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Fair Value (Tables)
9 Months Ended
Sep. 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)

September 30, 2022:

Assets

Derivative financial instruments

$

1,083,803

$

$

1,083,803

$

Loans held for sale

 

34,477

 

 

34,477

 

Trading securities

 

51,940

 

 

51,940

 

Securities available for sale:

U.S. Treasuries

264,425

264,425

U.S. Government agencies

218,623

218,623

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

agencies or sponsored enterprises

1,730,067

1,730,067

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

agencies or sponsored enterprises

627,812

627,812

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

agencies or sponsored enterprises

1,027,776

1,027,776

State and municipal obligations

 

1,003,318

 

 

1,003,318

 

Small Business Administration loan-backed securities

 

464,236

 

 

464,236

 

Corporate securities

33,353

33,353

Total securities available for sale

 

5,369,610

 

 

5,369,610

 

Mortgage servicing rights

 

90,459

 

 

 

90,459

SBA servicing assets

6,981

6,981

$

6,637,270

$

$

6,539,830

$

97,440

Liabilities

Derivative financial instruments

$

1,082,948

$

$

1,082,948

$

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, comprised of Mortgage Servicing Rights, 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

 

14,617

 

Changes in fair value due to valuation inputs or assumptions

 

18,274

 

Changes in fair value due to decay

 

(8,052)

 

Fair value, September 30, 2022

$

90,459

$

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, 2022:

OREO

$

2,160

$

$

$

2,160

Bank property held for sale

25,043

 

25,043

Individually evaluated loans

 

52,368

 

 

 

52,368

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

September 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

15

%

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

 

September 30, 2022

Financial assets:

Cash and cash equivalents

$

2,809,695

$

2,809,695

$

2,809,695

$

$

Trading securities

51,940

51,940

51,940

Investment securities

 

8,287,543

 

7,848,527

 

179,755

 

7,668,772

 

Loans held for sale

34,477

34,477

34,477

Loans, net of allowance for credit losses

 

28,511,905

 

28,271,062

 

 

 

28,271,062

Accrued interest receivable

 

124,553

 

124,553

 

 

28,508

 

96,045

Mortgage servicing rights

 

90,459

 

90,459

 

 

 

90,459

SBA servicing assets

6,981

6,981

Interest rate swap - non-designated hedge

 

1,081,768

 

1,081,768

 

 

1,081,768

 

Other derivative financial instruments (mortgage banking related)

 

2,035

 

2,035

 

 

2,035

 

Financial liabilities:

Deposits

 

37,666,021

 

37,578,773

 

 

37,578,773

 

Federal funds purchased and securities sold under agreements to repurchase

 

557,802

 

557,802

 

 

557,802

 

Other borrowings

 

392,368

 

379,992

 

 

379,992

 

Accrued interest payable

 

6,354

 

6,354

 

 

6,354

 

Interest rate swap - non-designated hedge

 

1,081,267

 

1,081,267

 

 

1,081,267

 

Other derivative financial instruments (mortgage banking related)

 

1,681

 

1,681

 

 

1,681

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

(92,429)

 

 

(92,429)

 

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