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Fair Value Accounting and Measurement (Tables)
9 Months Ended
Sep. 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 September 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 ValueFair Value Measurements at Reporting Date Using
Level 1Level 2Level 3
September 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
$3,121,642 $— $3,121,642 $— 
Other asset-backed securities
293,024 — 293,024 — 
State and municipal securities
557,444 — 557,444 — 
U.S. government agency and government-sponsored enterprise securities
309,610 — 309,610 — 
Total debt securities available for sale$4,281,720 $— $4,281,720 $— 
Other assets:
Interest rate contracts
$53,202 $— $53,202 $— 
Interest rate collar
$35,668 $— $35,668 $— 
Liabilities
Other liabilities:
Interest rate contracts
$53,677 $— $53,677 $— 
Fair ValueFair Value Measurements at Reporting Date Using
Level 1Level 2Level 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 September 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 EndedNine Months Ended
September 30,September 30,
2020201920202019
Equity securities without readily determinable fair values(in thousands)
Carrying value, beginning of period$13,425 $— $— $— 
Upward carrying value changes— — 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 September 30, 2020Fair Value Measurements 
at Reporting Date Using
Gains During the Three Months Ended September 30, 2020Losses During the Nine Months Ended September 30, 2020
Level 1Level 2Level 3
(in thousands)
Collateral dependent loans
$11,899 $— $— $11,899 $(153)$4,941 
Fair Value at September 30, 2019Fair Value Measurements 
at Reporting Date Using
Losses During the Three Months Ended September 30, 2019Losses During the Nine Months Ended September 30, 2019
Level 1Level 2Level 3
(in thousands)
Collateral dependent loans
$8,990 $— $— $8,990 $1,722 $3,299 
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 September 30, 2020 and December 31, 2019:
September 30, 2020
Carrying
Amount
Fair
Value
Level 1Level 2Level 3
(in thousands)
Assets
Cash and due from banks$193,823 $193,823 $193,823 $— $— 
Interest-earning deposits with banks736,422 736,422 736,422 — — 
Debt securities available for sale4,281,720 4,281,720 — 4,281,720 — 
Equity securities without readily determinable fair values13,425 13,425 — — 13,425 
FHLB stock10,280 10,280 — 10,280 — 
Loans held for sale24,407 24,407 — 24,407 — 
Loans9,531,979 9,980,912 — — 9,980,912 
Interest rate contracts53,202 53,202 — 53,202 — 
Interest rate collar35,668 35,668 — 35,668 — 
Liabilities
Time deposits$337,228 $337,386 $— $337,386 $— 
FHLB advances7,427 9,354 — 9,354 — 
Repurchase agreements26,966 26,966 — 26,966 — 
Subordinated debentures35,139 35,368 — 35,368 — 
Interest rate contracts53,677 53,677 — 53,677 — 
December 31, 2019
Carrying
Amount
Fair
Value
Level 1Level 2Level 3
(in thousands)
Assets
Cash and due from banks$223,541 $223,541 $223,541 $— $— 
Interest-earning deposits with banks24,132 24,132 24,132 — — 
Debt securities available for sale3,746,142 3,746,142 — 3,746,142 — 
FHLB stock48,120 48,120 — 48,120 — 
Loans held for sale17,718 17,718 — 17,718 — 
Loans8,659,497 8,883,865 — — 8,883,865 
Interest rate contracts19,144 19,144 — 19,144 — 
Interest rate collar14,727 14,727 — 14,727 — 
Liabilities
Time deposits$400,070 $397,736 $— $397,736 $— 
FHLB advances953,469 952,762 — 952,762 — 
Repurchase agreements64,437 64,437 — 64,437 — 
Subordinated debentures35,277 35,491 — 35,491 — 
Interest rate contracts19,145 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 September 30, 2020Valuation TechniqueUnobservable InputRange (Weighted Average) (1)
(dollars in thousands)
Collateral dependent loans (2)$11,899 Fair Market Value of CollateralAdjustment to Stated Value
0.00% - 100.00% (15.57%)
__________
(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 September 30, 2019Valuation TechniqueUnobservable InputRange (Weighted Average) (1)
(dollars in thousands)
Collateral dependent loans (2)$8,990 Fair Market Value of CollateralAdjustment to Stated Value
0.00% - 100.00% (42.09%)
__________
(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.