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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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

The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:


	June 30, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Loans held for sale	$	—	$	77,415	$	—	$	77,415
Available for sale investment securities:



State and municipal securities	—		893,682		—		893,682
Corporate debt securities	—		325,353		—		325,353
Collateralized mortgage obligations	—		578,394		—		578,394
Residential mortgage-backed securities	—		160,868		—		160,868
Commercial mortgage-backed securities	—		585,143		—		585,143
Auction rate securities	—		—		100,859		100,859
Total available for sale investment securities	—		2,543,440		100,859		2,644,299
Other assets:
Investments held in Rabbi Trust	20,555		—		—		20,555
Derivative assets	216		401,319		—		401,535
Total assets	$	20,771	$	3,022,174	$	100,859	$	3,143,804
Other liabilities:
Deferred compensation liabilities	$	20,555	$	—	$	—	$	20,555
Derivative liabilities	168		190,627		—		190,795
Total liabilities	$	20,723	$	190,627	$	—	$	211,350


	December 31, 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

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 the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3):


	Pooled Trust Preferred Securities		Single-issuer Trust Preferred Securities		ARCs
Three months ended June 30, 2020	(in thousands)
Balance at March 31, 2020	$	—	$	2,160	$	93,666
Sales	—		(2,160)		—

Unrealized adjustment to fair value ⁽¹⁾	—		—		7,193


Balance at June 30, 2020	$	—	$	—	$	100,859

Three months ended June 30, 2019
Balance at March 31, 2019	$	770	$	2,430	$	102,810
Sales	(770)		—		—

Unrealized adjustment to fair value ⁽¹⁾	—		(60)		555


Balance at June 30, 2019	$	—	$	2,370	$	103,365

Six months ended June 30, 2020
Balance at December 31, 2019	$	—	$	2,400	$	101,926
Sales	—		(2,160)		—

Unrealized adjustment to fair value ⁽¹⁾	—		(242)		(1,067)

Discount accretion	—		2		—
Balance at June 30, 2020	$	—	$	—	$	100,859

Six months ended June 30, 2019
Balance at December 31, 2018	$	875	$	2,400	$	102,994
Sales	(770)		—		—

Unrealized adjustment to fair value ⁽¹⁾	(105)		(30)		371


Balance at June 30, 2019	$	—	$	2,370	$	103,365

(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.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

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


	June 30, 2020		December 31, 2019
	(in thousands)
Net Loans	$	108,746	$	144,807
OREO	5,418		6,831
MSRs ⁽¹⁾	30,992		45,193
Total assets	$	145,156	$	196,831

Details of Book Value and Fair Value of Financial Instruments

he following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments as of the periods shown. A general description of the methods and assumptions used to estimate such fair values follows:


	June 30, 2020
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,058,599	$	1,058,599	$	—	$	—	$	1,058,599
FRB and FHLB stock	91,042		—		91,042		—		91,042
Loans held for sale	77,415		—		77,415		—		77,415
AFS securities	2,644,299		—		2,543,440		100,859		2,644,299
HTM securities	330,514		—		354,109		—		354,109
Net Loans	18,448,185		—		—		18,173,117		18,173,117
Accrued interest receivable	73,720		73,720		—		—		73,720
Other assets	706,518		268,789		401,319		36,410		706,518
FINANCIAL LIABILITIES
Demand and savings deposits	$	17,006,353	$	17,006,353	$	—	$	—	$	17,006,353
Brokered deposits	310,689		268,618		42,071		—		310,689
Time deposits	2,567,166		—		2,599,932		—		2,599,932
Short-term borrowings	572,551		572,551		—		—		572,551
Accrued interest payable	11,571		11,571		—		—		11,571
FHLB advances and long-term debt	1,295,196		—		1,342,497		—		1,342,497
Other liabilities	369,624		162,614		190,627		16,383		369,624

	December 31, 2019
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
FINANCIAL ASSETS
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
AFS securities	2,497,537		—		2,393,211		104,326		2,497,537
HTM securities	369,841		—		383,705		—		383,705
Net Loans	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