Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020.


			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)
March 31, 2021
Available-for-sale securities
U.S. Treasury	$	600	$	600	$	—	$	—
U.S. Government agencies	487,679		—		487,679		—
Mortgage-backed securities	2,133,086		—		2,133,086		—
State and political subdivisions	1,571,910		—		1,571,910		—
Other securities	335,073		—		335,073		—
Mortgage loans held for sale	63,655		—		—		63,655
Derivative asset	18,597		—		18,597		—
Derivative liability	(18,799)		—		(18,799)		—

December 31, 2020
Available-for-sale securities
U.S. Government agencies	$	477,237	$	—	$	477,237	$	—
Mortgage-backed securities	1,394,936		—		1,394,936		—
States and political subdivisions	1,470,723		—		1,470,723		—
Other securities	130,702		—		130,702		—
Mortgage loans held for sale	137,378		—		—		137,378
Derivative asset	35,846		—		35,846		—
Other liabilities held for sale	(154,620)		—		—		(154,620)
Derivative liability	(36,141)		—		(36,141)		—

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 March 31, 2021 and December 31, 2020.


			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)
March 31, 2021
Individually assessed loans (1) (2) (collateral-dependent)	$	6,619	$	—	$	—	$	6,619
Foreclosed assets and other real estate owned (1)	997		—		—		997

December 31, 2020
Individually assessed loans (1) (2) (collateral-dependent)	$	66,209	$	—	$	—	$	66,209
Foreclosed assets and other real estate owned (1)	17,074		—		—		17,074

________________________

(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 zero and $13,725,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2021 and December 31, 2020, 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
March 31, 2021
Financial assets:
Cash and cash equivalents	$	3,905,463	$	3,905,463	$	—	$	—	$	3,905,463
Interest bearing balances due from banks - time	1,334		—		1,334		—		1,334
Held-to-maturity securities	609,500		—		597,694		—		597,694
Interest receivable	71,359		—		71,359		—		71,359
Loans, net	11,960,757		—		—		12,033,966		12,033,966

Financial liabilities:
Non-interest bearing transaction accounts	4,884,667		—		4,884,667		—		4,884,667
Interest bearing transaction accounts and savings deposits	10,279,997		—		10,279,997		—		10,279,997
Time deposits	3,024,724		—		—		3,037,995		3,037,995
Federal funds purchased and securities sold under agreements to repurchase	323,053		—		323,053		—		323,053
Other borrowings	1,340,467		—		1,414,703		—		1,414,703
Subordinated notes and debentures	383,008		—		399,678		—		399,678
Interest payable	12,376		—		12,376		—		12,376

December 31, 2020
Financial assets:
Cash and cash equivalents	$	3,472,152	$	3,472,152	$	—	$	—	$	3,472,152
Interest bearing balances due from banks - time	1,579		—		1,579		—		1,579
Held-to-maturity securities	333,031		—		341,925		—		341,925
Interest receivable	72,597		—		72,597		—		72,597
Loans, net	12,662,847		—		—		12,736,991		12,736,991

Financial liabilities:
Non-interest bearing transaction accounts	4,482,091		—		4,482,091		—		4,482,091
Interest bearing transaction accounts and savings deposits	9,672,608		—		9,672,608		—		9,672,608
Time deposits	2,832,327		—		—		2,848,621		2,848,621
Federal funds purchased and securities sold under agreements to repurchase	299,111		—		299,111		—		299,111
Other borrowings	1,342,067		—		1,448,625		—		1,448,625
Subordinated notes and debentures	382,874		—		398,827		—		398,827
Interest payable	8,887		—		8,887		—		8,887