| Balances of Commitments and Contingencies |
The following table presents the balances of commitments and contingencies as of the following dates (dollars in thousands):
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September 30, 2023 |
|
December 31, 2022 |
Commitments with off-balance sheet risk: |
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|
|
|
|
Commitments to extend credit(1) |
|
$ |
5,600,928 |
|
$ |
5,229,252 |
Letters of credit |
|
|
146,178 |
|
|
156,459 |
Total commitments with off-balance sheet risk |
|
$ |
5,747,106 |
|
$ |
5,385,711 |
(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 September 30, 2023 and December 31, 2022 (dollars in thousands):
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Pledged Assets as of September 30, 2023 |
|
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|
|
|
|
|
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AFS |
|
HTM |
|
|
|
|
|
|
|
|
Cash |
|
Securities (1) |
|
Securities (1) |
|
Loans (2) |
|
Total |
Public deposits |
|
$ |
— |
|
$ |
686,217 |
|
$ |
580,172 |
|
$ |
— |
|
$ |
1,266,389 |
Repurchase agreements |
|
|
— |
|
|
142,537 |
|
|
— |
|
|
— |
|
|
142,537 |
FHLB advances |
|
|
— |
|
|
51,084 |
|
|
— |
|
|
3,073,097 |
|
|
3,124,181 |
Derivatives |
|
|
210,977 |
|
|
59,568 |
|
|
— |
|
|
— |
|
|
270,545 |
Fed Funds (3) |
|
|
— |
|
|
392,491 |
|
|
16,444 |
|
|
452,649 |
|
|
861,584 |
Other purposes |
|
|
— |
|
|
15,248 |
|
|
— |
|
|
— |
|
|
15,248 |
Total pledged assets |
|
$ |
210,977 |
|
$ |
1,347,145 |
|
$ |
596,616 |
|
$ |
3,525,746 |
|
$ |
5,680,484 |
(1) Balance represents market value.
(2) Balance represents carrying value.
(3) Includes AFS and HTM securities pledged under the BTFP program.
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|
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Pledged Assets as of December 31, 2022 |
|
|
|
|
|
|
|
|
AFS |
|
HTM |
|
|
|
|
|
|
|
|
Cash |
|
Securities (1) |
|
Securities (1) |
|
Loans (2) |
|
Total |
Public deposits |
|
$ |
— |
|
$ |
713,761 |
|
$ |
579,550 |
|
$ |
— |
|
$ |
1,293,311 |
Repurchase agreements |
|
|
— |
|
|
159,221 |
|
|
— |
|
|
— |
|
|
159,221 |
FHLB advances |
|
|
— |
|
|
36,039 |
|
|
— |
|
|
2,679,316 |
|
|
2,715,355 |
Derivatives |
|
|
196,180 |
|
|
57,114 |
|
|
— |
|
|
— |
|
|
253,294 |
Fed Funds |
|
|
— |
|
|
— |
|
|
— |
|
|
458,680 |
|
|
458,680 |
Other purposes |
|
|
— |
|
|
27,311 |
|
|
865 |
|
|
— |
|
|
28,176 |
Total pledged assets |
|
$ |
196,180 |
|
$ |
993,446 |
|
$ |
580,415 |
|
$ |
3,137,996 |
|
$ |
4,908,037 |
(1) Balance represents market value.
(2) Balance represents book value.
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