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FAIR VALUE MEASURES (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Loans Held For Sale Fair Value
The Company's loans held for sale under the fair value option are comprised of the following:
December 31,
(dollars in thousands)20202019
Mortgage loans held for sale$998,050 $1,647,900 
SBA loans held for sale3,757 8,811 
Total loans held for sale$1,001,807 $1,656,711 
Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value
The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2020 and 2019.
December 31,
(dollars in thousands)20202019
Aggregate fair value of mortgage loans held for sale$998,050 $1,647,900 
Aggregate unpaid principal balance of mortgage loans held for sale947,460 1,598,057 
Past due loans of 90 days or more— 1,649 
Nonaccrual loans— 1,649 
Unpaid principal balance of nonaccrual loans— 1,616 

The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of December 31, 2020 and 2019.
December 31,
(dollars in thousands)20202019
Aggregate fair value of SBA loans held for sale$3,757 $8,811 
Aggregate unpaid principal balance of SBA loans held for sale3,393 8,206 
Past due loans of 90 days or more— — 
Nonaccrual loans— — 
Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2020 and 2019.

Recurring Basis
Fair Value Measurements
December 31, 2020
(dollars in thousands) Fair ValueLevel 1Level 2Level 3
Financial assets:
U.S. government sponsored agencies$17,504 $— $17,504 $— 
State, county and municipal securities66,778 — 66,778 — 
Corporate debt securities51,896 — 50,726 1,170 
SBA pool securities62,497 — 62,497 — 
Mortgage-backed securities784,204 — 784,204 — 
Loans held for sale1,001,807 — 1,001,807 — 
Mortgage banking derivative instruments51,756 — 51,756 — 
Total recurring assets at fair value$2,036,442 $— $2,035,272 $1,170 
Financial liabilities:
Mortgage banking derivative instruments$16,415 $— $16,415 $— 
Total recurring liabilities at fair value$16,415 $— $16,415 $— 
                                                                                                    
Recurring Basis
Fair Value Measurements
December 31, 2019
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
Financial assets:
U.S. government sponsored agencies$22,362 $— $22,362 $— 
State, county and municipal securities105,260 — 105,260 — 
Corporate debt securities52,999 — 51,499 1,500 
SBA pool securities73,912 — 73,912 — 
Mortgage-backed securities1,148,870 — 1,148,870 — 
Loans held for sale1,656,711 — 1,656,711 — 
Mortgage banking derivative instruments7,814 — 7,814 — 
Total recurring assets at fair value$3,067,928 $— $3,066,428 $1,500 
Financial liabilities:
Derivative financial instruments$187 $— $187 $— 
Mortgage banking derivative instruments4,471 — 4,471 — 
Total recurring liabilities at fair value$4,658 $— $4,658 $— 
Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis
The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of December 31, 2020 and 2019.

Nonrecurring Basis
Fair Value Measurements
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
December 31, 2020
Collateral-dependent loans$98,426 $— $— $98,426 
Other real estate owned4,964 — — 4,964 
Mortgage servicing rights130,630 — — 130,630 
SBA servicing rights5,839 — 5,839 — 
Total nonrecurring assets at fair value$239,859 $— $5,839 $234,020 
December 31, 2019
Impaired loans carried at fair value$43,788 $— $— $43,788 
Other real estate owned17,289 — — 17,289 
Total nonrecurring assets at fair value$61,077 $— $— $61,077 
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities
The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)Fair ValueValuation
Technique		Unobservable
Inputs		Range of DiscountsWeighted Average Discount
As of December 31, 2020
Recurring:
Investment securities available for sale$1,170 Discounted par valuesProbability of default18.8%18.8%
Loss given default40%40%
Nonrecurring:
Collateral-dependent loans$98,426 Third-party appraisals and discounted cash flowsCollateral
discounts and discount rates
20% - 90%
44%
Other real estate owned$4,964 Third party appraisals
and sales contracts		Collateral
discounts and
estimated
costs to sell
15% - 59%
28%
Mortgage servicing rights$130,630 Discounted cash flowsDiscount rate
9% - 12%
10%
Prepayment speed
14% - 37%
19%
As of December 31, 2019
Recurring:
Investment securities available for sale$1,500 Discounted par valuesCredit quality of
underlying issuer		0%0%
Nonrecurring:
Impaired loans$43,788 Third-party appraisals
and discounted cash flows		Collateral
discounts and
discount rates
1% - 95%
27%
Other real estate owned$17,289 Third-party appraisals
and sales contracts		Collateral
discounts and
estimated
costs to sell
9% - 89%
31%
Carrying Amount and Estimated Fair Value of Financial Instruments
The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows.
Fair Value Measurements
December 31, 2020
(dollars in thousands)Carrying AmountLevel 1Level 2Level 3Total
Financial assets:
Cash and due from banks$203,349 $203,349 $— $— $203,349 
Federal funds sold and interest-bearing accounts1,913,957 1,913,957 — — 1,913,957 
Time deposits in other banks249 — 249 — 249 
Loans, net14,183,077 — — 14,096,711 14,096,711 
Accrued interest receivable76,254 — 3,567 72,687 76,254 
Financial liabilities:
Deposits16,957,823 — 16,968,606 — 16,968,606 
Securities sold under agreements to repurchase11,641 11,641 — — 11,641 
Other borrowings425,155 — 431,783 — 431,783 
Subordinated deferrable interest debentures124,345 — 116,280 — 116,280 
Accrued interest payable5,487 — 5,487 — 5,487 

Fair Value Measurements
December 31, 2019
(dollars in thousands)Carrying AmountLevel 1Level 2Level 3Total
Financial assets:
Cash and due from banks$246,234 $246,234 $— $— $246,234 
Federal funds sold and interest-bearing accounts375,615 375,615 — — 375,615 
Time deposits in other banks249 — 249 — 249 
Loans, net12,736,499 — — 12,806,709 12,806,709 
Accrued interest receivable52,362 — 5,179 47,183 52,362 
Financial liabilities:
Deposits14,027,073 — 14,035,686 — 14,035,686 
Securities sold under agreements to repurchase20,635 20,635 — — 20,635 
Other borrowings1,398,709 — 1,402,510 — 1,402,510 
Subordinated deferrable interest debentures127,560 — 126,815 — 126,815 
FDIC loss-share payable19,642 — — 19,657 19,657 
Accrued interest payable11,524 — 11,524 — 11,524