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Fair Value (Tables)
6 Months Ended
Jun. 30, 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 June 30, 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$55,879 $55,879 $ $ 
Investment securities available-for-sale:
U.S. Treasury402,783 402,783   
U.S. government-sponsored entities and agencies1,242,557  1,242,557  
Mortgage-backed securities - Agency4,827,708  4,827,708  
States and political subdivisions720,041  720,041  
Pooled trust preferred securities11,101  11,101  
Other securities363,511  363,511  
Residential loans held for sale26,217  26,217  
Derivative assets76,276  76,276  
Financial Liabilities
Derivative liabilities225,777  225,777  
  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 June 30, 2022 
Balance at beginning of period$9,665 
Accretion of discount7 
Increase in fair value of securities1,429 
Transfers out of Level 3(11,101)
Balance at end of period$ 
Three Months Ended June 30, 2021
Balance at beginning of period$8,210 
Accretion of discount
Sales/payments received(12)
Increase in fair value of securities1,185 
Balance at end of period$9,388 
Six Months Ended June 30, 2022
Balance at beginning of period$9,496 
Accretion of discount12 
Increase in fair value of securities1,593 
Transfers out of Level 3(11,101)
Balance at end of period$ 
Six Months Ended June 30, 2021
Balance at beginning of period$7,913 
Accretion of discount10 
Sales/payments received(27)
Increase in fair value of securities1,492 
Balance at end of period$9,388 
Schedule of 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 Input
Range (Weighted Average) (4)
December 31, 2021   
Pooled trust preferred securities$9,496 Discounted cash flow
Constant 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 Input
Range (Weighted Average) (1)
June 30, 2022    
Collateral Dependent Loans    
Commercial loans$15,443 DiscountedDiscount for type of property,
3% - 30% (12%)
 cash flowage of appraisal, and current status
Commercial real estate loans54,248 DiscountedDiscount for type of property,
2% - 37% (16%)
cash flowage of appraisal, and current status
Foreclosed Assets
Commercial real estate (1)
520 Fair value ofDiscount for type of property,19%
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.
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis
Assets measured at fair value at June 30, 2022 on a non-recurring basis are summarized below:
  Fair Value Measurements at June 30, 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$15,443 $ $ $15,443 
Commercial real estate loans54,248   54,248 
Foreclosed Assets:
Commercial520   520 
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
The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: 
(dollars in thousands)Aggregate Fair ValueDifference Contractual Principal
June 30, 2022   
Residential loans held for sale$26,217 $283 $25,934 
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 June 30, 2022    
Residential loans held for sale$278 $9 $ $287 
Three Months Ended June 30, 2021
Residential loans held for sale$790 $— $(1)$789 
Six Months Ended June 30, 2022
Residential loans held for sale$(1,065)$9 $(3)$(1,059)
Six Months Ended June 30, 2021
Residential loans held for sale$(1,590)$$(1)$(1,589)
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 June 30, 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
$797,964 $797,964 $ $ 
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies815,833  720,435  
Mortgage-backed securities - Agency1,149,212  1,089,442  
State and political subdivisions1,119,141  969,413  
Loans, net:
Commercial8,819,983   8,837,714 
Commercial real estate11,653,818   11,711,358 
Residential real estate6,059,328   5,740,944 
Consumer credit2,732,516   2,880,432 
Accrued interest receivable157,079 699 51,770 104,610 
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits$12,388,379 $12,388,379 $ $ 
Checking, NOW, savings, and money market
   interest-bearing deposits
20,642,980 20,642,980   
Time deposits2,507,616  2,476,746  
Federal funds purchased and interbank borrowings1,561 1,561   
Securities sold under agreements to repurchase476,173 476,173   
FHLB advances3,283,963  3,257,920  
Other borrowings622,714  573,849  
Accrued interest payable10,148  10,148  
Standby letters of credit450   450 
Off-Balance Sheet Financial Instruments
Commitments to extend credit$ $ $ $2,610 
  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