Fair Value (Tables)

9 Months Ended

Sep. 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)
September 30, 2020:
Assets
Derivative financial instruments	$	953,036	$	—	$	953,036	$	—
Loans held for sale		456,141		—		456,141		—
Trading securities		—		—		—		—
Securities available for sale:
Government-sponsored entities debt		29,927		—		29,927		—
U.S. Treasuries		—		—		—		—
State and municipal obligations		459,195		—		459,195		—
Mortgage-backed securities		3,059,155		—		3,059,155		—
Corporate securities		13,652		—		13,652		—
Total securities available for sale		3,561,929		—		3,561,929		—
Mortgage servicing rights		34,578		—		—		34,578
	$	5,005,684	$	—	$	4,971,106	$	34,578
Liabilities
Derivative financial instruments	$	979,155	$	—	$	979,155	$	—
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	$	—
September 30, 2019:
Assets
Derivative financial instruments	$	24,402	$	—	$	24,402	$	—
Loans held for sale		87,393		—		87,393		—
Securities available for sale:
Government-sponsored entities debt		40,967		—		40,967		—
State and municipal obligations		188,682		—		188,682		—
Mortgage-backed securities		1,583,485		—		1,583,485		—
Total securities available for sale		1,813,134		—		1,813,134		—
Mortgage servicing rights		28,674		—		—		28,674
	$	1,953,603	$	—	$	1,924,929	$	28,674
Liabilities
Derivative financial instruments	$	43,373	$	—	$	43,373	$	—

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)		17,668		—
Changes in fair value due to valuation inputs or assumptions		(7,540)		—
Changes in fair value due to decay		(6,075)		—
Fair value , September 30, 2020	$	34,578	$	—
Fair value, January 1, 2019	$	34,727	$	—
Servicing assets that resulted from transfers of financial assets		4,506		—
Changes in fair value due to valuation inputs or assumptions		(7,218)		—
Changes in fair value due to decay		(3,341)		—
Fair value, September 30, 2019	$	28,674	$	—

(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)
September 30, 2020:
OREO	$	13,480	$	—	$	—	$	13,480
Bank property held for sale		24,504		—		—		24,504
Impaired loans		15,024		—		—		15,024
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
September 30, 2019:
OREO	$	8,424	$	—	$	—	$	8,424
Bank property held for sale		4,991		—		—		4,991
Non-acquired impaired loans		10,620		—		—		10,620

Quantitative Information about Level 3 Fair Value Measurements

			Weighted Average
			September 30,		December 31,		September 30,
	Valuation Technique	Unobservable Input	2020		2019		2019
Nonrecurring measurements:
Impaired loans	Discounted appraisals and discounted cash flows	Collateral discounts	3	%	2	%	2	%
OREO and premises held for sale	Discounted appraisals	Collateral discounts and estimated costs to sell	21	%	31	%	25	%

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
September 30, 2020
Financial assets:
Cash and cash equivalents	$	4,471,639	$	4,471,639	$	4,471,639	$	—	$	—
Investment securities		3,747,128		3,747,128		185,199		3,561,929		—
Loans held for sale		456,141		456,141		—		456,141		—
Loans, net of allowance for loan losses		24,797,656		25,140,453		—		—		25,140,453
Accrued interest receivable		109,954		109,954		—		11,086		98,868
Mortgage servicing rights		34,578		34,578		—		—		34,578
Interest rate swap - non-designated hedge		931,386		931,386		—		931,386		—
Other derivative financial instruments (mortgage banking related)		21,650		21,650		—		21,650		—
Financial liabilities:
Deposits		29,969,954		29,989,297		—		29,989,297		—
Federal funds purchased and securities sold under agreements to repurchase		706,723		706,723		—		706,723		—
Other borrowings		1,089,637		1,087,636		—		1,087,636		—
Accrued interest payable		11,464		11,464		—		11,464		—
Interest rate swap - non-designated hedge		933,357		933,357		—		933,357		—
Interest rate swap - cash flow hedge		41,798		41,798		—		41,798		—
Off balance sheet financial instruments:
Commitments to extend credit		—		82,940		—		82,940		—
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		—
September 30, 2019
Financial assets:
Cash and cash equivalents	$	719,194	$	719,194	$	719,194	$	—	$	—
Investment securities		1,862,258		1,862,258		49,124		1,813,134		—
Loans held for sale		87,393		87,393		—		87,393		—
Loans, net of allowance for loan losses		11,229,892		11,259,351		—		—		11,259,351
Accrued interest receivable		36,131		36,131		—		7,528		28,603
Mortgage servicing rights		28,674		28,674		—		—		28,674
Interest rate swap - non-designated hedge		21,700		21,700		—		21,700		—
Other derivative financial instruments (mortgage banking related)		2,702		2,702		—		2,702		—
Financial liabilities:
Deposits		12,023,787		11,302,479		—		11,302,479		—
Federal funds purchased and securities sold under agreements to repurchase		269,072		269,072		—		269,072		—
Other borrowings		815,771		818,294		—		818,294		—
Accrued interest payable		5,036		5,036		—		5,036		—
Interest rate swap - cash flow hedge		19,564		19,564		—		19,564		—
Interest rate swap - non-designated hedge		23,723		23,723		—		23,723		—
Other derivative financial instruments (mortgage banking related)		86		86		—		86		—
Off balance sheet financial instruments:
Commitments to extend credit		—		7,622		—		7,622		—