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Disclosure about Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Disclosure about Fair Value of Financial Instruments Disclosure about Fair Value of Financial Instruments
 
FASB ASC 825, “Disclosures about Fair Value of Financial Instruments” requires disclosure of the fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate such value. The methodologies for estimating the fair value of financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis are discussed above. The estimated fair value amounts have been determined by management using available market information and appropriate valuation methodologies based on the exit price notion. In cases where quoted market prices are not available, fair values are based on estimates using present value or other market value techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The aggregate fair value amounts presented below do not represent the underlying value of the Corporation.
 
The carrying amount and fair value of the Corporation’s financial instruments are as follows:
As of December 31,
 20202019
(dollars in thousands)
Fair Value
Hierarchy
Level
(1)
Carrying
Amount
Fair ValueCarrying
Amount
Fair Value
Financial assets:
Cash and cash equivalentsLevel 1$96,313 $96,313 $53,931 $53,931 
Investment securities - available for saleSee Note 231,174,964 1,174,964 1,005,984 1,005,984 
Investment securities - tradingSee Note 238,623 8,623 8,621 8,621 
Investment securities – held to maturityLevel 214,759 15,186 12,577 12,661 
Loans held for saleLevel 26,000 6,000 4,249 4,249 
Net portfolio loans and leasesLevel 33,574,702 3,489,322 3,666,711 3,596,268 
Mortgage servicing rightsLevel 32,626 2,632 4,450 4,838 
Interest rate swapsLevel 2113,848 113,848 47,627 47,627 
FX ForwardsLevel 252 52 — — 
Risk participation agreements purchasedLevel 2342 342 90 90 
Other assetsLevel 345,847 45,847 52,908 52,908 
Total financial assets$5,038,076 $4,953,129 $4,857,148 $4,787,177 
Financial liabilities:
DepositsLevel 2$4,376,254 $4,379,021 $3,842,245 $3,842,014 
Short-term borrowingsLevel 272,161 72,161 493,219 493,219 
Long-term FHLB advancesLevel 239,906 40,441 52,269 52,380 
Subordinated notesLevel 298,883 90,735 98,705 97,199 
Junior subordinated debenturesLevel 221,935 27,812 21,753 25,652 
Interest rate swapsLevel 2113,848 113,848 47,627 47,627 
FX ForwardsLevel 270 70 — — 
Risk participation agreements soldLevel 230 30 16 16 
Other liabilitiesLevel 345,734 45,734 50,251 50,251 
Total financial liabilities$4,768,821 $4,769,852 $4,606,085 $4,608,358 

(1) See Note 23, “Fair Value Measurement,” in the accompanying Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K for a description of hierarchy levels.