Note 17 - Fair Value Measurements and Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Notes Tables |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
As of December 31, 2022 |
|
Fair Value Measurements Using |
|
|
Total at |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
Assets |
|
(In thousands) |
|
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
240,500 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
240,500 |
|
U.S. government agency entities |
|
|
— |
|
|
|
63,610 |
|
|
|
— |
|
|
|
63,610 |
|
U.S. government sponsored entities |
|
|
— |
|
|
|
30,000 |
|
|
|
— |
|
|
|
30,000 |
|
Mortgage-backed securities |
|
|
— |
|
|
|
867,094 |
|
|
|
— |
|
|
|
867,094 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
31,061 |
|
|
|
— |
|
|
|
31,061 |
|
Corporate debt securities |
|
|
— |
|
|
|
241,083 |
|
|
|
— |
|
|
|
241,083 |
|
Total securities available-for-sale |
|
|
240,500 |
|
|
|
1,232,848 |
|
|
|
— |
|
|
|
1,473,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
5,509 |
|
|
|
— |
|
|
|
— |
|
|
|
5,509 |
|
Preferred stock of government sponsored entities |
|
|
1,289 |
|
|
|
— |
|
|
|
— |
|
|
|
1,289 |
|
Other equity securities |
|
|
15,360 |
|
|
|
— |
|
|
|
— |
|
|
|
15,360 |
|
Total equity securities |
|
|
22,158 |
|
|
|
— |
|
|
|
— |
|
|
|
22,158 |
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
Interest rate swaps |
|
|
— |
|
|
|
44,443 |
|
|
|
— |
|
|
|
44,443 |
|
Foreign exchange contracts |
|
|
— |
|
|
|
448 |
|
|
|
— |
|
|
|
448 |
|
Total assets |
|
$ |
262,658 |
|
|
$ |
1,277,739 |
|
|
$ |
50 |
|
|
$ |
1,540,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
51,864 |
|
|
$ |
— |
|
|
$ |
51,864 |
|
Foreign exchange contracts |
|
|
— |
|
|
|
942 |
|
|
|
— |
|
|
|
942 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
52,806 |
|
|
$ |
— |
|
|
$ |
52,806 |
|
As of December 31, 2021 |
|
Fair Value Measurements Using |
|
|
Total at |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
Assets |
|
(In thousands) |
|
Securities available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. government agency entities |
|
|
— |
|
|
|
87,509 |
|
|
|
— |
|
|
|
87,509 |
|
Mortgage-backed securities |
|
|
— |
|
|
|
888,665 |
|
|
|
— |
|
|
|
888,665 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
9,117 |
|
|
|
— |
|
|
|
9,117 |
|
Corporate debt securities |
|
|
— |
|
|
|
142,018 |
|
|
|
— |
|
|
|
142,018 |
|
Total securities available-for-sale |
|
|
— |
|
|
|
1,127,309 |
|
|
|
— |
|
|
|
1,127,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
6,230 |
|
|
|
— |
|
|
|
— |
|
|
|
6,230 |
|
Preferred stock of government sponsored entities |
|
|
1,811 |
|
|
|
— |
|
|
|
— |
|
|
|
1,811 |
|
Other equity securities |
|
|
14,278 |
|
|
|
— |
|
|
|
— |
|
|
|
14,278 |
|
Total equity securities |
|
|
22,319 |
|
|
|
— |
|
|
|
— |
|
|
|
22,319 |
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
23 |
|
Interest rate swaps |
|
|
— |
|
|
|
10,090 |
|
|
|
— |
|
|
|
10,090 |
|
Foreign exchange contracts |
|
|
— |
|
|
|
1,113 |
|
|
|
— |
|
|
|
1,113 |
|
Total assets |
|
$ |
22,319 |
|
|
$ |
1,138,512 |
|
|
$ |
23 |
|
|
$ |
1,160,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
12,642 |
|
|
$ |
— |
|
|
$ |
12,642 |
|
Foreign exchange contracts |
|
|
— |
|
|
|
327 |
|
|
|
— |
|
|
|
327 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
12,969 |
|
|
$ |
— |
|
|
$ |
12,969 |
|
|
Fair Value Measurements, Nonrecurring [Table Text Block] |
|
|
As of December 31, 2022 |
|
|
Total Losses |
|
|
|
Fair Value Measurements Using |
|
|
Total at |
|
|
For the Twelve Months Ended |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,950 |
|
|
$ |
12,950 |
|
|
$ |
1,786 |
|
|
$ |
1,012 |
|
Commercial mortgage loans |
|
|
— |
|
|
|
— |
|
|
|
32,205 |
|
|
|
32,205 |
|
|
|
2,091 |
|
|
|
— |
|
Residential mortgage and equity lines |
|
|
— |
|
|
|
— |
|
|
|
8,978 |
|
|
|
8,978 |
|
|
|
— |
|
|
|
— |
|
Installment and other loans |
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
Total non-accrual loans |
|
|
— |
|
|
|
— |
|
|
|
54,141 |
|
|
|
54,141 |
|
|
|
3,877 |
|
|
|
1,012 |
|
Other real estate owned (1) |
|
|
— |
|
|
|
— |
|
|
|
4,328 |
|
|
|
4,328 |
|
|
|
— |
|
|
|
17 |
|
Investments in venture capital |
|
|
— |
|
|
|
— |
|
|
|
689 |
|
|
|
689 |
|
|
|
268 |
|
|
|
143 |
|
Total assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,158 |
|
|
$ |
59,158 |
|
|
$ |
4,145 |
|
|
$ |
1,172 |
|
|
|
As of December 31, 2021 |
|
|
Total Losses/(Gains) |
|
|
|
Fair Value Measurements Using |
|
|
Total at |
|
|
For the Twelve Months Ended |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
|
December 31, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,327 |
|
|
$ |
4,327 |
|
|
$ |
1,012 |
|
|
$ |
7,012 |
|
Commercial mortgage loans |
|
|
— |
|
|
|
— |
|
|
|
13,335 |
|
|
|
13,335 |
|
|
|
— |
|
|
|
— |
|
Residential mortgage and equity lines |
|
|
— |
|
|
|
— |
|
|
|
5,243 |
|
|
|
5,243 |
|
|
|
— |
|
|
|
— |
|
Total non-accrual loans |
|
|
— |
|
|
|
— |
|
|
|
22,905 |
|
|
|
22,905 |
|
|
|
1,012 |
|
|
|
7,012 |
|
Other real estate owned (1) |
|
|
— |
|
|
|
— |
|
|
|
4,589 |
|
|
|
4,589 |
|
|
|
17 |
|
|
|
717 |
|
Investments in venture capital |
|
|
— |
|
|
|
— |
|
|
|
952 |
|
|
|
952 |
|
|
|
143 |
|
|
|
107 |
|
Total assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,446 |
|
|
$ |
28,446 |
|
|
$ |
1,172 |
|
|
$ |
7,836 |
|
|
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
Carrying |
|
|
|
|
|
|
Carrying |
|
|
|
|
|
|
|
Amount |
|
|
Fair Value |
|
|
Amount |
|
|
Fair Value |
|
|
|
(In thousands) |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
195,440 |
|
|
$ |
195,440 |
|
|
$ |
134,141 |
|
|
$ |
134,141 |
|
Short-term investments |
|
|
966,962 |
|
|
|
966,962 |
|
|
|
2,315,563 |
|
|
|
2,315,563 |
|
Securities available-for-sale |
|
|
1,473,348 |
|
|
|
1,473,348 |
|
|
|
1,127,309 |
|
|
|
1,127,309 |
|
Loans, net |
|
|
18,100,898 |
|
|
|
17,944,588 |
|
|
|
16,202,001 |
|
|
|
16,499,869 |
|
Equity securities |
|
|
22,158 |
|
|
|
22,158 |
|
|
|
22,319 |
|
|
|
22,319 |
|
Investment in Federal Home Loan Bank stock |
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
Warrants |
|
|
50 |
|
|
|
50 |
|
|
|
23 |
|
|
|
23 |
|
|
|
Notional |
|
|
|
|
|
|
Notional |
|
|
|
|
|
|
|
Amount |
|
|
Fair Value |
|
|
Amount |
|
|
Fair Value |
|
Foreign exchange contracts |
|
$ |
72,996 |
|
|
$ |
448 |
|
|
$ |
181,997 |
|
|
$ |
1,113 |
|
Interest rate swaps |
|
|
817,615 |
|
|
|
44,443 |
|
|
|
904,635 |
|
|
|
10,090 |
|
Financial Liabilities |
|
Carrying |
|
|
|
|
|
|
Carrying |
|
|
|
|
|
|
|
Amount |
|
|
Fair Value |
|
|
Amount |
|
|
Fair Value |
|
Deposits |
|
$ |
18,505,279 |
|
|
$ |
18,572,387 |
|
|
$ |
18,058,842 |
|
|
$ |
18,051,720 |
|
Advances from Federal Home Loan Bank |
|
|
485,000 |
|
|
|
482,737 |
|
|
|
20,000 |
|
|
|
21,279 |
|
Other borrowings |
|
|
22,600 |
|
|
|
18,385 |
|
|
|
23,145 |
|
|
|
18,945 |
|
Long-term debt |
|
|
119,136 |
|
|
|
68,231 |
|
|
|
119,136 |
|
|
|
62,274 |
|
|
|
Notional |
|
|
|
|
|
|
Notional |
|
|
|
|
|
|
|
Amount |
|
|
Fair Value |
|
|
Amount |
|
|
Fair Value |
|
Option contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
676 |
|
|
$ |
3 |
|
Foreign exchange contracts |
|
|
170,213 |
|
|
|
942 |
|
|
|
51,782 |
|
|
|
327 |
|
Interest rate swaps |
|
|
595,426 |
|
|
|
51,864 |
|
|
|
872,400 |
|
|
|
12,642 |
|
|
|
Notional |
|
|
|
|
|
|
Notional |
|
|
|
|
|
|
|
Amount |
|
|
Fair Value |
|
|
Amount |
|
|
Fair Value |
|
Off-Balance Sheet Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments to extend credit |
|
$ |
3,630,304 |
|
|
$ |
(14,797 |
) |
|
$ |
3,297,362 |
|
|
$ |
(12,594 |
) |
Standby letters of credit |
|
|
315,821 |
|
|
|
(2,738 |
) |
|
|
266,490 |
|
|
|
(2,640 |
) |
Other letters of credit |
|
|
29,416 |
|
|
|
(33 |
) |
|
|
16,652 |
|
|
|
(13 |
) |
Bill of lading guarantees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Schedule Of Fair Value Of Financial Instruments [Table Text Block] |
|
|
As of December 31, 2022 |
|
|
|
Estimated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurements |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(In thousands) |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
195,440 |
|
|
$ |
195,440 |
|
|
$ |
— |
|
|
$ |
— |
|
Short-term investments |
|
|
966,962 |
|
|
|
966,962 |
|
|
|
— |
|
|
|
— |
|
Securities available-for-sale |
|
|
1,473,348 |
|
|
|
240,500 |
|
|
|
1,232,848 |
|
|
|
— |
|
Loans, net |
|
|
17,944,588 |
|
|
|
— |
|
|
|
— |
|
|
|
17,944,588 |
|
Equity securities |
|
|
22,158 |
|
|
|
22,158 |
|
|
|
— |
|
|
|
— |
|
Investment in Federal Home Loan Bank stock |
|
|
17,250 |
|
|
|
— |
|
|
|
17,250 |
|
|
|
— |
|
Warrants |
|
|
50 |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
18,572,387 |
|
|
|
— |
|
|
|
— |
|
|
|
18,572,387 |
|
Advances from Federal Home Loan Bank |
|
|
482,737 |
|
|
|
— |
|
|
|
482,737 |
|
|
|
— |
|
Other borrowings |
|
|
18,385 |
|
|
|
— |
|
|
|
— |
|
|
|
18,385 |
|
Long-term debt |
|
|
68,231 |
|
|
|
— |
|
|
|
68,231 |
|
|
|
— |
|
|
|
As of December 31, 2021 |
|
|
|
Estimated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurements |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(In thousands) |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
134,141 |
|
|
$ |
134,141 |
|
|
$ |
— |
|
|
$ |
— |
|
Short-term investments |
|
|
2,315,563 |
|
|
|
2,315,563 |
|
|
|
— |
|
|
|
— |
|
Securities available-for-sale |
|
|
1,127,309 |
|
|
|
— |
|
|
|
1,127,309 |
|
|
|
— |
|
Loans, net |
|
|
16,499,869 |
|
|
|
— |
|
|
|
— |
|
|
|
16,499,869 |
|
Equity securities |
|
|
22,319 |
|
|
|
22,319 |
|
|
|
— |
|
|
|
— |
|
Investment in Federal Home Loan Bank stock |
|
|
17,250 |
|
|
|
— |
|
|
|
17,250 |
|
|
|
— |
|
Warrants |
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
18,051,720 |
|
|
|
— |
|
|
|
— |
|
|
|
18,051,720 |
|
Advances from Federal Home Loan Bank |
|
|
21,279 |
|
|
|
— |
|
|
|
21,279 |
|
|
|
— |
|
Other borrowings |
|
|
18,945 |
|
|
|
— |
|
|
|
— |
|
|
|
18,945 |
|
Long-term debt |
|
|
62,274 |
|
|
|
— |
|
|
|
62,274 |
|
|
|
— |
|
|