XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 2021
​ | ​ | 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 and government agency debt securities | ​ | $ | — | ​ | $ | 187,861 | ​ | $ | — | ​ | $ | 187,861
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 98,134 | ​ | ​ | — | ​ | ​ | 98,134
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,458,878 | ​ | ​ | — | ​ | ​ | 1,458,878
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 448,594 | ​ | ​ | — | ​ | ​ | 448,594
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 1,301,249 | ​ | ​ | — | ​ | ​ | 1,301,249
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 2,059,864 | ​ | ​ | — | ​ | ​ | 2,059,864
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 2,399,147 | ​ | ​ | — | ​ | ​ | 2,399,147
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 7,953,727 | ​ | ​ | — | ​ | ​ | 7,953,727
Other assets(2) | ​ | ​ | 7,327 | ​ | ​ | 68,050 | ​ | ​ | — | ​ | ​ | 75,377
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (856) | ​ | ​ | (852) | ​ | ​ | (1,708)
Total | ​ | $ | 7,327 | ​ | $ | 8,020,921 | ​ | $ | (852) | ​ | $ | 8,027,396
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.
(3) | Other liabilities include derivative liabilities.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of December 31, 2020
​ | ​ | 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 and government agency debt securities | ​ | $ | — | ​ | $ | 171,421 | ​ | $ | — | ​ | $ | 171,421
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 160,462 | ​ | ​ | — | ​ | ​ | 160,462
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 447,200 | ​ | ​ | — | ​ | ​ | 447,200
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 599,650 | ​ | ​ | — | ​ | ​ | 599,650
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 932,157 | ​ | ​ | — | ​ | ​ | 932,157
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 1,933,553 | ​ | ​ | — | ​ | ​ | 1,933,553
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 1,826,972 | ​ | ​ | — | ​ | ​ | 1,826,972
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 6,071,415 | ​ | ​ | — | ​ | ​ | 6,071,415
Other assets(2) | ​ | ​ | 11,691 | ​ | ​ | 129,895 | ​ | ​ | — | ​ | ​ | 141,586
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (1,283) | ​ | ​ | (4,554) | ​ | ​ | (5,837)
Total | ​ | $ | 11,691 | ​ | $ | 6,200,027 | ​ | $ | (4,554) | ​ | $ | 6,207,164
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 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) | ​ | 2021 |  | 2020
Three Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (2,132) | ​ | $ | (2,095)
Total net (losses) gains included in other noninterest income | ​ | ​ | (49) | ​ | ​ | 22
Settlements | ​ | ​ | 1,329 | ​ | ​ | 1,153
Balance as of September 30, | ​ | $ | (852) | ​ | $ | (920)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (49) | ​ | $ | 22
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (4,554) | ​ | $ | (4,233)
Total net (losses) gains included in other noninterest income | ​ | ​ | (46) | ​ | ​ | 131
Settlements | ​ | ​ | 3,748 | ​ | ​ | 3,182
Balance as of September 30, | ​ | $ | (852) | ​ | $ | (920)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (46) | ​ | $ | 131
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 2,399,082 | ​ | $ | 268,467 | ​ | $ | 2,130,619 | ​ | $ | — | ​ | $ | 2,399,086
Loans held for sale | ​ | ​ | 2,052 | ​ | ​ | — | ​ | ​ | 2,054 | ​ | ​ | — | ​ | ​ | 2,054
Loans(1) | ​ | ​ | 12,596,650 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,743,078 | ​ | ​ | 12,743,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 1,880,250 | ​ | $ | — | ​ | $ | 1,882,298 | ​ | $ | — | ​ | $ | 1,882,298
Long-term borrowings | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | 209,751 | ​ | ​ | — | ​ | ​ | 209,751
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 1,040,944 | ​ | $ | 303,373 | ​ | $ | 737,571 | ​ | $ | — | ​ | $ | 1,040,944
Loans held for sale | ​ | ​ | 11,579 | ​ | ​ | — | ​ | ​ | 12,018 | ​ | ​ | — | ​ | ​ | 12,018
Loans(1) | ​ | ​ | 13,033,686 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,255,636 | ​ | ​ | 13,255,636
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 2,348,298 | ​ | $ | — | ​ | $ | 2,357,137 | ​ | $ | — | ​ | $ | 2,357,137
Long-term borrowings(3) | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | 214,167 | ​ | ​ | — | ​ | ​ | 214,167
(1) | Excludes financing leases of $237.7 million at September 30, 2021 and $245.4 million at December 31, 2020.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $20.2 billion as of September 30, 2021 and $16.9 billion as of December 31, 2020.
(3) | Excludes capital lease obligations of $10 thousand as of December 31, 2020.
​
Schedule of assets with fair value adjustments on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | —
December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 1,840
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, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (852) | ​ | Discounted Cash Flow | ​ | Expected Conversation Rate - 1.6228(2) | ​ | 1.5977-1.6228
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(3) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 13%(4) | ​ | 4% - 17%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Collateral-dependent loans | ​ | $ | 1,840 | ​ | Appraisal Value | ​ | Appraisal Value | ​ | n/m(1)
Visa derivative | ​ | $ | (4,554) | ​ | Discounted Cash Flow | ​ | Expected Conversation Rate - 1.6228(2) | ​ | 1.5977-1.6228
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(3) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 13%(4) | ​ | 4% - 17%
(1) | The fair value of these assets is determined based on appraised values of the collateral or broker opinions, the range of which is not meaningful to disclose.
(2) | Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.
(3) | The expected term of 1 year was based on the median of 0.5 to 1.5 years.
(4) | The growth rate of 13% was based on the arithmetic average of analyst price targets.

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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=121572278&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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=117815213&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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration