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Estimated Fair Values (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2021 and 2020. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected and accrued interest payable are considered Level 2. The table below presents the carrying values and estimated fair values for financial instruments as of December 31, 2021 and 2020.
| December 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Assets |  |  |  |  |  |  |
Cash and due from banks | $ | 337,814 |  |  | $ | 337,814 |  |  | $ | 362,048 |  |  | $ | 362,048 |
Overnight investments | 9,114,660 |  |  | 9,114,660 |  |  | 4,347,336 |  |  | 4,347,336 |
Investment securities available for sale | 9,203,427 |  |  | 9,203,427 |  |  | 7,014,243 |  |  | 7,014,243 |
Investment securities held to maturity | 3,809,453 |  |  | 3,759,650 |  |  | 2,816,982 |  |  | 2,838,499 |
Investment in marketable equity securities | 97,528 |  |  | 97,528 |  |  | 91,680 |  |  | 91,680 |
Loans held for sale | 98,741 |  |  | 98,741 |  |  | 124,837 |  |  | 124,837 |
Net loans and leases | 32,193,029 |  |  | 31,889,594 |  |  | 32,567,661 |  |  | 33,298,166 |
Income earned not collected | 134,237 |  |  | 134,237 |  |  | 145,694 |  |  | 145,694 |
Federal Home Loan Bank stock | 40,450 |  |  | 40,450 |  |  | 45,392 |  |  | 45,392 |
Mortgage and other servicing rights | 23,797 |  |  | 23,784 |  |  | 19,628 |  |  | 20,283 |
Liabilities |  |  |  |  |  |  |
Deposits with no stated maturity | 48,925,127 |  |  | 48,925,127 |  |  | 40,542,596 |  |  | 40,542,596 |
Time deposits | 2,480,967 |  |  | 2,471,116 |  |  | 2,889,013 |  |  | 2,905,577 |
Securities sold under customer repurchase agreements | 589,101 |  |  | 589,101 |  |  | 641,487 |  |  | 641,487 |
Federal Home Loan Bank borrowings | 644,659 |  |  | 654,694 |  |  | 655,175 |  |  | 677,579 |
Subordinated debt | 477,564 |  |  | 495,483 |  |  | 504,518 |  |  | 525,610 |
Other borrowings | 72,155 |  |  | 72,476 |  |  | 88,470 |  |  | 89,263 |
FDIC shared-loss payable | — |  |  | — |  |  | 15,601 |  |  | 15,843 |
Accrued interest payable | 7,922 |  |  | 7,922 |  |  | 9,414 |  |  | 9,414 |
Assets And Liabilities Carried At Fair Value On A Recurring Basis | Among BancShares’ assets and liabilities, investment securities available for sale, marketable equity securities and loans held for sale are reported at their fair values 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 December 31, 2021 and 2020.
| December 31, 2021
|  |  | Fair value measurements using:
(Dollars in thousands) | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Assets measured at fair value |  |  |  |  |  |  |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 2,004,970 |  |  | $ | — |  |  | $ | 2,004,970 |  |  | $ | — |
Government agency | 798,760 |  |  | — |  |  | 798,760 |  |  | — |
Residential mortgage-backed securities | 4,728,413 |  |  | — |  |  | 4,728,413 |  |  | — |
Commercial mortgage-backed securities | 1,062,749 |  |  | — |  |  | 1,062,749 |  |  | — |
Corporate bonds | 608,535 |  |  | — |  |  | 401,133 |  |  | 207,402 |
Total investment securities available for sale | $ | 9,203,427 |  |  | $ | — |  |  | $ | 8,996,025 |  |  | $ | 207,402 |
Marketable equity securities | $ | 97,528 |  |  | $ | 33,522 |  |  | $ | 64,006 |  |  | $ | — |
Loans held for sale | 98,741 |  |  | — |  |  | 98,741 |  |  | — |
| December 31, 2020
|  |  | Fair value measurements using:
| Fair value |  | Level 1 |  | Level 2 |  | Level 3
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 table summarizes activity for Level 3 assets for the years ended December 31, 2021 and 2020:
| 2021 |  | 2020
(Dollars in thousands) | Corporate bonds |  | Corporate bonds
Beginning balance | $ | 316,624 |  |  | $ | 69,685 |
Purchases | 30,878 |  |  | 242,595 |
Unrealized net losses (gains) included in other comprehensive income | 6,391 |  |  | 2,898 |
Amounts included in net income | 2,555 |  |  | (336) |
Transfers in | — |  |  | 1,782 |
Transfers out | (102,065) |  |  | — |
Sales / Calls | (46,981) |  |  | — |
Ending balance | $ | 207,402 |  |  | $ | 316,624 |
Fair Value Level 3 Significant Unobservable Input Assumptions | The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at December 31, 2021.
(Dollars in thousands) |  |  |  | December 31, 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 |  | $ | 207,402 |
Fair Value Option | The following table summarizes the difference between the aggregate fair value and the unpaid principal balance for residential real estate loans originated for sale measured at fair value as of December 31, 2021 and 2020.
| December 31, 2021
(Dollars in thousands) | Fair Value |  | Unpaid Principal Balance |  | Difference
Originated loans held for sale | $ | 98,741 |  |  | $ | 95,852 |  |  | $ | 2,889 |
| December 31, 2020
| Fair Value |  | Unpaid Principal Balance |  | Difference
Originated loans held for sale | $ | 124,837 |  |  | $ | 118,902 |  |  | $ | 5,935 |
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis | For financial assets carried at fair value on a non-recurring basis, the following table provides fair value information as of December 31, 2021 and December 31, 2020.
| December 31, 2021
|  |  | Fair value measurements using:
(Dollars in thousands) | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Collateral-dependent loans | $ | 3,099 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,099 |
Other real estate remeasured during the year | 34,211 |  |  | — |  |  | — |  |  | 34,211 |
Mortgage servicing rights | 21,731 |  |  | — |  |  | — |  |  | 21,731 |
| December 31, 2020
|  |  | Fair value measurements using:
| Fair value |  | Level 1 |  | Level 2 |  | Level 3
Collateral-dependent loans | $ | 11,779 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,779 |
Other real estate remeasured during the year | 40,115 |  |  | — |  |  | — |  |  | 40,115 |
Mortgage servicing rights | 16,966 |  |  | — |  |  | — |  |  | 16,966 |

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