XML 68 R46.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: 
Fair Value Measurements at March 31, 2022 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
Equity securities$67,555 $67,555 $— $— 
Investment securities available-for-sale:
U.S. Treasury419,024 419,024 — — 
U.S. government-sponsored entities and agencies1,580,020 — 1,580,020 — 
Mortgage-backed securities - Agency5,623,742 — 5,623,742 — 
States and political subdivisions750,056 — 750,056 — 
Pooled trust preferred securities9,665 — — 9,665 
Other securities368,097 — 368,097 — 
Residential loans held for sale39,376 — 39,376 — 
Derivative assets56,324 — 56,324 — 
Financial Liabilities
Derivative liabilities141,198 — 141,198 — 
  Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
Equity securities$13,211 $13,211 $— $— 
Investment securities available-for-sale:
U.S. Treasury235,584 235,584 — — 
U.S. government-sponsored entities and agencies1,542,773 — 1,542,773 — 
Mortgage-backed securities - Agency3,698,831 — 3,698,831 — 
States and political subdivisions1,654,986 — 1,654,986 — 
Pooled trust preferred securities9,496 — — 9,496 
Other securities240,396 — 240,396 — 
Residential loans held for sale35,458 — 35,458 — 
Derivative assets74,226 — 74,226 — 
Financial Liabilities
Derivative liabilities41,872 — 41,872 — 
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
(dollars in thousands)Pooled Trust
Preferred Securities
Three Months Ended March 31, 2022 
Balance at beginning of period$9,496 
Accretion of discount5 
Increase in fair value of securities164 
Balance at end of period$9,665 
Three Months Ended March 31, 2021
Balance at beginning of period$7,913 
Accretion of discount5 
Sales/payments received(15)
Increase in fair value of securities307 
Balance at end of period$8,210 
Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements
The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:
(dollars in thousands)Fair ValueValuation TechniquesUnobservable InputRange (Weighted Average) (4)
March 31, 2022    
Pooled trust preferred securities$9,665 Discounted cash flowConstant prepayment rate (1)0.00%
  Additional asset defaults (2)
5.5% - 8.4% (6.4%)
  Expected asset recoveries (3)
0.0% - 46.2% (14.1%)
December 31, 2021   
Pooled trust preferred securities$9,496 Discounted cash flowConstant prepayment rate (1)0.00%
  Additional asset defaults (2)
5.7% - 8.5% (6.5%)
  Expected asset recoveries (3)
0.0% - 46.0% (14.1%)
(1)Assuming no prepayments.
(2)Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50%, or 100%.
(3)Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25%, or 100%.
(4)Unobservable inputs are weighted by the estimated number of defaults and current performing collateral of the instruments.
The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:
(dollars in thousands)Fair ValueValuation TechniquesUnobservable InputRange (Weighted Average) (1)
March 31, 2022    
Collateral Dependent Loans    
Commercial loans$4,329 DiscountedDiscount for type of property,
14% - 15% (14%)
 cash flowage of appraisal, and current status
Commercial real estate loans56,279 DiscountedDiscount for type of property,
6% - 10% (8%)
cash flowage of appraisal, and current status
Foreclosed Assets
Commercial real estate (1)1,678 Fair value ofDiscount for type of property,14%
collateralage of appraisal, and current status
Residential (1)100 Fair value ofDiscount for type of property,
—%
collateralage of appraisal, and current status
December 31, 2021  
Collateral Dependent Loans  
Commercial loans$2,634 DiscountedDiscount for type of property,
14% - 15% (14%)
 cash flowage of appraisal, and current status
Commercial real estate loans16,308 DiscountedDiscount for type of property,
6% - 10% (8%)
 cash flowage of appraisal, and current status
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
Assets Measured at Fair Value on a Non-Recurring Basis
Assets measured at fair value at March 31, 2022 on a non-recurring basis are summarized below:
  Fair Value Measurements at March 31, 2022 Using
(dollars in thousands)Carrying
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Collateral Dependent Loans:    
Commercial loans$4,329 $— $— $4,329 
Commercial real estate loans56,279 — — 56,279 
Foreclosed Assets:
Commercial1,678 — — 1,678 
Residential100 — — 100 
Loan servicing rights21 — 21 — 
Assets measured at fair value at December 31, 2021 on a non-recurring basis are summarized below:
  Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets for
Identical Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Collateral Dependent Loans:    
Commercial loans$2,634 $— $— $2,634 
Commercial real estate loans16,308 — — 16,308 
Loan servicing rights140 — 140 — 
Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance follows: 
(dollars in thousands)Aggregate Fair ValueDifference Contractual Principal
March 31, 2022   
Residential loans held for sale$39,376 $(4)$39,380 
December 31, 2021
Residential loans held for sale$35,458 $1,342 $34,116 
The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value:
(dollars in thousands)Other
Gains and (Losses)		Interest IncomeInterest (Expense)Total Changes
in Fair Values
Included in
Current Period Earnings
Three Months Ended March 31, 2022    
Residential loans held for sale$(1,343)$— $(3)$(1,346)
Three Months Ended March 31, 2021
Residential loans held for sale$(2,380)$2 $— $(2,378)
Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value
The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: 
  Fair Value Measurements at March 31, 2022 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Financial Assets    
Cash, due from banks, money market,
   and other interest-earning investments		$1,976,552 $1,976,552 $— $— 
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies528,524 — 480,409 — 
Mortgage-backed securities - Agency463,111 — 441,054 — 
State and political subdivisions1,090,507 — 1,034,033 — 
Other securities100 — 100 — 
Loans, net:
Commercial8,523,614 — — 8,458,138 
Commercial real estate11,196,343 — — 11,078,838 
Residential real estate5,688,903 — — 5,603,201 
Consumer credit2,646,877 — — 2,634,122 
Accrued interest receivable136,975 948 39,859 96,168 
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits$12,463,136 $12,463,136 $— $— 
Checking, NOW, savings, and money market
   interest-bearing deposits		20,600,243 20,600,243 — — 
Time deposits2,544,011 — 2,531,360 — 
Federal funds purchased and interbank borrowings1,721 1,721 — — 
Securities sold under agreements to repurchase509,275 509,275 — — 
FHLB advances3,239,357 — 3,234,585 — 
Other borrowings597,207 — 582,231 — 
Accrued interest payable6,311 — 6,311 — 
Standby letters of credit415 — — 415 
Off-Balance Sheet Financial Instruments
Commitments to extend credit$— $— $— $1,882 
  Fair Value Measurements at December 31, 2021 Using
(dollars in thousands)Carrying ValueQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Financial Assets    
Cash, due from banks, money market,
   and other interest-earning investments		$822,019 $822,019 $— $— 
Loans, net:
Commercial3,363,175 — — 3,335,009 
Commercial real estate6,315,574 — — 6,211,854 
Residential real estate2,245,942 — — 2,216,900 
Consumer credit1,569,814 — — 1,582,600 
Accrued interest receivable84,109 688 35,790 47,631 
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits$6,303,106 $6,303,106 $— $— 
Checking, NOW, savings, and money market
   interest-bearing deposits		11,305,676 11,305,676 — — 
Time deposits960,413 — 968,658 — 
Federal funds purchased and interbank borrowings276 276 — — 
Securities sold under agreements to repurchase392,275 392,275 — — 
FHLB advances1,886,019 — 1,935,140 — 
Other borrowings296,670 — 311,532 — 
Accrued interest payable5,496 — 5,496 — 
Standby letters of credit454 — — 454 
Off-Balance Sheet Financial Instruments
Commitments to extend credit$— $— $— $4,678