Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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)
September 30, 2022
Available-for-sale securities
U.S. Treasury	$	2,191	$	2,191	$	—	$	—
U.S. Government agencies	188,060		—		188,060		—
Mortgage-backed securities	2,670,348		—		2,670,348		—
State and political subdivisions	822,509		—		822,509		—
Other securities	254,435		—		254,435		—
Mortgage loans held for sale	12,759		—		—		12,759
Derivative asset	149,637		—		149,637		—
Derivative liability	(39,119)		—		(39,119)		—

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 assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of September 30, 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)
September 30, 2022
Individually assessed loans (1) (2) (collateral-dependent)	$	77,070	$	—	$	—	$	77,070
Foreclosed assets and other real estate owned (1)	2,897		—		—		2,897

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 $10,783,000 and $4,214,000 were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended September 30, 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
September 30, 2022
Financial assets:
Cash and cash equivalents	$	679,410	$	679,410	$	—	$	—	$	679,410
Interest bearing balances due from banks - time	1,290		—		1,290		—		1,290
Held-to-maturity securities, net	3,787,076		—		2,984,040		—		2,984,040
Interest receivable	86,637		—		86,637		—		86,637
Loans and other loans held for sale, net	15,411,838		—		—		14,967,078		14,967,078

Financial liabilities:
Noninterest bearing transaction accounts	6,218,283		—		6,218,283		—		6,218,283
Interest bearing transaction accounts and savings deposits	12,103,994		—		12,103,994		—		12,103,994
Time deposits	3,826,415		—		—		3,761,408		3,761,408
Federal funds purchased and securities sold under agreements to repurchase	168,513		—		168,513		—		168,513
Other borrowings	964,772		—		961,666		—		961,666
Subordinated notes and debentures	365,951		—		362,823		—		362,823
Interest payable	13,077		—		13,077		—		13,077

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 and other loans held for sale, net	11,807,171		—		—		11,922,735		11,922,735

Financial liabilities:
Noninterest 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