Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value, Assets 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 December 31, 2018 and 2017.



				Fair Value Measurements
(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)
December 31, 2018
Available-for-sale securities
U.S. Government agencies	$	154,301		$	—	$	154,301		$	—
Mortgage-backed securities	1,522,900			—		1,522,900			—
States and political subdivisions	314,843			—		314,843			—
Other securities	159,708			—		159,708			—
Other assets held for sale	1,790			—		—			1,790
Derivative asset	6,242			—		6,242			—
Other liabilities held for sale	(162		)	—		—			(162		)
Derivative liability	(5,283		)	—		(5,283		)	—

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		)	—

Fair Value, Assets Measured on Nonrecurring

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 December 31, 2018 and 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)
December 31, 2018
Impaired loans^{(1) (2)} (collateral dependent)	$	17,789	$	—	$	—	$	17,789
Foreclosed assets and other real estate owned ⁽¹⁾	23,714		—		—		23,714

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 December 31, 2018 and 2017, respectively.

Fair Value, by Balance Sheet Grouping

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
December 31, 2018
Financial assets:
Cash and cash equivalents	$	833,458	$	833,458	$	—	$	—	$	833,458
Interest bearing balances due from banks - time	4,934		—		4,934		—		4,934
Held-to-maturity securities	289,194		—		290,830		—		290,830
Mortgage loans held for sale	26,799		—		—		26,799		26,799
Interest receivable	49,938		—		49,938		—		49,938
Legacy loans, net	8,373,789		—		—		8,280,690		8,280,690
Loans acquired, net	3,292,783		—		—		3,256,174		3,256,174

Financial liabilities:
Non-interest bearing transaction accounts	2,672,405		—		2,672,405		—		2,672,405
Interest bearing transaction accounts and savings deposits	6,830,191		—		6,830,191		—		6,830,191
Time deposits	2,896,156		—		—		2,872,342		2,872,342
Federal funds purchased and securities sold under agreements to repurchase	95,792		—		95,792		—		95,792
Other borrowings	1,345,450		—		1,342,868		—		1,342,868
Subordinated notes and debentures	353,950		—		355,812		—		355,812
Interest payable	9,897		—		9,897		—		9,897

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