XML 51 R42.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Measurements [Abstract]  
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The table below presents the June 30, 2023 and December 31, 2022 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2023 or the year ended December 31, 2022.

Fair Value Measurements Using
(In thousands)Total Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
June 30, 2023
Assets:
  Residential mortgage loans held for sale$1,566 $ $1,566 $ 
  Available for sale debt securities:
     U.S. government and federal agency obligations945,815 945,815   
     Government-sponsored enterprise obligations44,036  44,036  
     State and municipal obligations1,227,737  1,226,817 920 
     Agency mortgage-backed securities4,065,406  4,065,406  
     Non-agency mortgage-backed securities1,174,790  1,174,790  
     Asset-backed securities2,499,675  2,499,675  
     Other debt securities457,166  457,166  
  Trading debt securities29,412  29,412  
  Equity securities5,520 5,520   
  Private equity investments172,732   172,732 
  Derivatives *104,936  104,843 93 
  Assets held in trust for deferred compensation plan19,482 19,482   
  Total assets10,748,273 970,817 9,603,711 173,745 
Liabilities:
  Derivatives *
51,998  51,910 88 
Liabilities held in trust for deferred compensation plan
19,482 19,482   
  Total liabilities$71,480 $19,482 $51,910 $88 
December 31, 2022
Assets:
  Residential mortgage loans held for sale$— $— $— $— 
  Available for sale debt securities:
     U.S. government and federal agency obligations1,035,406 1,035,406 — — 
     Government-sponsored enterprise obligations43,108 — 43,108 — 
     State and municipal obligations1,767,109 — 1,765,268 1,841 
     Agency mortgage-backed securities4,308,427 — 4,308,427 — 
     Non-agency mortgage-backed securities1,211,607 — 1,211,607 — 
     Asset-backed securities3,397,801 — 3,397,801 — 
     Other debt securities474,858 — 474,858 — 
  Trading debt securities43,523 — 43,523 — 
  Equity securities6,210 6,210 — — 
  Private equity investments178,127 — — 178,127 
  Derivatives *60,492 — 60,458 34 
  Assets held in trust for deferred compensation plan17,856 17,856 — — 
  Total assets12,544,524 1,059,472 11,305,050 180,002 
Liabilities:
  Derivatives *
54,984 — 54,865 119 
Liabilities held in trust for deferred compensation plan
17,856 17,856 — — 
  Total liabilities$72,840 $17,856 $54,865 $119 
* The fair value of each class of derivative is shown in Note 11.
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)


(In thousands)
State and Municipal Obligations
Private Equity
Investments
DerivativesTotal
For the three months ended June 30, 2023
Balance March 31, 2023
$914 $163,418 $(27)$164,305 
Total gains or losses (realized/unrealized):
Included in earnings 9,090 (16)9,074 
Included in other comprehensive income *5   5 
Discount accretion1   1 
Purchases of private equity investments 224  224 
Purchase of risk participation agreement  61 61 
Sale of risk participation agreement  (13)(13)
Balance June 30, 2023$920 $172,732 $5 $173,657 
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023
$ $9,090 $61 $9,151 
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023
$5 $ $ $5 
For the six months ended June 30, 2023
Balance January 1, 2023
$1,841 $178,127 $(85)$179,883 
Total gains or losses (realized/unrealized):
Included in earnings 11,341 42 11,383 
Included in other comprehensive income *31   31 
Investment securities called(1,000)  (1,000)
Discount accretion48   48 
Purchases of private equity investments 10,756  10,756 
Sale/pay down of private equity investments (27,492) (27,492)
Purchase of risk participation agreement  61 61 
Sale of risk participation agreement  (13)(13)
Balance June 30, 2023$920 $172,732 $5 $173,657 
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023
$ $11,341 $42 $11,383 
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023
$10 $ $ $10 
Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)


(In thousands)
State and Municipal Obligations
Private Equity
Investments
DerivativesTotal
For the three months ended June 30, 2022
Balance March 31, 2022
$1,902 $153,411 $221 $155,534 
Total gains or losses (realized/unrealized):
Included in earnings— 15,633 (131)15,502 
Included in other comprehensive income *(87)— — (87)
Discount accretion— — 
Purchases of private equity investments— 822 — 822 
Sale/pay down of private equity investments— (8,095)— (8,095)
Purchase of risk participation agreement— — 314 314 
Sale of risk participation agreement— — (250)(250)
Balance June 30, 2022
$1,816 $161,771 $154 $163,741 
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022
$— $15,633 $148 $15,781 
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022
$(87)$— $— $(87)
For the six months ended June 30, 2022
Balance January 1, 2022
$1,984 $147,406 $571 $149,961 
Total gains or losses (realized/unrealized):
Included in earnings— 23,083 (626)22,457 
Included in other comprehensive income *(170)— — (170)
Discount accretion— — 
Purchases of private equity investments— 1,122 — 1,122 
Sale/pay down of private equity investments— (9,840)— (9,840)
Purchase of risk participation agreement— — 459 459 
Sale of risk participation agreement— — (250)(250)
Balance June 30, 2022
$1,816 $161,771 $154 $163,741 
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022
$— $23,033 $136 $23,169 
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022
$(170)$— $— $(170)
* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income.
Summary Of Gains And Losses On Level 3 Assets And Liabilities
Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:

(In thousands)Loan Fees and SalesOther Non-Interest IncomeInvestment Securities Gains (Losses), Net
Total
For the three months ended June 30, 2023
Total gains or losses included in earnings$(19)$3 $9,090 $9,074 
Change in unrealized gains or losses relating to assets still held at June 30, 2023
$58 $3 $9,090 $9,151 
For the six months ended June 30, 2023
Total gains or losses included in earnings $58 $(16)$11,341 $11,383 
Change in unrealized gains or losses relating to assets still held at June 30, 2023
$58 $(16)$11,341 $11,383 
For the three months ended June 30, 2022
Total gains or losses included in earnings $(49)$(82)$15,633 $15,502 
Change in unrealized gains or losses relating to assets still held at June 30, 2022
$230 $(82)$15,633 $15,781 
For the six months ended June 30, 2022
Total gains or losses included in earnings$(534)$(92)$23,083 $22,457 
Change in unrealized gains or losses relating to assets still held at June 30, 2022
$230 $(94)$23,033 $23,169 
Summary Of Quantitative Information About Level 3 Fair Value Measurements
The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries and held for sale residential mortgage loan commitments. Information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Private equity investmentsMarket comparable companiesEBITDA multiple4.0-6.05.2
Mortgage loan commitmentsDiscounted cash flowProbability of funding64.5%-100.0%81.2%
Embedded servicing value.7%-1.5%1.1%
* Unobservable inputs were weighted by the relative fair value of the instruments.
Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]
For assets measured at fair value on a nonrecurring basis during the first six months of 2023 and 2022, and still held as of June 30, 2023 and 2022, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at June 30, 2023 and 2022.

Fair Value Measurements Using
(In thousands)

Fair Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total Gains (Losses) Recognized During the Six Months Ended June 30
June 30, 2023
Collateral dependent loans$1,647 $ $ $1,647 $588 
June 30, 2022
Mortgage servicing rights$11,407 $— $— $11,407 $304 
Long- lived assets484 — — 484 (965)
Information about Level Three Fair Value Measurements - Nonrecurring Basis The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other intangible assets-net on the consolidated balance sheets, and information about these inputs at June 30, 2023 is presented in the table below.
Quantitative Information about Level 3 Fair Value MeasurementsWeighted
Valuation TechniqueUnobservable InputRangeAverage*
Mortgage servicing rightsDiscounted cash flowDiscount rate9.51 %-9.71 %9.58 %
Prepayment speeds (CPR)*6.43 %-7.79 %6.65 %
Loan servicing costs - annually per loan
    Performing loans$70 -$72 $71 
    Delinquent loans$200 -$750 
    Loans in foreclosure$1,000 
*Ranges and weighted averages based on interest rate tranches.