Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

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.



		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