Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurement at March 31, 2020
Description	March 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Agencies	$	3,477	$	—	$	3,477	$	—
Mortgage-backed		5		—		5		—
State and political subdivisions		35,259		—		35,259		—
Corporates		5,243		5,243		—		—
Trading – other		17,193		17,193		—		—
Trading securities		61,177		22,436		38,741		—
U.S. Treasury		31,605		31,605		—		—
U.S. Agencies		100,616		—		100,616		—
Mortgage-backed		4,234,649		—		4,234,649		—
State and political subdivisions		3,093,692		—		3,093,692		—
Corporates		178,889		178,889		—		—
Available for sale securities		7,639,451		210,494		7,428,957		—
Company-owned life insurance		47,726		—		47,726		—
Bank-owned life insurance		282,562		—		282,562		—
Derivatives		145,347		—		145,347		—
Total	$	8,176,263	$	232,930	$	7,943,333	$	—
Liabilities
Derivatives	$	10,437	$	—	$	10,437	$	—
Securities sold not yet purchased		17,631		—		17,631		—
Total	$	28,068	$	—	$	28,068	$	—

	Fair Value Measurement at December 31, 2019
Description	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Agencies	$	1,246	$	—	$	1,246	$	—
Mortgage-backed		392		—		392		—
State and political subdivisions		21,764		—		21,764		—
Corporates		5,649		5,649		—		—
Trading – other		16,567		16,567		—		—
Trading securities		45,618		22,216		23,402		—
U.S. Treasury		64,078		64,078		—		—
U.S. Agencies		93,021		—		93,021		—
Mortgage-backed		4,071,794		—		4,071,794		—
State and political subdivisions		3,029,917		—		3,029,917		—
Corporates		188,552		188,552		—		—
Available for sale securities		7,447,362		252,630		7,194,732		—
Company-owned life insurance		63,900		—		63,900		—
Bank-owned life insurance		280,709		—		280,709		—
Derivatives		55,276		—		55,276		—
Total	$	7,892,865	$	274,846	$	7,618,019	$	—
Liabilities
Derivatives	$	5,997	$	—	$	5,997	$	—
Securities sold not yet purchased		14,599		—		14,599		—
Total	$	20,596	$	—	$	20,596	$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurement at March 31, 2020 Using
Description	March 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Three Months Ended March 31
Collateral dependent assets	$	21,587	$	—	$	—	$	21,587	$	(6,607	)
Other real estate owned		3		—		—		3		—
Total	$	21,590	$	—	$	—	$	21,590	$	(6,607	)

	Fair Value Measurement at December 31, 2019 Using
Description	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains Recognized During the Twelve Months Ended December 31
Impaired loans	$	5,139	$	—	$	—	$	5,139	$	3,973
Other real estate owned		55		—		—		55		7
Total	$	5,194	$	—	$	—	$	5,194	$	3,980

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at March 31, 2020 and December 31, 2019 are as follows

	Fair Value Measurement at March 31, 2020 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)	Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	2,234,557	$	1,449,807	$	784,750		$	2,234,557
Securities available for sale		7,639,451		210,494		7,428,957			7,639,451
Securities held to maturity (exclusive of allowance for credit losses)		1,114,160		—		1,146,909			1,146,909
Trading securities		61,177		22,436		38,741			61,177
Other securities		135,194		—		135,194			135,194
Loans (exclusive of allowance for credit losses)		13,959,295		—		14,291,643			14,291,643
Derivatives		145,347		—		145,347			145,347
FINANCIAL LIABILITIES
Demand and savings deposits		20,190,500		20,190,500		—			20,190,500
Time deposits		985,020		—		992,339			992,339
Other borrowings		1,905,917		23,060		1,882,857			1,905,917
Long-term debt		121,582		—		137,078			137,078
Derivatives		10,437		—		10,437			10,437
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans									1,463
Commercial letters of credit									13
Standby letters of credit									956

	Fair Value Measurement at December 31, 2019 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	3,276,794	$	1,701,449	$	1,575,345	$	—	$	3,276,794
Securities available for sale		7,447,362		252,630		7,194,732		—		7,447,362
Securities held to maturity		1,116,102		—		1,082,345		—		1,082,345
Trading securities		45,618		22,216		23,402		—		45,618
Other securities		108,420		—		108,420		—		108,420
Loans (exclusive of allowance for loan loss)		13,439,525		—		13,601,595		—		13,601,595
Derivatives		55,276		—		55,276		—		55,276
FINANCIAL LIABILITIES
Demand and savings deposits		20,376,880		20,376,880		—		—		20,376,880
Time deposits		1,226,364		—		1,226,646		—		1,226,646
Other borrowings		1,896,508		31,873		1,864,635		—		1,896,508
Long-term debt		97,490		—		97,831		—		97,831
Derivatives		5,997		—		5,997		—		5,997
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										5,908
Commercial letters of credit										113
Standby letters of credit										2,966