v3.25.2
Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
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, 2025:

Assets

Derivative financial instruments

$

214,898

$

$

214,898

$

Mortgage loans held for sale

 

71,038

 

 

71,038

 

Trading securities

 

95,306

 

 

95,306

 

Securities available for sale:

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

agencies or sponsored enterprises

1,523,879

1,523,879

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

agencies or sponsored enterprises

2,296,971

2,296,971

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

agencies or sponsored enterprises

581,492

581,492

State and municipal obligations

 

922,417

 

 

922,417

 

Small Business Administration loan-backed securities

 

576,514

 

 

576,514

 

Corporate securities

26,594

26,594

Total securities available for sale

 

5,927,867

 

 

5,927,867

 

Mortgage servicing rights

 

85,836

 

 

 

85,836

SBA servicing asset

5,801

5,801

$

6,400,746

$

$

6,309,109

$

91,637

Liabilities

Derivative financial instruments

$

612,284

$

$

612,284

$

December 31, 2024:

Assets

Derivative financial instruments

$

161,490

$

$

161,490

$

Mortgage loans held for sale

 

98,115

 

 

98,115

 

Trading securities

 

102,932

 

 

102,932

 

Securities available for sale:

U.S. Treasuries

10,656

10,656

U.S. Government agencies

150,418

150,418

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

agencies or sponsored enterprises

1,377,525

1,377,525

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

agencies or sponsored enterprises

459,095

459,095

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

agencies or sponsored enterprises

1,040,555

1,040,555

State and municipal obligations

 

945,723

 

 

945,723

 

Small Business Administration loan-backed securities

 

310,112

 

 

310,112

 

Corporate securities

 

26,509

 

 

26,509

 

Total securities available for sale

 

4,320,593

 

 

4,320,593

 

Mortgage servicing rights

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

$

4,778,953

$

$

4,683,130

$

95,823

Liabilities

Derivative financial instruments

$

879,855

$

$

879,855

$

Schedule of mortgage loans held for sale

    

June 30,

December 31,

(Dollars in thousands)

    

2025

 

2024

Fair value

$

71,038

$

98,115

Unpaid principal balance

68,214

95,612

Fair value less aggregated unpaid principal balance

$

2,824

$

2,503

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, 2025:

OREO

$

25,570

$

$

$

25,570

Bank properties held for sale

79,374

 

79,374

Individually evaluated loans

 

403,727

 

 

 

403,727

December 31, 2024:

OREO

$

2,154

$

$

$

2,154

Bank properties held for sale

3,268

 

3,268

Individually evaluated loans

 

71,112

 

 

 

71,112

Schedule of quantitative information about level 3 fair value measurements

Weighted Average Discount

June 30,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2025

    

2024

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

19

%

28

%

OREO and Bank properties held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

4

%

10

%

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, 2025

Financial assets:

Cash and cash equivalents

$

3,464,106

$

3,464,106

$

3,464,106

$

$

Trading securities

95,306

95,306

95,306

Investment securities

 

8,431,345

 

8,067,102

 

274,869

 

7,709,615

 

82,618

Loans held for sale

318,985

319,939

319,939

Loans, net of allowance for credit losses

 

46,646,201

 

46,339,114

 

 

 

46,339,114

Accrued interest receivable

 

227,556

 

227,556

 

 

34,054

 

193,502

Mortgage servicing rights

 

85,836

 

85,836

 

 

 

85,836

SBA servicing asset

5,801

5,801

5,801

Interest rate swap – non-designated hedge

 

210,999

 

210,999

 

 

210,999

 

Other derivative financial instruments (mortgage banking related)

 

3,899

 

3,899

 

 

3,899

 

Financial liabilities:

Deposits

 

Noninterest-bearing

13,719,030

 

13,719,030

 

 

13,719,030

 

Interest-bearing other than time deposits

32,269,471

32,269,471

32,269,471

Time deposits

7,708,460

7,683,701

7,683,701

Federal funds purchased and securities sold under agreements to repurchase

 

630,558

 

630,558

 

 

630,558

 

Corporate and subordinated debentures

1,099,705

1,104,781

 

1,104,781

 

Other borrowings

 

 

 

 

 

Accrued interest payable

 

52,130

 

52,130

 

 

52,130

 

Interest rate swap – non-designated hedge

 

611,310

 

611,310

 

 

611,310

 

Other derivative financial instruments (mortgage banking related)

 

974

 

974

 

 

974

 

December 31, 2024

Financial assets:

Cash and cash equivalents

$

1,392,067

$

1,392,067

$

1,392,067

$

$

Trading securities

102,932

102,932

102,932

Investment securities

 

6,798,876

 

6,378,734

 

187,266

 

6,155,120

 

36,348

Loans held for sale

279,426

281,662

281,662

Loans, net of allowance for credit losses

 

33,437,647

 

32,448,618

 

 

 

32,448,618

Accrued interest receivable

 

163,402

 

163,402

 

 

25,035

 

138,367

Mortgage servicing rights

 

89,795

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

6,028

Interest rate swap – non-designated hedge

 

160,407

 

160,407

 

 

160,407

 

Other derivative financial instruments (mortgage banking related)

 

1,083

 

1,083

 

 

1,083

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,192,117

 

10,192,117

 

 

10,192,117

 

Interest-bearing other than time deposits

23,703,027

23,703,027

23,703,027

Time deposits

4,165,722

4,145,687

4,145,687

Federal funds purchased and securities sold under agreements to repurchase

 

514,912

 

514,912

 

 

514,912

 

Corporate and subordinated debentures

 

391,534

 

377,616

 

 

377,616

 

Accrued interest payable

 

40,739

 

40,739

 

 

40,739

 

Interest rate swap – non-designated hedge

 

878,046

 

878,046

 

 

878,046

 

Other derivative financial instruments (mortgage banking related)

1,809

1,809

 

 

1,809

 

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, 2025

$

89,795

Servicing assets that resulted from transfers of financial assets

 

4,124

Changes in fair value due to valuation inputs or assumptions

 

(4,770)

Changes in fair value due to decay

 

(3,313)

Fair value, June 30, 2025

$

85,836

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, 2025

$

6,028

Servicing assets that resulted from transfers of financial assets

889

Changes in fair value due to decay

(1,183)

Changes in fair value due to valuation inputs or assumptions

67

Fair value, June 30, 2025

$

5,801