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Fair Value (Tables)
6 Months Ended
Jun. 30, 2022
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, 2022:

Assets

Derivative financial instruments

$

668,324

$

$

668,324

$

Loans held for sale

 

73,880

 

 

73,880

 

Trading securities

 

88,088

 

 

88,088

 

Securities available for sale:

U.S. Treasuries

316,458

316,458

U.S. Government agencies

203,087

203,087

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,860,009

1,860,009

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

667,514

667,514

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,065,822

1,065,822

State and municipal obligations

 

1,068,558

 

 

1,068,558

 

Small Business Administration loan-backed securities

 

454,952

 

 

454,952

 

Corporate securities

29,608

29,608

Total securities available for sale

 

5,666,008

 

 

5,666,008

 

Mortgage servicing rights

 

87,463

 

 

 

87,463

SBA servicing assets

6,449

6,449

$

6,590,212

$

$

6,496,300

$

93,912

Liabilities

Derivative financial instruments

$

666,802

$

$

666,802

$

December 31, 2021:

Assets

Derivative financial instruments

$

414,742

$

$

414,742

$

Loans held for sale

 

191,723

 

 

191,723

 

Trading securities

 

77,689

 

 

77,689

 

Securities available for sale:

U.S. Government agencies

97,117

97,117

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,831,039

1,831,039

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

725,995

725,995

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,207,241

1,207,241

State and municipal obligations

 

812,689

 

 

812,689

 

Small Business Administration loan-backed securities

 

500,663

 

 

500,663

 

Corporate securities

 

18,734

 

 

18,734

 

Total securities available for sale

 

5,193,478

 

 

5,193,478

 

Mortgage servicing rights

 

65,620

 

 

 

65,620

$

5,943,252

$

$

5,877,632

$

65,620

Liabilities

Derivative financial instruments

$

410,137

$

$

410,137

$

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, 2022

$

65,620

$

Servicing assets that resulted from transfers of financial assets

 

11,751

 

Changes in fair value due to valuation inputs or assumptions

 

15,613

 

Changes in fair value due to decay

 

(5,521)

 

Fair value , June 30, 2022

$

87,463

$

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, 2022:

OREO

$

1,431

$

$

$

1,431

Bank property held for sale

5,692

 

5,692

Individually evaluated loans

 

33,095

 

 

 

33,095

December 31, 2021:

OREO

$

2,736

$

$

$

2,736

Bank property held for sale

9,578

 

9,578

Individually evaluated loans

 

20,802

 

 

 

20,802

Schedule of quantitative information about level 3 fair value measurements

Weighted Average

June 30,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2022

    

2021

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

25

%

9

%

OREO and premises held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

25

%

24

%

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, 2022

Financial assets:

Cash and cash equivalents

$

4,722,099

$

4,722,099

$

4,722,099

$

$

Trading securities

88,088

88,088

88,088

Investment securities

 

8,652,288

 

8,338,509

 

179,815

 

8,158,694

 

Loans held for sale

73,880

73,880

73,880

Loans, net of allowance for credit losses

 

27,615,558

 

27,644,893

 

 

 

27,644,893

Accrued interest receivable

 

109,995

 

109,995

 

 

27,601

 

82,394

Mortgage servicing rights

 

87,463

 

87,463

 

 

 

87,463

SBA servicing assets

6,449

6,449

Interest rate swap - non-designated hedge

 

666,470

 

666,470

 

 

666,470

 

Other derivative financial instruments (mortgage banking related)

 

1,854

 

1,854

 

 

1,854

 

Financial liabilities:

Deposits

 

38,875,851

 

38,813,989

 

 

38,813,989

 

Federal funds purchased and securities sold under agreements to repurchase

 

669,999

 

669,999

 

 

669,999

 

Other borrowings

 

392,460

 

375,593

 

 

375,593

 

Accrued interest payable

 

4,192

 

4,192

 

 

4,192

 

Interest rate swap - non-designated hedge

 

666,503

 

666,503

 

 

666,503

 

Other derivative financial instruments (mortgage banking related)

 

299

 

299

 

 

299

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

10,888

 

 

10,888

 

December 31, 2021

Financial assets:

Cash and cash equivalents

$

6,843,147

$

6,843,147

$

6,843,147

$

$

Trading securities

77,689

77,689

77,689

Investment securities

 

7,173,947

 

7,132,110

 

160,568

 

6,971,542

 

Loans held for sale

191,723

191,723

191,723

Loans, net of allowance for credit losses

 

23,626,359

 

23,921,372

 

 

 

23,921,372

Accrued interest receivable

 

90,069

 

90,069

 

 

19,241

 

70,828

Mortgage servicing rights

 

65,620

 

65,620

 

 

 

65,620

Interest rate swap - non-designated hedge

 

408,776

 

408,776

 

 

408,776

 

Other derivative financial instruments (mortgage banking related)

 

5,966

 

5,966

 

 

5,966

 

Financial liabilities:

Deposits

 

35,054,829

 

35,050,516

 

 

35,050,516

 

Federal funds purchased and securities sold under agreements to repurchase

 

781,239

 

781,239

 

 

781,239

 

Other borrowings

 

327,066

 

334,640

 

 

334,640

 

Accrued interest payable

 

3,345

 

3,345

 

 

3,345

 

Interest rate swap - non-designated hedge

 

410,137

 

410,137

 

 

410,137

 

Off balance sheet financial instruments:

 

 

Commitments to extend credit

 

93,501

 

 

93,501