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Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30, 2021						As of December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Equity securities	$	87,232	$	22,616	$	—	$	52,888	$	18,516	$	—
Securities available-for-sale
U.S. treasury securities	—		—		—		12,051		—		—
U.S. agency securities	—		656,112		—		—		652,474		—
CMOs	—		1,295,544		—		—		1,438,518		—
MBSs	—		856,096		—		—		580,840		—
Municipal securities	—		224,618		—		—		236,015		—

Corporate debt securities	—		180,538		—		—		176,510		—
Total securities available-for-sale	—		3,212,908		—		12,051		3,084,357		—
Mortgage servicing rights ("MSRs")(1)	—		—		6,306		—		—		4,899
Derivative assets(1)	—		91,170		—		—		153,704		—
Liabilities
Derivative liabilities(2)	$	—	$	30,729	$	—	$	—	$	44,581	$	—

(1)Included in other assets in the Consolidated Statements of Financial Condition.

(2)Included in other liabilities in the Consolidated Statements of Financial Condition.

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 September 30, 2021 and December 31, 2020.Significant Unobservable Inputs Used in the Valuation of MSRs


	As of
	September 30, 2021				December 31, 2020
Prepayment speed	2.4	%	-	15.4%	5.3	%	-	16.3%
Maturity (months)	14		-	82	13		-	71
Discount rate	9.5	%	-	15.0%	9.5	%	-	12.0%

Schedule of Servicing Assets at Fair Value

A rollforward of the carrying value of MSRs for the quarters and nine months ended September 30, 2021 and 2020 is presented in the following table.

Carrying Value of MSRs

(Dollar amounts in thousands)


	Quarters Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning balance	$	6,269	$	4,464	$	4,899	$	5,858

New MSRs	267		727		1,834		1,628
Total gains (losses) included in earnings(1):
Changes in valuation inputs and assumptions	137		(432)		603		(2,090)
Other changes in fair value(2)	(367)		(301)		(1,030)		(938)
Ending balance(3)	$	6,306	$	4,458	$	6,306	$	4,458
Contractual servicing fees earned(1)	$	512	$	424	$	1,472	$	1,221

(1)Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of September 30, 2021 and 2020.

(2)Primarily represents changes in expected future cash flows due to payoffs and paydowns.

(3)Included in other assets in the Consolidated Statements of Financial Condition.

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 September 30, 2021						As of December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Collateral-dependent non-accrual loans(1)	$	—	$	—	$	25,198	$	—	$	—	$	21,246
OREO(2)	—		—		2,000		—		—		—
Loans held-for-sale(3)	—		—		15,725		—		—		44,965
Assets held-for-sale(4)	—		—		3,438		—		—		3,722

(1)Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance 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
		September 30, 2021				December 31, 2020
	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Cash and due from banks	1	$	270,020	$	270,020	$	196,364	$	196,364
Interest-bearing deposits in other banks	2	1,654,917		1,654,917		920,880		920,880
Securities held-to-maturity	2	10,853		10,461		12,071		11,686
FHLB and FRB stock	2	106,090		106,090		117,420		117,420
Loans	3	14,582,491		14,425,048		14,512,215		14,614,029
Investment in BOLI	3	300,387		300,387		301,101		301,101
Accrued interest receivable	3	62,018		62,018		68,390		68,390

Liabilities
Deposits	2	$	17,198,402	$	17,199,593	$	16,012,464	$	16,007,133
Borrowed funds	2	1,274,572		1,274,572		1,546,414		1,546,414
Senior and subordinated debt	2	235,383		283,439		234,768		281,843
Accrued interest payable	2	2,915		2,915		4,826		4,826