XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.2
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 enterprises10,863  —  10,863  —  
State and local governments1,277,552  —  1,277,552  —  
Corporate bonds388,375  —  388,375  —  
Residential mortgage-backed securities857,641  —  857,641  —  
Commercial mortgage-backed securities957,284  —  957,284  —  
Loans held for sale, at fair value115,345  —  115,345  —  
Interest rate caps300  —  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, 2019Quoted 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 enterprises43,677  —  43,677  —  
State and local governments702,398  —  702,398  —  
Corporate bonds157,602  —  157,602  —  
Residential mortgage-backed securities738,724  —  738,724  —  
Commercial mortgage-backed securities912,807  —  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 ACL2,272  —  —  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, 2019Quoted 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 ACL23  —  —  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 TechniqueUnobservable Input
Range
(Weighted-Average) 1
Other real estate owned
$150  Sales comparison approachSelling costs10.0% - 10.0% (10.0%)
Collateral-dependent
  loans, net of ACL
$976  Cost approachSelling costs10.0% - 10.0% (10.0%)
1,296  Combined approachSelling costs10.0% - 10.0% (10.0%)
$2,272  

 Fair Value December 31, 2019Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)Valuation TechniqueUnobservable Input
Range
(Weighted-Average) 1
Other real estate owned
$1,983  Sales comparison approachSelling costs6.0% - 10.0% (7.3%)
Adjustment to comparables0.0% - 11.1% (4.5%)
Collateral-dependent
  loans, net of ACL
$ Cost approachSelling costs10.0% - 10.0% (10.0%)
14  Sales comparison approachAdjustment to comparables0.0% - 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-maturity203,275  —  215,883  —  
Loans receivable, net of ACL11,290,869  —  —  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 advances37,963  —  38,219  —  
Repurchase agreements and
  other borrowed funds
913,773  —  913,773  —  
Subordinated debentures139,917  —  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, 2019Quoted 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-maturity224,611  —  234,396  —  
Loans receivable, net of ACL9,388,320  —  —  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 advances38,611  —  38,787  —  
Repurchase agreements and
  other borrowed funds
598,644  —  598,644  —  
Subordinated debentures139,914  —  124,094  —  
Total financial liabilities$1,788,967  —  1,779,030  —