Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:



			Fair Value Measurements at Reporting Date Using
As of September 30, 2019	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale:
U.S. Treasury Notes	$	7.0	$	—	$	7.0	$	—
State, county and municipal securities	78.4			—	78.4			—
Obligations of U.S. government agencies	426.7			—	426.7			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	2,063.2			—	2,063.2			—
Private mortgage-backed securities	54.1			—	54.1			—
Corporate securities	96.7			—	96.7			—
Other investments	6.1			—	6.1			—
Loans held for sale	108.9			—	108.9			—
Derivative assets:
Interest rate swap contracts	30.8			—	30.8			—
Interest rate lock commitments	2.0			—	2.0			—
Forward loan sale contracts	0.2			—	0.2			—
Derivative liabilities:
Interest rate swap contracts	30.8			—	30.8			—
Deferred compensation plan assets	17.5			—	17.5			—
Deferred compensation plan liabilities	17.5			—	17.5			—



			Fair Value Measurements at Reporting Date Using
As of December 31, 2018	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale:
U.S. Treasury notes	$	2.6	$	—	$	2.6	$	—
Obligations of U.S. government agencies	559.2			—	559.2			—
U.S. agencies mortgage-backed securities & collateralized mortgage obligations	1,544.8			—	1,544.8			—
Private mortgage-backed securities	70.2			—	70.2			—
Corporate securities	91.9			—	91.9			—
Other investments	2.0			—	2.0			—
Loans held for sale	33.3			—	33.3			—
Derivative assets:
Interest rate swap contracts	8.8			—	8.8			—
Interest rate lock commitments	1.3			—	1.3			—
Derivative liabilities
Interest rate swap contracts	8.8			—	8.8			—
Forward loan sales contracts	0.6			—	0.6			—
Deferred compensation plan assets	12.1			—	12.1			—
Deferred compensation plan liabilities	12.1			—	12.1			—

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:



				Fair Value Measurements at Reporting Date Using
As of September 30, 2019	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans	$	27.2	$	—	$	—	$	27.2
Other real estate owned	2.9			—		—	2.9
Long-lived assets to be disposed of by sale	6.9			—		—	6.9

				Fair Value Measurements at Reporting Date Using
As of December 31, 2018	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans	$	24.1	$	—	$	—	$	24.1
Other real estate owned	0.6			—		—	0.6
Long-lived assets to be disposed of by sale	4.9			—		—	4.9

Fair Value Inputs, Assets, Quantitative Information

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:



	Fair Value As of
	September 30, 2019		December 31, 2018		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	27.2	$	24.1	Appraisal	Appraisal adjustment	0%	-	26%	(13%)
Other real estate owned	2.9		0.6		Appraisal	Appraisal adjustment	8%	-	96%	(39%)
Long-lived assets to be disposed of by sale	6.9		4.9		Appraisal	Appraisal adjustment	0%	-	43%	(10%)

Fair Value, by Balance Sheet Grouping

The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:



					Fair Value Measurements at Reporting Date Using
As of September 30, 2019	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	1,269.6	$	1,269.6	$	1,269.6	$	—	$	—
Investment debt securities available-for-sale	2,732.2		2,732.2		—		2,732.2		—
Investment debt securities held-to-maturity	94.9		97.2		—		97.2		—
Accrued interest receivable	51.1		51.1		—		51.1		—
Mortgage servicing rights, net	29.8		32.1		—		32.1		—
Loans held for sale	108.9		108.9		—		108.9		—
Net loans held for investment	8,917.6		8,953.4		—		8,926.2		27.2
Derivative assets	33.0		33.0		—		33.0		—
Deferred compensation plan assets	17.5		17.5		—		17.5		—
Total financial assets	$	13,254.6	$	13,295.0	$	1,269.6	$	11,998.2	$	27.2

Financial liabilities:
Total deposits, excluding time deposits	$	10,264.6	$	10,264.6	$	10,264.6	$	—	$	—
Time deposits	1,535.0		1,530.9		—		1,530.9		—
Securities sold under repurchase agreements	636.9		636.9		—		636.9		—
Accrued interest payable	12.3		12.3		—		12.3		—
Long-term debt	13.9		11.3		—		11.3		—
Subordinated debentures held by subsidiary trusts	86.9		77.9		—		77.9		—
Derivative liabilities	30.8		30.8		—		30.8		—
Deferred compensation plan liabilities	17.5		17.5		—		17.5		—
Total financial liabilities	$	12,597.9	$	12,582.2	$	10,264.6	$	2,317.6	$	—



					Fair Value Measurements at Reporting Date Using
As of December 31, 2018	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	822.0	$	822.0	$	822.0	$	—	$	—
Investment debt securities available-for-sale	2,270.7		2,270.7		—		2,270.7		—
Investment debt securities held-to-maturity	406.8		400.7		—		400.7		—
Accrued interest receivable	44.9		44.9		—		44.9		—
Mortgage servicing rights, net	27.7		42.4		—		42.4		—
Loans held for sale	33.3		33.3		—		33.3		—
Net loans held for investment	8,397.4		8,439.7		—		8,415.6		24.1
Derivative assets	10.1		10.1		—		10.1		—
Deferred compensation plan assets	12.1		12.1		—		12.1		—
Total financial assets	$	12,025.0	$	12,075.9	$	822.0	$	11,229.8	$	24.1

Financial liabilities:
Total deposits, excluding time deposits	$	9,363.7	$	9,363.7	$	9,363.7	$	—	$	—
Time deposits	1,317.0		1,299.0		—		1,299.0		—
Securities sold under repurchase agreements	712.4		712.4		—		712.4		—
Accrued interest payable	7.8		7.8		—		7.8		—
Long-term debt	15.8		13.0		—		13.0		—
Subordinated debentures held by subsidiary trusts	86.9		84.9		—		84.9		—
Derivative liabilities	9.4		9.4		—		9.4		—
Deferred compensation plan liabilities	12.1		12.1		—		12.1		—
Total financial liabilities	$	11,525.1	$	11,502.3	$	9,363.7	$	2,138.6	$	—