Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021:
Assets
Derivative financial instruments	$	489,085	$	—	$	489,085	$	—
Loans held for sale		242,813		—		242,813		—
Trading securities		61,294		—		61,294		—
Securities available for sale:
U.S. Government agencies		72,843		—		72,843		—
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,630,448		—		1,630,448		—
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		708,128		—		708,128		—
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		999,288		—		999,288		—
State and municipal obligations		729,602		—		729,602		—
Small Business Administration loan-backed securities		477,400		—		477,400		—
Corporate securities		13,845		—		13,845		—
Total securities available for sale		4,631,554		—		4,631,554		—
Mortgage servicing rights		60,922		—		—		60,922
	$	5,485,668	$	—	$	5,424,746	$	60,922
Liabilities
Derivative financial instruments	$	485,007	$	—	$	485,007	$	—
December 31, 2020:
Assets
Derivative financial instruments	$	813,899	$	—	$	813,899	$	—
Loans held for sale		290,467		—		290,467		—
Trading securities		10,674		—		10,674		—
Securities available for sale:
U.S. Government agencies		29,256		—		29,256		—
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,367,132		—		1,367,132		—
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		755,551		—		755,551		—
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		240,108		—		240,108		—
State and municipal obligations		520,039		—		520,039		—
Small Business Administration loan-backed securities		404,884		—		404,884		—
Corporate securities		13,702		—		13,702		—
Total securities available for sale		3,330,672		—		3,330,672		—
Mortgage servicing rights		43,820		—		—		43,820
	$	4,489,532	$	—	$	4,445,712	$	43,820
Liabilities
Derivative financial instruments	$	804,832	$	—	$	804,832	$	—

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, 2021	$	43,820	$	—
Servicing assets that resulted from transfers of financial assets		20,835		—
Changes in fair value due to valuation inputs or assumptions		3,653		—
Changes in fair value due to decay		(7,386)		—
Fair value , September 30, 2021	$	60,922	$	—

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, 2021:
OREO	$	3,687	$	—	$	—	$	3,687
Bank property held for sale		15,076		—		—		15,076
Impaired loans		18,225		—		—		18,225
December 31, 2020:
OREO	$	11,914	$	—	$	—	$	11,914
Bank property held for sale		36,006		—		—		36,006
Impaired loans		17,609		—		—		17,609

Schedule of quantitative information about level 3 fair value measurements

			Weighted Average
			September 30,		December 31,
	Valuation Technique	Unobservable Input	2021		2020
Nonrecurring measurements:
Impaired loans	Discounted appraisals and discounted cash flows	Collateral discounts	5	%	5	%
OREO and premises held for sale	Discounted appraisals	Collateral discounts and estimated costs to sell	26	%	14	%

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, 2021
Financial assets:
Cash and cash equivalents	$	6,298,323	$	6,298,323	$	6,298,323	$	—	$	—
Trading securities		61,294		61,294		—		61,294		—
Investment securities		6,433,631		6,399,330		160,592		6,238,738		—
Loans held for sale		242,813		242,813		—		242,813		—
Loans, net of allowance for loan losses		23,474,805		23,741,241		—		—		23,741,241
Accrued interest receivable		93,524		93,524		—		16,984		76,540
Mortgage servicing rights		60,922		60,922		—		—		60,922
Interest rate swap - non-designated hedge		480,600		480,600		—		480,600		—
Other derivative financial instruments (mortgage banking related)		8,485		8,485		—		8,485		—
Financial liabilities:
Deposits		33,560,558		33,561,012		—		33,561,012		—
Federal funds purchased and securities sold under agreements to repurchase		859,736		859,736		—		859,736		—
Other borrowings		326,807		331,707		—		331,707		—
Accrued interest payable		6,529		6,529		—		6,529		—
Interest rate swap - non-designated hedge		482,104		482,104		—		482,104		—
Other derivative financial instruments (mortgage banking related)		2,903		2,903		—		2,903		—
Off balance sheet financial instruments:
Commitments to extend credit		—		79,998		—		79,998		—
December 31, 2020
Financial assets:
Cash and cash equivalents	$	4,609,255	$	4,609,255	$	4,609,255	$	—	$	—
Trading securities		10,674		10,674		—		10,674		—
Investment securities		4,446,657		4,448,300		160,443		4,287,857		—
Loans held for sale		290,467		290,467		—		290,467		—
Loans, net of allowance for loan losses		24,206,825		24,757,859		—		—		24,757,859
Accrued interest receivable		107,601		107,601		—		12,952		94,649
Mortgage servicing rights		43,820		43,820		—		—		43,820
Interest rate swap - non-designated hedge		802,763		802,763		—		802,763		—
Other derivative financial instruments (mortgage banking related)		11,136		11,136		—		11,136		—
Financial liabilities:
Deposits		30,693,882		30,719,416		—		30,719,416		—
Federal funds purchased and securities sold under agreements to repurchase		779,666		779,666		—		779,666		—
Other borrowings		390,179		386,126		—		386,126		—
Accrued interest payable		7,103		7,103		—		7,103		—
Interest rate swap - non-designated hedge		804,832		804,832		—		804,832		—
Off balance sheet financial instruments:
Commitments to extend credit		—		136,726		—		136,726		—