Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands):



	2019
	Level 1		Level 2			Total
Investment securities available for sale:
U.S. Treasury securities	$	70,325	$	—		$	70,325
U.S. Government agency and sponsored enterprise residential MBS	—		2,022,175			2,022,175
U.S. Government agency and sponsored enterprise commercial MBS	—		370,976			370,976
Private label residential MBS and CMOs	—		1,012,177			1,012,177
Private label commercial MBS	—		1,724,684			1,724,684
Single family rental real estate-backed securities	—		470,025			470,025
Collateralized loan obligations	—		1,197,366			1,197,366
Non-mortgage asset-backed securities	—		194,904			194,904
State and municipal obligations	—		273,302			273,302
SBA securities	—		362,731			362,731
Marketable equity securities	60,572		—			60,572
Servicing rights	—		7,977			7,977
Derivative assets	—		43,686			43,686
Total assets at fair value	$	130,897	$	7,680,003		$	7,810,900
Derivative liabilities	$	—	$	(19,029	)	$	(19,029	)
Total liabilities at fair value	$	—	$	(19,029	)	$	(19,029	)



	2018
	Level 1		Level 2			Level 3		Total
Investment securities available for sale:
U.S. Treasury securities	$	39,873	$	—		$	—	$	39,873
U.S. Government agency and sponsored enterprise residential MBS	—		1,897,474			—		1,897,474
U.S. Government agency and sponsored enterprise commercial MBS	—		374,787			—		374,787
Private label residential MBS and CMOs	—		1,499,514			34,684		1,534,198
Private label commercial MBS	—		1,485,716			—		1,485,716
Single family rental real estate-backed securities	—		402,458			—		402,458
Collateralized loan obligations	—		1,235,198			—		1,235,198
Non-mortgage asset-backed securities	—		204,067			—		204,067
State and municipal obligations	—		398,429			—		398,429
SBA securities	—		519,313			—		519,313
Other debt securities	—		—			4,846		4,846
Marketable equity securities	60,519		—			—		60,519
Servicing rights	—		—			9,525		9,525
Derivative assets	—		29,615			—		29,615
Total assets at fair value	$	100,392	$	8,046,571		$	49,055	$	8,196,018
Derivative liabilities	$	—	$	(23,874	)	$	—	$	(23,874	)
Total liabilities at fair value	$	—	$	(23,874	)	$	—	$	(23,874	)

Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded

sent the carrying value of assets for which non-recurring changes in fair value have been recorded for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	2019
									Losses from Fair Value Changes
	Level 1		Level 2		Level 3		Total		Year Ended December 31, 2019
OREO and repossessed assets	$	—	$	—	$	1,098	$	1,098	$	(2,351	)
Impaired loans	$	—	$	—	$	79,982	$	79,982	$	(7,727	)
Operating lease equipment	$	—	$	—	$	2,919	$	2,919	$	(1,856	)



	2018
									Losses from Fair Value Changes
	Level 1		Level 2		Level 3		Total		Year Ended December 31, 2018
OREO and repossessed assets	$	—	$	1,085	$	486	$	1,571	$	(1,864	)
Impaired loans	$	—	$	775	$	35,397	$	36,172	$	(6,816	)



	2017
									Losses from Fair Value Changes
	Level 1		Level 2		Level 3		Total		Year Ended December 31, 2017
OREO and repossessed assets	$	—	$	—	$	5,790	$	5,790	$	(2,078	)
Impaired loans	$	—	$	—	$	93,051	$	93,051	$	(65,716	)

The following table pre

Schedule of the Carrying Value and Fair Value of Financial Instruments

ents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified as of December 31, 2019 and 2018 (dollars in thousands):



		2019				2018
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash and cash equivalents	1	$	214,673	$	214,673	$	382,073	$	382,073
Investment securities	1/2/3	$	7,769,237	$	7,769,949	$	8,166,878	$	8,167,127
Non-marketable equity securities	2	$	253,664	$	253,664	$	267,052	$	267,052
Loans held for sale	2	$	37,926	$	39,731	$	36,992	$	39,931
Loans	3	$	23,046,317	$	23,350,684	$	21,867,077	$	21,868,258
Derivative assets	2	$	43,686	$	43,686	$	29,615	$	29,615
Liabilities:
Demand, savings and money market deposits	2	$	17,047,344	$	17,047,344	$	16,654,465	$	16,654,465
Time deposits	2	$	7,347,247	$	7,377,301	$	6,819,758	$	6,820,355
Federal funds purchased	2	$	100,000	$	100,000	$	175,000	$	175,000
FHLB advances	2	$	4,480,501	$	4,500,969	$	4,796,000	$	4,810,446
Notes and other borrowings	2	$	429,338	$	473,327	$	402,749	$	416,142
Derivative liabilities	2	$	19,029	$	19,029	$	23,874	$	23,874