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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2019
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 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.
 
 
September 30, 2019
(in thousands)
 
Carrying  Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Measurement Category
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Securities available for sale
$
4,238,082

 
$
4,238,082

 
$

 
$
4,238,082

 
$

 
Mortgage loans held for sale
255,276

 
255,276

 

 
255,276

 

 
Mortgage loans held for investment, at fair value option
4,138

 
4,138

 

 

 
4,138

 
Derivative instruments
136,235

 
136,235

 

 
136,235

 

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative instruments
10,851

 
10,851

 

 
10,851

 

 
 
 
 
 
 
 
 
 
 
 
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
930,933

 
$
930,933

 
$
930,933

 
$

 
$

 
Securities held to maturity
185,007

 
192,586

 

 
192,586

 

 
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses
23,526,164

 
23,290,286

 

 

 
23,290,286

 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
Deposits
24,977,285

 
24,985,510

 

 
24,985,510

 

 
Short-term borrowings
498,049

 
498,049

 
223,049

 
275,000

 

 
Long-term debt
1,394,202

 
1,391,857

 

 

 
1,391,857



 
 
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


The fair value estimates presented herein are based upon pertinent information available to management as of September 30, 2019 and December 31, 2018. 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 these dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein.