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Fair Value (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value  
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

 

    

    

Quoted Prices

    

    

In Active

Significant

Markets

Other

Significant

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

December 31, 2020:

Assets

Derivative financial instruments

$

813,899

$

$

813,899

$

Loans held for sale

 

290,467

 

 

290,467

 

Trading securities

 

10,674

 

 

10,674

 

Securities available-for-sale:

Government-sponsored entities debt

29,256

29,256

State and municipal obligations

 

520,039

 

 

520,039

 

Mortgage-backed securities

 

2,767,675

 

 

2,767,675

 

Corporate securities

13,702

13,702

Total securities available-for-sale

 

3,330,672

 

 

3,330,672

 

Mortgage servicing rights

 

43,820

 

 

 

43,820

$

4,489,532

$

$

4,445,712

$

43,820

Liabilities

Derivative financial instruments

$

804,832

$

$

804,832

$

December 31, 2019:

Assets

Derivative financial instruments

$

16,252

$

$

16,252

$

Loans held for sale

 

59,363

 

 

59,363

 

Securities available-for-sale:

Government-sponsored entities debt

25,941

25,941

State and municipal obligations

 

208,415

 

 

208,415

 

Mortgage-backed securities

 

1,721,691

 

 

1,721,691

 

Total securities available-for-sale

 

1,956,047

 

 

1,956,047

 

Mortgage servicing rights

 

30,525

 

 

 

30,525

$

2,062,187

$

$

2,031,662

$

30,525

Liabilities

Derivative financial instruments

$

31,273

$

$

31,273

$

Schedule of reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

Assets

    

Liabilities

 

Fair value, January 1, 2020

$

30,525

$

Servicing assets that resulted from transfers of financial assets

 

28,456

 

Changes in fair value due to valuation inputs or assumptions

 

(6,991)

 

Changes in fair value due to decay

 

(8,170)

 

Fair value, December 31, 2020

$

43,820

$

Fair value, January 1, 2019

$

34,727

$

Servicing assets that resulted from transfers of financial assets

 

7,363

 

Changes in fair value due to valuation inputs or assumptions

(6,976)

Changes in fair value due to decay

 

(4,589)

 

Fair value, December 31, 2019

$

30,525

$

Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis

    

    

Quoted Prices

    

    

 

In Active

Significant

 

Markets

Other

Significant

 

for Identical

Observable

Unobservable

 

Assets

Inputs

Inputs

 

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

 

December 31, 2020:

OREO

$

11,914

$

$

$

11,914

Bank property held for sale

36,006

 

36,006

Impaired loans

 

17,609

 

 

 

17,609

December 31, 2019:

OREO

$

6,539

$

$

$

6,539

Bank property held for sale

5,425

 

5,425

Non-acquired impaired loans

 

15,444

 

 

 

15,444

Quantitative Information about Level 3 Fair Value Measurements

Weighted Average

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2020

    

2019

Nonrecurring measurements:

Impaired loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

5

%

2

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

14

%

31

%

Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments

    

Carrying

    

Fair

    

    

    

 

(Dollars in thousands)

Amount

Value

Level 1

Level 2

Level 3

 

December 31, 2020

Financial assets:

Cash and cash equivalents

$

4,609,255

$

4,609,255

$

4,609,255

$

$

Trading securities

10,674

10,674

10,674

Investment securities

 

4,446,657

 

4,448,300

 

160,443

 

4,287,857

 

Loans held for sale

290,467

290,467

290,467

Loans, net of allowance for loan losses

 

24,206,825

 

24,757,859

 

 

 

24,757,859

Accrued interest receivable

 

107,601

 

107,601

 

 

12,952

 

94,649

Mortgage servicing rights

 

43,820

 

43,820

 

 

 

43,820

Interest rate swap - non-designated hedge

 

802,763

 

802,763

 

 

802,763

 

Other derivative financial instruments (mortgage banking related)

 

11,136

 

11,136

 

 

11,136

 

Financial liabilities:

Deposits

 

30,693,882

 

30,719,416

 

 

30,719,416

 

Federal funds purchased and securities sold under agreements to repurchase

 

779,666

 

779,666

 

 

779,666

 

Other borrowings

 

390,179

 

386,126

 

 

386,126

 

Accrued interest payable

 

7,103

 

7,103

 

 

7,103

 

Interest rate swap - non-designated hedge

 

804,832

 

804,832

 

 

804,832

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

136,726

 

 

136,726

 

December 31, 2019

Financial assets:

Cash and cash equivalents

$

688,704

$

688,704

$

688,704

$

$

Investment securities

 

2,005,171

 

2,005,171

 

49,124

 

1,956,047

 

Loans held for sale

59,363

59,363

59,363

Loans, net of allowance for loan losses

 

11,313,113

 

11,452,003

 

 

 

11,452,003

Accrued interest receivable

 

36,774

 

36,774

 

 

8,500

 

28,274

Mortgage servicing rights

 

30,525

 

30,525

 

 

 

30,525

Interest rate swap - non-designated hedge

 

15,350

 

15,350

 

 

15,350

 

Other derivative financial instruments (mortgage banking related)

 

902

 

902

 

 

902

 

Financial liabilities:

Deposits

 

12,177,096

 

11,406,477

 

 

11,406,477

 

Federal funds purchased and securities sold under agreements to repurchase

 

298,741

 

298,741

 

 

298,741

 

Other borrowings

 

815,936

 

818,210

 

 

818,210

 

Accrued interest payable

 

4,916

 

4,916

 

 

4,916

 

Interest rate swap - non-designated hedge

 

16,693

 

16,693

 

 

16,693

 

Interest rate swap - cash flow hedge

 

13,791

 

13,791

 

 

13,791

 

Other derivative financial instruments (mortgage banking related)

789

789

 

 

789

 

Off balance sheet financial instruments:

 

 

Commitments to extend credit

 

36,031

 

 

36,031