Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value of Financial Instruments [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	—	$	71,706	$	—	$	71,706
Municipal obligations		—		240,427		—		240,427
Corporate debt securities		—		3,500		—		3,500
Residential mortgage-backed securities		—		1,443,402		—		1,443,402
Commercial mortgage-backed securities		—		770,077		—		770,077
Collateralized mortgage obligations		—		161,925		—		161,925
Total available for sale securities		—		2,691,037		—		2,691,037
Derivative assets (1)		—		16,980		—		16,980
Total recurring fair value measurements - assets	$	—	$	2,708,017	$	—	$	2,708,017
Liabilities		—				—
Derivative liabilities (1)	$	—	$	14,923	$	7,304	$	22,227
Total recurring fair value measurements - liabilities	$	—	$	14,923	$	7,304	$	22,227

(1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives.

	December 31, 2017
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Available for sale debt securities:
U.S. Treasury and government agency securities	$	—	$	97,272	$	—	$	97,272
Municipal obligations		—		243,786		—		243,786
Corporate debt securities		—		3,500		—		3,500
Residential mortgage-backed securities		—		1,715,213		—		1,715,213
Commercial mortgage-backed securities		—		687,135		—		687,135
Collateralized mortgage obligations		—		163,963		—		163,963
Total available for sale securities		—		2,910,869		—		2,910,869
Derivative assets (1)		—		14,157		—		14,157
Total recurring fair value measurements - assets	$	—		2,925,026	$	—		2,925,026
Liabilities						—
Derivative liabilities (1)	$	—	$	14,389	$	—	$	14,389
Total recurring fair value measurements - liabilities	$	—	$	14,389	$	—	$	14,389

(1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives.

Schedule of Level 3 Fair Value Rollforward

Beginning balance	$	-
Entry into derivative contract		7,304
Ending balance	$	7,304

Overview of the Valuation Techniques and Significant Unobservable Inputs

Level 3 Class		Fair Value at December 31, 2018	Valuation Technique	Unobservable Input	Values Utilized
				VISA Class A Appreciation	6.0% - 18.0%
Other derivative liability	$	7,304	Discounted cash flow	Conversion rate	1.62x - 1.59x
				Time until resolution	24 - 48 months

Financial Assets Measured at Fair Value on Nonrecurring Basis

	December 31, 2018
(in thousands)		Level 1		Level 2		Level 3		Total
Collateral dependent impaired loans	$	—	$	170,918	$	—	$	170,918
Other real estate and foreclosed assets, net		—		—		14,594		14,594
Total nonrecurring fair value measurements	$	—	$	170,918	$	14,594	$	185,512

	December 31, 2017
(in thousands)		Level 1		Level 2		Level 3		Total
Collateral dependent impaired loans	$	—	$	184,205	$	—	$	184,205
Other real estate and foreclosed assets, net		—		—		19,608		19,608
Total nonrecurring fair value measurements	$	—	$	184,205	$	19,608	$	203,813

Estimated Fair Values of Financial Instruments

	December 31, 2018
							Total		Carrying
(in thousands)	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank
deposits, and federal funds sold	$	494,466	$	—	$	—	$	494,466	$	494,466
Available for sale securities		—		2,691,037		—		2,691,037		2,691,037
Held to maturity securities		—		2,935,856		—		2,935,856		2,979,547
Loans, net		—		170,918		19,555,969		19,726,887		19,831,897
Loans held for sale		—		28,150		—		28,150		28,150
Derivative financial instruments		—		16,980		—		16,980		16,980
Financial liabilities:
Deposits	$	—	$	—	$	23,129,574	$	23,129,574	$	23,150,185
Federal funds purchased		425		—		—		425		425
Securities sold under agreements
to repurchase		428,599		—		—		428,599		428,599
Short-term FHLB Borrowings		1,160,104		—		—		1,160,104		1,160,104
Long-term debt		—		223,135		—		223,135		224,993
Derivative financial instruments		—		14,923		7,304		22,227		22,227

	December 31, 2017
							Total		Carrying
(in thousands)	Level 1		Level 2		Level 3		Fair Value		Amount
Financial assets:
Cash, interest-bearing bank
deposits, and federal funds sold	$	479,332	$	—	$	—	$	479,332	$	479,332
Available for sale securities		—		2,910,869		—		2,910,869		2,910,869
Held to maturity securities		—		2,962,010		—		2,962,010		2,977,511
Loans, net		—		184,205		18,403,303		18,587,508		18,786,855
Loans held for sale		—		39,865		—		39,865		39,865
Derivative financial instruments		—		14,157		—		14,157		14,157
Financial liabilities:
Deposits	$	—	$	—	$	22,238,847	$	22,238,847	$	22,253,202
Federal funds purchased		140,754		—		—		140,754		140,754
Securities sold under agreements
to repurchase		430,569		—		—		430,569		430,569
FHLB Borrowings		1,132,567		—		—		1,132,567		1,132,567
Long-term debt		—		303,631		—		303,631		305,513
Derivative financial instruments		—		14,389		—		14,389		14,389