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Fair Value (Tables)
12 Months Ended
Dec. 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)

December 31, 2024:

Assets

Derivative financial instruments

$

161,490

$

$

161,490

$

Mortgage loans held for sale

 

98,115

 

 

98,115

 

Trading securities

 

102,932

 

 

102,932

 

Securities available for sale:

U.S. Treasuries

10,656

10,656

U.S. Government agencies

150,418

150,418

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

agencies or sponsored enterprises

1,377,525

1,377,525

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

agencies or sponsored enterprises

459,095

459,095

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

agencies or sponsored enterprises

1,040,555

1,040,555

State and municipal obligations

 

945,723

 

 

945,723

 

Small Business Administration loan-backed securities

 

310,112

 

 

310,112

 

Corporate securities

26,509

26,509

Total securities available for sale

 

4,320,593

 

 

4,320,593

 

Mortgage servicing rights

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

$

4,778,953

$

$

4,683,130

$

95,823

Liabilities

Derivative financial instruments

$

879,855

$

$

879,855

$

December 31, 2023:

Assets

Derivative financial instruments

$

172,939

$

$

172,939

$

Mortgage 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

    

December 31,

December 31,

(Dollars in thousands)

    

2024

 

2023

Fair value

$

98,115

$

50,888

Unpaid principal balance

95,612

49,025

Fair value less aggregated unpaid principal balance

$

2,503

$

1,863

Year Ended December 31,

(Dollars in thousands)

    

2024

2023

2022

Income Statement Location

Mortgage loans held for sale

$

640

$

833

$

(6,052)

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)

 

December 31, 2024:

OREO

$

2,154

$

$

$

2,154

Bank properties held for sale

3,268

 

3,268

Individually evaluated loans

 

71,112

 

 

 

71,112

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

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

   

2024

    

2023

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

28

%

13

%

OREO and Bank properties held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

10

%

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

 

December 31, 2024

Financial assets:

Cash and cash equivalents

$

1,392,067

$

1,392,067

$

1,392,067

$

$

Trading securities

102,932

102,932

102,932

Investment securities

 

6,798,876

 

6,378,734

 

187,266

 

6,155,120

 

36,348

Loans held for sale

279,426

281,662

281,662

Loans, net of allowance for credit losses

 

33,437,647

 

32,448,618

 

 

 

32,448,618

Accrued interest receivable

 

163,402

 

163,402

 

 

25,035

 

138,367

Mortgage servicing rights

 

89,795

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

6,028

Interest rate swap – non-designated hedge

 

160,407

 

160,407

 

 

160,407

 

Other derivative financial instruments (mortgage banking related)

 

1,083

 

1,083

 

 

1,083

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,192,117

 

10,192,117

 

 

10,192,117

 

Interest-bearing other than time deposits

23,703,027

23,703,027

23,703,027

Time deposits

4,165,722

4,145,687

4,145,687

Federal funds purchased and securities sold under agreements to repurchase

 

514,912

 

514,912

 

 

514,912

 

Corporate and subordinated debentures

391,534

377,616

 

377,616

 

Other borrowings

 

 

 

 

 

Accrued interest payable

 

40,739

 

40,739

 

 

40,739

 

Interest rate swap – non-designated hedge

 

878,046

 

878,046

 

 

878,046

 

Other derivative financial instruments (mortgage banking related)

 

1,809

 

1,809

 

 

1,809

 

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

 

9,431

Changes in fair value due to valuation inputs or assumptions

 

4,126

Changes in fair value due to decay

 

(8,926)

Fair value, December 31, 2024

$

89,795

Fair value, January 1, 2023

$

86,610

Servicing assets that resulted from transfers of financial assets

 

8,444

Changes in fair value due to valuation inputs or assumptions

(1,350)

Changes in fair value due to decay

 

(8,540)

Fair value, December 31, 2023

$

85,164

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

2,064

Changes in fair value due to decay

(2,207)

Changes in fair value due to valuation inputs or assumptions

219

Fair value, December 31, 2024

$

6,028

Beginning Balance, June 30, 2022

$

6,068

Servicing assets that resulted from transfers of financial assets

 

1,621

Changes in fair value due to decay

 

(2,244)

Changes in fair value due to valuation inputs or assumptions

 

507

Fair value, December 31, 2023

$

5,952