Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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)
September 30, 2019
Available-for-sale securities
U.S. Government agencies	$	178,139		$	—	$	178,139		$	—
Mortgage-backed securities	1,337,794			—		1,337,794			—
State and political subdivisions	681,202			—		681,202			—
Other securities	158,999			—		158,999			—
Derivative asset	14,377			—		14,377			—
Derivative liability	(14,478		)	—		(14,478		)	—

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 September 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)
September 30, 2019
Impaired loans ^{(1) (2)} (collateral dependent)	$	46,903	$	—	$	—	$	46,903
Foreclosed assets and other real estate owned ⁽¹⁾	15,046		—		—		15,046

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 $1,297,000 and $2,738,000 were related to the impaired collateral dependent loans for which fair value re-measurements took place during the periods ended September 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
September 30, 2019
Financial assets:
Cash and cash equivalents	$	529,970	$	529,970	$	—	$	—	$	529,970
Interest bearing balances due from banks - time	5,041		—		5,041		—		5,041
Held-to-maturity securities	42,237		—		43,302		—		43,302
Mortgage loans held for sale	50,099		—		—		50,099		50,099
Interest receivable	53,966		—		53,966		—		53,966
Legacy loans, net	9,577,372		—		—		9,505,701		9,505,701
Loans acquired, net	3,359,587		—		—		3,334,446		3,334,446

Financial liabilities:
Non-interest bearing transaction accounts	3,044,330		—		3,044,330		—		3,044,330
Interest bearing transaction accounts and savings deposits	7,337,571		—		7,337,571		—		7,337,571
Time deposits	3,086,108		—		—		3,080,775		3,080,775
Federal funds purchased and securities sold under agreements to repurchase	116,536		—		116,536		—		116,536
Other borrowings	1,098,395		—		1,099,171		—		1,099,171
Subordinated notes and debentures	354,223		—		366,289		—		366,289
Interest payable	15,404		—		15,404		—		15,404

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