Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017.



				Fair Value Measurements Using
(In thousands)	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)

September 30, 2018
Available-for-sale securities
U.S. Government agencies	$	141,460		$	—	$	141,460		$	—
Mortgage-backed securities	1,419,626			—		1,419,626			—
State and political subdivisions	282,439			—		282,439			—
Other securities	154,289			—		154,289			—
Other assets held for sale	5,136			—		—			5,136
Derivative asset	9,691			—		9,691			—
Other liabilities held for sale	(424		)	—		—			(424		)
Derivative liability	(7,940		)	—		(7,940		)	—

December 31, 2017
Available-for-sale securities
U.S. Government agencies	$	139,724		$	—	$	139,724		$	—
Mortgage-backed securities	1,187,317			—		1,187,317			—
States and political subdivisions	143,165			—		143,165			—
Other securities	119,311			—		119,311			—
Other assets held for sale	165,780			—		—			165,780
Derivative asset	3,634			—		3,634			—
Other liabilities held for sale	(157,366		)	—		—			(157,366		)
Derivative liability	(3,068		)	—		(3,068		)	—

Financial Assets Measure on Nonrecurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of September 30, 2018 and December 31, 2017.



			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

September 30, 2018
Impaired loans ^{(1) (2)} (collateral dependent)	$	17,789	$	—	$	—	$	17,789
Foreclosed assets and other real estate owned ⁽¹⁾	14,643		—		—		14,643

December 31, 2017
Impaired loans ^{(1) (2)} (collateral dependent)	$	11,229	$	—	$	—	$	11,229
Foreclosed assets and other real estate owned ⁽¹⁾	24,093		—		—		24,093

________________________

(1)These amounts represent the resulting carrying amounts on the Consolidated Balance Sheets for impaired collateral dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2)Specific allocations of $2,738,000 and $2,195,000 were related to the impaired collateral dependent loans for which fair value re-measurements took place during the periods ended September 30, 2018 and December 31, 2017, respectively.

Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:



	Carrying		Fair Value Measurements
(In thousands)	Amount		Level 1		Level 2		Level 3		Total

September 30, 2018
Financial assets:
Cash and cash equivalents	$	513,804	$	513,804	$	—	$	—	$	513,804
Interest bearing balances due from banks - time	3,954		—		3,954		—		3,954
Held-to-maturity securities	323,306		—		322,838		—		322,838
Mortgage loans held for sale	48,195		—		—		48,195		48,195
Interest receivable	51,509		—		51,509		—		51,509
Legacy loans, net	8,067,916		—		—		7,996,273		7,996,273
Loans acquired, net	3,734,921		—		—		3,701,755		3,701,755

Financial liabilities:
Non-interest bearing transaction accounts	2,778,670		—		2,778,670		—		2,778,670
Interest bearing transaction accounts and savings deposits	6,776,330		—		6,776,330		—		6,776,330
Time deposits	2,533,506		—		—		2,508,228		2,508,228
Federal funds purchased and securities sold under agreements to repurchase	109,213		—		109,213		—		109,213
Other borrowings	1,420,917		—		1,417,166		—		1,417,166
Subordinated notes and debentures	372,934		—		310,701		—		310,701
Interest payable	13,197		—		13,197		—		13,197

December 31, 2017
Financial assets:
Cash and cash equivalents	$	598,042	$	598,042	$	—	$	—	$	598,042
Interest bearing balances due from banks - time	3,314		—		3,314		—		3,314
Held-to-maturity securities	368,058		—		373,298		—		373,298
Mortgage loans held for sale	24,038		—		—		24,038		24,038
Interest receivable	43,528		—		43,528		—		43,528
Legacy loans, net	5,663,941		—		—		5,646,505		5,646,505
Loans acquired, net	5,074,076		—		—		5,058,455		5,058,455

Financial liabilities:
Non-interest bearing transaction accounts	2,665,249		—		2,665,249		—		2,665,249
Interest bearing transaction accounts and savings deposits	6,494,896		—		6,494,896		—		6,494,896
Time deposits	1,932,730		—		—		1,915,539		1,915,539
Federal funds purchased and securities sold under agreements to repurchase	122,444		—		122,444		—		122,444
Other borrowings	1,380,024		—		1,381,365		—		1,381,365
Subordinated debentures	140,565		—		136,474		—		136,474
Interest payable	4,564		—		4,564		—		4,564