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Fair Value Disclosures of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 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 December 31, 2020 and December 31, 2019 by level in the valuation hierarchy (as described above):
 
December 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$— $471,325 $— $471,325 
FNMA MBS— 1,598,970 — 1,598,970 
FHLMC MBS— 202,893 — 202,893 
GNMA MBS— 23,762 — 23,762 
GSE agency notes— 232,107 — 232,107 
Other assets— 14,448 — 14,448 
Total assets measured at fair value on a recurring basis$— $2,543,505 $— $2,543,505 
Liabilities measured at fair value on a recurring basis:
Other liabilities$— $8,218 $24,039 $32,257 
Assets measured at fair value on a nonrecurring basis:
Other investments$— $— $9,541 $9,541 
Other real estate owned— — 3,061 3,061 
Loans held for sale— 197,541 — 197,541 
Total assets measured at fair value on a nonrecurring basis$— $197,541 $12,602 $210,143 
December 31, 2019
(Dollars in thousands)Quoted Prices in Active Markets
for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total Fair
Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO$— $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:
December 31, 2020
Financial InstrumentFair ValueValuation Technique(s)Unobservable InputRange (Weighted Average)
Other investments$9,541 Observed market comparable transactionsPeriod of observed transactions
July 2020
Other real estate owned$3,061 Fair market value of collateralCosts to sell
5.0% - 10.0% (10.0%)
Other liabilities$24,039 Discounted cash flowTiming of the resolution of the Visa litigation
2.75 - 7.75 years (5.50 years or 4Q 2025)
Book Value and Estimated Fair Value of Financial Instruments
The book value and estimated fair value of the Company's financial instruments are as follows:
 
December 31,
Fair Value
Measurement
20202019
(Dollars in thousands)Book ValueFair ValueBook ValueFair Value
Financial assets:
Cash, cash equivalents and restricted cashLevel 1$1,654,735 $1,654,735 $571,752 $571,752 
Investment securities, available for saleLevel 22,529,057 2,529,057 1,944,914 1,944,914 
Investment securities, held to maturity, netLevel 2111,741 116,421 133,601 136,625 
Other investmentsLevel 39,541 9,541 70,046 70,046 
Loans, held for saleLevel 2197,541 197,541 83,872 83,872 
Loans and leases, net(1)
Level 38,795,935 9,130,003 8,424,464 8,580,015 
Stock in FHLB of PittsburghLevel 25,771 5,771 21,097 21,097 
Accrued interest receivableLevel 244,335 44,335 38,094 38,094 
Other assetsLevel 214,448 14,448 4,884 4,884 
Financial liabilities:
DepositsLevel 2$11,856,664 $11,868,897 $9,586,857 $9,575,394 
Borrowed fundsLevel 2340,641 340,106 489,288 489,561 
Standby letters of creditLevel 3630 630 623 623 
Accrued interest payableLevel 21,450 1,450 3,103 3,103 
Other liabilitiesLevels 2, 332,257 32,257 3,918 3,918 
(1)Includes reverse mortgage loans.