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FAIR VALUE MEASURES (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Loans Held For Sale Fair Value
The Company's loans held for sale under the fair value option are comprised of the following:

(dollars in thousands)March 31, 2022December 31, 2021
Mortgage loans held for sale$899,009 $1,247,997 
SBA loans held for sale2,541 6,635 
Total loans held for sale$901,550 $1,254,632 
Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value
The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2022 and December 31, 2021:

(dollars in thousands) 
March 31, 2022December 31, 2021
Aggregate fair value of mortgage loans held for sale$899,009 $1,247,997 
Aggregate unpaid principal balance of mortgage loans held for sale906,552 1,211,646 
Past-due loans of 90 days or more466 746 
Nonaccrual loans466 746 
Unpaid principal balance of nonaccrual loans475 718 

The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of March 31, 2022 and December 31, 2021:

(dollars in thousands) 
March 31, 2022December 31, 2021
Aggregate fair value of SBA loans held for sale$2,541 $6,635 
Aggregate unpaid principal balance of SBA loans held for sale2,427 5,825 
Past-due loans of 90 days or more— — 
Nonaccrual loans— — 
Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2022 and December 31, 2021:

Recurring Basis
Fair Value Measurements
 March 31, 2022
(dollars in thousands) 
Fair ValueLevel 1Level 2Level 3
Financial assets:    
Investment securities available-for-sale:
U.S. government sponsored agencies$7,072 $— $7,072 $— 
State, county and municipal securities43,844 — 43,844 — 
Corporate debt securities28,178 — 26,828 1,350 
SBA pool securities36,949 — 36,949 — 
Mortgage-backed securities463,161 — 463,161 — 
Loans held for sale901,550 — 901,550 — 
Mortgage banking derivative instruments37,182 — 37,182 — 
Total recurring assets at fair value$1,517,936 $— $1,516,586 $1,350 

Recurring Basis
Fair Value Measurements
 December 31, 2021
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
Financial assets:    
Investment securities available-for-sale:
U.S. government sponsored agencies$7,172 $— $7,172 $— 
State, county and municipal securities47,812 — 47,812 — 
Corporate debt securities28,496 — 27,116 1,380 
SBA pool securities45,201 — 45,201 — 
Mortgage-backed securities463,940 — 463,940 — 
Loans held for sale1,254,632 — 1,254,632 — 
Mortgage banking derivative instruments11,940 — 11,940 — 
Total recurring assets at fair value$1,859,193 $— $1,857,813 $1,380 
Financial liabilities:    
Mortgage banking derivative instruments$710 $— $710 $— 
Total recurring liabilities at fair value$710 $— $710 $— 
Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis
The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of March 31, 2022 and December 31, 2021:

 Nonrecurring Basis
Fair Value Measurements
(dollars in thousands)Fair ValueLevel 1Level 2Level 3
March 31, 2022    
Collateral-dependent loans$25,510 $— $— $25,510 
Other real estate owned399 — — 399 
Mortgage servicing rights232,236 — — 232,236 
Total nonrecurring assets at fair value$258,145 $— $— $258,145 
December 31, 2021    
Collateral-dependent loans$44,181 $— $— $44,181 
Mortgage servicing rights206,944 — — 206,944 
Total nonrecurring assets at fair value$251,125 $— $— $251,125 
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities
The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

(dollars in thousands)Fair ValueValuation
Technique		Unobservable InputsRange of
Discounts		Weighted
Average
Discount
March 31, 2022     
Recurring:     
Debt securities available-for-sale$1,350 Discounted par valuesDiscount rate10.0%10.0%
Nonrecurring:     
Collateral-dependent loans$25,510 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
0% - 50%
34%
Other real estate owned$399 Third-party appraisals and sales contractsCollateral discounts and estimated
costs to sell
15% - 47%
21%
Mortgage servicing rights$232,236 Discounted cash flowsDiscount rate
10% - 11%
10%
Prepayment speed
5% - 23%
8%
December 31, 2021     
Recurring:     
Debt securities available-for-sale$1,380 Discounted par valuesDiscount Rate8.0%8.0%
Nonrecurring:    
Collateral-dependent loans$44,181 Third-party appraisals and discounted cash flowsCollateral discounts and
discount rates
0% - 50%
39%
Mortgage servicing rights$206,944 Discounted cash flowsDiscount rate
9% - 10%
9%
Prepayment speed
10% - 40%
13%
Carrying Amount and Estimated Fair Value of Financial Instruments
The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:

Fair Value Measurements
  March 31, 2022
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$257,316 $257,316 $— $— $257,316 
Federal funds sold and interest-bearing accounts3,541,144 3,541,144 — — 3,541,144 
Debt securities held-to-maturity91,454 — 82,489 — 82,489 
Loans, net15,957,040 — — 15,927,461 15,927,461 
Accrued interest receivable53,036 — 2,598 50,438 53,036 
Financial liabilities:     
Deposits19,588,441 — 19,590,158 — 19,590,158 
Securities sold under agreements to repurchase2,065 2,065 — — 2,065 
Other borrowings425,520 — 431,131 — 431,131 
Subordinated deferrable interest debentures126,827 — 117,196 — 117,196 
Accrued interest payable6,121 — 6,121 — 6,121 

Fair Value Measurements
  December 31, 2021
(dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial assets:     
Cash and due from banks$307,813 $307,813 $— $— $307,813 
Federal funds sold and interest-bearing accounts3,756,844 3,756,844 — — 3,756,844 
Debt securities held-to-maturity79,850 — 78,206 — 78,206 
Loans, net15,662,495 — — 15,509,410 15,509,410 
Accrued interest receivable56,917 — 2,373 54,544 56,917 
Financial liabilities:     
Deposits19,665,553 — 19,667,612 — 19,667,612 
Securities sold under agreements to repurchase5,845 5,845 — — 5,845 
Other borrowings739,879 — 760,829 — 760,829 
Subordinated deferrable interest debentures126,328 — 117,764 — 117,764 
Accrued interest payable4,313 — 4,313 — 4,313