Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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)
September 30, 2020
Available-for-sale securities
U.S. Government agencies	$	471,973	$	—	$	471,973	$	—
Mortgage-backed securities	903,687		—		903,687		—
State and political subdivisions	1,133,006		—		1,133,006		—
Other securities	98,622		—		98,622		—
Other assets held for sale	389		—		—		389
Derivative asset	42,021		—		42,021		—
Derivative liability	(42,356)		—		(42,356)		—

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 September 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)
September 30, 2020
Individually assessed loans (1) (2) (collateral-dependent)	$	67,316	$	—	$	—	$	67,316
Foreclosed assets and other real estate owned (1)	3,581		—		—		3,581

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 $12,586,000 and $1,297,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended September 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
September 30, 2020
Financial assets:
Cash and cash equivalents	$	2,522,131	$	2,522,131	$	—	$	—	$	2,522,131
Interest bearing balances due from banks - time	4,061		—		4,061		—		4,061
Held-to-maturity securities	47,102		—		49,064		—		49,064
Mortgage loans held for sale	192,729		—		—		192,729		192,729
Interest receivable	77,352		—		77,352		—		77,352
Loans, net	13,769,191		—		—		13,864,914		13,864,914

Financial liabilities:
Non-interest bearing transaction accounts	4,451,385		—		4,451,385		—		4,451,385
Interest bearing transaction accounts and savings deposits	8,993,255		—		8,993,255		—		8,993,255
Time deposits	2,802,007		—		—		2,820,224		2,820,224
Federal funds purchased and securities sold under agreements to repurchase	313,694		—		313,694		—		313,694
Other borrowings	1,342,769		—		1,459,468		—		1,459,468
Subordinated notes and debentures	382,739		—		400,421		—		400,421
Interest payable	13,694		—		13,694		—		13,694

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