Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis

	Visa Derivative
(dollars in thousands)	2022		2021
Three Months Ended March 31,
Balance as of January 1,	$	(5,530)	$	(4,554)
Total net (losses) gains included in other noninterest income		(1,480)		26
Settlements		1,216		1,146
Balance as of March 31,	$	(5,794)	$	(3,382)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of March 31,	$	(1,480)	$	26

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

	March 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,626,160	$	274,022	$	1,352,138	$	—	$	1,626,160
Loans(1)		12,668,573		—		—		12,447,576		12,447,576
Financial liabilities:
Time deposits(2)	$	1,701,838	$	—	$	1,681,170	$	—	$	1,681,170

	December 31, 2021
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,258,469	$	246,716	$	1,011,753	$	—	$	1,258,469
Loans held for sale		538		—		542		—		542
Loans(1)		12,730,605		—		—		12,791,811		12,791,811
Financial liabilities:
Time deposits(2)	$	1,776,438	$	—	$	1,773,321	$	—	$	1,773,321

(1) Excludes financing leases of $223.2 million at March 31, 2022 and $231.4 million at December 31, 2021.

(2) Excludes deposit liabilities with no defined or contractual maturity of $20.6 billion as of March 31, 2022 and $20.0 billion as of December 31, 2021.

Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis

	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(5,794)	Discounted Cash Flow	Expected Conversation Rate - 1.6181(1)	1.5885-1.6181
				Expected Term - 1 year(2)	0.5 to 1.5 years
				Growth Rate - 26%(3)	10% - 38%

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(5,530)	Discounted Cash Flow	Expected Conversation Rate - 1.6181(1)	1.5885-1.6181
				Expected Term - 1 year(2)	0.5 to 1.5 years
				Growth Rate - 26%(3)	10% - 38%

(1) Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.

(2) The expected term of 1 year was based on the median of 0.5 to 1.5 years.

(3) The growth rate was based on the arithmetic average of analyst price targets.