Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurement at June 30, 2020
Description	June 30, 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. Treasury	$	654	$	654	$	—	$	—
Mortgage-backed		2,109		—		2,109		—
State and political subdivisions		32,654		—		32,654		—
Corporates		1,402		1,402		—		—
Trading – other		14,564		14,564		—		—
Trading securities		51,383		16,620		34,763		—
U.S. Treasury		30,920		30,920		—		—
U.S. Agencies		420,552		—		420,552		—
Mortgage-backed		4,749,457		—		4,749,457		—
State and political subdivisions		3,222,634		—		3,222,634		—
Corporates		60,061		60,061		—		—
Available for sale securities		8,483,624		90,981		8,392,643		—
Company-owned life insurance		53,525		—		53,525		—
Bank-owned life insurance		283,291		—		283,291		—
Derivatives		155,299		—		155,299		—
Total	$	9,027,122	$	107,601	$	8,919,521	$	—
Liabilities
Derivatives	$	10,704	$	—	$	10,704	$	—
Securities sold not yet purchased		4,019		—		4,019		—
Total	$	14,723	$	—	$	14,723	$	—

	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 a non-recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurement at June 30, 2020 Using
Description	June 30, 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 Six Months Ended June 30
Collateral dependent assets	$	18,454	$	—	$	—	$	18,454	$	(6,826	)
Other real estate owned		2,830		—		—		2,830		—
Total	$	21,284	$	—	$	—	$	21,284	$	(6,826	)

	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

The estimated fair value of the Company’s financial instruments at June 30, 2020 and December 31, 2019 are as follows

	Fair Value Measurement at June 30, 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	$	3,524,970	$	2,177,327	$	1,347,643	$	—	$	3,524,970
Securities available for sale		8,483,624		90,981		8,392,643		—		8,483,624
Securities held to maturity (exclusive of allowance for credit losses)		1,111,625		—		1,153,833		—		1,153,833
Trading securities		51,383		16,620		34,763		—		51,383
Other securities		154,206		—		154,206		—		154,206
Loans (exclusive of allowance for credit losses)		15,313,310		—		15,644,241		—		15,644,241
Derivatives		155,299		—		155,299		—		155,299
FINANCIAL LIABILITIES
Demand and savings deposits		23,667,246		23,667,246		—		—		23,667,246
Time deposits		792,158		—		801,048		—		801,048
Other borrowings		1,978,694		34,587		1,944,107		—		1,978,694
Long-term debt		70,996		—		71,316		—		71,316
Derivatives		10,704		—		10,704		—		10,704
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										2,847
Commercial letters of credit										31
Standby letters of credit										1,585

	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		70,372		—		70,713		—		70,713
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