XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Estimated Fair Values (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Estimated Fair Values For Certain Financial Assets And Financial Liabilities
The table presents the carrying values and estimated fair values for financial instruments as of March 31, 2019 and December 31, 2018.
(Dollars in thousands)
March 31, 2019
 
December 31, 2018
Carrying value
 
Fair value
 
Carrying value
 
Fair value
Cash and due from banks
$
268,599

 
$
268,599

 
$
327,440

 
$
327,440

Overnight investments
1,386,525

 
1,386,525

 
797,406

 
797,406

Investment securities available for sale
4,589,800

 
4,589,800

 
4,557,110

 
4,557,110

Investment securities held to maturity
2,214,829

 
2,254,924

 
2,184,653

 
2,201,502

Investment in marketable equity securities
109,884

 
109,884

 
92,599

 
92,599

Loans held for sale
53,232

 
53,232

 
45,505

 
45,505

Net loans and leases
25,235,010

 
25,187,938

 
25,299,564

 
24,845,060

Income earned not collected
113,812

 
113,812

 
109,903

 
109,903

Federal Home Loan Bank stock
25,174

 
25,174

 
25,304

 
25,304

Mortgage and other servicing rights
24,080

 
25,769

 
24,615

 
27,435

Deposits
31,198,093

 
31,174,142

 
30,672,460

 
30,623,214

Securities sold under customer repurchase agreements
508,508

 
508,508

 
543,936

 
543,936

Federal Home Loan Bank borrowings
189,594

 
192,779

 
193,556

 
195,374

Subordinated debentures
136,544

 
140,676

 
140,741

 
151,670

Other borrowings
14,970

 
14,833

 
13,921

 
13,985

FDIC shared-loss payable
107,256

 
109,947

 
105,618

 
105,846

Accrued interest payable
7,169

 
7,169

 
3,712

 
3,712
Assets And Liabilities Carried At Fair Value On A Recurring Basis
For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of March 31, 2019 and December 31, 2018.
 
March 31, 2019
 
 
 
Fair value measurements using:
(Dollars in thousands)
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
1,197,042

 
$
—

 
$
1,197,042

 
$
—

Government agency
350,527

 
—

 
350,527

 
—

Mortgage-backed securities
2,895,944

 
—

 
2,895,944

 
—

Corporate bonds
142,162

 
—

 
—

 
142,162

Other
4,125

 
—

 
—

 
4,125

Total investment securities available for sale
$
4,589,800

 
$
—

 
$
4,443,513

 
$
146,287

Marketable equity securities
$
109,884

 
$
18,250

 
$
91,634

 
$
—

Loans held for sale
$
53,232

 
$
—

 
$
53,232

 
$
—

 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
Fair value measurements using:
 
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Assets measured at fair value
 
 
 
 
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
1,247,710

 
$
—

 
$
1,247,710

 
$
—

Government agency
256,835

 
—

 
256,835

 
—

Mortgage-backed securities
2,909,339

 
—

 
2,909,339

 
—

Corporate bonds
139,101

 
—

 
—

 
139,101

Other
4,125

 
—

 
—

 
4,125

Total investment securities available for sale
$
4,557,110

 
$
—

 
$
4,413,884

 
$
143,226

Marketable equity securities
$
92,599

 
$
17,887

 
$
74,712

 
$
—

Loans held for sale
$
45,505

 
$
—

 
$
45,505

 
$
—
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize activity for Level 3 assets:
 
Three months ended March 31, 2019
(Dollars in thousands)
Corporate bonds
 
Other
Balance at January 1, 2019
$
139,101

 
$
4,125

Transfers in
—

 
—

Amounts included in net income
39

 
6

Unrealized net gains (losses) included in other comprehensive income
22

 
(6
)
Purchases
3,000

 
—

Sales / Calls
—

 
—

Balance at March 31, 2019
$
142,162

 
$
4,125

 
 
 
 
Fair Value Level 3 Significant Unobservable Input Assumptions
(Dollars in thousands)
 
 
 
March 31, 2019
Level 3 assets
 
Valuation technique
 
Significant unobservable input
 
Fair Value
Corporate bonds
 
Indicative bid provided by broker
 
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
 
$
142,162

Other
 
Indicative bid provided by broker
 
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
 
4,125
Fair Value Option
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate originated for sale measured at fair value as of March 31, 2019 and December 31, 2018.
 
March 31, 2019
(Dollars in thousands)
Fair Value
 
Aggregate Unpaid Principal Balance
 
Difference
Originated loans held for sale
$
53,232

 
$
51,550

 
$
1,682

 
 
 
 
 
 
 
December 31, 2018
 
Fair Value
 
Aggregate Unpaid Principal Balance
 
Difference
Originated loans held for sale
$
45,505

 
$
44,073

 
$
1,432

No originated loans held for sale were 90 or more days past due or on nonaccrual status as of March 31, 2019 or December 31, 2018.
We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment.
Impaired loans are deemed to be at fair value if an associated allowance or current period charge-off has been recorded. The value of impaired loans is determined by either collateral valuations or discounted present value of the expected cash flow calculations. Collateral values are determined using appraisals or other third-party value estimates of the subject property with discounts generally between 6% and 11% applied for estimated selling costs and other external factors that may impact the marketability of the property. Expected cash flows are determined using expected payment information at the individual loan level, discounted using the effective interest rate. The effective interest rate generally ranges between 2% and 18%.
OREO acquired or written down within the previous 12 months is deemed to be at fair value. Asset valuations are determined by using appraisals or other third-party value estimates of the subject property with discounts generally between 6% and 11% applied for estimated selling costs and other external factors that may impact the marketability of the property. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information.
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis
For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of March 31, 2019 and December 31, 2018.
 
March 31, 2019
 
 
 
Fair value measurements using:
(Dollars in thousands)
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Impaired loans
$
110,411

 
$
—

 
$
—

 
$
110,411

Other real estate remeasured during the previous 12 months
32,620

 
—

 
—

 
32,620

 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
Fair value measurements using:
 
Fair value
 
Level 1 inputs
 
Level 2 inputs
 
Level 3 inputs
Impaired loans
$
105,994

 
$
—

 
$
—

 
$
105,994

Other real estate remeasured during the previous 12 months
35,344

 
—

 
—

 
35,344