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Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2021

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.


	Carrying Value at March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Mortgage-backed securities	$	2,191,338	$	-	$	2,191,338	$	-
CMO/REMIC		590,166		-		590,166		-
Municipal bonds		29,886		-		29,886		-
Other securities		958		-		958		-

Total investment securities - AFS		2,812,348		-		2,812,348		-
Interest rate swaps		14,692		-		14,692		-

Total assets	$	2,827,040	$	-	$	2,827,040	$	-

Description of liability
Interest rate swaps	$	14,692	$	-	$	14,692	$	-

Total liabilities	$	14,692	$	-	$	14,692	$	-


	Carrying Value at December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Mortgage-backed securities	$	1,904,935	$	-	$	1,904,935	$	-
CMO/REMIC		462,814		-		462,814		-
Municipal bonds		30,285		-		30,285		-
Other securities		889		-		889		-

Total investment securities - AFS		2,398,923		-		2,398,923		-
Interest rate swaps		30,181		-		30,181		-

Total assets	$	2,429,104	$	-	$	2,429,104	$	-

Description of liability
Interest rate swaps	$	30,181	$	-	$	30,181	$	-

Total liabilities	$	30,181	$	-	$	30,181	$	-

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.


	Carrying Value at March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For the Three Months Ended March 31, 2021
	(Dollars in thousands)
Description of assets
Loans:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Construction		-		-		-		-		-
SBA		97		-		-		97		19
Commercial and industrial		2,248		-		-		2,248		307
Dairy & livestock and agribusiness		260		-		-		260		102
Municipal lease finance receivables		-		-		-		-		-
SFR mortgage		-		-		-		-		-
Consumer and other loans		-		-		-		-		-
Other real estate owned		-		-		-		-		-
Asset held-for-sale		-		-		-		-		-

Total assets	$	2,605	$	-	$	-	$	2,605	$	428


	Carrying Value at December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses For the Year Ended December 31, 2020
	(Dollars in thousands)
Description of assets
Loans:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Construction		-		-		-		-		-
SBA		76		-		-		76		24
Commercial and industrial		4,266		-		-		4,266		2,316
Dairy & livestock and agribusiness		-		-		-		-		-
Municipal lease finance receivables		-		-		-		-		-
SFR mortgage		-		-		-		-		-
Consumer and other loans		-		-		-		-		-
Other real estate owned		2,275		-		-		2,275		700
Asset held-for-sale		-		-		-		-		-

Total assets	$	6,617	$	-	$	-	$	6,617	$	3,040

Estimated Fair Value of Financial Instruments

The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of March 31, 2021 and December 31, 2020, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.


	March 31, 2021
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	1,525,299	$	1,525,299	$	-	$	-	$	1,525,299
Interest-earning balances due from depository institutions		27,748		-		27,748		-		27,748
Investment securities available-for-sale		2,812,348		-		2,812,348		-		2,812,348
Investment securities held-to-maturity		1,086,984		-		1,085,481		-		1,085,481
Total loans, net of allowance for credit losses		8,221,252		-		-		8,231,707		8,231,707
Swaps		14,692		-		14,692		-		14,692
Liabilities
Deposits:
Interest-bearing	$	4,500,816	$	-	$	4,500,611	$	-	$	4,500,611
Borrowings		511,346		-		504,563		-		504,563
Junior subordinated debentures		25,774		-		-		20,351		20,351
Swaps		14,692		-		14,692		-		14,692


	December 31, 2020
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	1,958,160	$	1,958,160	$	-	$	-	$	1,958,160
Interest-earning balances due from depository institutions		43,563		-		43,600		-		43,600
Investment securities available-for-sale		2,398,923		-		2,398,923		-		2,398,923
Investment securities held-to-maturity		578,626		-		604,223		-		604,223
Total loans, net of allowance for credit losses		8,255,116		-		-		8,256,178		8,256,178
Swaps		30,181		-		30,181		-		30,181
Liabilities
Deposits:
Interest-bearing	$	4,281,114	$	-	$	4,281,952	$	-	$	4,281,952
Borrowings		444,406		-		444,349		-		444,349
Junior subordinated debentures		25,774		-		-		19,431		19,431
Swaps		30,181		-		30,181		-		30,181