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Fair Value Information (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.

		Carrying Value at September 30, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Mortgage-backed securities		$	2,269,073			$	-			$	2,269,073			$	-
CMO/REMIC			625,167				-				625,167				-
Municipal bonds			29,820				-				29,820				-
Other securities			1,000				-				1,000				-
Total investment securities - AFS			2,925,060				-				2,925,060				-
Interest rate swaps			16,176				-				16,176				-
Total assets		$	2,941,236			$	-			$	2,941,236			$	-
Description of liability
Interest rate swaps		$	16,176			$	-			$	16,176			$	-
Total liabilities		$	16,176			$	-			$	16,176			$	-

		Carrying Value at December 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Mortgage-backed securities		$	1,904,935			$	-			$	1,904,935			$	-
CMO/REMIC			462,814				-				462,814				-
Municipal bonds			30,285				-				30,285				-
Other securities			889				-				889				-
Total investment securities - AFS			2,398,923				-				2,398,923				-
Interest rate swaps			30,181				-				30,181				-
Total assets		$	2,429,104			$	-			$	2,429,104			$	-
Description of liability
Interest rate swaps		$	30,181			$	-			$	30,181			$	-
Total liabilities		$	30,181			$	-			$	30,181			$	-

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. These losses on collateral dependent loans represent the amount of the allowance for credit losses and/or charge-offs during the period applicable to loans held at period-end. The amount of the allowance is included in the ACL.

		Carrying Value at September 30, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For the Nine Months Ended September 30, 2021
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Construction			-				-				-				-				-
SBA			678				-				-				678				150
Commercial and industrial			43				-				-				43				3,020
Dairy & livestock and    agribusiness			119				-				-				119				60
Municipal lease finance    receivables			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Consumer and other loans			-				-				-				-				11
Other real estate owned			-				-				-				-				-
Asset held-for-sale			-				-				-				-				-
Total assets		$	840			$	-			$	-			$	840			$	3,241

		Carrying Value at December 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For the Year Ended December 31, 2020
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Construction			-				-				-				-				-
SBA			76				-				-				76				24
Commercial and industrial			4,266				-				-				4,266				2,316
Dairy & livestock and    agribusiness			-				-				-				-				-
Municipal lease finance    receivables			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Consumer and other loans			-				-				-				-				-
Other real estate owned			2,275				-				-				2,275				700
Asset held-for-sale			-				-				-				-				-
Total assets		$	6,617			$	-			$	-			$	6,617			$	3,040

Estimated Fair Value of Financial Instruments

The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of September 30, 2021 and December 31, 2020, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

	September 30, 2021
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	2,561,363			$	2,561,363			$	-			$	-			$	2,561,363
Interest-earning balances due from    depository institutions		27,260				-				27,260				-				27,260
Investment securities available-for-sale		2,925,060				-				2,925,060				-				2,925,060
Investment securities held-to-maturity		1,710,938				-				1,717,230				-				1,717,230
Total loans, net of allowance for credit    losses		7,784,156				-				-				7,739,732				7,739,732
Swaps		16,176				-				16,176				-				16,176
Liabilities
Deposits:
Interest-bearing	$	4,619,507			$	-			$	4,619,178			$	-			$	4,619,178
Borrowings		659,579				-				609,580				-				609,580
Junior subordinated debentures		-				-				-				-				-
Swaps		16,176				-				16,176				-				16,176

	December 31, 2020
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	1,958,160			$	1,958,160			$	-			$	-			$	1,958,160
Interest-earning balances due from    depository institutions		43,563				-				43,600				-				43,600
Investment securities available-for-sale		2,398,923				-				2,398,923				-				2,398,923
Investment securities held-to-maturity		578,626				-				604,223				-				604,223
Total loans, net of allowance for credit    losses		8,255,116				-				-				8,256,178				8,256,178
Swaps		30,181				-				30,181				-				30,181
Liabilities
Deposits:
Interest-bearing	$	4,281,114			$	-			$	4,281,952			$	-			$	4,281,952
Borrowings		444,406				-				444,349				-				444,349
Junior subordinated debentures		25,774				-				-				19,431				19,431
Swaps		30,181				-				30,181				-				30,181

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

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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

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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
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