Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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



	2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Loans held for sale	$	—	$	37,828	$	—	$	37,828
Available for sale investment securities:
State and municipal securities	—		652,927		—		652,927
Corporate debt securities	—		374,957		2,400		377,357
Collateralized mortgage obligations	—		693,718		—		693,718
Residential mortgage-backed securities	—		177,312		—		177,312
Commercial mortgage-backed securities	—		494,297		—		494,297
Auction rate securities	—		—		101,926		101,926
Total available for sale investment securities	—		2,393,211		104,326		2,497,537
Other assets:
Investments held in Rabbi Trust	22,213		—		—		22,213
Derivative assets	230		145,365		—		145,595
Total assets	$	22,443	$	2,576,404	$	104,326	$	2,703,173
Other Liabilities
Deferred compensation liabilities	$	22,213	$	—	$	—	$	22,213
Derivative liabilities	199		76,447		—		76,646
Total liabilities	$	22,412	$	76,447	$	—	$	98,859

	2018
	Level 1		Level 2		Level 3		Total
	(in thousands)
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
Other assets:
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
Other Liabilities
Deferred compensation liabilities	$	18,415	$	—	$	—	$	18,415
Derivative liabilities	381		48,185		—		48,566
Total liabilities	$	18,796	$	48,185	$	—	$	66,981

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, 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
Sales	(770		)	—			—
Unrealized adjustments to fair value ⁽¹⁾	(105		)	(4		)	(1,068		)
Discount accretion ⁽²⁾	—			4			—
Balance as of December 31, 2019	$	—		$	2,400		$	101,926


(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 at estimated fair value" on the consolidated balance sheets.

(2)

Included as a component of "net interest income" on the consolidated statements of incom

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis:



	2019		2018
	(in thousands)
Net loans and leases	$	144,807	$	149,846
OREO	6,831		10,518
MSRs⁽¹⁾	45,193		50,200
Total assets	$	196,831	$	210,564

Details of Book Value and Fair Value of Financial Instruments

he following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2019 and 2018. A general description of the methods and assumptions used to estimate such fair values is also provided.



	2019
	Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
FINANCIAL ASSETS	(in thousands)
Cash and cash equivalents	$	517,791	$	517,791	$	—	$	—	$	517,791
FRB and FHLB stock	97,422		—		97,422		—		97,422
Loans held for sale	37,828		—		37,828		—		37,828
Available for sale investment securities	2,497,537		—		2,393,211		104,326		2,497,537
Held to maturity investment securities	369,841		—		383,705		—		383,705
Net loans and leases	16,673,904		—		—		16,485,122		16,485,122
Accrued interest receivable	60,898		60,898		—		—		60,898
Other assets	431,565		234,176		145,365		52,024		431,565
FINANCIAL LIABILITIES
Demand and savings deposits	$	14,327,453	$	14,327,453	$	—	$	—	$	14,327,453
Brokered deposits	264,531		223,982		40,549		—		264,531
Time deposits	2,801,930		—		2,828,988		—		2,828,988
Short-term borrowings	883,241		883,241		—		—		883,241
Accrued interest payable	8,834		8,834		—		—		8,834
FHLB advances and long-term debt	881,769		—		878,385		—		878,385
Other liabilities	221,542		142,508		76,447		2,587		221,542

	2018
	Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	445,687	$	445,687	$	—	$	—	$	445,687
FRB and FHLB stock	79,283		—		79,283		—		79,283
Loans held for sale	27,099		—		27,099		—		27,099
Available for sale investment securities	2,080,294		—		1,974,025		106,269		2,080,294
Held to maturity investment securities	606,679		611,419		—		—		611,419
Net loans and leases	16,005,263		—		—		15,446,895		15,446,895
Accrued interest receivable	58,879		58,879		—		—		58,879
Other 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
FHLB advances and long-term debt	992,279		—		970,985		—		970,985
Other liabilities	218,061		161,003		48,185		8,873		218,061