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Fair Value (Tables)
12 Months Ended
Dec. 31, 2023
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)

December 31, 2023:

Assets

Derivative financial instruments

$

172,939

$

$

172,939

$

Loans held for sale

 

50,888

 

 

50,888

 

Trading securities

 

31,321

 

 

31,321

 

Securities available for sale:

U.S. Treasuries

73,890

73,890

U.S. Government agencies

224,706

224,706

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

agencies or sponsored enterprises

1,558,306

1,558,306

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

agencies or sponsored enterprises

527,422

527,422

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

agencies or sponsored enterprises

1,024,170

1,024,170

State and municipal obligations

 

977,461

 

 

977,461

 

Small Business Administration loan-backed securities

 

371,686

 

 

371,686

 

Corporate securities

26,747

26,747

Total securities available for sale

 

4,784,388

 

 

4,784,388

 

Mortgage servicing rights

 

85,164

 

 

 

85,164

SBA servicing asset

5,952

5,952

$

5,130,652

$

$

5,039,536

$

91,116

Liabilities

Derivative financial instruments

$

804,486

$

$

804,486

$

December 31, 2022:

Assets

Derivative financial instruments

$

211,016

$

$

211,016

$

Loans held for sale

 

28,968

 

 

28,968

 

Trading securities

 

31,263

 

 

31,263

 

Securities available for sale:

U.S. Treasuries

265,638

265,638

U.S. Government agencies

219,088

219,088

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

agencies or sponsored enterprises

1,698,353

1,698,353

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

agencies or sponsored enterprises

601,045

601,045

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

agencies or sponsored enterprises

1,000,398

1,000,398

State and municipal obligations

 

1,064,852

 

 

1,064,852

 

Small Business Administration loan-backed securities

 

444,810

 

 

444,810

 

Corporate securities

 

32,638

 

 

32,638

 

Total securities available for sale

 

5,326,822

 

 

5,326,822

 

Mortgage servicing rights

 

86,610

 

 

 

86,610

SBA servicing asset

6,068

6,068

$

5,690,747

$

$

5,598,069

$

92,678

Liabilities

Derivative financial instruments

$

1,034,143

$

$

1,034,143

$

Schedule of mortgage loans held for sale

    

December 31,

December 31,

(Dollars in thousands)

    

2023

 

2022

Fair value

$

50,888

$

28,968

Unpaid principal balance

49,025

27,937

Fair value less aggregated unpaid principal balance

$

1,863

$

1,031

Year Ended December 31,

(Dollars in thousands)

2023

2022

2021

Income Statement Location

Mortgage loans held for sale

$

833

$

(6,052)

$

(6,920)

Mortgage banking income

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)

 

December 31, 2023:

OREO

$

837

$

$

$

837

Bank properties held for sale

12,401

 

12,401

Individually evaluated loans

 

73,518

 

 

 

73,518

December 31, 2022:

OREO

$

1,023

$

$

$

1,023

Bank properties held for sale

17,754

 

17,754

Individually evaluated loans

 

56,719

 

 

 

56,719

Schedule of quantitative information about level 3 fair value measurements

Weighted Average Discount

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

   

2023

    

2022

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

13

%

31

%

OREO and Bank properties held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

12

%

16

%

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

 

December 31, 2023

Financial assets:

Cash and cash equivalents

$

998,877

$

998,877

$

998,877

$

$

Trading securities

31,321

31,321

31,321

Investment securities

 

7,463,871

 

7,061,167

 

192,043

 

6,869,124

 

Loans held for sale

50,888

50,888

50,888

Loans, net of allowance for credit losses

 

31,931,916

 

30,709,513

 

 

 

30,709,513

Accrued interest receivable

 

154,400

 

154,400

 

 

26,706

 

127,694

Mortgage servicing rights

 

85,164

 

85,164

 

 

 

85,164

SBA servicing asset

5,952

5,952

5,952

Interest rate swap – non-designated hedge

 

169,180

 

169,180

 

 

169,180

 

Other derivative financial instruments (mortgage banking related)

 

3,759

 

3,759

 

 

3,759

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,649,274

 

10,649,274

 

 

10,649,274

 

Interest-bearing other than time deposits

22,149,682

22,149,682

22,149,682

Time deposits

4,249,953

4,208,498

4,208,498

Federal funds purchased and securities sold under agreements to repurchase

 

489,185

 

489,185

 

 

489,185

 

Corporate and subordinated debentures

391,904

388,909

 

388,909

 

Other borrowings

 

100,000

 

100,000

 

 

100,000

 

Accrued interest payable

 

56,808

 

56,808

 

 

56,808

 

Interest rate swap – non-designated hedge

 

803,539

 

803,539

 

 

803,539

 

Other derivative financial instruments (mortgage banking related)

 

947

 

947

 

 

947

 

December 31, 2022

Financial assets:

Cash and cash equivalents

$

1,312,563

$

1,312,563

$

1,312,563

$

$

Trading securities

31,263

31,263

31,263

Investment securities

 

8,189,780

 

7,756,707

 

179,717

 

7,576,990

 

Loans held for sale

28,968

28,968

28,968

Loans, net of allowance for credit losses

 

29,821,418

 

29,329,499

 

 

 

29,329,499

Accrued interest receivable

 

134,594

 

134,594

 

 

28,449

 

106,145

Mortgage servicing rights

 

86,610

 

86,610

 

 

 

86,610

SBA servicing asset

6,068

6,068

Interest rate swap – non-designated hedge

 

210,216

 

210,216

 

 

210,216

 

Other derivative financial instruments (mortgage banking related)

 

800

 

800

 

 

800

 

Financial liabilities:

Deposits

 

Noninterest-bearing

13,168,656

 

13,168,656

 

 

13,168,656

 

Interest-bearing other than time deposits

20,761,981

20,761,981

20,761,981

Time deposits

2,419,986

2,333,764

2,333,764

Federal funds purchased and securities sold under agreements to repurchase

 

556,417

 

556,417

 

 

556,417

 

Corporate and subordinated debentures

 

392,275

 

377,360

 

 

377,360

 

Accrued interest payable

 

6,218

 

6,218

 

 

6,218

 

Interest rate swap – non-designated hedge

 

1,033,980

 

1,033,980

 

 

1,033,980

 

Other derivative financial instruments (mortgage banking related)

163

163

 

 

163

 

Mortgage Servicing Rights  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

MSRs

 

Fair value, January 1, 2023

$

86,610

Servicing assets that resulted from transfers of financial assets

 

8,444

Changes in fair value due to valuation inputs or assumptions

 

(1,350)

Changes in fair value due to decay

 

(8,540)

Fair value, December 31, 2023

$

85,164

Fair value, January 1, 2022

$

65,620

Servicing assets that resulted from transfers of financial assets

 

16,002

Changes in fair value due to valuation inputs or assumptions

14,886

Changes in fair value due to decay

 

(9,898)

Fair value, December 31, 2022

$

86,610

SBA servicing asset  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

SBA Servicing Asset

 

Fair value, January 1, 2023

$

6,068

Servicing assets that resulted from transfers of financial assets

1,621

Changes in fair value due to decay

(2,244)

Changes in fair value due to valuation inputs or assumptions

507

Fair value, December 31, 2023

$

5,952

Beginning Balance, June 30, 2022

$

7,369

Servicing assets that resulted from transfers of financial assets

 

1,273

Changes in fair value due to decay

 

(1,845)

Changes in fair value due to valuation inputs or assumptions

 

(729)

Fair value, December 31, 2022

$

6,068