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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825, Financial Instruments, excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.
The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, in the 2017 Annual Report on Form 10-K for the year ended December 31, 2017 for a description of how fair value measurements are determined, except for loans, amended upon implementation of ASU 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 2, Recent Accounting Pronouncements, in this Report for a description of how the fair value measurement is determined for loans beginning January 1, 2018.
 
 
June 30, 2018
(Dollars in thousands)
 
Carrying  Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Measurement Category
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Securities available for sale
$
4,650,915

 
$
4,650,915

 
$

 
$
4,650,915

 
$

 
CRA and Community Development Investment Funds
1,878

 
1,878

 

 
1,878

 

 
Mortgage loans held for sale
78,843

 
78,843

 

 
78,843

 

 
Derivative instruments
12,913

 
12,913

 

 
12,913

 

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative instruments
38,607

 
38,607

 

 
38,607

 

 
 
 
 
 
 
 
 
 
 
 
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
727,388

 
$
727,388

 
$
727,388

 
$

 
$

 
Securities held to maturity
221,030

 
216,309

 

 
216,309

 

 
Loans and leases, net of unearned income and allowance for loan and lease losses
21,939,207

 
21,825,925

 

 

 
21,825,925

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Deposits
23,430,458

 
23,425,170

 

 
23,425,170

 

 
Short-term borrowings
1,054,213

 
1,054,213

 
459,213

 
595,000

 

 
Long-term debt
1,438,614

 
1,423,382

 

 

 
1,423,382



 
 
December 31, 2017
(Dollars in thousands)
 
Carrying Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Measurement Category
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Securities available for sale
$
4,590,062

 
$
4,590,062

 
$

 
$
4,590,062

 
$

 
Mortgage loans held for sale
134,916

 
134,916

 

 
134,916

 

 
Derivative instruments
31,265

 
31,265

 

 
31,265

 

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative instruments
25,154

 
25,154

 

 
25,154

 

 
 
 
 
 
 
 
 
 
 
 
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
625,724

 
$
625,724

 
$
625,724

 
$

 
$

 
Securities held to maturity
227,318

 
227,964

 

 
227,964

 

 
Loans and leases, net of unearned income and allowance for loan and lease losses
19,937,290

 
19,826,857

 

 

 
19,826,857

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Deposits
21,466,717

 
21,460,782

 

 
21,460,782

 

 
Short-term borrowings
991,297

 
991,297

 
516,297

 
475,000

 

 
Long-term debt
1,495,835

 
1,476,899

 

 

 
1,476,899


The fair value estimates presented herein are based upon pertinent information available to management as of June 30, 2018 and December 31, 2017. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein.