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Fair Value (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022:

Assets

Derivative financial instruments

$

211,016

$

$

211,016

$

Loans held for sale

 

28,968

 

 

28,968

 

Trading securities

 

31,263

 

 

31,263

 

Securities available for sale:

U.S. Treasuries

265,638

265,638

U.S. Government agencies

219,088

219,088

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

agencies or sponsored enterprises

1,698,353

1,698,353

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

agencies or sponsored enterprises

601,045

601,045

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

agencies or sponsored enterprises

1,000,398

1,000,398

State and municipal obligations

 

1,064,852

 

 

1,064,852

 

Small Business Administration loan-backed securities

 

444,810

 

 

444,810

 

Corporate securities

32,638

32,638

Total securities available for sale

 

5,326,822

 

 

5,326,822

 

Mortgage servicing rights

 

86,610

 

 

 

86,610

SBA servicing asset

6,068

6,068

$

5,690,747

$

$

5,598,069

$

92,678

Liabilities

Derivative financial instruments

$

1,034,143

$

$

1,034,143

$

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

$

288,561

$

$

288,561

$

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, 2022:

OREO

$

1,023

$

$

$

1,023

Bank property held for sale

17,754

 

17,754

Individually evaluated loans

 

56,719

 

 

 

56,719

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

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

   

2022

    

2021

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

31

%

9

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

16

%

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

 

December 31, 2022

Financial assets:

Cash and cash equivalents

$

1,312,563

$

1,312,563

$

1,312,563

$

$

Trading securities

31,263

31,263

31,263

Investment securities

 

8,189,780

 

7,756,707

 

179,717

 

7,576,990

 

Loans held for sale

28,968

28,968

28,968

Loans, net of allowance for credit losses

 

29,821,418

 

29,329,499

 

 

 

29,329,499

Accrued interest receivable

 

134,594

 

134,594

 

 

28,449

 

106,145

Mortgage servicing rights

 

86,610

 

86,610

 

 

 

86,610

SBA servicing asset

6,068

6,068

Interest rate swap - non-designated hedge

 

210,216

 

210,216

 

 

210,216

 

Other derivative financial instruments (mortgage banking related)

 

800

 

800

 

 

800

 

Financial liabilities:

Deposits

 

36,350,623

 

36,264,401

 

 

36,264,401

 

Federal funds purchased and securities sold under agreements to repurchase

 

556,417

 

556,417

 

 

556,417

 

Other borrowings

 

392,275

 

377,360

 

 

377,360

 

Accrued interest payable

 

6,218

 

6,218

 

 

6,218

 

Interest rate swap - non-designated hedge

 

1,033,980

 

1,033,980

 

 

1,033,980

 

Other derivative financial instruments (mortgage banking related)

 

163

 

163

 

 

163

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

(184,801)

 

 

(184,801)

 

December 31, 2021

Financial assets:

Cash and cash equivalents

$

6,721,571

$

6,721,571

$

6,721,571

$

$

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

 

288,561

 

288,561

 

 

288,561

 

Off balance sheet financial instruments:

 

 

Commitments to extend credit

 

93,501

 

 

93,501

 

Mortgage Servicing Rights  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

Assets

 

Fair value, January 1, 2022

$

65,620

Servicing assets that resulted from transfers of financial assets

 

16,002

Changes in fair value due to valuation inputs or assumptions

 

14,886

Changes in fair value due to decay

 

(9,898)

Fair value, December 31, 2022

$

86,610

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

SBA servicing asset  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

Assets

Beginning Balance, June 30, 2022

$

7,369

Servicing assets that resulted from transfers of financial assets

 

1,273

Changes in fair value due to decay

 

(1,845)

Changes in fair value due to valuation inputs or assumptions

 

(729)

Fair value, December 31, 2022

$

6,068