Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurement at March 31, 2022
Description	March 31, 2022		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	$	602	$	602	$	—	$	—
State and political subdivisions		15,474		—		15,474		—
Corporates		800		800		—		—
Trading – other		183		183		—		—
Trading securities		17,059		1,585		15,474		—
U.S. Treasury		382,135		382,135		—		—
U.S. Agencies		152,778		—		152,778		—
Mortgage-backed		5,408,222		—		5,408,222		—
State and political subdivisions		2,046,511		—		2,046,511		—
Corporates		366,085		366,085		—		—
Collateralized loan obligations		194,362		—		194,362		—
Available-for-sale securities		8,550,093		748,220		7,801,873		—
Equity securities with readily determinable fair values		53,056		53,056		—		—
Company-owned life insurance		65,094		—		65,094		—
Bank-owned life insurance		501,308		—		501,308		—
Derivatives		19,973		—		19,973		—
Total	$	9,206,583	$	802,861	$	8,403,722	$	—
Liabilities
Derivatives	$	43,016	$	—	$	43,016	$	—
Securities sold not yet purchased		1,621		—		1,621		—
Total	$	44,637	$	—	$	44,637	$	—

	Fair Value Measurement at December 31, 2021
Description	December 31, 2021		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	$	1,625	$	1,625	$	—	$	—
U.S. Agencies		2,159		—		2,159		—
Mortgage-backed		2,060		—		2,060		—
State and political subdivisions		21,671		—		21,671		—
Corporates		4,000		4,000		—		—
Trading – other		360		360		—		—
Trading securities		31,875		5,985		25,890		—
U.S. Treasury		69,174		69,174		—		—
U.S. Agencies		124,932		—		124,932		—
Mortgage-backed		7,965,055		—		7,965,055		—
State and political subdivisions		3,422,688		—		3,422,688		—
Corporates		317,846		317,846		—		—
Collateralized loan obligations		76,819		—		76,819		—
Available for sale securities		11,976,514		387,020		11,589,494		—
Equity securities with readily determinable fair values		64,149		64,149		—		—
Company-owned life insurance		65,245		—		65,245		—
Bank-owned life insurance		498,373		—		498,373		—
Derivatives		57,680		—		57,680		—
Total	$	12,693,836	$	457,154	$	12,236,682	$	—
Liabilities
Derivatives	$	13,944	$	—	$	13,944	$	—
Securities sold not yet purchased		3,197		—		3,197		—
Total	$	17,141	$	—	$	17,141	$	—

Assets measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):

	Fair Value Measurement at March 31, 2022 Using
Description	March 31, 2022		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	$	10,916	$	—	$	—	$	10,916	$	(6,278	)
Other real estate owned		—		—		—		—		—
Total	$	10,916	$	—	$	—	$	10,916	$	(6,278	)

	Fair Value Measurement at December 31, 2021 Using
Description	December 31, 2021		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
Collateral dependent assets	$	46,979	$	—	$	—	$	46,979	$	1,521
Other real estate owned		—		—		—		—		—
Total	$	46,979	$	—	$	—	$	46,979	$	1,521

The estimated fair value of the Company’s financial instruments at March 31, 2022 and December 31, 2021 are as follows (in thousands):

	Fair Value Measurement at March 31, 2022 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	$	8,033,522	$	6,715,213	$	1,318,309	$	—	$	8,033,522
Securities available for sale		8,550,093		748,220		7,801,873		—		8,550,093
Securities held to maturity (exclusive of allowance for credit losses)		4,602,232		—		4,393,455		—		4,393,455
Trading securities		17,059		1,585		15,474		—		17,059
Other securities		332,123		53,056		279,067		—		332,123
Loans (exclusive of allowance for credit losses)		17,732,083		—		17,820,959		—		17,820,959
Derivatives		19,973		—		19,973		—		19,973
FINANCIAL LIABILITIES
Demand and savings deposits		33,775,532		33,775,532		—		—		33,775,532
Time deposits		587,033		—		587,033		—		587,033
Other borrowings		2,840,535		85,791		2,754,744		—		2,840,535
Long-term debt		272,036		—		278,844		—		278,844
Derivatives		43,016		—		43,016		—		43,016
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										2,167
Commercial letters of credit										47
Standby letters of credit										924

	Fair Value Measurement at December 31, 2021 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	$	10,472,084	$	9,255,727	$	1,216,357	$	—	$	10,472,084
Securities available for sale		11,976,514		387,020		11,589,494		—		11,976,514
Securities held to maturity (exclusive of allowance for credit losses)		1,480,416		—		1,442,391		—		1,442,391
Trading securities		31,875		5,985		25,890		—		31,875
Other securities		327,098		64,149		262,949		—		327,098
Loans (exclusive of allowance for credit losses)		17,172,148		—		17,506,662		—		17,506,662
Derivatives		57,680		—		57,680		—		57,680
FINANCIAL LIABILITIES
Demand and savings deposits		34,748,286		34,748,286		—		—		34,748,286
Time deposits		851,641		—		851,641		—		851,641
Other borrowings		3,238,435		12,597		3,225,838		—		3,238,435
Long-term debt		271,544		—		285,961		—		285,961
Derivatives		13,944		—		13,944		—		13,944
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										7,841
Commercial letters of credit										179
Standby letters of credit										3,553