Fair Value Disclosures (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of assets and liabilities measured at fair value |
Assets and liabilities measured at fair value are as follows: | | | | | | | | | | | | | | Fair Value Measurements Using | (in thousands) | Level 1 | | Level 2 | | Level 3 | June 30, 2020 | | | | | | Available-for-sale debt securities:(1) | | | | | | Residential mortgage-backed securities | $ | — |
| | $ | 4,462 |
| | $ | — |
| Tax-exempt asset-backed securities | — |
| | — |
| | 191,417 |
| CRT securities | — |
| | — |
| | 10,953 |
| Equity securities(1)(2) | 20,862 |
| | 7,275 |
| | — |
| Loans held for sale(3) | — |
| | 448,422 |
| | 6,159 |
| Loans held for investment(4) | — |
| | — |
| | 72,629 |
| Derivative assets(5) | — |
| | 143,050 |
| | — |
| Derivative liabilities(5) | — |
| | 126,542 |
| | — |
| Non-qualified deferred compensation plan liabilities(6) | 21,462 |
| | — |
| | — |
| | | | | | | December 31, 2019 | | | | | | Available-for-sale debt securities:(1) | | | | | | Residential mortgage-backed securities | $ | — |
| | $ | 5,266 |
| | $ | — |
| Tax-exempt asset-backed securities | — |
| | — |
| | 197,027 |
| CRT securities | — |
| | — |
| | 11,964 |
| Equity securities(1)(2) | 18,484 |
| | 7,130 |
| | — |
| Loans held for sale(3) | — |
| | 2,564,281 |
| | 7,043 |
| Loans held for investment(4) | — |
| | — |
| | 109,585 |
| Derivative assets(5) | — |
| | 48,684 |
| | — |
| Derivative liabilities(5) | — |
| | 51,310 |
| | — |
| Non-qualified deferred compensation plan liabilities(6) | 18,484 |
| | — |
| | — |
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| | (1) | Securities are measured at fair value on a recurring basis, generally monthly, except for tax-exempt asset-backed securities and CRT securities which are measured quarterly. |
| | (2) | Equity securities consist of Community Reinvestment Act funds and investments related to our non-qualified deferred compensation plan. |
| | (3) | Loans held for sale purchased through our MCA program are measured at fair value on a recurring basis, generally monthly. |
| | (4) | Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. |
| | (5) | Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. |
(6) Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly.
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table presents a reconciliation of the level 3 fair value category measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Realized/Unrealized Gains (Losses) | | | (in thousands) | Balance at Beginning of Period | | Purchases / Additions | | Sales / Reductions | | Realized | | Unrealized | | Balance at End of Period | Three months ended June 30, 2020 | | | | | | | | | | | | Available-for-sale debt securities:(1) | | | | | | | | | | | | Tax-exempt asset-backed securities | $ | 191,474 |
| | $ | 8,470 |
| | $ | (132 | ) | | $ | — |
| | $ | (8,395 | ) | | $ | 191,417 |
| CRT securities | $ | 8,015 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2,938 |
| | $ | 10,953 |
| Loans held for sale(2) | $ | 6,694 |
| | $ | 107 |
| | $ | (780 | ) | | $ | 88 |
| | $ | 50 |
| | $ | 6,159 |
| Three months ended June 30, 2019 | | | | | | | | | | | | Available-for-sale debt securities:(1) | | | | | | | | | | | | Tax-exempt asset-backed securities | $ | 191,844 |
| | $ | — |
| | $ | (138 | ) | | $ | — |
| | $ | 9,633 |
| | $ | 201,339 |
| CRT securities | $ | 10,637 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 316 |
| | $ | 10,953 |
| Loans held for sale(2) | $ | 13,046 |
| | $ | — |
| | $ | (2,532 | ) | | $ | 132 |
| | $ | 284 |
| | $ | 10,930 |
| | | | | | | | | | | | | Six months ended June 30, 2020 | | | | | | | | | | | | Available-for-sale debt securities:(1) | | | | | | | | | | | | Tax-exempt asset-backed securities | $ | 197,027 |
| | $ | 8,470 |
| | $ | (4,485 | ) | | $ | — |
| | $ | (9,595 | ) | | $ | 191,417 |
| CRT securities | $ | 11,964 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1,011 | ) | | $ | 10,953 |
| Loans held for sale(2) | $ | 7,043 |
| | $ | 320 |
| | $ | (1,464 | ) | | $ | 116 |
| | $ | 144 |
| | $ | 6,159 |
| Six months ended June 30, 2019 | | | | | | | | | | | | Available-for-sale debt securities:(1) | | | | | | | | | | | | Tax-exempt asset-backed securities | $ | 95,804 |
| | $ | 92,010 |
| | $ | (138 | ) | | $ | — |
| | $ | 13,663 |
| | $ | 201,339 |
| CRT securities | $ | — |
| | $ | 15,044 |
| | $ | — |
| | $ | (331 | ) | | $ | (3,760 | ) | | $ | 10,953 |
| Loans held for sale(2) | $ | 16,415 |
| | $ | — |
| | $ | (6,410 | ) | | $ | 348 |
| | $ | 577 |
| | $ | 10,930 |
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| | (1) | Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI and relate to assets that remain outstanding at June period end. Realized gains/(losses) are recorded in other non-interest income. |
(2) Realized and unrealized gains/(losses) on loans held for sale are recorded in gain/(loss) on sale of loans held for sale.
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| Summary of the carrying amounts and estimated fair values of financial instruments |
A summary of the carrying amounts and estimated fair values of financial instruments is as follows: | | | | | | | | | | | | | | | | | | June 30, 2020 | | December 31, 2019 | (in thousands) | Carrying Amount | | Estimated Fair Value | | Carrying
Amount | | Estimated
Fair Value | Financial assets: | | | | | | | | Level 1 inputs: | | | | | | | | Cash and cash equivalents | $ | 9,716,584 |
| | $ | 9,716,584 |
| | $ | 4,425,583 |
| | $ | 4,425,583 |
| Investment securities | 20,862 |
| | 20,862 |
| | 18,484 |
| | 18,484 |
| Level 2 inputs: | | | | | | | | Investment securities | 11,737 |
| | 11,737 |
| | 12,396 |
| | 12,396 |
| Loans held for sale | 448,422 |
| | 448,422 |
| | 2,570,091 |
| | 2,570,091 |
| Derivative assets | 143,050 |
| | 143,050 |
| | 48,684 |
| | 48,684 |
| Level 3 inputs: | | | | | | | | Investment securities | 202,370 |
| | 202,370 |
| | 208,991 |
| | 208,991 |
| Loans held for sale | 6,159 |
| | 6,159 |
| | 7,043 |
| | 7,043 |
| Loans held for investment, net | 25,260,107 |
| | 25,249,741 |
| | 24,451,215 |
| | 24,478,586 |
| Financial liabilities: | | | | | | | | Level 2 inputs: | | | | | | | | Federal funds purchased | 189,030 |
| | 189,030 |
| | 132,270 |
| | 132,270 |
| Customer repurchase agreements | 6,760 |
| | 6,760 |
| | 9,496 |
| | 9,496 |
| Other borrowings | 2,700,000 |
| | 2,700,000 |
| | 2,400,000 |
| | 2,400,000 |
| Subordinated notes | 282,309 |
| | 291,821 |
| | 282,129 |
| | 292,302 |
| Trust preferred subordinated debentures | 113,406 |
| | 113,406 |
| | 113,406 |
| | 113,406 |
| Derivative liabilities | 126,542 |
| | 126,542 |
| | 51,310 |
| | 51,310 |
| Level 3 inputs: | | | | | | | | Deposits | 30,187,695 |
| | 30,192,842 |
| | 26,478,593 |
| | 26,486,090 |
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