Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2022 and 2021.


			Fair Value Measurements
(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)
December 31, 2022
Available-for-sale securities
U.S. Treasury	$	2,197	$	2,197	$	—	$	—
U.S. Government agencies	184,279		—		184,279		—
Mortgage-backed securities	2,542,902		—		2,542,902		—
State and political subdivisions	871,074		—		871,074		—
Other securities	252,402		—		252,402		—
Mortgage loans held for sale	3,486		—		—		3,486
Derivative asset	139,323		—		139,323		—
Derivative liability	(34,440)		—		(34,440)		—

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		—
State 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 December 31, 2022 and 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)
December 31, 2022
Individually assessed loans (1) (2) (collateral-dependent)	$	70,926	$	—	$	—	$	70,926
Foreclosed assets and other real estate owned (1)	2,418		—		—		2,418

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 $5,214,000 and $4,214,000 were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2022 and 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
December 31, 2022
Financial assets:
Cash and cash equivalents	$	682,122	$	682,122	$	—	$	—	$	682,122
Interest bearing balances due from banks - time	795		—		795		—		795
Held-to-maturity securities, net	3,759,706		—		3,063,233		—		3,063,233
Interest receivable	102,892		—		102,892		—		102,892
Loans, net	15,945,169		—		—		15,573,555		15,573,555

Financial liabilities:
Noninterest bearing transaction accounts	6,016,651		—		6,016,651		—		6,016,651
Interest bearing transaction accounts and savings deposits	11,762,885		—		11,762,885		—		11,762,885
Time deposits	4,768,558		—		—		4,696,473		4,696,473
Federal funds purchased and securities sold under agreements to repurchase	160,403		—		160,403		—		160,403
Other borrowings	859,296		—		857,257		—		857,257
Subordinated notes and debentures	365,989		—		363,578		—		363,578
Interest payable	16,399		—		16,399		—		16,399

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