Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018.



				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)
June 30, 2019
Available-for-sale securities
U.S. Government agencies	$	197,656		$	—	$	197,656		$	—
Mortgage-backed securities	1,345,760			—		1,345,760			—
State and political subdivisions	636,558			—		636,558			—
Other securities	162,413			—		162,413			—
Derivative asset	9,871			—		9,871			—
Derivative liability	(9,884		)	—		(9,884		)	—

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			—
Derivative asset	6,242			—		6,242			—
Derivative liability	(5,283		)	—		(5,283		)	—

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 June 30, 2019 and December 31, 2018.



			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)
June 30, 2019
Impaired loans ^{(1) (2)} (collateral dependent)	$	2,866	$	—	$	—	$	2,866
Foreclosed assets and other real estate owned ⁽¹⁾	7,202		—		—		7,202

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

________________________

(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 zero and $2,738,000 were related to the impaired collateral dependent loans for which fair value re-measurements took place during the periods ended June 30, 2019 and December 31, 2018, 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
June 30, 2019
Financial assets:
Cash and cash equivalents	$	655,256	$	655,256	$	—	$	—	$	655,256
Interest bearing balances due from banks - time	5,041		—		5,041		—		5,041
Held-to-maturity securities	47,455		—		48,640		—		48,640
Mortgage loans held for sale	34,999		—		—		34,999		34,999
Interest receivable	54,781		—		54,781		—		54,781
Legacy loans, net	9,199,430		—		—		9,160,613		9,160,613
Loans acquired, net	3,864,516		—		—		3,848,210		3,848,210

Financial liabilities:
Non-interest bearing transaction accounts	2,954,032		—		2,954,032		—		2,954,032
Interest bearing transaction accounts and savings deposits	7,258,005		—		7,258,005		—		7,258,005
Time deposits	3,304,176		—		—		3,295,504		3,295,504
Federal funds purchased and securities sold under agreements to repurchase	130,470		—		130,470		—		130,470
Other borrowings	1,324,094		—		1,324,038		—		1,324,038
Subordinated notes and debentures	354,132		—		364,873		—		364,873
Interest payable	11,325		—		11,325		—		11,325

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 debentures	353,950		—		355,812		—		355,812
Interest payable	9,897		—		9,897		—		9,897