 2020 and December 31, 2019:

	June 30, 2020
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	217,461	$	217,461	$	217,461	$	—	$	—
Interest-earning deposits with banks	880,232		880,232		880,232		—		—
Debt securities available for sale	3,693,787		3,693,787		—		3,693,787		—
Equity securities without readily determinable fair values	13,425		13,425		—		—		13,425
FHLB stock	16,280		16,280		—		16,280		—
Loans held for sale	28,803		28,803		—		28,803		—
Loans	9,620,352		10,061,835		—		—		10,061,835
Interest rate contracts	54,424		54,424		—		54,424		—
Interest rate collar	38,421		38,421		—		38,421		—
Liabilities
Time deposits	$	340,192	$	340,419	$	—	$	340,419	$	—
FHLB advances and FRB borrowings	157,441		159,400		—		159,400		—
Repurchase agreements	51,479		51,479		—		51,479		—
Subordinated debentures	35,185		35,227		—		35,227		—
Interest rate contracts	54,898		54,898		—		54,898		—

	December 31, 2019
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and due from banks	$	223,541	$	223,541	$	223,541	$	—	$	—
Interest-earning deposits with banks	24,132		24,132		24,132		—		—
Debt securities available for sale	3,746,142		3,746,142		—		3,746,142		—
FHLB stock	48,120		48,120		—		48,120		—
Loans held for sale	17,718		17,718		—		17,718		—
Loans	8,659,497		8,883,865		—		—		8,883,865
Interest rate contracts	19,144		19,144		—		19,144		—
Interest rate collar	14,727		14,727		—		14,727		—
Liabilities
Time deposits	$	400,070	$	397,736	$	—	$	397,736	$	—
FHLB advances	953,469		952,762		—		952,762		—
Repurchase agreements	64,437		64,437		—		64,437		—
Subordinated debentures	35,277		35,491		—		35,491		—
Interest rate contracts	19,145		19,145		—		19,145		—

Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

	Fair Value at June 30, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Collateral dependent loans (2)	$	7,976	Fair Market Value of Collateral	Adjustment to Stated Value	0.00% - 100.00% (56.22%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable, fixed assets and inventory).

(2) Collateral consists of accounts receivable, fixed assets, inventory and real estate.

	Fair Value at June 30, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average) (1)
	(dollars in thousands)
Collateral dependent loans (2)	$	4,837	Fair Market Value of Collateral	Adjustment to Stated Value	0.00% - 100.00% (35.67%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable, fixed assets and inventory).

(2) Collateral consists of cash, accounts receivable, fixed assets, inventory and real estate.