Fair value of financial instruments (Tables)
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12 Months Ended |
Dec. 31, 2020 |
| Fair Value Disclosures [Abstract] |
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| Schedule of Estimated Fair Values and Carrying Values of Financial Instruments |
The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Items which are not financial instruments are not included. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | December 31, 2020 | | Carrying amount | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets: | | | | | | | | | | | | Cash and cash equivalents | | $ | 1,317,898 | | | $ | 1,317,898 | | | $ | — | | | $ | — | | | $ | 1,317,898 | | | Investment securities | | 1,176,991 | | | — | | | 1,176,991 | | | — | | | 1,176,991 | | |
| Loans, net | | 6,912,570 | | | — | | | — | | | 7,058,693 | | | 7,058,693 | | | Loans held for sale | | 899,173 | | | — | | | 683,770 | | | 215,403 | | | 899,173 | | | Interest receivable | | 43,603 | | | 33 | | | 5,254 | | | 38,316 | | | 43,603 | | | Mortgage servicing rights | | 79,997 | | | — | | | — | | | 79,997 | | | 79,997 | | | Derivatives | | 68,938 | | | — | | | 68,938 | | | — | | | 68,938 | | | Financial liabilities: | | | | | | | | | | | | Deposits: | | | | | | | | | | | | Without stated maturities | | $ | 8,020,783 | | | $ | 8,020,783 | | | $ | — | | | $ | — | | | $ | 8,020,783 | | | With stated maturities | | 1,437,254 | | | — | | | 1,446,605 | | | — | | | 1,446,605 | | Securities sold under agreement to repurchase and federal funds sold | | 32,199 | | | 32,199 | | | — | | | — | | | 32,199 | | |
| Subordinated debt | | 189,527 | | | — | | | — | | | 192,149 | | | 192,149 | | | Other borrowings | | 16,598 | | | — | | | 16,598 | | | — | | | 16,598 | | | Interest payable | | 6,772 | | | 327 | | | 4,210 | | | 2,235 | | | 6,772 | | | Derivatives | | 48,242 | | | — | | | 48,242 | | | — | | | 48,242 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | December 31, 2019 | | Carrying amount | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets: | | | | | | | | | | | | Cash and cash equivalents | | $ | 232,681 | | | $ | 232,681 | | | $ | — | | | $ | — | | | $ | 232,681 | | | Investment securities | | 691,676 | | | — | | | 691,676 | | | — | | | 691,676 | | |
| Loans, net | | 4,378,503 | | | — | | | — | | | 4,363,903 | | | 4,363,903 | | | Loans held for sale | | 262,518 | | | — | | | 262,518 | | | — | | | 262,518 | | | Interest receivable | | 17,083 | | | — | | | 3,282 | | | 13,801 | | | 17,083 | | | Mortgage servicing rights | | 75,521 | | | — | | | — | | | 75,521 | | | 75,521 | | | Derivatives | | 21,981 | | | — | | | 21,981 | | | — | | | 21,981 | | | Financial liabilities: | | | | | | | | | | | | Deposits: | | | | | | | | | | | | Without stated maturities | | $ | 3,743,085 | | | $ | 3,743,085 | | | $ | — | | | $ | — | | | $ | 3,743,085 | | | With stated maturities | | 1,191,853 | | | — | | | 1,200,145 | | | — | | | 1,200,145 | | Securities sold under agreement to repurchase and federal funds sold | | 23,745 | | | 23,745 | | | — | | | — | | | 23,745 | | | Federal Home Loan Bank advances | | 250,000 | | | — | | | 250,213 | | | — | | | 250,213 | | | Subordinated debt | | 30,930 | | | — | | | 29,706 | | | — | | | 29,706 | | | Interest payable | | 6,465 | | | 376 | | | 6,089 | | | — | | | 6,465 | | | Derivatives | | 17,933 | | | — | | | 17,933 | | | — | | | 17,933 | |
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| Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis |
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2020 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Quoted prices in active markets for identical assets (liabilities) (level 1) | | Significant other observable inputs (level 2) | | Significant unobservable inputs (level 3) | | Total | | Recurring valuations: | | | | | | | | | | Financial assets: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | U.S. government agency securities | | $ | — | | | $ | 2,003 | | | $ | — | | | $ | 2,003 | | | Mortgage-backed securities - residential | | — | | | 773,336 | | | — | | | 773,336 | | | Mortgage-backed securities - commercial | | — | | | 21,588 | | | — | | | 21,588 | | | Municipals, tax-exempt | | — | | | 356,329 | | | — | | | 356,329 | | | Treasury securities | | — | | | 16,628 | | | — | | | 16,628 | | | Corporate securities | | — | | | 2,516 | | | — | | | 2,516 | | | Equity securities | | — | | | 4,591 | | | — | | | 4,591 | | | Total | | $ | — | | | $ | 1,176,991 | | | $ | — | | | $ | 1,176,991 | | | Loans held for sale | | $ | — | | | $ | 683,770 | | | $ | 215,403 | | | $ | 899,173 | | | Mortgage servicing rights | | — | | | — | | | 79,997 | | | 79,997 | | | Derivatives | | — | | | 68,938 | | | — | | | 68,938 | | | Financial Liabilities: | | | | | | | | | | Derivatives | | — | | | 48,242 | | | — | | | 48,242 | |
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2019 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2019 | | Quoted prices in active markets for identical assets (liabilities) (level 1) | | Significant other observable inputs (level 2) | | Significant unobservable inputs (level 3) | | Total | | Recurring valuations: | | | | | | | | | | Financial assets: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | |
| Mortgage-backed securities - residential | | $ | — | | | $ | 477,312 | | | $ | — | | | $ | 477,312 | | | Mortgage-backed securities - commercial | | — | | | 13,364 | | | — | | | 13,364 | | | Municipals, tax-exempt | | — | | | 189,235 | | | — | | | 189,235 | | | Treasury securities | | — | | | 7,448 | | | — | | | 7,448 | | | Corporate securities | | — | | | 1,022 | | | — | | | 1,022 | | | Equity securities | | — | | | 3,295 | | | — | | | 3,295 | | | Total | | $ | — | | | $ | 691,676 | | | $ | — | | | $ | 691,676 | | | Loans held for sale | | $ | — | | | $ | 262,518 | | | $ | — | | | $ | 262,518 | | | Mortgage servicing rights | | — | | | — | | | 75,521 | | | 75,521 | | | Derivatives | | — | | | 21,981 | | | — | | | 21,981 | | | Financial Liabilities: | | | | | | | | | | Derivatives | | — | | | 17,933 | | | — | | | 17,933 | |
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| Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis |
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2020 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2020 | | Quoted prices in active markets for identical assets (liabilities (level 1) | | Significant other observable inputs (level 2) | | Significant unobservable inputs (level 3) | | Total | | Non-recurring valuations: | | | | | | | | | | Financial assets: | | | | | | | | | | Other real estate owned | | $ | — | | | $ | — | | | $ | 6,662 | | | $ | 6,662 | | | Collateral dependent loans: | | | | | | | | | | Commercial and industrial | | $ | — | | | $ | — | | | $ | 1,728 | | | $ | 1,728 | | | Construction | | — | | | — | | | 3,877 | | | 3,877 | | | Residential real estate: | | | | | | | | | | 1-4 family mortgage | | — | | | — | | | 226 | | | 226 | | | Residential line of credit | | — | | | — | | | 1,174 | | | 1,174 | | | Commercial real estate: | | | | | | | | | |
| Non-owner occupied | | — | | | — | | | 3,391 | | | 3,391 | | | Consumer and other | | — | | | — | | | 8,164 | | | 8,164 | | | Total collateral dependent loans | | $ | — | | | $ | — | | | $ | 18,560 | | | $ | 18,560 | |
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2019 are presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2019 | | Quoted prices in active markets for identical assets (liabilities) (level 1) | | Significant other observable inputs (level 2) | | Significant unobservable inputs (level 3) | | Total | | Non-recurring valuations: | | | | | | | | | | Financial assets: | | | | | | | | | | Other real estate owned | | $ | — | | | $ | — | | | $ | 9,774 | | | $ | 9,774 | | Impaired Loans (1): | | | | | | | | | | Commercial and industrial | | $ | — | | | $ | — | | | $ | 6,481 | | | $ | 6,481 | | |
| Residential real estate: | | | | | | | | | | 1-4 family mortgage | | — | | | — | | | 378 | | | 378 | | | Residential line of credit | | — | | | — | | | 321 | | | 321 | | | Commercial real estate: | | | | | | | | | | Owner occupied | | — | | | — | | | 951 | | | 951 | | | Non-owner occupied | | — | | | — | | | 2,560 | | | 2,560 | | |
| Total | | $ | — | | | $ | — | | | $ | 10,691 | | | $ | 10,691 | |
(1) Includes both impaired non-purchased loans and collateral-dependent PCI loans.
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| Schedule of Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis |
The following table presents information as of December 31, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial instrument | | Fair Value | | Valuation technique | | Significant Unobservable inputs | | Range of inputs | | Collateral dependent loans | | $ | 18,560 | | | Valuation of collateral | | Discount for comparable sales | | 0%-30% | | Other real estate owned | | $ | 6,662 | | | Appraised value of property less costs to sell | | Discount for costs to sell | | 0%-15% |
The following table presents information as of December 31, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial instrument | | Fair Value | | Valuation technique | | Significant Unobservable inputs | | Range of inputs | Impaired loans (1) | | $ | 10,691 | | | Valuation of collateral | | Discount for comparable sales | | 0%-30% | | Other real estate owned | | $ | 9,774 | | | Appraised value of property less costs to sell | | Discount for costs to sell | | 0%-15% |
(1) Includes both impaired non-purchased loans and collateral-dependent PCI loans.
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| Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value |
The following table summarizes the differences between the fair value and the principal balance for loans held for sale and nonaccrual loans measured at fair value as of December 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Aggregate fair value | | Aggregate Unpaid Principal Balance | | Difference | | Mortgage loans held for sale measured at fair value | | $ | 683,770 | | | $ | 651,887 | | | $ | 31,883 | | | Commercial loans held for sale measured at fair value | | 208,914 | | | 226,867 | | | (17,953) | | | Past due loans of 90 days or more | | 83 | | | 163 | | | (80) | | | Nonaccrual loans | | 6,406 | | | 12,033 | | | (5,627) | | | | | | | | | | December 31, 2019 | | | | | | | | Mortgage loans held for sale measured at fair value | | $ | 262,518 | | | $ | 254,868 | | | $ | 7,650 | | | Past due loans of 90 days or more | | — | | | — | | | — | | | Nonaccrual loans | | — | | | — | | | — | |
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