Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Financial Asset and Liabilities Measured at Fair Value on Recurring Basis

See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.



	March 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale	$	—	$	4,873,778	$	—	$	4,873,778
Mortgage loans held for sale	—		128,451		—		128,451
Mortgage loans held for investment, at fair value option	—		—		550		550
Derivative instruments	—		51,086		—		51,086
Total	$	—	$	5,053,315	$	550	$	5,053,865
Liabilities
Derivative instruments	$	—	$	16,756	$	—	$	16,756
Total	$	—	$	16,756	$	—	$	16,756

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale	$	—	$	4,783,579	$	—	$	4,783,579
Mortgage loans held for sale	—		107,734		—		107,734
Mortgage loans held for investment, at fair value option	—		—		3,143		3,143
Derivative instruments	—		27,048		—		27,048
Total	$	—	$	4,918,361	$	3,143	$	4,921,504
Liabilities
Derivative instruments	$	—	$	22,124	$	—	$	22,124
Total	$	—	$	22,124	$	—	$	22,124

Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis

The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of March 31, 2019 and December 31, 2018 for which a non-recurring fair value adjustment was recorded during the periods then ended. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.



	March 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	63,145	$	63,145
OREO, net	—		—		8,875		8,875
Total	$	—	$	—	$	72,020	$	72,020

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	65,914	$	65,914
OREO, net	—		—		6,433		6,433
Total	$	—	$	—	$	72,347	$	72,347

Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value:



	March 31, 2019							December 31, 2018
(in thousands)	Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Unpaid Principal			Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Unpaid Principal
Mortgage loans held for sale, at fair value	$	128,451	$	124,410	$	4,041		$	107,734	$	104,345	$	3,389
Mortgage loans held for investment, at fair value	550		599		(49		)	3,143		3,595		(452		)

Fair Value Option, Disclosures

The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk.



	Net Gains (Losses) Resulting From Changes in Fair Value
	For the Three Months Ended March 31,
(in thousands)	2019		2018
Fair value option
Mortgage loans held for sale, at fair value	$	652	$	(749	)
Mortgage loans held for investment, at fair value	191		(1,142		)