Fair Value of Assets and Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Fair Value Disclosures [Abstract] |
|
Fair value measurement of assets measured at fair value on a recurring basis |
The following tables disclose the fair value measurement of assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Fair Value June 30, 2020 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Debt securities, available-for-sale | | | | | | | | U.S. government and federal agency | $ | 42,235 | | | — | | | 42,235 | | | — | | U.S. government sponsored enterprises | 10,863 | | | — | | | 10,863 | | | — | | State and local governments | 1,277,552 | | | — | | | 1,277,552 | | | — | | Corporate bonds | 388,375 | | | — | | | 388,375 | | | — | | Residential mortgage-backed securities | 857,641 | | | — | | | 857,641 | | | — | | Commercial mortgage-backed securities | 957,284 | | | — | | | 957,284 | | | — | | Loans held for sale, at fair value | 115,345 | | | — | | | 115,345 | | | — | | Interest rate caps | 300 | | | — | | | 300 | | | — | | Total assets measured at fair value on a recurring basis | $ | 3,649,595 | | | — | | | 3,649,595 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Fair Value December 31, 2019 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Debt securities, available-for-sale | | | | | | | | U.S. government and federal agency | $ | 20,044 | | | — | | | 20,044 | | | — | | U.S. government sponsored enterprises | 43,677 | | | — | | | 43,677 | | | — | | State and local governments | 702,398 | | | — | | | 702,398 | | | — | | Corporate bonds | 157,602 | | | — | | | 157,602 | | | — | | Residential mortgage-backed securities | 738,724 | | | — | | | 738,724 | | | — | | Commercial mortgage-backed securities | 912,807 | | | — | | | 912,807 | | | — | | Loans held for sale, at fair value | 69,194 | | | — | | | 69,194 | | | — | | | | | | | | | | Total assets measured at fair value on a recurring basis | $ | 2,644,446 | | | — | | | 2,644,446 | | | — | | | | | | | | | | | | | | | | | |
|
Fair value measurement of assets measured at fair value on a non-recurring basis |
The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Fair Value June 30, 2020 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Other real estate owned | $ | 150 | | | — | | | — | | | 150 | | Collateral-dependent loans, net of ACL | 2,272 | | | — | | | — | | | 2,272 | | Total assets measured at fair value on a non-recurring basis | $ | 2,422 | | | — | | | — | | | 2,422 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Fair Value December 31, 2019 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Other real estate owned | $ | 1,983 | | | — | | | — | | | 1,983 | | Collateral-dependent loans, net of ACL | 23 | | | — | | | — | | | 23 | | Total assets measured at fair value on a non-recurring basis | $ | 2,006 | | | — | | | — | | | 2,006 | |
|
Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used |
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value June 30, 2020 | | Quantitative Information about Level 3 Fair Value Measurements | | | | | (Dollars in thousands) | | | Valuation Technique | | Unobservable Input | | Range (Weighted-Average) 1 | | | | | | | | | | | | | | | | | Other real estate owned | $ | 150 | | | Sales comparison approach | | Selling costs | | 10.0% - 10.0% (10.0%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Collateral-dependent loans, net of ACL | $ | 976 | | | Cost approach | | Selling costs | | 10.0% - 10.0% (10.0%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,296 | | | Combined approach | | Selling costs | | 10.0% - 10.0% (10.0%) | | | | | | | | | | | | | | | | | | $ | 2,272 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value December 31, 2019 | | Quantitative Information about Level 3 Fair Value Measurements | | | | | (Dollars in thousands) | | | Valuation Technique | | Unobservable Input | | Range (Weighted-Average) 1 | | | | | | | | | Other real estate owned | $ | 1,983 | | | Sales comparison approach | | Selling costs | | 6.0% - 10.0% (7.3%) | | | | | | Adjustment to comparables | | 0.0% - 11.1% (4.5%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Collateral-dependent loans, net of ACL | $ | 9 | | | Cost approach | | Selling costs | | 10.0% - 10.0% (10.0%) | | | | | | | | | | | | | | | | | | 14 | | | Sales comparison approach | | Adjustment to comparables | | 0.0% - 0.0% (0.0%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 23 | | | | | | | |
______________________________ 1 The range for selling cost inputs represents reductions to the fair value of the assets.
|
Carrying amounts and estimated fair values of financial instruments not carried at fair value |
The following tables present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments not carried at fair value. Receivables and payables due in one year or less, equity securities without readily determinable fair values and deposits with no defined or contractual maturities are excluded.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Carrying Amount June 30, 2020 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Financial assets | | | | | | | | Cash and cash equivalents | $ | 547,610 | | | 547,610 | | | — | | | — | | Debt securities, held-to-maturity | 203,275 | | | — | | | 215,883 | | | — | | Loans receivable, net of ACL | 11,290,869 | | | — | | | — | | | 11,444,388 | | Total financial assets | $ | 12,041,754 | | | 547,610 | | | 215,883 | | | 11,444,388 | | Financial liabilities | | | | | | | | Term deposits | $ | 1,063,821 | | | — | | | 1,069,748 | | | — | | FHLB advances | 37,963 | | | — | | | 38,219 | | | — | | Repurchase agreements and other borrowed funds | 913,773 | | | — | | | 913,773 | | | — | | Subordinated debentures | 139,917 | | | — | | | 100,750 | | | — | | Total financial liabilities | $ | 2,155,474 | | | — | | | 2,122,490 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At the End of the Reporting Period Using | | | | | (Dollars in thousands) | Carrying Amount December 31, 2019 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Financial assets | | | | | | | | Cash and cash equivalents | $ | 330,961 | | | 330,961 | | | — | | | — | | Debt securities, held-to-maturity | 224,611 | | | — | | | 234,396 | | | — | | Loans receivable, net of ACL | 9,388,320 | | | — | | | — | | | 9,438,121 | | Total financial assets | $ | 9,943,892 | | | 330,961 | | | 234,396 | | | 9,438,121 | | Financial liabilities | | | | | | | | Term deposits | $ | 1,011,798 | | | — | | | 1,017,505 | | | — | | FHLB advances | 38,611 | | | — | | | 38,787 | | | — | | Repurchase agreements and other borrowed funds | 598,644 | | | — | | | 598,644 | | | — | | Subordinated debentures | 139,914 | | | — | | | 124,094 | | | — | | Total financial liabilities | $ | 1,788,967 | | | — | | | 1,779,030 | | | — | |
|