Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Financial Asset and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 and their classification within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, in the 2019 10-K, for a description of how fair value measurements are determined.



	March 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale	$	—	$	3,914,960	$	—	$	3,914,960
Mortgage loans held for sale	—		207,845		—		207,845
Mortgage loans held for investment, at fair value option	—		—		2,779		2,779
Derivative instruments	—		283,525		—		283,525
Total	$	—	$	4,406,330	$	2,779	$	4,409,109
Liabilities
Derivative instruments	$	—	$	23,798	$	—	$	23,798
Total	$	—	$	23,798	$	—	$	23,798

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale	$	—	$	3,933,360	$	—	$	3,933,360
Mortgage loans held for sale	—		213,357		—		213,357
Mortgage loans held for investment, at fair value option	—		—		2,792		2,792
Derivative instruments	—		104,151		—		104,151
Total	$	—	$	4,250,868	$	2,792	$	4,253,660
Liabilities
Derivative instruments	$	—	$	11,799	$	—	$	11,799
Total	$	—	$	11,799	$	—	$	11,799

Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis

The following table presents information about the Company's assets that are measured at fair value and still held as of March 31, 2020 and December 31, 2019 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 2019 10-K, for a description of how fair value measurements are determined.



	March 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	87,227	$	87,227
OREO, net	—		—		6,869		6,869
Total	$	—	$	—	$	94,096	$	94,096

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	74,763	$	74,763
OREO, net	—		—		4,907		4,907
Total	$	—	$	—	$	79,670	$	79,670

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, 2020							December 31, 2019
(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	$	207,845	$	201,259	$	6,586		$	213,357	$	207,481	$	5,876
Mortgage loans held for investment, at fair value	2,779		2,804		(25		)	2,792		2,922		(130		)

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, 2020 and 2019. 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)	2020		2019
Fair value option
Mortgage loans held for sale, at fair value	$	711	$	652
Mortgage loans held for investment, at fair value	—		191