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Estimated Fair Values (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Estimated Fair Values For Certain Financial Assets And Financial Liabilities For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2021 and 2020. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected and accrued interest payable are considered Level 2.
The table below presents the carrying values and estimated fair values for financial instruments as of December 31, 2021 and 2020.
 December 31, 2021December 31, 2020
(Dollars in thousands)Carrying valueFair valueCarrying valueFair value
Assets
Cash and due from banks$337,814 $337,814 $362,048 $362,048 
Overnight investments9,114,660 9,114,660 4,347,336 4,347,336 
Investment securities available for sale9,203,427 9,203,427 7,014,243 7,014,243 
Investment securities held to maturity3,809,453 3,759,650 2,816,982 2,838,499 
Investment in marketable equity securities97,528 97,528 91,680 91,680 
Loans held for sale98,741 98,741 124,837 124,837 
Net loans and leases32,193,029 31,889,594 32,567,661 33,298,166 
Income earned not collected134,237 134,237 145,694 145,694 
Federal Home Loan Bank stock40,450 40,450 45,392 45,392 
Mortgage and other servicing rights23,797 23,784 19,628 20,283 
Liabilities
Deposits with no stated maturity48,925,127 48,925,127 40,542,596 40,542,596 
Time deposits2,480,967 2,471,116 2,889,013 2,905,577 
Securities sold under customer repurchase agreements589,101 589,101 641,487 641,487 
Federal Home Loan Bank borrowings644,659 654,694 655,175 677,579 
Subordinated debt477,564 495,483 504,518 525,610 
Other borrowings72,155 72,476 88,470 89,263 
FDIC shared-loss payable— — 15,601 15,843 
Accrued interest payable7,922 7,922 9,414 9,414 
Assets And Liabilities Carried At Fair Value On A Recurring Basis
Among BancShares’ assets and liabilities, investment securities available for sale, marketable equity securities and loans held for sale are reported at their fair values 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 December 31, 2021 and 2020.
December 31, 2021
  Fair value measurements using:
(Dollars in thousands)Fair valueLevel 1 Level 2Level 3
Assets measured at fair value
Investment securities available for sale
U.S. Treasury$2,004,970 $— $2,004,970 $— 
Government agency798,760 — 798,760 — 
Residential mortgage-backed securities4,728,413 — 4,728,413 — 
Commercial mortgage-backed securities1,062,749 — 1,062,749 — 
Corporate bonds608,535 — 401,133 207,402 
Total investment securities available for sale$9,203,427 $— $8,996,025 $207,402 
Marketable equity securities$97,528 $33,522 $64,006 $— 
Loans held for sale98,741 — 98,741 — 
December 31, 2020
 Fair value measurements using:
Fair valueLevel 1 Level 2Level 3
Assets measured at fair value
Investment securities available for sale
U.S. Treasury$499,933 $— $499,933 $— 
Government agency701,391 — 701,391 — 
Residential mortgage-backed securities4,438,103 — 4,438,103 — 
Commercial mortgage-backed securities771,537 — 771,537 — 
Corporate bonds603,279 — 286,655 316,624 
Total investment securities available for sale$7,014,243 $— $6,697,619 $316,624 
Marketable equity securities$91,680 $32,855 $58,825 $— 
Loans held for sale124,837 — 124,837 — 
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes activity for Level 3 assets for the years ended December 31, 2021 and 2020:
20212020
(Dollars in thousands)Corporate bondsCorporate bonds
Beginning balance$316,624 $69,685 
Purchases30,878 242,595 
Unrealized net losses (gains) included in other comprehensive income6,391 2,898 
Amounts included in net income2,555 (336)
Transfers in— 1,782 
Transfers out(102,065)— 
Sales / Calls(46,981)— 
Ending balance$207,402 $316,624 
Fair Value Level 3 Significant Unobservable Input Assumptions
The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at December 31, 2021.
(Dollars in thousands)December 31, 2021
Level 3 assetsValuation techniqueSignificant unobservable inputFair Value
Corporate bondsIndicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer$207,402 
Fair Value Option
The following table summarizes the difference between the aggregate fair value and the unpaid principal balance for residential real estate loans originated for sale measured at fair value as of December 31, 2021 and 2020.
December 31, 2021
(Dollars in thousands)Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$98,741 $95,852 $2,889 
December 31, 2020
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$124,837 $118,902 $5,935 
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis
For financial assets carried at fair value on a non-recurring basis, the following table provides fair value information as of December 31, 2021 and December 31, 2020.
December 31, 2021
  Fair value measurements using:
(Dollars in thousands)Fair valueLevel 1 Level 2 Level 3
Collateral-dependent loans$3,099 $— $— $3,099 
Other real estate remeasured during the year34,211 — — 34,211 
Mortgage servicing rights21,731 — — 21,731 
December 31, 2020
 Fair value measurements using:
Fair valueLevel 1 Level 2 Level 3
Collateral-dependent loans$11,779 $— $— $11,779 
Other real estate remeasured during the year40,115 — — 40,115 
Mortgage servicing rights16,966 — — 16,966