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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 2022
​ | ​ | 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 | ​ | $ | — | ​ | $ | 152,522 | ​ | $ | — | ​ | $ | 152,522
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 44,326 | ​ | ​ | — | ​ | ​ | 44,326
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 61,634 | ​ | ​ | — | ​ | ​ | 61,634
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,197,841 | ​ | ​ | — | ​ | ​ | 1,197,841
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 250,665 | ​ | ​ | — | ​ | ​ | 250,665
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 131,321 | ​ | ​ | — | ​ | ​ | 131,321
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 21,670 | ​ | ​ | — | ​ | ​ | 21,670
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 694,213 | ​ | ​ | — | ​ | ​ | 694,213
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 489,448 | ​ | ​ | — | ​ | ​ | 489,448
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 245,520 | ​ | ​ | — | ​ | ​ | 245,520
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 3,289,160 | ​ | ​ | — | ​ | ​ | 3,289,160
Other assets(2) | ​ | ​ | 6,710 | ​ | ​ | 11,542 | ​ | ​ | — | ​ | ​ | 18,252
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (54,821) | ​ | ​ | (2,359) | ​ | ​ | (57,180)
Total | ​ | $ | 6,710 | ​ | $ | 3,245,881 | ​ | $ | (2,359) | ​ | $ | 3,250,232
(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, 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 | ​ | $ | — | ​ | $ | 192,563 | ​ | $ | — | ​ | $ | 192,563
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 137,264 | ​ | ​ | — | ​ | ​ | 137,264
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,491,100 | ​ | ​ | — | ​ | ​ | 1,491,100
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 387,663 | ​ | ​ | — | ​ | ​ | 387,663
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 1,369,443 | ​ | ​ | — | ​ | ​ | 1,369,443
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 2,079,523 | ​ | ​ | — | ​ | ​ | 2,079,523
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 2,621,044 | ​ | ​ | — | ​ | ​ | 2,621,044
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 105,247 | ​ | ​ | — | ​ | ​ | 105,247
Debt securities issued by states and political subdivisions | ​ | ​ | — | ​ | ​ | 44,185 | ​ | ​ | — | ​ | ​ | 44,185
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 8,428,032 | ​ | ​ | — | ​ | ​ | 8,428,032
Other assets(2) | ​ | ​ | 7,382 | ​ | ​ | 50,925 | ​ | ​ | — | ​ | ​ | 58,307
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (1,238) | ​ | ​ | (5,530) | ​ | ​ | (6,768)
Total | ​ | $ | 7,382 | ​ | $ | 8,477,719 | ​ | $ | (5,530) | ​ | $ | 8,479,571
(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.
Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at September 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (2,359) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.6059(1) | ​ | 1.5885-1.6059
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(2) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 26%(3) | ​ | 10% - 38%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (5,530) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.6181(1) | ​ | 1.5885-1.6181
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(2) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 26%(3) | ​ | 10% - 38%
(1) | Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.
(2) | The expected term of 1 year was based on the median of 0.5 to 1.5 years.
(3) | The growth rate was based on the arithmetic average of analyst price targets.
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Visa Derivative
(dollars in thousands) | ​ | 2022 |  | 2021
Three Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (3,786) | ​ | $ | (2,132)
Total net gains (losses) included in other noninterest income | ​ | ​ | 273 | ​ | ​ | (49)
Settlements | ​ | ​ | 1,154 | ​ | ​ | 1,329
Balance as of September 30, | ​ | $ | (2,359) | ​ | $ | (852)
Total net gains (losses) included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | 273 | ​ | $ | (49)
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (5,530) | ​ | $ | (4,554)
Total net losses included in other noninterest income | ​ | ​ | (1,084) | ​ | ​ | (46)
Settlements | ​ | ​ | 4,255 | ​ | ​ | 3,748
Balance as of September 30, | ​ | $ | (2,359) | ​ | $ | (852)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of September 30, | ​ | $ | (1,084) | ​ | $ | (46)
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 948,934 | ​ | $ | 291,360 | ​ | $ | 657,574 | ​ | $ | — | ​ | $ | 948,934
Investment securities held-to-maturity | ​ | ​ | 4,406,143 | ​ | ​ | — | ​ | ​ | 3,960,713 | ​ | ​ | — | ​ | ​ | 3,960,713
Loans held for sale | ​ | ​ | 361 | ​ | ​ | — | ​ | ​ | 361 | ​ | ​ | — | ​ | ​ | 361
Loans(1) | ​ | ​ | 13,394,536 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,667,869 | ​ | ​ | 12,667,869
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 1,898,922 | ​ | $ | — | ​ | $ | 1,852,736 | ​ | $ | — | ​ | $ | 1,852,736
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | 1,258,469 | ​ | $ | 246,716 | ​ | $ | 1,011,753 | ​ | $ | — | ​ | $ | 1,258,469
Loans held for sale | ​ | ​ | 538 | ​ | ​ | — | ​ | ​ | 542 | ​ | ​ | — | ​ | ​ | 542
Loans(1) | ​ | ​ | 12,730,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,791,811 | ​ | ​ | 12,791,811
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 1,776,438 | ​ | $ | — | ​ | $ | 1,773,321 | ​ | $ | — | ​ | $ | 1,773,321
(1) | Excludes financing leases of $305.8 million at September 30, 2022 and $231.4 million at December 31, 2021.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $20.2 billion as of September 30, 2022 and $20.0 billion as of December 31, 2021.
​

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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