Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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

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


			Fair Value Measurements at Reporting Date Using
As of December 31, 2020	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:

State, county, and municipal securities	$	465.9	$	—	$	465.9	$	—
Obligations of U.S. government agencies	331.9		—		331.9		—
U.S. agency mortgage-backed securities & collateralized mortgage obligations	2,897.6		—		2,897.6		—
Private mortgage-backed securities	10.9		—		10.9		—
Corporate securities	302.2		—		302.2		—
Other investments	0.2		—		0.2		—
Loans held for sale	74.0		—		74.0		—
Derivative assets:
Interest rate swap contracts	52.0		—		52.0		—
Interest rate lock commitments	3.3		—		3.3		—

Derivative liabilities:
Interest rate swap contracts	52.2		—		52.2		—
Forward loan sales contracts	1.1		—		1.1		—
Deferred compensation plan assets	19.1		—		19.1		—
Deferred compensation plan liabilities	19.1		—		19.1		—


			Fair Value Measurements at Reporting Date Using
As of December 31, 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	$	9.0	$	—	$	9.0	$	—
State, county, and municipal securities	80.9		—		80.9		—
Obligations of U.S. government agencies	366.8		—		366.8		—
U.S. agency mortgage-backed securities & collateralized mortgage obligations	2,317.2		—		2,317.2		—
Private mortgage-backed securities	47.2		—		47.2		—
Corporate securities	135.7		—		135.7		—
Other investments	3.2		—		3.2		—
Loans held for sale	100.9		—		100.9		—
Derivative assets:
Interest rate swap contracts	21.9		—		21.9		—
Interest rate lock commitments	1.3		—		1.3		—

Derivative liabilities:
Interest rate swap contracts	21.9		—		21.9		—
Forward loan sales contracts	0.3		—		0.3		—
Deferred compensation plan assets	18.2		—		18.2		—
Deferred compensation plan liabilities	18.2		—		18.2		—

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 December 31, 2020	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Collateral-dependent loans*	$	14.7	$	—	$	—	$	14.7	$	(2.8)

Long-lived assets to be disposed of by sale	5.3		—		—		5.3		(0.2)


			Fair Value Measurements at Reporting Date Using
As of December 31, 2019	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Impaired loans*	$	27.6	$	—	$	—	$	27.6	$	(13.7)
Other real estate owned	2.2		—		—		2.2		(1.2)
Long-lived assets to be disposed of by sale	6.2		—		—		6.2		(0.2)

*The Company adopted ASC 326 as of January 1, 2020 which changes the methodology of impaired loans. The comparable period presents impaired loans under previously applicable GAAP.

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:


As of December 31, 2020	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral-dependent loans*	$	14.7	Appraisal	Appraisal adjustment	0%	-	18%	(9%)

Long-lived assets to be disposed of by sale	5.3		Appraisal	Appraisal adjustment	0%	-	0%	0%

As of December 31, 2019	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans*	$	27.6	Appraisal	Appraisal adjustment	0%	-	56%	(22%)
Other real estate owned	2.2		Appraisal	Appraisal adjustment	8%	-	65%	(27%)
Long-lived assets to be disposed of by sale	6.2		Appraisal	Appraisal adjustment	0%	-	37%	(3%)
*The Company adopted ASC 326 as of January 1, 2020 which changes the methodology of impaired loans. The comparable period presents impaired loans under previously applicable GAAP.

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 December 31, 2020	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	$	2,276.8	$	2,276.8	$	2,276.8	$	—	$	—
Investment debt securities available-for-sale	4,008.7		4,008.7		—		4,008.7		—
Investment debt securities held-to-maturity	51.6		55.0		—		55.0		—
Accrued interest receivable	51.1		51.1		—		51.1		—
Mortgage servicing rights, net	24.0		24.0		—		24.0		—
Loans held for sale	74.0		74.0		—		74.0		—
Net loans held for investment	9,663.2		9,785.6		—		9,770.9		14.7
Derivative assets	55.3		55.3		—		55.3		—
Deferred compensation plan assets	19.1		19.1		—		19.1		—
Total financial assets	$	16,223.8	$	16,349.6	$	2,276.8	$	14,058.1	$	14.7

Financial liabilities:
Total deposits, excluding time deposits	$	13,158.3	$	13,158.3	$	13,158.3	$	—	$	—
Time deposits	1,058.7		1,061.1		—		1,061.1		—
Securities sold under repurchase agreements	1,091.4		1,091.4		—		1,091.4		—

Accrued interest payable	5.8		5.8		—		5.8		—
Long-term debt	112.4		116.5		—		116.5		—
Subordinated debentures held by subsidiary trusts	87.0		81.3		—		81.3		—
Derivative liabilities	53.3		53.3		—		53.3		—
Deferred compensation plan liabilities	19.1		19.1		—		19.1		—
Total financial liabilities	$	15,586.0	$	15,586.8	$	13,158.3	$	2,428.5	$	—


					Fair Value Measurements at Reporting Date Using
As of December 31, 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	$	1,076.8	$	1,076.8	$	1,076.8	$	—	$	—
Investment debt securities available-for-sale	2,960.0		2,960.0		—		2,960.0		—
Investment debt securities held-to-maturity	92.3		94.5		—		94.5		—
Accrued interest receivable	46.7		46.7		—		46.7		—
Mortgage servicing rights, net	30.2		34.8		—		34.8		—
Loans held for sale	100.9		100.9		—		100.9		—
Net loans held for investment	8,857.7		8,930.7		—		8,906.7		24.0
Derivative assets	23.2		23.2		—		23.2		—
Deferred compensation plan assets	18.2		18.2		—		18.2		—
Total financial assets	$	13,206.0	$	13,285.8	$	1,076.8	$	12,185.0	$	24.0

Financial liabilities:
Total deposits, excluding time deposits	$	10,213.5	$	10,213.5	$	10,213.5	$	—	$	—
Time deposits	1,450.0		1,446.6		—		1,446.6		—
Securities sold under repurchase agreements	697.6		697.6		—		697.6		—

Accrued interest payable	12.1		12.1		—		12.1		—
Long-term debt	13.9		10.4		—		10.4		—
Subordinated debentures held by subsidiary trusts	86.9		81.3		—		81.3		—
Derivative liabilities	22.2		22.2		—		22.2		—
Deferred compensation plan liabilities	18.2		18.2		—		18.2		—
Total financial liabilities	$	12,514.4	$	12,501.9	$	10,213.5	$	2,288.4	$	—