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FAIR VALUE MEASURES (Tables)
 3 Months Ended
Mar. 31, 2021
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:
(dollars in thousands)March 31, 2021December 31, 2020
Mortgage loans held for sale$1,505,121 $998,050 
SBA loans held for sale4,407 3,757 
Total loans held for sale$1,509,528 $1,001,807 
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 March 31, 2021 and December 31, 2020:
(dollars in thousands) 
March 31, 2021December 31, 2020
Aggregate fair value of mortgage loans held for sale$1,505,121 $998,050 
Aggregate unpaid principal balance of mortgage loans held for sale1,479,606 947,460 
Past-due loans of 90 days or more— — 
Nonaccrual loans— — 
Unpaid principal balance of nonaccrual loans— — 
 
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 March 31, 2021 and December 31, 2020:
(dollars in thousands) 
March 31, 2021December 31, 2020
Aggregate fair value of SBA loans held for sale$4,407 $3,757 
Aggregate unpaid principal balance of SBA loans held for sale3,849 3,393 
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 March 31, 2021 and December 31, 2020:
Recurring Basis
Fair Value Measurements
 March 31, 2021
(dollars in thousands) 
Fair ValueLevel 1Level 2Level 3
Financial assets:    
U.S. government sponsored agencies$12,394 $— $12,394 $— 
State, county and municipal securities62,985 — 62,985 — 
Corporate debt securities46,747 — 45,577 1,170 
SBA pool securities55,691 — 55,691 — 
Mortgage-backed securities681,835 — 681,835 — 
Loans held for sale1,509,528 — 1,509,528 — 
Mortgage banking derivative instruments62,870 — 62,870 — 
Total recurring assets at fair value$2,432,050 $— $2,430,880 $1,170 

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 $— 
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 March 31, 2021 and December 31, 2020:
 Nonrecurring Basis
Fair Value Measurements
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
March 31, 2021    
Collateral-dependent loans$93,058 $— $— $93,058 
Other real estate owned299 — — 299 
Mortgage servicing rights154,746 — — 154,746 
Total nonrecurring assets at fair value$248,103 $— $— $248,103 
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 
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 InputsRange of
Discounts		Weighted
Average
Discount
March 31, 2021     
Recurring:     
Investment securities available for sale$1,170 Discounted par valuesProbability of default17.1%17.1%
Loss given default39%39%
Nonrecurring:     
Collateral-dependent loans$93,058 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
20% - 57%
44%
Other real estate owned$299 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 36%
27%
Mortgage servicing rights$154,746 Discounted cash flowsDiscount rate
9% - 10%
9%
Prepayment speed
11% - 38%
13%
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 contractsCollateral 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%
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
  March 31, 2021
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$224,159 $224,159 $— $— $224,159 
Federal funds sold and interest-bearing accounts2,534,969 2,534,969 — — 2,534,969 
Time deposits in other banks249 — 249 — 249 
Loans, net14,328,177 — — 14,339,254 14,339,254 
Accrued interest receivable70,697 — 3,469 67,228 70,697 
Financial liabilities:     
Deposits17,875,873 — 17,870,613 — 17,870,613 
Securities sold under agreements to repurchase9,320 9,320 — — 9,320 
Other borrowings425,231 — 429,650 — 429,650 
Subordinated deferrable interest debentures124,833 — 117,285 — 117,285 
Accrued interest payable7,126 — 7,126 — 7,126 
Fair Value Measurements
  December 31, 2020
(dollars in thousands)Carrying
Amount		Level 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