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Estimated Fair Values (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | The table presents the carrying values and estimated fair values for financial instruments as of June 30, 2021 and December 31, 2020:
(Dollars in thousands) | June 30, 2021 |  | December 31, 2020
Carrying value |  | Fair value |  | Carrying value |  | Fair value
Assets |  |  |  |  |  |  |
Cash and due from banks | $ | 395,364 |  |  | $ | 395,364 |  |  | $ | 362,048 |  |  | $ | 362,048 |
Overnight investments | 7,871,382 |  |  | 7,871,382 |  |  | 4,347,336 |  |  | 4,347,336 |
Investment in marketable equity securities | 118,540 |  |  | 118,540 |  |  | 91,680 |  |  | 91,680 |
Investment securities available for sale | 7,381,083 |  |  | 7,381,083 |  |  | 7,014,243 |  |  | 7,014,243 |
Investment securities held to maturity | 3,394,604 |  |  | 3,377,085 |  |  | 2,816,982 |  |  | 2,838,499 |
Loans held for sale | 107,768 |  |  | 107,768 |  |  | 124,837 |  |  | 124,837 |
Net loans and leases | 32,500,558 |  |  | 32,786,935 |  |  | 32,567,661 |  |  | 33,298,166 |
Income earned not collected | 133,043 |  |  | 133,043 |  |  | 145,694 |  |  | 145,694 |
Federal Home Loan Bank stock | 40,450 |  |  | 40,450 |  |  | 45,392 |  |  | 45,392 |
Mortgage and other servicing rights | 22,702 |  |  | 23,155 |  |  | 19,628 |  |  | 20,283 |
Liabilities |  |  |  |  |  |  |
Deposits with no stated maturity | 45,789,354 |  |  | 45,789,354 |  |  | 40,542,596 |  |  | 40,542,596 |
Time deposits | 2,621,242 |  |  | 2,626,322 |  |  | 2,889,013 |  |  | 2,905,577 |
Securities sold under customer repurchase agreements | 692,604 |  |  | 692,604 |  |  | 641,487 |  |  | 641,487 |
Federal Home Loan Bank borrowings | 646,667 |  |  | 662,606 |  |  | 655,175 |  |  | 677,579 |
Subordinated debt | 497,290 |  |  | 523,423 |  |  | 504,518 |  |  | 525,610 |
Other borrowings | 80,531 |  |  | 81,201 |  |  | 88,470 |  |  | 89,263 |
FDIC shared-loss payable | — |  |  | — |  |  | 15,601 |  |  | 15,843 |
Accrued interest payable | 8,811 |  |  | 8,811 |  |  | 9,414 |  |  | 9,414 |
Assets And Liabilities Carried At Fair Value On A Recurring Basis | For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of June 30, 2021 and December 31, 2020:
| June 30, 2021
|  |  | Fair value measurements using:
(Dollars in thousands) | Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs
Assets measured at fair value |  |  |  |  |  |  |
Investment securities available for sale |  |  |  |  |  |  |
Government agency | $ | 825,450 |  |  | $ | — |  |  | $ | 825,450 |  |  | $ | — |
Residential mortgage-backed securities | 4,785,256 |  |  | — |  |  | 4,785,256 |  |  | — |
Commercial mortgage-backed securities | 1,148,530 |  |  | — |  |  | 1,148,530 |  |  | — |
Corporate bonds | 621,847 |  |  | — |  |  | 296,399 |  |  | 325,448 |
Total investment securities available for sale | $ | 7,381,083 |  |  | $ | — |  |  | $ | 7,055,635 |  |  | $ | 325,448 |
Marketable equity securities | $ | 118,540 |  |  | $ | 49,293 |  |  | $ | 69,247 |  |  | $ | — |
Loans held for sale | $ | 107,768 |  |  | $ | — |  |  | $ | 107,768 |  |  | $ | — |
| December 31, 2020
|  |  | Fair value measurements using:
| Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs
Assets measured at fair value |  |  |  |  |  |  |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 499,933 |  |  | $ | — |  |  | $ | 499,933 |  |  | $ | — |
Government agency | 701,391 |  |  | — |  |  | 701,391 |  |  | — |
Residential mortgage-backed securities | 4,438,103 |  |  | — |  |  | 4,438,103 |  |  | — |
Commercial mortgage-backed securities | 771,537 |  |  | — |  |  | 771,537 |  |  | — |
Corporate bonds | 603,279 |  |  | — |  |  | 286,655 |  |  | 316,624 |
Total investment securities available for sale | $ | 7,014,243 |  |  | $ | — |  |  | $ | 6,697,619 |  |  | $ | 316,624 |
Marketable equity securities | $ | 91,680 |  |  | $ | 32,855 |  |  | $ | 58,825 |  |  | $ | — |
Loans held for sale | $ | 124,837 |  |  | $ | — |  |  | $ | 124,837 |  |  | $ | — |
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize activity for Level 3 assets carried at fair value on a recurring basis:
| Corporate bonds
| Three months ended June 30 |  | Six months ended June 30
(Dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance | $ | 318,116 |  |  | $ | 67,016 |  |  | $ | 316,624 |  |  | $ | 69,685 |
Purchases | 7,000 |  |  | 100,595 |  |  | 7,000 |  |  | 100,595 |
Unrealized net losses (gains) included in other comprehensive income | 1,340 |  |  | 2,449 |  |  | 3,491 |  |  | (1,917) |
Amounts included in net income | 92 |  |  | (83) |  |  | 183 |  |  | (168) |
Transfers in | — |  |  | — |  |  | — |  |  | 1,782 |
Sales / Calls | (1,100) |  |  | — |  |  | (1,850) |  |  | — |
Ending balance | $ | 325,448 |  |  | $ | 169,977 |  |  | $ | 325,448 |  |  | $ | 169,977 |
Fair Value Level 3 Significant Unobservable Input Assumptions |
(Dollars in thousands) |  |  |  | June 30, 2021
Level 3 assets |  | Valuation technique |  | Significant unobservable input |  | Fair Value
Corporate bonds |  | Indicative bid provided by broker |  | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer |  | $ | 325,448 |
Fair Value Option | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate originated for sale measured at fair value as of June 30, 2021 and December 31, 2020:
| June 30, 2021
(Dollars in thousands) | Fair value |  | Aggregate unpaid principal balance |  | Difference
Originated loans held for sale | $ | 107,768 |  |  | $ | 104,167 |  |  | $ | 3,601 |
| December 31, 2020
| Fair value |  | Aggregate unpaid principal balance |  | Difference
Originated loans held for sale | $ | 124,837 |  |  | $ | 118,902 |  |  | $ | 5,935 |
No originated loans held for sale were 90 or more days past due or on nonaccrual status as of June 30, 2021 or December 31, 2020. BancShares may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. The population of loans measured at fair value on a non-recurring basis is limited to collateral-dependent loans evaluated individually. These collateral-dependent loans are deemed to be at fair value if there is an associated ACL or if a charge-off has been recorded in the previous 12 months. A large majority of collateral for these loans is real property. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, generally between 5% and 10%, and immaterial adjustments for other external factors that may impact the marketability of the collateral. The weighted average discount for estimated selling costs applied to real estate collateral was 7.88%. OREO acquired or written down within the previous 12 months is deemed to be at fair value. Asset valuations are determined by using appraisals or other third-party value estimates of the subject property with discounts generally between 6% and 15% applied for estimated selling costs and other external factors that may impact the marketability of the property. At June 30, 2021, the weighted average discount applied was 6%. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information.
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis | For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of June 30, 2021 and December 31, 2020:
| June 30, 2021
|  |  | Fair value measurements using:
(Dollars in thousands) | Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs
Collateral-dependent loans | $ | 6,183 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,183 |
Other real estate owned | 32,128 |  |  | — |  |  | — |  |  | 32,128 |
Mortgage servicing rights | 20,045 |  |  | — |  |  | — |  |  | 20,045 |
| December 31, 2020
|  |  | Fair value measurements using:
| Fair value |  | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs
Collateral-dependent loans | $ | 11,779 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,779 |
Other real estate owned | 40,115 |  |  | — |  |  | — |  |  | 40,115 |
Mortgage servicing rights | 16,966 |  |  | — |  |  | — |  |  | 16,966 |

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