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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Company's financial instruments measured at fair value on a recurring basis
The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis at the dates indicated:
March 31, 2021
 Fair Value Measurement Using 
 Level 1Level 2Level 3Total Fair Value
 (Dollars in thousands)
Financial assets
Investment securities available-for-sale:    
U.S. Treasury$— $32,063 $— $32,063 
Agency— 663,159 — 663,159 
Corporate— 357,834 — 357,834 
Municipal bonds— 1,422,062 — 1,422,062 
Collateralized mortgage obligations— 508,971 — 508,971 
Mortgage-backed securities— 873,248 — 873,248 
Total securities available-for-sale$— $3,857,337 $— $3,857,337 
Derivative assets:
Interest rate swaps$— $5,326 $— $5,326 
Equity warrants— — 1,911 1,911 
Total derivative assets$— $5,326 $1,911 $7,237 
Financial liabilities
Derivative liabilities$— $5,332 $— $5,332 
December 31, 2020
 Fair Value Measurement Using 
 Level 1Level 2Level 3Total
Fair Value
 (Dollars in thousands)
Financial assets
Investment securities available-for-sale:    
U.S. Treasury$— $32,533 $— $32,533 
Agency— 690,386 — 690,386 
Corporate— 415,308 — 415,308 
Municipal bonds— 1,446,019 — 1,446,019 
Collateralized mortgage obligations— 513,366 — 513,366 
Mortgage-backed securities— 833,503 — 833,503 
Total securities available-for-sale$— $3,931,115 $— $3,931,115 
Derivative assets:
Interest rate swaps$— $12,053 $— $12,053 
Equity warrants— — 1,914 1,914 
Total derivative assets$— $12,053 $1,914 $13,967 
Financial liabilities
Derivative liabilities$— $12,066 $— $12,066 
Schedule of reconciliation of fair value of equity warrants
The following table is a reconciliation of the fair value of the equity warrants that are classified as Level 3 and measured on a recurring basis as of :
Three Months Ended
March 31,
2021
(Dollars in thousands)
Beginning Balance$1,914 
Change in fair value (1)
(3)
Ending balance$1,911 
______________________________
(1) The changes in fair value are included in other income on the consolidated statement of income.
Schedule of quantitative information for level 3 fair value measurements
The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a recurring basis at at the dates indicated.
 March 31, 2021
   Range
 Fair ValueValuation Technique(s)Unobservable Input(s)MinMaxWeighted Average
(Dollars in thousands)
Equity warrants$1,911 Black-Scholes
option pricing
model
Volatility
Risk free interest rate
Marketability discount
30.00%
0.16%
6.00%
35.00%
0.64%
16.00%
31.18%
0.27%
13.52%

 December 31, 2020
   Range
 Fair ValueValuation Technique(s)Unobservable Input(s)MinMaxWeighted Average
(Dollars in thousands)
Equity warrants$1,914 Black-Scholes
option pricing
model
Volatility
Risk free interest rate
Marketability discount
30.00%
0.13%
6.00%
35.00%
0.36%
16.00%
31.19%
0.18%
13.51%
The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at the dates indicated.
 March 31, 2021
   Range
 Fair ValueValuation Technique(s)Unobservable Input(s)MinMaxWeighted Average
(Dollars in thousands)
Investor loans secured by real estate
SBA secured by real estate (1)
440 Fair value of collateralCollateral discount and cost to sell10.00%10.00%10.00%
Commercial loans
Commercial and industrial166 Fair value of collateralCollateral discount and cost to sell75.00%100.00%75.00%
Total individually evaluated loans$606 
 December 31, 2020
   Range
 Fair ValueValuation Technique(s)Unobservable Input(s)MinMaxWeighted Average
(Dollars in thousands)
Investor loans secured by real estate
CRE non-owner-occupied$198 Fair value of collateralCollateral discount and cost to sell10.00%10.00%10.00%
SBA secured by real estate (1)
746 Fair value of collateralCollateral discount and cost to sell10.00%10.00%10.00%
Business loans secured by real estate
SBA secured by real estate (2)
386 Fair value of collateralCollateral discount and cost to sell7.00%10.00%9.09%
Commercial loans
Commercial and industrial2,040 Fair value of collateralCollateral discount and cost to sell7.00%10.00%9.06%
SBA non-real estate secured707 Fair value of collateralCollateral discount and cost to sell7.00%7.00%7.00%
Total individually evaluated loans$4,077 
______________________________
(1) SBA loans that are collateralized by hotel/motel real property.
(2) SBA loans that are collateralized by real property other than hotel/motel real property.
Schedule of Company's financial instruments measured at fair value on a nonrecuring basis
The following table presents our assets measured at fair value on a nonrecurring basis at the dates indicated.
 March 31, 2021
 Level 1Level 2Level 3Total
Fair Value
 (Dollars in thousands)
Financial assets   
Collateral dependent loans$— $— $606 $606 
 December 31, 2020
 Level 1Level 2Level 3Total
Fair Value
 (Dollars in thousands)
Financial assets    
Collateral dependent loans$— $— $4,077 $4,077 
Schedule of carrying amount and estimated fair value of financial instruments
The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated, representing an exit price.
 At March 31, 2021
 Carrying
Amount
Level 1Level 2Level 3Estimated
Fair Value
 (Dollars in thousands)
Assets     
Cash and cash equivalents$1,554,668 $1,554,668 $— $— $1,554,668 
Interest-bearing time deposits with financial institutions2,708 2,708 — — 2,708 
Investments held-to-maturity21,931 — 23,004 — 23,004 
Investment securities available-for-sale3,857,337 — 3,857,337 — 3,857,337 
Loans held for sale7,311 — 7,702 — 7,702 
Loans held for investment, net13,117,392 — — 13,276,121 13,276,121 
Derivative assets7,237 — 5,326 1,911 7,237 
Accrued interest receivable65,098 65,098 — — 65,098 
Liabilities     
Deposit accounts$16,740,007 $15,369,192 $1,373,363 $— $16,742,555 
FHLB advances10,000 — 9,998 — 9,998 
Subordinated debentures501,611 — 542,721 — 542,721 
Derivative liabilities5,332 — 5,332 — 5,332 
Accrued interest payable7,097 7,097 — — 7,097 

 At December 31, 2020
 Carrying
Amount
Level 1Level 2Level 3Estimated
Fair Value
 (Dollars in thousands)
Assets     
Cash and cash equivalents$880,766 $880,766 $— $— $880,766 
Interest-bearing time deposits with financial institutions2,845 2,845 — — 2,845 
Investments held-to-maturity23,732 — 25,013 — 25,013 
Investment securities available-for-sale3,931,115 — 3,931,115 — 3,931,115 
Loans held for sale601 — 645 — 645 
Loans held for investment, net13,236,433 — — 13,351,092 13,351,092 
Derivative assets13,967 — 12,053 1,914 13,967 
Accrued interest receivable74,574 74,574 — — 74,574 
Liabilities     
Deposit accounts$16,214,177 $14,587,335 $1,631,047 $— $16,218,382 
FHLB advances31,000 — 31,564 — 31,564 
Subordinated debentures501,511 — 544,436 — 544,436 
Derivative liabilities12,066 — 12,066 — 12,066 
Accrued interest payable6,569 6,569 — — 6,569