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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair value, assets measured on recurring basis
The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
Fair Value Measurements as of
June 30, 2022
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available-for-sale:
Agency residential MBS$2,577,715 $— $2,577,715 $— 
Agency commercial MBS976,221 — 976,221 — 
Agency residential CMOs803,309 — 803,309 — 
Municipal securities700,605 — 700,605 — 
U.S. Treasury securities696,054 696,054 — — 
Corporate debt securities369,461 — 369,461 — 
Collateralized loan obligations352,290 — 352,290 — 
Private label residential CMOs216,103 — 216,103 — 
Asset-backed securities32,647 — 32,647 — 
Private label commercial MBS32,516 — 32,516 — 
SBA securities23,727 — 23,727 — 
Total securities available-for-sale$6,780,648 $696,054 $6,084,594 $— 
Equity investments with readily determinable fair values$57 $57 $— $— 
Derivatives (1):
Equity warrants 4,001 — — 4,001 
Interest rate and economic contracts4,829 — 4,829 — 
Derivative liabilities 4,008 — 4,008 — 
Fair Value Measurements as of
December 31, 2021
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available-for-sale:
Agency residential MBS$2,898,210 $— $2,898,210 $— 
Municipal securities2,315,968 — 2,315,968 — 
Agency commercial MBS1,688,967 — 1,688,967 — 
Agency residential CMOs1,038,134 — 1,038,134 — 
U.S. Treasury securities966,898 966,898 — — 
Corporate debt securities527,094 — 527,094 — 
Private label commercial MBS450,217 — 435,216 15,001 
Collateralized loan obligations385,362 — 385,362 — 
Private label residential CMOs264,417 — 264,417 — 
Asset-backed securities129,547 — 129,547 — 
SBA securities29,644 — 29,644 — 
Total securities available-for-sale$10,694,458 $966,898 $9,712,559 $15,001 
Equity investments with readily determinable fair values$28,578 $28,578 $— $— 
Derivatives (1):
Equity warrants 3,555 — — 3,555 
Interest rate and economic contracts2,509 — 2,509 — 
Derivative liabilities 931 — 931 — 
Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques
Fair value inputs, assets, quantitative information
The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
June 30, 2022
Equity Warrants
Weighted
RangeAverage
Unobservable Inputsof Inputs
Input (1)
Volatility
25.2% - 141.3%
28.9%
Risk-free interest rate
1.3% - 3.0%
2.9%
Remaining life assumption (in years)
0.08 - 4.98
3.09
____________________
(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
June 30, 2022
ValuationUnobservableInput or
Weighted
Asset
Fair Value
TechniqueInputsRange
Average
(Dollars in thousands)
Individually evaluated
loans and leases$7,103Discounted cash flowsDiscount rates
5.50% - 9.25%
7.11%
Individually evaluated
loans and leases2,638Third party appraisalsNo discounts
Total non-recurring Level 3$9,741
Fair value, assets measured on recurring basis, significant unobservable inputs (level 3) reconciliation
The following table summarizes activity for our Level 3 private label commercial MBS available-for-sale and equity warrants measured at fair value on a recurring basis for the period indicated:
Private LabelEquity
Commercial MBSWarrants
(In thousands)
Balance, December 31, 2021$15,001 $3,555 
Total included in earnings(8)2,244 
Total included in other comprehensive income (loss)(156)— 
Issuances— 392 
Transfer to Level 2(4,552)— 
Net settlements(10,285)— 
Exercises and settlements — (2,181)
Transfers to Level 1 (equity investments with readily determinable fair values)— (9)
Balance, June 30, 2022$— $4,001 
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at quarter-end$— 
Assets carried at fair value on a nonrecurring basis
The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated:
Fair Value Measurement as of
June 30, 2022
Measured on a Non-Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $23,501 $— $13,760 $9,741 
Total non-recurring$23,501 $— $13,760 $9,741 


Fair Value Measurement as of
December 31, 2021
Measured on a Non-Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $30,882 $— $2,915 $27,967 
Total non-recurring$30,882 $— $2,915 $27,967 
Net losses (gains) on nonrecurring assets
The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:
Three Months EndedSix Months Ended
Losses on Assets June 30,June 30,
Measured on a Non-Recurring Basis2022202120222021
(In thousands)
Individually evaluated loans and leases$1,569 $1,951 $1,584 $2,653 
OREO— — — 14 
Total losses$1,569 $1,951 $1,584 $2,667 
Fair value, by balance sheet grouping The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
June 30, 2022
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$197,027 $197,027 $197,027 $— $— 
Interest-earning deposits in financial institutions2,192,877 2,192,877 2,192,877 — — 
Securities available-for-sale6,780,648 6,780,648 696,054 6,084,594 — 
Securities held-to-maturity2,260,367 2,209,759 180,896 2,028,863 — 
Investment in FHLB stock33,210 33,210 — 33,210 — 
Loans and leases held for investment, net26,312,432 24,639,943 — 13,760 24,626,183 
Equity investments with readily determinable fair values57 57 57 — — 
Equity warrants4,001 4,001 — — 4,001 
Interest rate and economic contracts4,829 4,829 — 4,829 — 
Servicing rights839 839 — — 839 
Financial Liabilities:
Core deposits29,218,646 29,218,646 — 29,218,646 — 
Non-core non-maturity deposits2,185,248 2,185,248 — 2,185,248 — 
Time deposits2,564,258 2,542,229 — 2,542,229 — 
Borrowings1,592,000 1,591,920 1,392,000 199,920 — 
Subordinated debt863,756 880,648 — 880,648 — 
Derivative liabilities4,008 4,008 — 4,008 — 
December 31, 2021
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$112,548 $112,548 $112,548 $— $— 
Interest-earning deposits in financial institutions3,944,686 3,944,686 3,944,686 — — 
Securities available-for-sale10,694,458 10,694,458 966,898 9,712,559 15,001 
Investment in FHLB stock17,250 17,250 — 17,250 — 
Loans and leases held for investment, net22,740,984 23,461,156 — 2,915 23,458,241 
Equity investments with readily determinable fair values28,578 28,578 28,578 — — 
Equity warrants3,555 3,555 — — 3,555 
Interest rate and economic contracts2,509 2,509 — 2,509 — 
Servicing rights1,228 1,228 — — 1,228 
Financial Liabilities:
Core deposits32,734,949 32,734,949 — 32,734,949 — 
Non-core non-maturity deposits889,976 889,976 — 889,976 — 
Time deposits1,372,832 1,371,527 — 1,371,527 — 
Borrowings— — — — — 
Subordinated debt863,283 917,342 — 917,342 — 
Derivative liabilities931 931 — 931 —