Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Fair Value Disclosures [Abstract] |
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| Fair Value, Assets Measured on Recurring Basis |
The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Recurring Fair Value Measurements (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2018 | | As of December 31, 2017 | | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | | | | Trading securities: | | | | | | | | | | | | | Money market funds | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1,685 |
| | $ | — |
| | $ | — |
| Mutual funds | | — |
| | — |
| | — |
| | 18,762 |
| | — |
| | — |
| Total trading securities(1) | | — |
| | — |
| | — |
| | 20,447 |
| | — |
| | — |
| Equity securities(1) | | 21,333 |
| | 7,108 |
| | — |
| | — |
| | — |
| | — |
| Securities available-for-sale(1) | | | | | | | | | | | | | U.S. treasury securities | | 49,158 |
| | — |
| | — |
| | 46,345 |
| | — |
| | — |
| U.S. agency securities | | — |
| | 148,284 |
| | — |
| | — |
| | 156,847 |
| | — |
| CMOs | | — |
| | 1,232,430 |
| | — |
| | — |
| | 1,095,186 |
| | — |
| MBSs | | — |
| | 437,636 |
| | — |
| | — |
| | 369,543 |
| | — |
| Municipal securities | | — |
| | 218,345 |
| | — |
| | — |
| | 208,991 |
| | — |
| Corporate debt securities | | — |
| | 57,012 |
| | — |
| | — |
| | — |
| | — |
| Equity securities | | — |
| | — |
| | — |
| | — |
| | 7,297 |
| | — |
| Total securities available-for-sale | | 49,158 |
| | 2,093,707 |
| | — |
| | 46,345 |
| | 1,837,864 |
| | — |
| Mortgage servicing rights ("MSRs")(2) | | — |
| | — |
| | 6,671 |
| | — |
| | — |
| | 5,894 |
| Derivative assets(2) | | — |
| | 35,080 |
| | — |
| | — |
| | 21,068 |
| | — |
| Liabilities | | | | | | | | | | | | | Derivative liabilities(3) | | $ | — |
| | $ | 48,040 |
| | $ | — |
| | $ | — |
| | $ | 25,250 |
| | $ | — |
|
| | (1) | As a result of recently adopted accounting guidance, equity securities are no longer presented within trading securities or securities available-for-sale for the prior period and are now presented within equity securities for the current period. For further discussion of this guidance, see Note 2 of "Notes to the Condensed Consolidated Financial Statements" in Item 1 of this Form 10-Q. |
| | (2) | Included in other assets in the Consolidated Statements of Financial Condition. |
| | (3) | Included in other liabilities in the Consolidated Statements of Financial Condition. |
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| Significant Unobservable Inputs Used in the Valuation of MSRs |
The following table presents the ranges of significant, unobservable inputs used by the Company to determine the fair value of MSRs as of June 30, 2018 and December 31, 2017. Significant Unobservable Inputs Used in the Valuation of MSRs | | | | | | | | | | | | | | As of | | | June 30, 2018 | | December 31, 2017 | Prepayment speed | | 6.7 | % | - | 13.5% | | 4.2 | % | - | 13.1% | Maturity (months) | | 4 |
| - | 106 | | 6 |
| - | 92 | Discount rate | | 9.5 | % | - | 12.0% | | 9.5 | % | - | 12.0% |
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| Schedule of Servicing Assets at Fair Value |
A rollforward of the carrying value of MSRs for the quarters and six months ended June 30, 2018 and 2017 is presented in the following table. Carrying Value of MSRs (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | Quarters Ended
June 30, | | Six Months Ended
June 30, | | | 2018 | | 2017 | | 2018 | | 2017 | Beginning balance | | $ | 6,468 |
| | $ | 6,245 |
| | $ | 5,894 |
| | $ | 6,120 |
| New MSRs | | 393 |
| | 205 |
| | 569 |
| | 361 |
| Total gains (losses) included in earnings(1): | | | | | | | | | Changes in valuation inputs and assumptions | | 2 |
| | (260 | ) | | 562 |
| | (88 | ) | Other changes in fair value(2) | | (192 | ) | | (265 | ) | | (354 | ) | | (468 | ) | Ending balance | | $ | 6,671 |
| | $ | 5,925 |
| | $ | 6,671 |
| | $ | 5,925 |
| Contractual servicing fees earned(1) | | $ | 369 |
| | $ | 384 |
| | $ | 747 |
| | $ | 779 |
|
| | (1) | Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of June 30, 2018 and 2017. |
| | (2) | Primarily represents changes in expected future cash flows due to payoffs and paydowns. |
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| Fair Value Measurements, Nonrecurring |
The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2018 | | As of December 31, 2017 | | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | Collateral-dependent impaired loans(1) | | $ | — |
| | $ | — |
| | $ | 19,810 |
| | $ | — |
| | $ | — |
| | $ | 33,240 |
| OREO(2) | | — |
| | — |
| | 5,177 |
| | — |
| | — |
| | 12,340 |
| Loans held-for-sale(3) | | — |
| | — |
| | 6,030 |
| | — |
| | — |
| | 21,098 |
| Assets held-for-sale(4) | | — |
| | — |
| | 3,899 |
| | — |
| | — |
| | 2,208 |
|
| | (1) | Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. |
| | (2) | Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. |
| | (3) | Included in other assets in the Consolidated Statements of Financial Condition. |
| | (4) | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
|
| Fair Value, by Balance Sheet Grouping |
For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | June 30, 2018 | | December 31, 2017 | | | Fair Value Hierarchy Level | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Assets | | | | | | | | | | | Cash and due from banks | | 1 | | $ | 181,482 |
| | $ | 181,482 |
| | $ | 192,800 |
| | $ | 192,800 |
| Interest-bearing deposits in other banks | | 2 | | 192,785 |
| | 192,785 |
| | 153,770 |
| | 153,770 |
| Securities held-to-maturity | | 2 | | 13,042 |
| | 10,918 |
| | 13,760 |
| | 12,013 |
| FHLB and FRB stock | | 2 | | 82,778 |
| | 82,778 |
| | 69,708 |
| | 69,708 |
| Loans | | 3 | | 10,797,584 |
| | 10,451,952 |
| | 10,345,397 |
| | 10,059,992 |
| Investment in BOLI | | 3 | | 282,664 |
| | 282,664 |
| | 279,900 |
| | 279,900 |
| Accrued interest receivable | | 3 | | 48,542 |
| | 48,542 |
| | 45,261 |
| | 45,261 |
| Other interest-earning assets | | 3 | | 78 |
| | 78 |
| | 228 |
| | 228 |
| Liabilities | | | | | | | | | | | Deposits | | 2 | | $ | 11,492,263 |
| | $ | 11,470,263 |
| | $ | 11,053,325 |
| | $ | 11,038,819 |
| Borrowed funds | | 2 | | 981,044 |
| | 981,044 |
| | 714,884 |
| | 714,884 |
| Senior and subordinated debt | | 2 | | 195,453 |
| | 208,425 |
| | 195,170 |
| | 208,666 |
| Accrued interest payable | | 2 | | 7,115 |
| | 7,115 |
| | 4,704 |
| | 4,704 |
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