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Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024:

Assets

Derivative financial instruments

$

176,784

$

$

176,784

$

Loans held for sale

 

56,553

 

 

56,553

 

Trading securities

 

66,188

 

 

66,188

 

Securities available for sale:

U.S. Treasuries

24,587

24,587

U.S. Government agencies

223,805

223,805

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

agencies or sponsored enterprises

1,492,423

1,492,423

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

agencies or sponsored enterprises

508,112

508,112

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

agencies or sponsored enterprises

1,012,217

1,012,217

State and municipal obligations

 

960,359

 

 

960,359

 

Small Business Administration loan-backed securities

 

350,043

 

 

350,043

 

Corporate securities

26,854

26,854

Total securities available for sale

 

4,598,400

 

 

4,598,400

 

Mortgage servicing rights

 

87,970

 

 

 

87,970

SBA servicing asset

6,367

6,367

$

4,992,262

$

$

4,897,925

$

94,337

Liabilities

Derivative financial instruments

$

954,788

$

$

954,788

$

December 31, 2023:

Assets

Derivative financial instruments

$

172,939

$

$

172,939

$

Loans held for sale

 

50,888

 

 

50,888

 

Trading securities

 

31,321

 

 

31,321

 

Securities available for sale:

U.S. Treasuries

73,890

73,890

U.S. Government agencies

224,706

224,706

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

agencies or sponsored enterprises

1,558,306

1,558,306

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

agencies or sponsored enterprises

527,422

527,422

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

agencies or sponsored enterprises

1,024,170

1,024,170

State and municipal obligations

 

977,461

 

 

977,461

 

Small Business Administration loan-backed securities

 

371,686

 

 

371,686

 

Corporate securities

 

26,747

 

 

26,747

 

Total securities available for sale

 

4,784,388

 

 

4,784,388

 

Mortgage servicing rights

 

85,164

 

 

 

85,164

SBA servicing asset

5,952

5,952

$

5,130,652

$

$

5,039,536

$

91,116

Liabilities

Derivative financial instruments

$

804,486

$

$

804,486

$

Schedule of mortgage loans held for sale

    

March 31,

December 31,

(Dollars in thousands)

    

2024

 

2023

Fair value

$

56,553

$

50,888

Unpaid principal balance

54,834

49,025

Fair value less aggregated unpaid principal balance

$

1,719

$

1,863

Three Months Ended March 31,

(Dollars in thousands)

2024

2023

Income Statement Location

Mortgage loans held for sale

$

(144)

$

(9)

Mortgage banking income

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, 2024:

OREO

$

1,644

$

$

$

1,644

Bank properties held for sale

8,973

 

8,973

Individually evaluated loans

 

64,191

 

 

 

64,191

December 31, 2023:

OREO

$

837

$

$

$

837

Bank properties held for sale

12,401

 

12,401

Individually evaluated loans

 

73,518

 

 

 

73,518

Schedule of quantitative information about level 3 fair value measurements

Weighted Average Discount

March 31,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2024

    

2023

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

15

%

13

%

OREO and Bank properties held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

6

%

12

%

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, 2024

Financial assets:

Cash and cash equivalents

$

1,209,457

$

1,209,457

$

1,209,457

$

$

Trading securities

66,188

66,188

66,188

Investment securities

 

7,232,274

 

6,802,252

 

187,285

 

6,614,967

 

Loans held for sale

56,553

56,553

56,553

Loans, net of allowance for credit losses

 

32,197,656

 

31,124,727

 

 

 

31,124,727

Accrued interest receivable

 

160,519

 

160,519

 

 

25,665

 

134,854

Mortgage servicing rights

 

87,970

 

87,970

 

 

 

87,970

SBA servicing asset

6,367

6,367

6,367

Interest rate swap – non-designated hedge

 

174,373

 

174,373

 

 

174,373

 

Other derivative financial instruments (mortgage banking related)

 

2,411

 

2,411

 

 

2,411

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,546,410

 

10,546,410

 

 

10,546,410

 

Interest-bearing other than time deposits

22,351,423

22,351,423

22,351,423

Time deposits

4,280,601

4,238,055

4,238,055

Federal funds purchased and securities sold under agreements to repurchase

 

554,691

 

554,691

 

 

554,691

 

Corporate and subordinated debentures

391,812

385,574

 

385,574

 

Other borrowings

 

 

 

 

 

Accrued interest payable

 

44,873

 

44,873

 

 

44,873

 

Interest rate swap – non-designated hedge

 

954,297

 

954,297

 

 

954,297

 

Other derivative financial instruments (mortgage banking related)

 

491

 

491

 

 

491

 

December 31, 2023

Financial assets:

Cash and cash equivalents

$

998,877

$

998,877

$

998,877

$

$

Trading securities

31,321

31,321

31,321

Investment securities

 

7,463,871

 

7,061,167

 

192,043

 

6,869,124

 

Loans held for sale

50,888

50,888

50,888

Loans, net of allowance for credit losses

 

31,931,916

 

30,709,513

 

 

 

30,709,513

Accrued interest receivable

 

154,400

 

154,400

 

 

26,706

 

127,694

Mortgage servicing rights

 

85,164

 

85,164

 

 

 

85,164

SBA servicing asset

5,952

5,952

5,952

Interest rate swap – non-designated hedge

 

169,180

 

169,180

 

 

169,180

 

Other derivative financial instruments (mortgage banking related)

 

3,759

 

3,759

 

 

3,759

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,649,274

 

10,649,274

 

 

10,649,274

 

Interest-bearing other than time deposits

22,149,682

22,149,682

22,149,682

Time deposits

4,249,953

4,208,498

4,208,498

Federal funds purchased and securities sold under agreements to repurchase

 

489,185

 

489,185

 

 

489,185

 

Corporate and subordinated debentures

 

391,904

 

388,909

 

 

388,909

 

Other borrowings

100,000

100,000

100,000

Accrued interest payable

 

56,808

 

56,808

 

 

56,808

 

Interest rate swap – non-designated hedge

 

803,539

 

803,539

 

 

803,539

 

Other derivative financial instruments (mortgage banking related)

947

947

 

 

947

 

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)

    

MSRs

 

Fair value, January 1, 2024

$

85,164

Servicing assets that resulted from transfers of financial assets

 

1,864

Changes in fair value due to valuation inputs or assumptions

 

2,384

Changes in fair value due to decay

 

(1,442)

Fair value, March 31, 2024

$

87,970

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)

    

SBA Servicing Asset

 

Fair value, January 1, 2024

$

5,952

Servicing assets that resulted from transfers of financial assets

581

Changes in fair value due to decay

(364)

Changes in fair value due to valuation inputs or assumptions

198

Fair value, March 31, 2024

$

6,367