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Fair Value (Tables)
3 Months Ended
Mar. 31, 2022
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)

March 31, 2022:

Assets

Derivative financial instruments

$

412,815

$

$

412,815

$

Loans held for sale

 

130,376

 

 

130,376

 

Trading securities

 

74,234

 

 

74,234

 

Securities available for sale:

U.S. Treasuries

268,581

268,581

U.S. Government agencies

179,942

179,942

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

agencies or sponsored enterprises

2,013,904

2,013,904

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

agencies or sponsored enterprises

694,705

694,705

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

agencies or sponsored enterprises

1,151,860

1,151,860

State and municipal obligations

 

1,127,697

 

 

1,127,697

 

Small Business Administration loan-backed securities

 

457,357

 

 

457,357

 

Corporate securities

30,160

30,160

Total securities available for sale

 

5,924,206

 

 

5,924,206

 

Mortgage servicing rights

 

83,339

 

 

 

83,339

$

6,624,970

$

$

6,541,631

$

83,339

Liabilities

Derivative financial instruments

$

412,168

$

$

412,168

$

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

$

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, 2022

$

65,620

$

Servicing assets that resulted from transfers of financial assets

 

7,122

 

Changes in fair value due to valuation inputs or assumptions

 

12,827

 

Changes in fair value due to decay

 

(2,230)

 

Fair value , March 31, 2022

$

83,339

$

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)

 

March 31, 2022:

OREO

$

3,290

$

$

$

3,290

Bank property held for sale

6,417

 

6,417

Individually evaluated loans

 

4,527

 

 

 

4,527

December 31, 2021:

OREO

$

2,736

$

$

$

2,736

Bank property held for sale

9,578

 

9,578

Individually evaluated loans

 

20,802

 

 

 

20,802

Schedule of quantitative information about level 3 fair value measurements

Weighted Average

March 31,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2022

    

2021

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

13

%

9

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

19

%

24

%

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

 

March 31, 2022

Financial assets:

Cash and cash equivalents

$

6,032,606

$

6,032,606

$

6,032,606

$

$

Trading securities

74,234

74,234

74,234

Investment securities

 

8,931,233

 

8,733,959

 

179,258

 

8,554,701

 

Loans held for sale

130,376

130,376

130,376

Loans, net of allowance for credit losses

 

26,256,031

 

26,434,330

 

 

 

26,434,330

Accrued interest receivable

 

106,396

 

106,396

 

 

25,425

 

80,971

Mortgage servicing rights

 

83,339

 

83,339

 

 

 

83,339

Interest rate swap - non-designated hedge

 

408,434

 

408,434

 

 

408,434

 

Other derivative financial instruments (mortgage banking related)

 

4,381

 

4,381

 

 

4,381

 

Financial liabilities:

Deposits

 

38,775,830

 

38,737,371

 

 

38,737,371

 

Federal funds purchased and securities sold under agreements to repurchase

 

770,409

 

770,409

 

 

770,409

 

Other borrowings

 

405,553

 

399,125

 

 

399,125

 

Accrued interest payable

 

6,644

 

6,644

 

 

6,644

 

Interest rate swap - non-designated hedge

 

409,084

 

409,084

 

 

409,084

 

Other derivative financial instruments (mortgage banking related)

 

3,084

 

3,084

 

 

3,084

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

63,247

 

 

63,247

 

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