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Estimated Fair Values (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Estimated Fair Values For Certain Financial Assets And Financial Liabilities
For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2020 and 2019. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected and accrued interest payable are considered Level 2.
The table presents the carrying values and estimated fair values for financial instruments as of December 31, 2020 and 2019.
 December 31, 2020December 31, 2019
(Dollars in thousands)Carrying valueFair valueCarrying valueFair value
Cash and due from banks$362,048 $362,048 $376,719 $376,719 
Overnight investments4,347,336 4,347,336 1,107,844 1,107,844 
Investment securities available for sale7,014,243 7,014,243 7,059,674 7,059,674 
Investment securities held to maturity2,816,982 2,838,499 30,996 30,996 
Investment in marketable equity securities91,680 91,680 82,333 82,333 
Loans held for sale124,837 124,837 67,869 67,869 
Net loans and leases32,567,661 33,298,166 28,656,355 28,878,550 
Income earned not collected145,694 145,694 123,154 123,154 
Federal Home Loan Bank stock45,392 45,392 43,039 43,039 
Mortgage and other servicing rights19,628 20,283 24,891 26,927 
Deposits with no stated maturity40,542,596 40,542,596 30,593,627 30,593,627 
Time deposits2,889,013 2,905,577 3,837,609 3,842,162 
Securities sold under customer repurchase agreements641,487 641,487 442,956 442,956 
Federal Home Loan Bank borrowings655,175 677,579 572,185 577,362 
Subordinated debt504,518 525,610 163,412 173,685 
Other borrowings88,470 89,263 148,318 149,232 
FDIC shared-loss payable15,601 15,843 112,395 114,252 
Accrued interest payable9,414 9,414 18,124 18,124 
Assets And Liabilities Carried At Fair Value On A Recurring Basis
Among BancShares’ assets and liabilities, investment securities available for sale, marketable equity securities and loans held for sale are reported at their fair values on a recurring basis. For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of December 31, 2020 and 2019.
December 31, 2020
  Fair value measurements using:
(Dollars in thousands)Fair valueLevel 1 Level 2Level 3
Assets measured at fair value
Investment securities available for sale
U.S. Treasury$499,933 $— $499,933 $— 
Government agency701,391 — 701,391 — 
Residential mortgage-backed securities4,438,103 — 4,438,103 — 
Commercial mortgage-backed securities771,537 — 771,537 — 
Corporate bonds603,279 — 286,655 316,624 
Total investment securities available for sale$7,014,243 $— $6,697,619 $316,624 
Marketable equity securities$91,680 $32,855 $58,825 — 
Loans held for sale124,837 — 124,837 — 
December 31, 2019
 Fair value measurements using:
Fair valueLevel 1 Level 2Level 3
Assets measured at fair value
Investment securities available for sale
U.S. Treasury$409,999 $— $409,999 $— 
Government agency682,772 — 682,772 — 
Residential mortgage-backed securities5,267,090 — 5,267,090 — 
Commercial mortgage-backed securities380,020 — 380,020 — 
Corporate bonds201,566 — 131,881 69,685 
State, county and municipal118,227 — 118,227 — 
Total investment securities available for sale$7,059,674 $— $6,989,989 $69,685 
Marketable equity securities$82,333 $29,458 $52,875 $— 
Loans held for sale67,869 — 67,869 — 
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes activity for Level 3 assets for the years ended December 31, 2020 and 2019:
20202019
(Dollars in thousands)Corporate bondsCorporate bonds
Beginning balance$69,685 $143,226 
Purchases(1)
242,595 35,993 
Unrealized net gains included in other comprehensive income2,898 3,891 
Amounts included in net income(336)174 
Transfers in1,782 — 
Transfers out— (112,599)
Sales / Calls— (1,000)
Ending balance$316,624 $69,685 
(1) The year ended December 31, 2019, includes Corporate bonds of $500 thousand acquired in Entegra transaction.
Fair Value Level 3 Significant Unobservable Input Assumptions
The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at December 31, 2020.
(Dollars in thousands)December 31, 2020
Level 3 assetsValuation techniqueSignificant unobservable inputFair Value
Corporate bondsIndicative bid provided by brokerMultiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer$316,624 
Fair Value Option
The following table summarizes the difference between the aggregate fair value and the unpaid principal balance for residential real estate loans originated for sale measured at fair value as of December 31, 2020 and 2019.
December 31, 2020
(Dollars in thousands)Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$124,837 $118,902 $5,935 
December 31, 2019
Fair ValueUnpaid Principal BalanceDifference
Originated loans held for sale$67,869 $65,697 $2,172 
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis
For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of December 31, 2020 and December 31, 2019.
December 31, 2020
  Fair value measurements using:
(Dollars in thousands)Fair valueLevel 1 Level 2 Level 3
Collateral-dependent loans11,779 — — 11,779 
Other real estate remeasured during the year40,115 — — 40,115 
Mortgage servicing rights16,966 — — 16,966 
December 31, 2019
 Fair value measurements using:
Fair valueLevel 1 Level 2 Level 3
Impaired loans$132,336 $— $— $132,336 
Other real estate remeasured during the year38,310 — — 38,310 
Mortgage servicing rights3,757 — — 3,757