Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.


			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2021
Available-for-sale securities
U.S. Treasury	$	300	$	300	$	—	$	—
U.S. Government agencies	354,382		—		354,382		—
Mortgage-backed securities	4,421,620		—		4,421,620		—
State and political subdivisions	1,575,208		—		1,575,208		—
Other securities	470,693		—		470,693		—
Mortgage loans held for sale	34,628		—		—		34,628
Derivative asset	31,609		—		31,609		—
Derivative liability	(17,825)		—		(17,825)		—

December 31, 2020
Available-for-sale securities
U.S. Government agencies	$	477,237	$	—	$	477,237	$	—
Mortgage-backed securities	1,394,936		—		1,394,936		—
States and political subdivisions	1,470,723		—		1,470,723		—
Other securities	130,702		—		130,702		—
Mortgage loans held for sale	137,378		—		—		137,378
Derivative asset	35,846		—		35,846		—
Other liabilities held for sale	(154,620)		—		—		(154,620)
Derivative liability	(36,141)		—		(36,141)		—

Financial Assets Measure on Nonrecurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020.


			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2021
Individually assessed loans (1) (2) (collateral-dependent)	$	31,075	$	—	$	—	$	31,075
Foreclosed assets and other real estate owned (1)	2,661		—		—		2,661

December 31, 2020
Individually assessed loans (1) (2) (collateral-dependent)	$	66,209	$	—	$	—	$	66,209
Foreclosed assets and other real estate owned (1)	17,074		—		—		17,074

________________________

(1)These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2)Identified reserves of $2,129,000 and $13,725,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended September 30, 2021 and December 31, 2020, respectively.

Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:


	Carrying		Fair Value Measurements
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
September 30, 2021
Financial assets:
Cash and cash equivalents	$	1,781,413	$	1,781,413	$	—	$	—	$	1,781,413
Interest bearing balances due from banks - time	1,780		—		1,780		—		1,780
Held-to-maturity securities	1,516,797		—		1,487,916		—		1,487,916
Interest receivable	68,405		—		68,405		—		68,405
Loans, net	10,622,719		—		—		10,705,185		10,705,185

Financial liabilities:
Non-interest bearing transaction accounts	4,918,845		—		4,918,845		—		4,918,845
Interest bearing transaction accounts and savings deposits	10,697,451		—		10,697,451		—		10,697,451
Time deposits	2,455,774		—		—		2,460,441		2,460,441
Federal funds purchased and securities sold under agreements to repurchase	217,276		—		217,276		—		217,276
Other borrowings	1,338,585		—		1,408,087		—		1,408,087
Subordinated notes and debentures	383,278		—		395,786		—		395,786
Interest payable	11,230		—		11,230		—		11,230

December 31, 2020
Financial assets:
Cash and cash equivalents	$	3,472,152	$	3,472,152	$	—	$	—	$	3,472,152
Interest bearing balances due from banks - time	1,579		—		1,579		—		1,579
Held-to-maturity securities	333,031		—		341,925		—		341,925
Interest receivable	72,597		—		72,597		—		72,597
Loans, net	12,662,847		—		—		12,736,991		12,736,991

Financial liabilities:
Non-interest bearing transaction accounts	4,482,091		—		4,482,091		—		4,482,091
Interest bearing transaction accounts and savings deposits	9,672,608		—		9,672,608		—		9,672,608
Time deposits	2,832,327		—		—		2,848,621		2,848,621
Federal funds purchased and securities sold under agreements to repurchase	299,111		—		299,111		—		299,111
Other borrowings	1,342,067		—		1,448,625		—		1,448,625
Subordinated notes and debentures	382,874		—		398,827		—		398,827
Interest payable	8,887		—		8,887		—		8,887