Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value, Assets 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 December 31, 2021 and 2020.


			Fair Value Measurements
(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)
December 31, 2021
Available-for-sale securities
U.S. Treasury	$	300	$	300	$	—	$	—
U.S. Government agencies	364,641		—		364,641		—
Mortgage-backed securities	4,448,616		—		4,448,616		—
State and political subdivisions	1,819,658		—		1,819,658		—
Other securities	480,330		—		480,330		—
Mortgage loans held for sale	36,356		—		—		36,356
Derivative asset	25,852		—		25,852		—
Derivative liability	(15,443)		—		(15,443)		—

December 31, 2020
Available-for-sale securities
U.S. Government agencies	477,237		—		477,237		—
Mortgage-backed securities	1,394,936		—		1,394,936		—
State 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)		—

Fair Value, Assets Measured on Nonrecurring

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 December 31, 2021 and 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)
December 31, 2021
Individually assessed loans (1) (2) (collateral-dependent)	$	47,089	$	—	$	—	$	47,089
Foreclosed assets and other real estate owned (1)	4,875		—		—		4,875

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 $4,214,000 and $13,725,000 were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2021 and 2020, respectively.

Fair Value, by Balance Sheet Grouping

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
December 31, 2021
Financial assets:
Cash and cash equivalents	$	1,650,653	$	1,650,653	$	—	$	—	$	1,650,653
Interest bearing balances due from banks - time	1,882		—		1,882		—		1,882
Held-to-maturity securities, net	1,529,221		—		1,517,378		—		1,517,378
Interest receivable	72,990		—		72,990		—		72,990
Loans, net	11,807,171		—		—		11,922,735		11,922,735

Financial liabilities:
Non-interest bearing transaction accounts	5,325,318		—		5,325,318		—		5,325,318
Interest bearing transaction accounts and savings deposits	11,588,770		—		11,588,770		—		11,588,770
Time deposits	2,452,460		—		—		2,451,055		2,451,055
Federal funds purchased and securities sold under agreements to repurchase	185,403		—		185,403		—		185,403
Other borrowings	1,337,973		—		1,393,711		—		1,393,711
Subordinated notes and debentures	384,131		—		394,464		—		394,464
Interest payable	6,759		—		6,759		—		6,759

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, net	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 debentures	382,874		—		398,827		—		398,827
Interest payable	8,887		—		8,887		—		8,887