Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021.


			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, 2022
Available-for-sale securities
U.S. Treasury	$	—	$	—	$	—	$	—
U.S. Government agencies	333,231		—		333,231		—
Mortgage-backed securities	4,166,108		—		4,166,108		—
State and political subdivisions	1,653,694		—		1,653,694		—
Other securities	487,036		—		487,036		—
Mortgage loans held for sale	18,206		—		—		18,206
Derivative asset	57,707		—		57,707		—
Derivative liability	(10,554)		—		(10,554)		—

December 31, 2021
Available-for-sale securities
U.S. Treasury	$	300	$	300	$	—	$	—
U.S. Government agencies	364,641		—		364,641		—
Mortgage-backed securities	4,448,616		—		4,448,616		—
States and political subdivisions	1,819,658		—		1,819,658		—
Other securities	480,330		—		480,330		—
Mortgage loans held for sale	36,356		—		—		36,356
Derivative asset	25,852		—		25,852		—
Derivative liability	(15,443)		—		(15,443)		—

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, 2022 and December 31, 2021.


			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, 2022
Individually assessed loans (1) (2) (collateral-dependent)	$	92,039	$	—	$	—	$	92,039
Foreclosed assets and other real estate owned (1)	278		—		—		278

December 31, 2021
Individually assessed loans (1) (2) (collateral-dependent)	$	47,089	$	—	$	—	$	47,089
Foreclosed assets and other real estate owned (1)	4,875		—		—		4,875

________________________

(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 $10,664,000 and $4,214,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2022 and December 31, 2021, 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, 2022
Financial assets:
Cash and cash equivalents	$	1,687,017	$	1,687,017	$	—	$	—	$	1,687,017
Interest bearing balances due from banks - time	1,857		—		1,857		—		1,857
Held-to-maturity securities, net	1,556,825		—		1,307,058		—		1,307,058
Interest receivable	69,357		—		69,357		—		69,357
Loans, net	11,849,669		—		—		11,897,022		11,897,022

Financial liabilities:
Non-interest bearing transaction accounts	5,223,862		—		5,223,862		—		5,223,862
Interest bearing transaction accounts and savings deposits	12,105,948		—		12,105,948		—		12,105,948
Time deposits	2,062,612		—		—		2,041,775		2,041,775
Federal funds purchased and securities sold under agreements to repurchase	196,828		—		196,828		—		196,828
Other borrowings	1,337,243		—		1,353,902		—		1,353,902
Subordinated notes and debentures	384,242		—		387,031		—		387,031
Interest payable	9,979		—		9,979		—		9,979

December 31, 2021
Financial assets:
Cash and cash equivalents	$	1,650,653	$	1,650,653	$	—	$	—	$	1,650,653
Interest bearing balances due from banks - time	1,882		—		1,882		—		1,882
Held-to-maturity securities, net	1,529,221		—		1,517,378		—		1,517,378
Interest receivable	72,990		—		72,990		—		72,990
Loans, net	11,807,171		—		—		11,922,735		11,922,735

Financial liabilities:
Non-interest bearing transaction accounts	5,325,318		—		5,325,318		—		5,325,318
Interest bearing transaction accounts and savings deposits	11,588,770		—		11,588,770		—		11,588,770
Time deposits	2,452,460		—		—		2,451,055		2,451,055
Federal funds purchased and securities sold under agreements to repurchase	185,403		—		185,403		—		185,403
Other borrowings	1,337,973		—		1,393,711		—		1,393,711
Subordinated notes and debentures	384,131		—		394,464		—		394,464
Interest payable	6,759		—		6,759		—		6,759