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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
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 March 31, 2022BalanceQuoted 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$644.9 $644.9$— $
State, county, and municipal securities292.7 292.7 
Obligations of U.S. government agencies137.9 137.9 
U.S. agencies mortgage-backed securities & collateralized mortgage obligations3,645.7 3,645.7 
Private mortgage-backed securities274.8 274.8 
Collateralized loan obligations1,070.9 1,070.9 
Corporate securities216.9 216.9 
Loans held for sale178.1 178.1 
Derivative assets:
Interest rate swap contracts25.6 25.6 
Forward loan sale contracts1.3 1.3 
Derivative liabilities:
Interest rate swap contracts62.3 62.3 
Risk participation agreements0.4 0.4 
Deferred compensation plan assets19.7 19.7 
Deferred compensation plan liabilities19.7 19.7 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2021BalanceQuoted 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$684.7 $684.7$— $
State, county and municipal securities$427.5 $427.5 $
Obligations of U.S. government agencies346.9 346.9 
U.S. agencies mortgage-backed securities & collateralized mortgage obligations2,018.1 2,018.1 
Private mortgage-backed securities173.4 173.4 
Collateralized loan obligations899.4 899.4 
Corporate securities270.5 270.5 
Loans held for sale30.1 30.1 
Derivative assets:
Interest rate swap contracts26.3 26.3 
Interest rate lock commitments1.8 1.8 
Derivative liabilities
Interest rate swap contracts18.2 18.2 
Deferred compensation plan assets21.4 21.4 
Deferred compensation plan liabilities21.4 21.4 
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 March 31, 2022BalanceQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Collateral dependent loans$101.1 $$$101.1 
Other real estate owned17.5 17.5 
Long-lived assets to be disposed of by sale1.5 1.5 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2021BalanceQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Collateral dependent loans$11.7 $$$11.7 
Other real estate owned2.0 2.0 
Long-lived assets to be disposed of by sale1.3 1.3 
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
March 31, 2022December 31, 2021Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Collateral dependent loans$101.1 $11.7 AppraisalAppraisal adjustment1%-18%(7%)
Other real estate owned17.5 2.0 AppraisalAppraisal adjustment0%-0%0%
Long-lived assets to be disposed of by sale1.5 1.3 AppraisalAppraisal adjustment0%-0%0%
Fair Value, by Balance Sheet Grouping
The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:
 Fair Value Measurements at Reporting Date Using
As of March 31, 2022Carrying AmountEstimated
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$3,811.3 $3,811.3 $3,811.3 $— $— 
Securities purchased under agreement to resell102.0 102.0 — 102.0 — 
Investment debt securities available-for-sale6,283.8 6,283.8 644.9 5,638.9 — 
Investment debt securities held-to-maturity3,218.7 3,029.1 296.2 2,732.9 — 
Accrued interest receivable81.1 81.1 — 81.1 — 
Mortgage servicing rights, net32.7 35.8 — 35.8 — 
Loans held for sale178.1 178.1 — 178.1 — 
Net loans held for investment16,697.8 16,676.6 — 16,575.5 101.1 
Derivative assets26.9 26.9 — 26.9 — 
Deferred compensation plan assets19.7 19.7 — 19.7 — 
Total financial assets$30,452.1 $30,244.4 $4,752.4 $25,390.9 $101.1 
Financial liabilities:
Total deposits, excluding time deposits$26,489.9 $26,489.9 $26,489.9 $— $— 
Time deposits1,598.4 1,579.8 — 1,579.8 — 
Securities sold under repurchase agreements1,071.0 1,071.0 — 1,071.0 — 
Accrued interest payable6.0 6.0 — 6.0 — 
Long-term debt120.4 122.8 — 122.8 — 
Subordinated debentures held by subsidiary trusts163.1 162.3 — 162.3 — 
Derivative liabilities62.7 62.7 — 62.7 — 
Deferred compensation plan liabilities19.7 19.7 — 19.7 — 
Total financial liabilities$29,531.2 $29,514.2 $26,489.9 $3,024.3 $— 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2021Carrying AmountEstimated
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$2,344.8 $2,344.8 $2,344.8 $— $— 
Investment debt securities available-for-sale4,820.5 4,820.5 684.7 4,135.8 — 
Investment debt securities held-to-maturity1,687.6 1,667.5 — 1,667.5 — 
Accrued interest receivable47.4 47.4 — 47.4 — 
Mortgage servicing rights, net28.2 28.2 — 28.2 — 
Loans held for sale30.1 30.1 — 30.1 — 
Net loans held for investment9,209.4 9,254.3 — 9,242.6 11.7 
Derivative assets28.1 28.1 — 28.1 — 
Deferred compensation plan assets21.4 21.4 — 21.4 — 
Total financial assets$18,217.5 $18,242.3 $3,029.5 $15,201.1 $11.7 
Financial liabilities:
Total deposits, excluding time deposits$15,303.1 $15,303.1 $15,303.1 $— $— 
Time deposits966.5 963.1 — 963.1 — 
Securities sold under repurchase agreements1,051.1 1,051.1 — 1,051.1 — 
Accrued interest payable3.7 3.7 — 3.7 — 
Long-term debt112.4 120.7 — 120.7 — 
Subordinated debentures held by subsidiary trusts87.0 85.5 — 85.5 — 
Derivative liabilities18.2 18.2 — 18.2 — 
Deferred compensation plan liabilities21.4 21.4 — 21.4 — 
Total financial liabilities$17,563.4 $17,566.8 $15,303.1 $2,263.7 $—