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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Estimated Fair Values and Carrying Amounts of Financial Instruments
The carrying amount and estimated fair values of the Company’s financial instruments, as well as the level within the fair value hierarchy, are included in the tables below. See Note 1, Summary of Significant Accounting Policies, and Note 2, Recent Accounting Pronouncements, 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)
 
Carrying  Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Measurement Category
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Securities available for sale
$
4,873,778

 
$
4,873,778

 
$

 
$
4,873,778

 
$

 
Mortgage loans held for sale
128,451

 
128,451

 

 
128,451

 

 
Mortgage loans held for investment, at fair value option
550

 
550

 

 

 
550

 
Derivative instruments
51,086

 
51,086

 

 
51,086

 

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative instruments
16,756

 
16,756

 

 
16,756

 

 
 
 
 
 
 
 
 
 
 
 
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
671,897

 
$
671,897

 
$
671,897

 
$

 
$

 
Securities held to maturity
198,958

 
200,568

 

 
200,568

 

 
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses
22,824,780

 
22,547,830

 

 

 
22,547,830

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Deposits
24,092,062

 
24,086,321

 

 
24,086,321

 

 
Short-term borrowings
1,106,131

 
1,106,131

 
261,131

 
845,000

 

 
Long-term debt
1,475,455

 
1,471,292

 

 

 
1,471,292



 
 
December 31, 2018
(in thousands)
 
Carrying Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Measurement Category
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Securities available for sale
$
4,783,579

 
$
4,783,579

 
$

 
$
4,783,579

 
$

 
Mortgage loans held for sale
107,734

 
107,734

 

 
107,734

 

 
Mortgage loans held for investment, at fair value option
3,143

 
3,143

 

 

 
3,143

 
Derivative instruments
27,048

 
27,048

 

 
27,048

 

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative instruments
22,124

 
22,124

 

 
22,124

 

 
 
 
 
 
 
 
 
 
 
 
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
690,453

 
$
690,453

 
$
690,453

 
$

 
$

 
Securities held to maturity
207,446

 
204,277

 

 
204,277

 

 
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses
22,376,101

 
22,088,236

 

 

 
22,088,236

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Deposits
23,763,431

 
23,752,139

 

 
23,752,139

 

 
Short-term borrowings
1,482,882

 
1,482,882

 
315,882

 
1,167,000

 

 
Long-term debt
1,166,151

 
1,154,062

 

 

 
1,154,062