Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2021 |
Fair Value Disclosures [Abstract] |
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Fair value of Mortgage Loans Held for Sale |
The following table presents a summary of mortgage loans held for sale accounted for under the fair value option: | | | | | | | | | (Dollars in thousands) | June 30, 2021 | December 31, 2020 | Aggregate fair value | $31,492 | | $61,614 | | Aggregate principal balance | 30,623 | | 59,313 | | Difference between fair value and principal balance | $869 | | $2,301 | |
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Items Recorded at Fair Value on a Recurring Basis |
The following tables present the balances of assets and liabilities reported at fair value on a recurring basis: | | | | | | | | | | | | | | | (Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | June 30, 2021 | Assets: | | | | | Available for sale debt securities: | | | | | Obligations of U.S. government-sponsored enterprises | $184,255 | | $— | | $184,255 | | $— | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 845,036 | | — | | 845,036 | | — | | | | | | | Individual name issuer trust preferred debt securities | 11,066 | | — | | 11,066 | | — | | | | | | | Corporate bonds | 12,220 | | — | | 12,220 | | — | | Mortgage loans held for sale | 31,492 | | — | | 31,492 | | — | | Derivative assets | 52,122 | | — | | 52,122 | | — | | | | | | | | | | | | | | | | | Total assets at fair value on a recurring basis | $1,136,191 | | $— | | $1,136,191 | | $— | | Liabilities: | | | | | Derivative liabilities | $51,871 | | $— | | $51,871 | | $— | | | | | | | | | | | | | | | | | | | | | | Total liabilities at fair value on a recurring basis | $51,871 | | $— | | $51,871 | | $— | |
| | | | | | | | | | | | | | | (Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2020 | Assets: | | | | | Available for sale debt securities: | | | | | Obligations of U.S. government-sponsored enterprises | $131,669 | | $— | | $131,669 | | $— | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 740,305 | | — | | 740,305 | | — | | | | | | | Individual name issuer trust preferred debt securities | 12,669 | | — | | 12,669 | | — | | | | | | | Corporate bonds | 9,928 | | — | | 9,928 | | — | | | | | | | Mortgage loans held for sale | 61,614 | | — | | 61,614 | | — | | Derivative assets | 83,028 | | — | | 83,028 | | — | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value on a recurring basis | $1,039,213 | | $— | | $1,039,213 | | $— | | Liabilities: | | | | | Derivative liabilities | $81,123 | | $— | | $81,123 | | $— | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities at fair value on a recurring basis | $81,123 | | $— | | $81,123 | | $— | |
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Items Recorded at Fair Value on a Nonrecurring Basis |
The following table presents the carrying value of assets held at June 30, 2021, which were written down to fair value during the six months ended June 30, 2021: | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | | Assets: | | | | | | | | Collateral dependent individually analyzed loans | $887 | | | $— | | | $— | | | $887 | | | | | | | | | | | | | | | | | | Total assets at fair value on a nonrecurring basis | $887 | | | $— | | | $— | | | $887 | |
The following table presents the carrying value of assets held at December 31, 2020, which were written down to fair value during the year ended December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | | Assets: | | | | | | | | Collateral dependent individually analyzed loans | $1,720 | | | $— | | | $— | | | $1,720 | | Loan servicing rights | 7,434 | | | — | | | — | | | 7,434 | | | | | | | | | | Total assets at fair value on a nonrecurring basis | $9,154 | | | $— | | | $— | | | $9,154 | |
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Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis |
The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value: | | | | | | | | | | | | | | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized (Weighted Average) | June 30, 2021 | Collateral dependent individually analyzed loans | $887 | | Appraisals of collateral | Discount for costs to sell | 10% | | | | Appraisal adjustments | 0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized (Weighted Average) | December 31, 2020 | Collateral dependent individually analyzed loans | $1,720 | | Appraisals of collateral | Discount for costs to sell | 0% - 25% (11%) | | | | Appraisal adjustments | 0% - 100% (15%) | | | | | | Loan servicing rights | 7,434 | | Discounted cash flow | Discount rates | 10% - 14% (10%) | | | | Prepayment rates | 18% - 42% (21%) | | | | | | | | | | | | | | | |
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Carrying Amounts and Estimated Fair Values of Financial Instruments |
The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented below as of the periods indicated. The tables exclude financial instruments for which the carrying value approximates fair value such as cash and cash equivalents, FHLB stock, accrued interest receivable, bank-owned life insurance, non-maturity deposits and accrued interest payable. | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | June 30, 2021 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Financial Assets: | | | | | | | | | | | | Loans, net of allowance for credit losses on loans | $4,257,921 | | $4,208,113 | | $— | | $— | | $4,208,113 | | | | | | | | Financial Liabilities: | | | | | | Time deposits | $1,409,334 | | $1,413,017 | | $— | | $1,413,017 | | $— | | FHLB advances | 408,592 | | 411,303 | | — | | 411,303 | | — | | Junior subordinated debentures | 22,681 | | 20,116 | | — | | 20,116 | | — | |
| | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | December 31, 2020 | Carrying Amount | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Financial Assets: | | | | | | | | | | | | Loans, net of allowance for credit losses on loans | $4,151,884 | | $4,114,628 | | $— | | $— | | $4,114,628 | | | | | | | | Financial Liabilities: | | | | | | Time deposits | $1,296,396 | | $1,302,128 | | $— | | $1,302,128 | | $— | | FHLB advances | 593,859 | | 602,000 | | — | | 602,000 | | — | | Junior subordinated debentures | 22,681 | | 19,422 | | — | | 19,422 | | — | |
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