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Fair Value (Tables)
12 Months Ended
Dec. 31, 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)

December 31, 2021:

Assets

Derivative financial instruments

$

414,742

$

$

414,742

$

Loans held for sale

 

191,723

 

 

191,723

 

Trading securities

 

77,689

 

 

77,689

 

Securities available for sale:

U.S. Government agencies

97,117

97,117

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

agencies or sponsored enterprises

1,831,039

1,831,039

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

agencies or sponsored enterprises

725,995

725,995

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

agencies or sponsored enterprises

1,207,241

1,207,241

State and municipal obligations

 

812,689

 

 

812,689

 

Small Business Administration loan-backed securities

 

500,663

 

 

500,663

 

Corporate securities

18,734

18,734

Total securities available for sale

 

5,193,478

 

 

5,193,478

 

Mortgage servicing rights

 

65,620

 

 

 

65,620

$

5,943,252

$

$

5,877,632

$

65,620

Liabilities

Derivative financial instruments

$

410,137

$

$

410,137

$

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

 

26,733

 

Changes in fair value due to valuation inputs or assumptions

 

4,932

 

Changes in fair value due to decay

 

(9,865)

 

Fair value , December 31, 2021

$

65,620

$

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

$

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, 2021:

OREO

$

2,736

$

$

$

2,736

Bank property held for sale

9,578

 

9,578

Individually evaluated loans

 

20,802

 

 

 

20,802

December 31, 2020:

OREO

$

11,914

$

$

$

11,914

Bank property held for sale

36,006

 

36,006

Individually evaluated loans

 

17,609

 

 

 

17,609

Schedule of quantitative information about level 3 fair value measurements

Weighted Average

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

   

2021

    

2020

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

9

%

5

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

24

%

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

 

December 31, 2021

Financial assets:

Cash and cash equivalents

$

6,843,147

$

6,843,147

$

6,843,147

$

$

Trading securities

77,689

77,689

77,689

Investment securities

 

7,173,947

 

7,132,110

 

160,568

 

6,971,542

 

Loans held for sale

191,723

191,723

191,723

Loans, net of allowance for credit losses

 

23,626,359

 

23,921,372

 

 

 

23,921,372

Accrued interest receivable

 

90,069

 

90,069

 

 

19,241

 

70,828

Mortgage servicing rights

 

65,620

 

65,620

 

 

 

65,620

Interest rate swap - non-designated hedge

 

408,776

 

408,776

 

 

408,776

 

Other derivative financial instruments (mortgage banking related)

 

5,966

 

5,966

 

 

5,966

 

Financial liabilities:

Deposits

 

35,054,829

 

35,050,516

 

 

35,050,516

 

Federal funds purchased and securities sold under agreements to repurchase

 

781,239

 

781,239

 

 

781,239

 

Other borrowings

 

327,066

 

334,640

 

 

334,640

 

Accrued interest payable

 

3,345

 

3,345

 

 

3,345

 

Interest rate swap - non-designated hedge

 

410,137

 

410,137

 

 

410,137

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

93,501

 

 

93,501

 

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 credit 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