Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value

Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

			Quoted Prices
			In Active		Significant
			Markets		Other		Significant
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2020:
Assets
Derivative financial instruments	$	978,257	$	—	$	978,257	$	—
Loans held for sale		603,275		—		603,275		—
Trading securities		494		—		494		—
Securities available for sale:
Government-sponsored entities debt		4,913		—		4,913		—
U.S. Treasuries		199,987		—		199,987		—
State and municipal obligations		453,654		—		453,654		—
Mortgage-backed securities		2,473,469		—		2,473,469		—
Corporate securities		5,695		—		5,695		—
Total securities available for sale		3,137,718		—		3,137,718		—
Mortgage servicing rights		25,441		—		—		25,441
	$	4,745,185	$	—	$	4,719,744	$	25,441
Liabilities
Derivative financial instruments	$	1,017,933	$	—	$	1,017,933	$	—
December 31, 2019:
Assets
Derivative financial instruments	$	16,252	$	—	$	16,252	$	—
Loans held for sale		59,363		—		59,363		—
Securities available for sale:
Government-sponsored entities debt		25,941		—		25,941		—
State and municipal obligations		208,415		—		208,415		—
Mortgage-backed securities		1,721,691		—		1,721,691		—
Total securities available for sale		1,956,047		—		1,956,047		—
Mortgage servicing rights		30,525		—		—		30,525
	$	2,062,187	$	—	$	2,031,662	$	30,525
Liabilities
Derivative financial instruments	$	31,273	$	—	$	31,273	$	—
June 30, 2019:
Assets
Derivative financial instruments	$	17,587	$	—	$	17,587	$	—
Loans held for sale		47,796		—		47,796		—
Securities available for sale:
Government-sponsored entities debt		66,529		—		66,529		—
State and municipal obligations		182,146		—		182,146		—
Mortgage-backed securities		1,468,601		—		1,468,601		—
Total securities available for sale		1,717,276		—		1,717,276		—
Mortgage servicing rights		30,332		—		—		30,332
	$	1,812,991	$	—	$	1,782,659	$	30,332
Liabilities
Derivative financial instruments	$	30,286	$	—	$	30,286	$	—

Schedule of reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)	Assets		Liabilities
Fair value, January 1, 2020	$	30,525	$	—
Servicing assets that resulted from transfers of financial assets (1)		8,211		—
Changes in fair value due to valuation inputs or assumptions		(10,097)		—
Changes in fair value due to decay		(3,198)		—
Fair value , June 30, 2020	$	25,441	$	—
Fair value, January 1, 2019	$	34,727	$	—
Servicing assets that resulted from transfers of financial assets		2,558		—
Changes in fair value due to valuation inputs or assumptions		(4,924)		—
Changes in fair value due to decay		(2,029)		—
Fair value, June 30, 2019	$	30,332	$	—

(1) – Includes $3.2 million in mortgage servicing rights assumed in the merger with CSFL.

Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis

			Quoted Prices
			In Active		Significant
			Markets		Other		Significant
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2020:
OREO	$	18,016	$	—	$	—	$	18,016
Bank property held for sale		25,541		—		—		25,541
Impaired loans		13,953		—		—		13,953
December 31, 2019:
OREO	$	6,539	$	—	$	—	$	6,539
Bank property held for sale		5,425		—		—		5,425
Non-acquired impaired loans		15,444		—		—		15,444
June 30, 2019:
OREO	$	8,721	$	—	$	—	$	8,721
Bank property held for sale		5,785		—		—		5,785
Non-acquired impaired loans		4,946		—		—		4,946

Quantitative Information about Level 3 Fair Value Measurements

			Weighted Average
			June 30,		December 31,		June 30,
	Valuation Technique	Unobservable Input	2020		2019		2019
Nonrecurring measurements:
Impaired loans	Discounted appraisals and discounted cash flows	Collateral discounts	11	%	2	%	3	%
OREO and premises held for sale	Discounted appraisals	Collateral discounts and estimated costs to sell	20	%	31	%	22	%

Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments

	Carrying		Fair
(Dollars in thousands)	Amount		Value		Level 1		Level 2		Level 3
June 30, 2020
Financial assets:
Cash and cash equivalents	$	4,363,708	$	4,363,708	$	4,363,708	$	—	$	—
Trading securities		494		494		—		494		—
Investment securities		3,271,148		3,271,148		133,430		3,137,718		—
Loans held for sale		603,275		603,275		—		603,275		—
Loans, net of allowance for loan losses		25,064,539		24,974,102		—		—		24,974,102
Accrued interest receivable		106,938		106,938		—		11,228		95,710
Mortgage servicing rights		25,441		25,441		—		—		25,441
Interest rate swap - non-designated hedge		966,034		966,034		—		966,034		—
Other derivative financial instruments (mortgage banking related)		12,223		12,223		—		12,223		—
Financial liabilities:
Deposits		29,957,285		29,976,226		—		29,976,226		—
Federal funds purchased and securities sold under agreements to repurchase		720,479		720,479		—		720,479		—
Other borrowings		1,089,279		1,071,443		—		1,071,443		—
Accrued interest payable		9,232		9,232		—		9,232		—
Interest rate swap - non-designated hedge		972,513		972,513		—		972,513		—
Interest rate swap - cash flow hedge		45,420		45,420		—		45,420		—
Off balance sheet financial instruments:
Commitments to extend credit		—		(21,456)		—		(21,456)		—
December 31, 2019
Financial assets:
Cash and cash equivalents	$	688,704	$	688,704	$	688,704	$	—	$	—
Investment securities		2,005,171		2,005,171		49,124		1,956,047		—
Loans held for sale		59,363		59,363		—		59,363		—
Loans, net of allowance for loan losses		11,313,113		11,452,003		—		—		11,452,003
Accrued interest receivable		36,774		36,774		—		8,500		28,274
Mortgage servicing rights		30,525		30,525		—		—		30,525
Interest rate swap - non-designated hedge		15,350		15,350		—		15,350		—
Other derivative financial instruments (mortgage banking related)		902		902		—		902		—
Financial liabilities:
Deposits		12,177,096		11,406,477		—		11,406,477		—
Federal funds purchased and securities sold under agreements to repurchase		298,741		298,741		—		298,741		—
Other borrowings		815,936		818,210		—		818,210		—
Accrued interest payable		4,916		4,916		—		4,916		—
Interest rate swap - non-designated hedge		16,693		16,693		—		16,693		—
Interest rate swap - cash flow hedge		13,791		13,791		—		13,791		—
Other derivative financial instruments (mortgage banking related)		789		789		—		789		—
Off balance sheet financial instruments:
Commitments to extend credit		—		36,031		—		36,031		—
June 30, 2019
Financial assets:
Cash and cash equivalents	$	851,971	$	851,971	$	851,971	$	—	$	—
Investment securities		1,766,400		1,766,400		49,124		1,717,276		—
Loans held for sale		47,796		47,796		—		47,796		—
Loans, net of allowance for loan losses		11,167,979		11,278,624		—		—		11,278,624
Accrued interest receivable		38,650		38,650		—		7,880		30,770
Mortgage servicing rights		30,332		30,332		—		—		30,332
Interest rate swap - non-designated hedge		14,561		14,561		—		14,561		—
Other derivative financial instruments (mortgage banking related)		3,026		3,026		—		3,026		—
Financial liabilities:
Deposits		11,922,280		11,124,796		—		11,124,796		—
Federal funds purchased and securities sold under agreements to repurchase		298,029		298,029		—		298,029		—
Other borrowings		816,414		819,306		—		819,306		—
Accrued interest payable		6,168		6,168		—		6,168		—
Interest rate swap - cash flow hedge		14,334		14,334		—		14,334		—
Interest rate swap - non-designated hedge		15,952		15,952		—		15,952		—
Off balance sheet financial instruments:
Commitments to extend credit		—		27,579		—		27,579		—