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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 2019
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | 29,738 | ​ | $ | — | ​ | $ | 29,738
Government agency debt securities | ​ | ​ | — | ​ | ​ | 24,472 | ​ | ​ | — | ​ | ​ | 24,472
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 126,649 | ​ | ​ | — | ​ | ​ | 126,649
Government agency mortgage-backed securities(1) | ​ | ​ | — | ​ | ​ | 343,905 | ​ | ​ | — | ​ | ​ | 343,905
Government-sponsored enterprises mortgage-backed securities(1) | ​ | ​ | — | ​ | ​ | 371,949 | ​ | ​ | — | ​ | ​ | 371,949
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 2,486,524 | ​ | ​ | — | ​ | ​ | 2,486,524
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 773,845 | ​ | ​ | — | ​ | ​ | 773,845
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 4,157,082 | ​ | ​ | — | ​ | ​ | 4,157,082
Other assets(2) | ​ | ​ | — | ​ | ​ | 85,883 | ​ | ​ | — | ​ | ​ | 85,883
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (958) | ​ | ​ | (584) | ​ | ​ | (1,542)
Total | ​ | $ | — | ​ | $ | 4,242,007 | ​ | $ | (584) | ​ | $ | 4,241,423
(1) | Backed by residential real estate.
(2) | Other assets include derivative assets.
(3) | Other liabilities include derivative liabilities.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of December 31, 2018
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | 389,470 | ​ | $ | — | ​ | $ | 389,470
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 241,594 | ​ | ​ | — | ​ | ​ | 241,594
Government agency mortgage-backed securities(1) | ​ | ​ | — | ​ | ​ | 411,536 | ​ | ​ | — | ​ | ​ | 411,536
Government-sponsored enterprises mortgage-backed securities(1) | ​ | ​ | — | ​ | ​ | 150,847 | ​ | ​ | — | ​ | ​ | 150,847
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 2,682,449 | ​ | ​ | — | ​ | ​ | 2,682,449
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 602,592 | ​ | ​ | — | ​ | ​ | 602,592
Debt securities issued by states and political subdivisions | ​ | ​ | — | ​ | ​ | 19,854 | ​ | ​ | — | ​ | ​ | 19,854
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 4,498,342 | ​ | ​ | — | ​ | ​ | 4,498,342
Other assets(2) | ​ | ​ | — | ​ | ​ | 12,336 | ​ | ​ | — | ​ | ​ | 12,336
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (12,085) | ​ | ​ | (2,607) | ​ | ​ | (14,692)
Total | ​ | $ | — | ​ | $ | 4,498,593 | ​ | $ | (2,607) | ​ | $ | 4,495,986
(1) | Backed by residential real estate.
(2) | Other assets include derivative assets.
(3) | Other liabilities include derivative liabilities.
​
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Visa Derivative
(dollars in thousands) | ​ | 2019 |  | 2018
Three Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (1,179) | ​ | $ | (4,114)
Total net losses included in other noninterest income | ​ | ​ | (417) | ​ | ​ | (43)
Settlements | ​ | ​ | 1,012 | ​ | ​ | 772
Balance as of September 30, | ​ | $ | (584) | ​ | $ | (3,385)
Total net losses included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (417) | ​ | $ | (43)
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (2,607) | ​ | $ | (5,439)
Total net losses included in other noninterest income | ​ | ​ | (659) | ​ | ​ | (123)
Settlements | ​ | ​ | 2,682 | ​ | ​ | 2,177
Balance as of September 30, | ​ | $ | (584) | ​ | $ | (3,385)
Total net losses included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (659) | ​ | $ | (123)
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,344,017 | ​ | $ | 358,863 | ​ | $ | 985,154 | ​ | $ | — | ​ | $ | 1,344,017
Loans held for sale | ​ | ​ | 1,594 | ​ | ​ | — | ​ | ​ | 1,594 | ​ | ​ | — | ​ | ​ | 1,594
Loans(1) | ​ | ​ | 12,675,522 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,844,384 | ​ | ​ | 12,844,384
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 2,707,593 | ​ | $ | — | ​ | $ | 2,699,798 | ​ | $ | — | ​ | $ | 2,699,798
Short-term borrowings | ​ | ​ | 400,000 | ​ | ​ | — | ​ | ​ | 402,133 | ​ | ​ | — | ​ | ​ | 402,133
Long-term borrowings(3) | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | 209,149 | ​ | ​ | — | ​ | ​ | 209,149
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2018
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,003,637 | ​ | $ | 396,836 | ​ | $ | 606,801 | ​ | $ | — | ​ | $ | 1,003,637
Loans held for sale | ​ | ​ | 432 | ​ | ​ | — | ​ | ​ | 432 | ​ | ​ | — | ​ | ​ | 432
Loans(1) | ​ | ​ | 12,928,422 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,664,170 | ​ | ​ | 12,664,170
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 3,092,164 | ​ | $ | — | ​ | $ | 3,058,792 | ​ | $ | — | ​ | $ | 3,058,792
Long-term borrowings(3) | ​ | ​ | 600,000 | ​ | ​ | — | ​ | ​ | 602,088 | ​ | ​ | — | ​ | ​ | 602,088
(1) | Excludes financing leases of $167.9 million at September 30, 2019 and $147.8 million at December 31, 2018.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $14.1 billion as of both September 30, 2019 and December 31, 2018.
(3) | Excludes capital lease obligations of $18 thousand and $26 thousand at September 30, 2019 and December 31, 2018, respectively.
​
Schedule of assets with fair value adjustments on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ | $ | — | ​ | $ | — | ​ | $ | 882
December 31, 2018 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans | ​ | $ | — | ​ | $ | — | ​ | $ | 402
Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at September 30, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | Range
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | (Weighted Average)
Impaired loans | ​ | $ | 882 | ​ | Appraisal Value | ​ | Appraisal Value | ​ | n/m(1)
Visa derivative | ​ | $ | (584) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate | ​ | 1.6228
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term | ​ | 4 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate | ​ | 15%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Range
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | (Weighted Average)
Impaired loans | ​ | $ | 402 | ​ | Appraisal Value | ​ | Appraisal Value | ​ | n/m(1)
Visa derivative | ​ | $ | (2,607) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate | ​ | 1.6298
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term | ​ | 4 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate | ​ | 15%
(1) | The fair value of these assets is determined based on appraised values of collateral or broker price opinions, the range of which is not meaningful to disclose.

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- 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=117815213&loc=d3e19207-110258 + Details
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- 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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- 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=117815213&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=117815213&loc=d3e19279-110258 + Details
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