Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarizes the Corporation’s assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets as of December 31:

	2018
	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage loans held for sale	$	—	$	27,099	$	—	$	27,099
Available for sale investment securities:
U.S. Government sponsored agency securities	—		31,632		—		31,632
State and municipal securities	—		279,095		—		279,095
Corporate debt securities	—		106,258		3,275		109,533
Collateralized mortgage obligations	—		832,080		—		832,080
Residential mortgage-backed securities	—		463,344		—		463,344
Commercial mortgage-backed securities	—		261,616		—		261,616
Auction rate securities	—		—		102,994		102,994
Total available for sale investment securities	—		1,974,025		106,269		2,080,294
Investments held in Rabbi Trust	18,415		—		—		18,415
Derivative assets	392		62,552		—		62,944
Total assets	$	18,807	$	2,063,676	$	106,269	$	2,188,752
Investments held in Rabbi Trust	$	18,415	$	—	$	—	$	18,415
Derivative liabilities	381		48,185		—		48,566
Total liabilities	$	18,796	$	48,185	$	—	$	66,981
	2017
	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage loans held for sale	$	—	$	31,530	$	—	$	31,530
Available for sale investment securities:
Equity securities	918		—		—		918
U.S. Government sponsored agency securities	—		5,938		—		5,938
State and municipal securities	—		408,949		—		408,949
Corporate debt securities	—		93,552		3,757		97,309
Collateralized mortgage obligations	—		602,623		—		602,623
Residential mortgage-backed securities	—		1,120,796		—		1,120,796
Commercial mortgage-backed securities	—		212,755		—		212,755
Auction rate securities	—		—		98,668		98,668
Total available for sale investment securities	918		2,444,613		102,425		2,547,956
Investments held in Rabbi Trust	18,982		—		—		18,982
Derivative assets	469		44,539		—		45,008
Total assets	$	20,369	$	2,520,682	$	102,425	$	2,643,476
Investments held in Rabbi Trust	$	18,982	$	—	$	—	$	18,982
Derivative liabilities	375		39,014		—		39,389
Other liabilities	$	19,357	$	39,014	$	—	$	58,371

Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs

The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:

	Pooled Trust Preferred Securities		Single-issuer Trust Preferred Securities			Auction Rate Securities
	(in thousands)
Balance as of December 31, 2016	$	422	$	2,450		$	97,256
Unrealized adjustments to fair value (1)	285		588			1,217
Discount accretion (2)	—		12			195
Balance as of December 31, 2017	707		3,050			98,668
Realized adjustments to fair value	—		71			—
Unrealized adjustments to fair value (1)	168		221			4,326
Settlements - calls	—		(950		)	—
Discount accretion (2)	—		8			—
Balance as of December 31, 2018	$	875	$	2,400		$	102,994

(1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the

unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of available for sale investment securities on the consolidated balance sheets.

(2) Included as a component of net interest income on the consolidated statements of income.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents the Corporation's assets measured at fair value on a nonrecurring basis and reported on the consolidated balance sheets at December 31:

	2018			2017
	(in thousands)
Net loans		$	149,846	$	149,608
OREO		10,518		9,823
MSRs		38,573		37,663
Total assets		$	198,937	$	197,094

Details of Book Value and Fair Value of Financial Instruments

As required by FASB ASC Section 825-10-50, the following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2018 and 2017. A general description of the methods and assumptions used to estimate such fair values is also provided.

	2018
	Amortized Cost		Level 1		Level 2		Level 3		Estimated Fair Value
FINANCIAL ASSETS	(in thousands)
Cash and due from banks	$	103,436	$	103,436	$	—	$	—	$	103,436
Interest-bearing deposits with other banks	342,251		342,251		—		—		342,251
FRB and FHLB stock	79,283		—		79,283		—		79,283
Loans held for sale	27,099		—		27,099		—		27,099
Held to maturity investment securities	606,679		611,419		—		—		611,419
Available for sale investment securities	2,115,265		—		1,974,025		106,269		2,080,294
Net Loans	16,005,263		—		—		15,446,895		15,446,895
Accrued interest receivable	58,879		58,879		—		—		58,879
Other financial assets	235,782		124,138		62,552		49,092		235,782
FINANCIAL LIABILITIES
Demand and savings deposits	$	13,478,016	$	13,478,016	$	—	$	—	$	13,478,016
Brokered deposits	176,239		176,239		—		—		176,239
Time deposits	2,721,904		—		2,712,296		—		2,712,296
Short-term borrowings	754,777		754,777		—		—		754,777
Accrued interest payable	10,529		10,529		—		—		10,529
Other financial liabilities	218,061		161,003		48,185		8,873		218,061
FHLB advances and long-term debt	992,279		—		970,985		—		970,985
	2017
	Amortized Cost		Level 1		Level 2		Level 3		Estimated Fair Value
	(in thousands)
FINANCIAL ASSETS
Cash and due from banks	$	108,291	$	108,291	$	—	$	—	$	108,291
Interest-bearing deposits with other banks	293,805		293,805		—		—		293,805
FRB and FHLB stock	60,761		—		60,761		—		60,761
Loans held for sale	31,530		—		31,530		—		31,530
Held to maturity investment securities	—		—		—		—		—
Available for sale investment securities	2,547,956		918		2,444,613		102,425		2,547,956
Net Loans	15,598,337		—		—		15,380,974		15,380,974
Accrued interest receivable	52,910		52,910		—		—		52,910
Other financial assets	215,464		123,439		44,539		47,486		215,464
FINANCIAL LIABILITIES
Demand and savings deposits	$	13,042,147	$	13,042,147	$	—	$	—	$	13,042,147
Brokered deposits	90,473		90,473		—		—		90,473
Time deposits	2,664,912		—		2,673,359		—		2,673,359
Short-term borrowings	617,524		617,524		—		—		617,524
Accrued interest payable	9,317		9,317		—		—		9,317
Other financial liabilities	227,569		182,381		39,014		6,174		227,569
FHLB advances and long-term debt	1,038,346		—		1,025,640		—		1,025,640