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Fair Value (Tables)
6 Months Ended
Jun. 30, 2021
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)

June 30, 2021:

Assets

Derivative financial instruments

$

526,145

$

$

526,145

$

Loans held for sale

 

171,447

 

 

171,447

 

Trading securities

 

89,925

 

 

89,925

 

Securities available for sale:

U.S. Government agencies

48,137

48,137

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,666,127

1,666,127

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

666,777

666,777

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

812,613

812,613

State and municipal obligations

 

693,128

 

 

693,128

 

Small Business Administration loan-backed securities

 

468,485

 

 

468,485

 

Corporate securities

13,892

13,892

Total securities available for sale

 

4,369,159

 

 

4,369,159

 

Mortgage servicing rights

 

57,351

 

 

 

57,351

$

5,214,027

$

$

5,156,676

$

57,351

Liabilities

Derivative financial instruments

$

518,221

$

$

518,221

$

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:

U.S. Government agencies

29,256

29,256

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,367,132

1,367,132

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

755,551

755,551

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

240,108

240,108

State and municipal obligations

 

520,039

 

 

520,039

 

Small Business Administration loan-backed securities

 

404,884

 

 

404,884

 

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

$

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, 2021

$

43,820

$

Servicing assets that resulted from transfers of financial assets

 

15,496

 

Changes in fair value due to valuation inputs or assumptions

 

3,243

 

Changes in fair value due to decay

 

(5,208)

 

Fair value , June 30, 2021

$

57,351

$

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)

 

June 30, 2021:

OREO

$

5,039

$

$

$

5,039

Bank property held for sale

20,237

 

20,237

Impaired loans

 

8,891

 

 

 

8,891

December 31, 2020:

OREO

$

11,914

$

$

$

11,914

Bank property held for sale

36,006

 

36,006

Impaired loans

 

17,609

 

 

 

17,609

Schedule of quantitative information about level 3 fair value measurements

Weighted Average

June 30,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2021

    

2020

Nonrecurring measurements:

Impaired loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

7

%

5

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

17

%

14

%

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

 

June 30, 2021

Financial assets:

Cash and cash equivalents

$

6,404,512

$

6,404,512

$

6,404,512

$

$

Trading securities

89,925

89,925

89,925

Investment securities

 

5,719,031

 

5,698,158

 

160,607

 

5,537,551

 

Loans held for sale

171,447

171,447

171,447

Loans, net of allowance for loan losses

 

23,682,677

 

23,845,019

 

 

 

23,845,019

Accrued interest receivable

 

99,138

 

99,138

 

 

16,015

 

83,123

Mortgage servicing rights

 

57,351

 

57,351

 

 

 

57,351

Interest rate swap - non-designated hedge

 

516,632

 

516,632

 

 

516,632

 

Other derivative financial instruments (mortgage banking related)

 

9,513

 

9,513

 

 

9,513

 

Financial liabilities:

Deposits

 

33,242,369

 

33,254,282

 

 

33,254,282

 

Federal funds purchased and securities sold under agreements to repurchase

 

862,429

 

862,429

 

 

862,429

 

Other borrowings

 

351,548

 

350,466

 

 

350,466

 

Accrued interest payable

 

4,774

 

4,774

 

 

4,774

 

Interest rate swap - non-designated hedge

 

518,221

 

518,221

 

 

518,221

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

45,968

 

 

45,968

 

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