| Balances of Commitments and Contingencies |
The following table presents the balances of commitments and contingencies as of December 31, (dollars in thousands):
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2020 |
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2019 |
Commitments with off-balance sheet risk: |
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Commitments to extend credit (1) |
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$ |
4,722,412 |
|
$ |
4,691,272 |
Letters of credit |
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|
161,827 |
|
|
209,658 |
Total commitments with off-balance sheet risk |
|
$ |
4,884,239 |
|
$ |
4,900,930 |
(1) Includes unfunded overdraft protection. |
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| Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position |
As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at December 31, 2020 and 2019 (dollars in thousands):
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Pledged Assets as of December 31, 2020 |
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AFS |
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HTM |
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Cash |
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Securities (1) |
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Securities (1) |
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Loans (2) |
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Total |
Public deposits |
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$ |
— |
|
$ |
469,864 |
|
$ |
436,449 |
|
$ |
— |
|
$ |
906,313 |
Repurchase agreements |
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— |
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|
116,876 |
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— |
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— |
|
|
116,876 |
FHLB advances |
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— |
|
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52,323 |
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— |
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4,374,383 |
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|
4,426,706 |
Derivatives |
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|
251,047 |
|
|
785 |
|
|
— |
|
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— |
|
|
251,832 |
Fed Funds |
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|
— |
|
|
— |
|
|
— |
|
|
340,847 |
|
|
340,847 |
Other purposes |
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— |
|
|
123,388 |
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|
8,634 |
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— |
|
|
132,022 |
Total pledged assets |
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$ |
251,047 |
|
$ |
763,236 |
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$ |
445,083 |
|
$ |
4,715,230 |
|
$ |
6,174,596 |
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(1) Balance represents market value. |
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(2) Balance represents book value. |
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Pledged Assets as of December 31, 2019 |
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AFS |
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HTM |
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Cash |
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Securities (1) |
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Securities (1) |
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Loans (2) |
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Total |
Public deposits |
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$ |
— |
|
$ |
467,266 |
|
$ |
292,096 |
|
$ |
— |
|
$ |
759,362 |
Repurchase agreements |
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— |
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|
79,299 |
|
|
7,602 |
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— |
|
|
86,901 |
FHLB advances |
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— |
|
|
63,812 |
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— |
|
|
3,846,934 |
|
|
3,910,746 |
Derivatives |
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|
116,839 |
|
|
1,260 |
|
|
— |
|
|
— |
|
|
118,099 |
Fed Funds |
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|
— |
|
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— |
|
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— |
|
|
292,738 |
|
|
292,738 |
Other purposes |
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— |
|
|
122,358 |
|
|
10,654 |
|
|
— |
|
|
133,012 |
Total pledged assets |
|
$ |
116,839 |
|
$ |
733,995 |
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$ |
310,352 |
|
$ |
4,139,672 |
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$ |
5,300,858 |
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(1) Balance represents book value. |
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(2) Balance represents market value. |
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