FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present financial instruments carried at fair value as of March 31, 2020 and December 31, 2019 by level in the valuation hierarchy (as described above):

	March 31, 2020
(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	$	—	$	333,398	$	—	$	333,398
FNMA MBS	—		1,361,664		—		1,361,664
FHLMC MBS	—		320,046		—		320,046
GNMA MBS	—		33,292		—		33,292
Other assets	—		12,364		—		12,364
Total assets measured at fair value on a recurring basis	$	—	$	2,060,764	$	—	$	2,060,764
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	9,325	$	—	$	9,325
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	70,714	$	70,714
Other real estate owned	—		—		4,825		4,825
Loans held for sale	—		85,458		—		85,458
Total assets measured at fair value on a nonrecurring basis	$	—	$	85,458	$	75,539	$	160,997

	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
Total assets measured at fair value on a nonrecurring basis	$	—	$	83,872	$	72,651	$	156,523

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides a description of the valuation technique and significant unobservable inputs for the Company's assets classified as Level 3 and measured at fair value on a nonrecurring basis:

March 31, 2020
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	70,714	Observed market comparable transactions	Period of observed transactions	July 2019 - January 2020
Other real estate owned	$	4,825	Fair market value of collateral	Costs to sell	10.0% - 20.0% (10.0%)

Book Value and Estimated Fair Value of Financial Instruments

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

		March 31, 2020				December 31, 2019
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	505,110	$	505,110	$	571,752	$	571,752
Investment securities available-for-sale	Level 2	2,048,400		2,048,400		1,944,914		1,944,914
Investment securities held-to-maturity, net	Level 2	134,047		137,374		133,601		136,625
Other investments	Level 3	70,714		70,714		70,046		70,046
Loans, held for sale	Level 2	85,458		85,458		83,872		83,872
Loans, net(1)	Level 3	8,411,689		8,475,886		8,424,464		8,580,015
Stock in FHLB of Pittsburgh	Level 2	33,988		33,988		21,097		21,097
Accrued interest receivable	Level 2	39,134		39,134		38,094		38,094
Other assets	Level 2	12,364		12,364		4,884		4,884
Financial liabilities:
Deposits	Level 2	9,709,354		9,710,432		9,586,857		9,575,394
Borrowed funds	Level 2	401,285		404,955		489,288		489,561
Standby letters of credit	Level 3	505		505		623		623
Accrued interest payable	Level 2	5,797		5,797		3,103		3,103
Other liabilities	Level 2	9,325		9,325		3,918		3,918

 ⁽¹⁾ Includes reverse mortgage loans.