XML 70 R55.htm IDEA: XBRL DOCUMENT v3.22.0.1

Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below:

						Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets
Equity securities			$	13,211		$	13,211		$	—		$	—
Investment securities available-for-sale:
U.S. Treasury			235,584			235,584			—			—
U.S. government-sponsored entities and agencies			1,542,773			—			1,542,773			—
Mortgage-backed securities - Agency			3,698,831			—			3,698,831			—
States and political subdivisions			1,654,986			—			1,654,986			—
Pooled trust preferred securities			9,496			—			—			9,496
Other securities			240,396			—			240,396			—
Residential loans held for sale			35,458			—			35,458			—
Derivative assets			74,226			—			74,226			—
Financial Liabilities
Derivative liabilities			41,872			—			41,872			—
						Fair Value Measurements at December 31, 2020 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable  Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)
Financial Assets
Equity securities			$	2,547		$	2,547		$	—		$	—
Investment securities available-for-sale:
U.S. Treasury			10,208			10,208			—			—
U.S. government-sponsored entities and agencies			841,988			—			841,988			—
Mortgage-backed securities - Agency			3,339,098			—			3,339,098			—
States and political subdivisions			1,492,162			—			1,492,162			—
Pooled trust preferred securities			7,913			—			—			7,913
Other securities			278,746			—			278,746			—
Residential loans held for sale			63,250			—			63,250			—
Derivative assets			140,201			—			140,201			—
Financial Liabilities
Derivative liabilities			18,187			—			18,187			—

Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

(dollars in thousands)			Pooled Trust Preferred Securities			States and Political Subdivisions
Year Ended December 31, 2021
Balance at beginning of period			$	7,913		$	—
Accretion (amortization) of discount or premium			20			—
Sales/payments received			(27)			—
Increase (decrease) in fair value of securities			1,590			—
Balance at end of period			$	9,496		$	—
Year Ended December 31, 2020
Balance at beginning of period			$	8,222		$	40
Accretion (amortization) of discount or premium			15			—
Sales/payments received			(64)			(40)
Increase (decrease) in fair value of securities			(260)			—
Balance at end of period			$	7,913		$	—
Year Ended December 31, 2019
Balance at beginning of period			$	8,495		$	4,108
Accretion (amortization) of discount or premium			12			—
Sales/payments received			(62)			(35)
Increase (decrease) in fair value of securities			(223)			—
Transfers out of Level 3			—			(4,033)
Balance at end of period			$	8,222		$	40

Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements

The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average) (4)

December 31, 2021

Pooled trust preferred securities

$

9,496

Discounted cash flow

Constant prepayment rate (1)

0.0%

Additional asset defaults (2)

5.7% - 8.5% (6.5%)

Expected asset recoveries (3)

0.0% - 46.0% (14.1%)

December 31, 2020

Pooled trust preferred securities

$

7,913

Discounted cash flow

Constant prepayment rate (1)

0.0%

Additional asset defaults (2)

6.0% - 8.7% (6.8%)

Expected asset recoveries (3)

0.0% - 23.2% (7.3%)

(1)Assuming no prepayments.

(2)Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50%, or 100%.

(3)Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25%, or 100%.

(4)Unobservable inputs are weighted by the estimated number of defaults and current performing collateral of the instruments.

The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

December 31, 2021

Collateral Dependent Loans

Commercial loans

$

2,634

Discounted cash flow

Discount for type of property, age of appraisal, and current status

14% - 15% (14%)

Commercial real estate loans

16,308

Discounted cash flow

Discount for type of property, age of appraisal, and current status

6% -10% (8%)

December 31, 2020

Collateral Dependent Loans

Commercial loans

$

10,747

Discounted cash flow

Discount for type of property, age of appraisal, and current status

0% - 33% (12%)

Commercial real estate loans

40,653

Discounted cash flow

Discount for type of property, age of appraisal, and current status

0% - 18% (7%)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Assets Measured at Fair Value on a Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

						Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Collateral Dependent Loans:
Commercial loans			$	2,634		$	—		$	—		$	2,634
Commercial real estate loans			16,308			—			—			16,308
Loan servicing rights			140			—			140			—

Assets measured at fair value on a non-recurring basis at December 31, 2020 are summarized below:

						Fair Value Measurements at December 31, 2020 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Collateral Dependent Loans:
Commercial loans			$	10,747		$	—		$	—		$	10,747
Commercial real estate loans			40,653			—			—			40,653
Loan servicing rights			26,717			—			26,717			—

Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance

The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows:

(dollars in thousands)			Aggregate Fair Value			Difference			Contractual Principal
December 31, 2021
Residential loans held for sale			$	35,458		$	1,342		$	34,116
December 31, 2020
Residential loans held for sale			$	63,250		$	3,485		$	59,765

The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value:

(dollars in thousands)			Other Gains and (Losses)			Interest Income			Interest (Expense)			Total Changes in Fair Values Included in Current Period Earnings
Year Ended December 31, 2021
Residential loans held for sale			$	(2,139)		$	2		$	(6)		$	(2,143)
Year Ended December 31, 2020
Residential loans held for sale			$	1,962		$	18		$	(24)		$	1,956

Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value

The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows:

						Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, due from banks, money market,    and other interest-earning investments			$	822,019		$	822,019		$	—		$	—
Loans, net:
Commercial			3,363,175			—			—			3,335,009
Commercial real estate			6,315,574			—			—			6,211,854
Residential real estate			2,245,942			—			—			2,216,900
Consumer credit			1,569,814			—			—			1,582,600
Accrued interest receivable			84,109			688			35,790			47,631
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	6,303,106		$	6,303,106		$	—		$	—
Checking, NOW, savings, and money market    interest-bearing deposits			11,305,676			11,305,676			—			—
Time deposits			960,413			—			968,658			—
Federal funds purchased and interbank borrowings			276			276			—			—
Securities sold under agreements to repurchase			392,275			392,275			—			—
FHLB advances			1,886,019			—			1,935,140			—
Other borrowings			296,670			—			311,532			—
Accrued interest payable			5,496			—			5,496			—
Standby letters of credit			454			—			—			454
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—		$	—		$	—		$	4,678

						Fair Value Measurements at December 31, 2020 Using
(dollars in thousands)			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, due from banks, money market,    and other interest-earning investments			$	589,712		$	589,712		$	—		$	—
Loans, net:
Commercial			3,922,642			—			—			3,912,948
Commercial real estate			5,867,795			—			—			5,797,447
Residential real estate			2,235,814			—			—			2,264,274
Consumer credit			1,628,840			—			—			1,618,365
Accrued interest receivable			85,306			21			27,977			57,308
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	5,633,672		$	5,633,672		$	—		$	—
Checking, NOW, savings, and money market    interest-bearing deposits			10,280,911			10,180,911			99,957			—
Time deposits			1,122,870			—			1,140,922			—
Federal funds purchased and interbank borrowings			1,166			1,166			—			—
Securities sold under agreements to repurchase			431,166			431,166			—			—
FHLB advances			1,991,435			—			2,092,033			—
Other borrowings			252,787			—			254,612			—
Accrued interest payable			5,443			—			5,443			—
Standby letters of credit			462			—			—			462
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—		$	—		$	—		$	11,822

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about asset and liability measured at fair value under fair value option.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

+ Details

Name:	us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration