FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 by level in the valuation hierarchy (as described above):

	March 31, 2021
(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	$	—	$	554,436	$	—	$	554,436
FNMA MBS	—		1,998,045		—		1,998,045
FHLMC MBS	—		190,453		—		190,453
GNMA MBS	—		25,835		—		25,835
GSE agency notes	—		219,116		—		219,116
Other assets	—		11,439		—		11,439
Total assets measured at fair value on a recurring basis	$	—	$	2,999,324	$	—	$	2,999,324
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	3,912	$	22,871	$	26,783
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	10,227	$	10,227
Other real estate owned	—		—		2,068		2,068
Loans held for sale	—		155,447		—		155,447
Total assets measured at fair value on a nonrecurring basis	$	—	$	155,447	$	12,295	$	167,742

	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

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, 2021
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	10,227	Observed market comparable transactions	Period of observed transactions	July 2020
Other real estate owned	2,068		Fair market value of collateral	Costs to sell	10.0%
Other liabilities	22,871		Discounted cash flow	Timing of the resolution of the Visa litigation	2.50 - 7.50 years (5.25 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:

		March 31, 2021				December 31, 2020
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	2,064,161	$	2,064,161	$	1,654,735	$	1,654,735
Investment securities available-for-sale	Level 2	2,987,885		2,987,885		2,529,057		2,529,057
Investment securities held-to-maturity, net	Level 2	103,523		107,629		111,741		116,421
Other investments	Level 3	10,227		10,227		9,541		9,541
Loans, held for sale	Level 2	155,447		155,447		197,541		197,541
Loans and leases, net(1)	Level 3	8,373,766		8,550,651		8,795,935		9,130,003
Stock in FHLB of Pittsburgh	Level 2	5,506		5,506		5,771		5,771
Accrued interest receivable	Level 2	43,159		43,159		44,335		44,335
Other assets	Level 2	11,439		11,439		14,448		14,448
Financial liabilities:
Deposits	Level 2	12,283,700		12,292,473		11,856,664		11,868,897
Borrowed funds	Level 2	335,201		323,927		340,641		340,106
Standby letters of credit	Level 3	552		552		630		630
Accrued interest payable	Level 2	4,153		4,153		1,450		1,450
Other liabilities	Levels 2, 3	26,783		26,783		32,257		32,257

 (1) Includes reverse mortgage loans.