Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019.


			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, 2020
Available-for-sale securities
U.S. Government agencies	$	210,921	$	—	$	210,921	$	—
Mortgage-backed securities	1,154,086		—		1,154,086		—
State and political subdivisions	1,054,068		—		1,054,068		—
Other securities	77,821		—		77,821		—
Other assets held for sale	399		—		—		399
Derivative asset	44,702		—		44,702		—
Derivative liability	(45,080)		—		(45,080)		—

December 31, 2019
Available-for-sale securities
U.S. Treasury	$	449,729	$	449,729	$	—	$	—
U.S. Government agencies	194,249		—		194,249		—
Mortgage-backed securities	1,742,945		—		1,742,945		—
States and political subdivisions	880,524		—		880,524		—
Other securities	20,896		—		20,896		—
Other assets held for sale	260,332		—		—		260,332
Derivative asset	14,903		—		14,903		—
Other liabilities held for sale	(159,853)		—		—		(159,853)
Derivative liability	(12,650)		—		(12,650)		—

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, 2020 and December 31, 2019.


			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, 2020
Individually assessed loans ^{(1) (2)}(collateral-dependent)	$	47,585	$	—	$	—	$	47,585
Foreclosed assets and other real estate owned ⁽¹⁾	2,995		—		—		2,995

December 31, 2019
Individually assessed loans ^{(1) (2)}(collateral-dependent)	$	49,190	$	—	$	—	$	49,190
Foreclosed assets and other real estate owned ⁽¹⁾	18,798		—		—		18,798

________________________

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

(2)Identified reserves of $8,283,000 and $1,297,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 2020 and December 31, 2019, 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, 2020
Financial assets:
Cash and cash equivalents	$	2,545,160	$	2,545,160	$	—	$	—	$	2,545,160
Interest bearing balances due from banks - time	4,561		—		4,561		—		4,561
Held-to-maturity securities	51,720		—		53,751		—		53,751
Mortgage loans held for sale	120,034		—		—		120,034		120,034
Interest receivable	79,772		—		79,772		—		79,772
Loans, net	14,375,257		—		—		14,420,889		14,420,889

Financial liabilities:
Non-interest bearing transaction accounts	4,608,098		—		4,608,098		—		4,608,098
Interest bearing transaction accounts and savings deposits	8,978,045		—		8,978,045		—		8,978,045
Time deposits	3,029,975		—		—		3,046,955		3,046,955
Federal funds purchased and securities sold under agreements to repurchase	387,025		—		387,025		—		387,025
Other borrowings	1,393,689		—		1,504,732		—		1,504,732
Subordinated notes and debentures	382,604		—		402,716		—		402,716
Interest payable	10,473		—		10,473		—		10,473

December 31, 2019
Financial assets:
Cash and cash equivalents	$	996,623	$	996,623	$	—	$	—	$	996,623
Interest bearing balances due from banks - time	4,554		—		4,554		—		4,554
Held-to-maturity securities	40,927		—		41,855		—		41,855
Mortgage loans held for sale	58,102		—		—		58,102		58,102
Interest receivable	62,707		—		62,707		—		62,707
Loans, net	14,357,460		—		—		14,290,188		14,290,188

Financial liabilities:
Non-interest bearing transaction accounts	3,741,093		—		3,741,093		—		3,741,093
Interest bearing transaction accounts and savings deposits	9,090,878		—		9,090,878		—		9,090,878
Time deposits	3,276,969		—		—		3,270,333		3,270,333
Federal funds purchased and securities sold under agreements to repurchase	150,145		—		150,145		—		150,145
Other borrowings	1,297,599		—		1,298,011		—		1,298,011
Subordinated debentures	388,260		—		397,088		—		397,088
Interest payable	12,898		—		12,898		—		12,898