XML 47 R36.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at September 30, 2021 and December 31, 2020:
﻿ |  | September 30, 2021 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | — |  |  | $ | 394,722 |  |  | $ | — |  |  | $ | 394,722 |
Municipal obligations |  |  | — |  |  |  | 316,027 |  |  |  | — |  |  |  | 316,027 |
Corporate debt securities |  |  | — |  |  |  | 14,761 |  |  |  | — |  |  |  | 14,761 |
Residential mortgage-backed securities |  |  | — |  |  |  | 3,253,393 |  |  |  | — |  |  |  | 3,253,393 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 2,884,433 |  |  |  | — |  |  |  | 2,884,433 |
Collateralized mortgage obligations |  |  | — |  |  |  | 137,585 |  |  |  | — |  |  |  | 137,585 |
Total available for sale securities |  |  | — |  |  |  | 7,000,921 |  |  |  | — |  |  |  | 7,000,921 |
Mortgage loans held for sale |  |  | — |  |  |  | 72,456 |  |  |  | — |  |  |  | 72,456 |
Derivative assets (1) |  |  | — |  |  |  | 98,156 |  |  |  | — |  |  |  | 98,156 |
Total recurring fair value measurements - assets |  | $ | — |  |  | $ | 7,171,533 |  |  | $ | — |  |  | $ | 7,171,533 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (1) |  | $ | — |  |  | $ | 35,236 |  |  | $ | 4,472 |  |  | $ | 39,708 |
Total recurring fair value measurements - liabilities |  | $ | — |  |  | $ | 35,236 |  |  | $ | 4,472 |  |  | $ | 39,708 |
﻿ |  | December 31, 2020 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency securities |  | $ | — |  |  | $ | 213,370 |  |  | $ | — |  |  | $ | 213,370 |
Municipal obligations |  |  | — |  |  |  | 326,725 |  |  |  | — |  |  |  | 326,725 |
Corporate debt securities |  |  | — |  |  |  | 11,764 |  |  |  | — |  |  |  | 11,764 |
Residential mortgage-backed securities |  |  | — |  |  |  | 2,629,811 |  |  |  | — |  |  |  | 2,629,811 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 2,455,534 |  |  |  | — |  |  |  | 2,455,534 |
Collateralized mortgage obligations |  |  | — |  |  |  | 362,123 |  |  |  | — |  |  |  | 362,123 |
Total available for sale securities |  |  | — |  |  |  | 5,999,327 |  |  |  | — |  |  |  | 5,999,327 |
Derivative assets (1) |  |  | — |  |  |  | 150,180 |  |  |  | — |  |  |  | 150,180 |
Total recurring fair value measurements - assets |  | $ | — |  |  | $ | 6,149,507 |  |  | $ | — |  |  | $ | 6,149,507 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (1) |  | $ | — |  |  | $ | 49,612 |  |  | $ | 5,645 |  |  | $ | 55,257 |
Total recurring fair value measurements - liabilities |  | $ | — |  |  | $ | 49,612 |  |  | $ | 5,645 |  |  | $ | 55,257 |
(1) | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives.
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheets for the nine months ended September 30, 2021 and the year ended December 31, 2020 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis:
(in thousands) |  |  |  |
Balance at December 31, 2019 |  | $ | 5,704 |
Cash settlement |  |  | (1,656 | )
Losses included in earnings |  |  | 1,597 |
Balance at December 31, 2020 |  |  | 5,645 |
Cash settlement |  |  | (1,327 | )
Losses included in earnings |  |  | 154 |
Balance at September 30, 2021 |  | $ | 4,472 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument.
($ in thousands) |  |  |  |  |  |  |  |
﻿ |  | Fair Value |
Level 3 Class |  | September 30, 2021 |  |  | December 31, 2020 |
Derivative liability |  | $ | 4,472 |  |  | $ | 5,645 |
Valuation technique |  | Discounted cash flow |  |  | Discounted cash flow |
Unobservable inputs: |  |  |  |  |  |  |  |
Visa Class A appreciation - range |  | 6%-12% |  |  | 6%-12% |
Visa Class A appreciation - weighted average |  | 9% |  |  | 9% |
Conversion rate - range |  | 1.62x-1.60x |  |  | 1.62x-1.60x |
Conversion rate -weighted average |  | 1.6114x |  |  | 1.6114x |
Time until resolution |  | 3-27 months |  |  | 3-36 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels.
﻿ |  | September 30, 2021 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Collateral-dependent loans individually evaluated for credit loss |  | $ | — |  |  | $ | 17,381 |  |  | $ | — |  |  | $ | 17,381 |
Other real estate owned and foreclosed assets, net |  |  | — |  |  |  | — |  |  |  | 8,423 |  |  |  | 8,423 |
Total nonrecurring fair value measurements |  | $ | — |  |  | $ | 17,381 |  |  | $ | 8,423 |  |  | $ | 25,804 |
﻿ |  | December 31, 2020 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Collateral-dependent loans individually evaluated for credit loss |  | $ | — |  |  | $ | 60,451 |  |  | $ | — |  |  | $ | 60,451 |
Other real estate owned and foreclosed assets, net |  |  | — |  |  |  | — |  |  |  | 11,648 |  |  |  | 11,648 |
Total nonrecurring fair value measurements |  | $ | — |  |  | $ | 60,451 |  |  | $ | 11,648 |  |  | $ | 72,099 |
Estimated Fair Values of Financial Instruments | The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts:
﻿ |  | September 30, 2021 |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  | Total Fair |  |  | Carrying |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Value |  |  | Amount |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, interest-bearing bank deposits, and federal funds sold |  | $ | 3,590,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,590,661 |  |  | $ | 3,590,661 |
Available for sale securities |  |  | — |  |  |  | 7,000,921 |  |  |  | — |  |  |  | 7,000,921 |  |  |  | 7,000,921 |
Held to maturity securities |  |  | — |  |  |  | 1,385,967 |  |  |  | — |  |  |  | 1,385,967 |  |  |  | 1,307,701 |
Loans, net |  |  | — |  |  |  | 17,381 |  |  |  | 20,526,735 |  |  |  | 20,544,116 |  |  |  | 20,514,494 |
Loans held for sale |  |  | — |  |  |  | 90,618 |  |  |  | — |  |  |  | 90,618 |  |  |  | 90,618 |
Derivative financial instruments |  |  | — |  |  |  | 98,156 |  |  |  | — |  |  |  | 98,156 |  |  |  | 98,156 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | — |  |  | $ | — |  |  | $ | 29,177,424 |  |  | $ | 29,177,424 |  |  | $ | 29,208,157 |
Federal funds purchased |  |  | 1,825 |  |  |  | — |  |  |  | — |  |  |  | 1,825 |  |  |  | 1,825 |
Securities sold under agreements to repurchase |  |  | 643,403 |  |  |  | — |  |  |  | — |  |  |  | 643,403 |  |  |  | 643,403 |
FHLB short-term borrowings |  |  | — |  |  |  | 1,126,938 |  |  |  | — |  |  |  | 1,126,938 |  |  |  | 1,100,000 |
Long-term debt |  |  | — |  |  |  | 260,964 |  |  |  | — |  |  |  | 260,964 |  |  |  | 248,011 |
Derivative financial instruments |  |  | — |  |  |  | 35,236 |  |  |  | 4,472 |  |  |  | 39,708 |  |  |  | 39,708 |
﻿ |  | December 31, 2020 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |  | Carrying Amount |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, interest-bearing bank deposits, and federal funds sold |  | $ | 1,860,092 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,860,092 |  |  | $ | 1,860,092 |
Available for sale securities |  |  | — |  |  |  | 5,999,327 |  |  |  | — |  |  |  | 5,999,327 |  |  |  | 5,999,327 |
Held to maturity securities |  |  | — |  |  |  | 1,467,581 |  |  |  | — |  |  |  | 1,467,581 |  |  |  | 1,357,170 |
Loans, net |  |  | — |  |  |  | 60,451 |  |  |  | 21,472,933 |  |  |  | 21,533,384 |  |  |  | 21,339,754 |
Loans held for sale |  |  | — |  |  |  | 136,063 |  |  |  | — |  |  |  | 136,063 |  |  |  | 136,063 |
Derivative financial instruments |  |  | — |  |  |  | 150,180 |  |  |  | — |  |  |  | 150,180 |  |  |  | 150,180 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | — |  |  | $ | — |  |  | $ | 27,679,321 |  |  | $ | 27,679,321 |  |  | $ | 27,697,877 |
Federal funds purchased |  |  | 300 |  |  |  | — |  |  |  | — |  |  |  | 300 |  |  |  | 300 |
Securities sold under agreements to repurchase |  |  | 567,213 |  |  |  | — |  |  |  | — |  |  |  | 567,213 |  |  |  | 567,213 |
FHLB short-term borrowings |  |  | — |  |  |  | 1,147,335 |  |  |  | — |  |  |  | 1,147,335 |  |  |  | 1,100,000 |
Long-term debt |  |  | — |  |  |  | 404,880 |  |  |  | — |  |  |  | 404,880 |  |  |  | 378,322 |
Derivative financial instruments |  |  | — |  |  |  | 49,612 |  |  |  | 5,645 |  |  |  | 55,257 |  |  |  | 55,257 |

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 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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + 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 (c) -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 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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