Fair Value Disclosures of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present financial instruments carried at fair value as of December 31, 2019 and December 31, 2018 by level in the valuation hierarchy (as described above):

	December 31, 2019
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	340,230	$	—	$	340,230
FNMA MBS	—		1,242,453		—		1,242,453
FHLMC MBS	—		328,946		—		328,946
GNMA MBS	—		33,285		—		33,285
Other assets	—		4,884		—		4,884
Total assets measured at fair value on a recurring basis	$	—	$	1,949,798	$	—	$	1,949,798
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	3,918	$	—	$	3,918
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	70,046	$	70,046
Other real estate owned	—		—		2,605		2,605
Loans held for sale	—		83,872		—		83,872
Impaired loans, net	—		—		42,280		42,280
Total assets measured at fair value on a nonrecurring basis	$	—	$	83,872	$	114,931	$	198,803

	December 31, 2018
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	371,750	$	—	$	371,750
FNMA MBS	—		644,073		—		644,073
FHLMC MBS	—		153,922		—		153,922
GNMA MBS	—		35,334		—		35,334
Other assets	—		2,098		—		2,098
Total assets measured at fair value on a recurring basis	$	—	$	1,207,177	$	—	$	1,207,177
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	3,493	$	—	$	3,493
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	37,233	$	37,233
Other real estate owned	—		—		2,668		2,668
Loans held for sale	—		25,318		—		25,318
Impaired loans, net	—		—		47,094		47,094
Total assets measured at fair value on a nonrecurring basis	$	—	$	25,318	$	86,995	$	112,313

Book Value and Estimated Fair Value of Financial Instruments

The book value and estimated fair value of our financial instruments are as follows:

		December 31,
	Fair Value Measurement	2019				2018
(Dollars in thousands)		Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	571,752	$	571,752	$	620,757	$	620,757
Investment securities available for sale	Level 2	1,944,914		1,944,914		1,205,079		1,205,079
Investment securities held to maturity	Level 2	133,601		136,625		149,950		149,431
Other investments	Level 3	70,046		70,046		37,233		37,233
Loans, held for sale	Level 2	83,872		83,872		25,318		25,318
Loans, net(1)(2)	Level 3	8,382,184		8,537,735		4,816,825		4,772,377
Impaired loans, net	Level 3	42,280		42,280		47,094		47,094
Stock in FHLB of Pittsburgh	Level 2	21,097		21,097		19,259		19,259
Accrued interest receivable	Level 2	38,094		38,094		22,001		22,001
Other assets	Level 2	4,884		4,884		2,098		2,098
Financial liabilities:
Deposits	Level 2	$	9,586,857	$	9,575,394	$	5,640,431	$	5,597,227
Borrowed funds	Level 2	489,288		489,561		699,788		694,526
Standby letters of credit	Level 3	623		623		495		495
Accrued interest payable	Level 2	3,103		3,103		1,900		1,900
Other liabilities	Level 2	3,918		3,918		3,493		3,493

(1)Excludes impaired loans, net.

(2)Includes reverse mortgage loans, which are categorized as Level 3.