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Fair Value Accounting and Measurement (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2020 and 2019 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

						Fair Value at December 31, 2020						Fair Value Measurements at Reporting Date Using
												Level 1						Level 2						Level 3
						(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations						$	3,814,387					$	—					$	3,814,387					$	—
Other asset-backed securities						357,479						—						357,479						—
State and municipal securities						753,572						—						753,572						—
U.S. government agency and government-sponsored enterprise securities						284,696						—						284,696						—
Total debt securities available for sale						$	5,210,134					$	—					$	5,210,134					$	—
Loans held for sale						$	14,760					$	—					$	14,760					$	—
Other assets:
Interest rate lock commitments						$	1,096					$	—					$	—					$	1,096
Interest rate swap contracts						$	46,184					$	—					$	46,184					$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts						$	165					$	—					$	165					$	—
Interest rate swap contracts						$	46,637					$	—					$	46,637					$	—

						Fair Value at December 31, 2019						Fair Value Measurements at Reporting Date Using
												Level 1						Level 2						Level 3
						(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations						$	2,892,950					$	—					$	2,892,950					$	—
Other asset-backed securities						196,050						—						196,050						—
State and municipal securities						488,802						—						488,802						—
U.S. government agency and government-sponsored enterprise securities						168,340						—						168,340						—
Total debt securities available for sale						$	3,746,142					$	—					$	3,746,142					$	—
Other assets:
Interest rate swap contracts						$	19,144					$	—					$	19,144					$	—
Interest rate collar						$	14,727					$	—					$	14,727					$	—
Liabilities
Other liabilities:
Interest rate swap contracts						$	19,145					$	—					$	19,145					$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.

						Years Ended December 31,
						2020						2019
						(in thousands)
Balance at the beginning of the period						$	—					$	—
Change included in earnings						2,795						—
Settlements						(1,699)						—
Balance at the end of the period						$	1,096					$	—

Equity Securities without Readily Determinable Fair Value

The following table presents the carrying value of equity securities, without readily determinable fair values, still held as of December 31, 2020, that are measured under the measurement alternative and related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

						Years Ended December 31,
						2020						2019
Equity securities without readily determinable fair values						in thousands
Carrying value, beginning of period						$	—					$	—
Upward carrying value changes						13,425						—
Carrying value, end of period						$	13,425					$	—

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the years ended December 31, 2020 and 2019:

						Fair Value at December 31, 2020						Fair Value Measurements at Reporting Date Using																		Gains (Losses) During the Year Ended December 31, 2020
												Level 1						Level 2						Level 3
						(in thousands)
Collateral dependent loans						$	15,569					$	—					$	—					$	15,569					$	(8,700)
OREO						$	525					$	—					$	—					$	525					$	(70)
Equity securities						$	13,425					$	—					$	13,425					$	—					$	13,425

						Fair Value at December 31, 2019						Fair Value Measurements at Reporting Date Using																		Losses During the Year Ended December 31, 2019
												Level 1						Level 2						Level 3
						(in thousands)
Collateral dependent loans						$	10,007					$	—					$	—					$	10,007					$	(7,519)

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments for the periods indicated:

						December 31, 2020
						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
						(in thousands)
Assets
Cash and due from banks						$	218,899					$	218,899					$	218,899					$	—					$	—
Interest-earning deposits with banks						434,867						434,867						434,867						—						—
Debt securities available for sale						5,210,134						5,210,134						—						5,210,134						—
FHLB stock						10,280						10,280						—						10,280						—
Loans held for sale						26,481						26,481						—						26,481						—
Loans						9,278,520						9,720,592						—						—						9,720,592
Interest rate contracts						46,184						46,184						—						46,184						—
Interest rate lock commitments						1,096						1,096						—						—						1,096
Liabilities
Time deposits						$	338,845					$	338,815					$	—					$	338,815					$	—
FHLB advances and FRB borrowings						7,414						9,295						—						9,295						—
Repurchase agreements						73,859						73,859						—						73,859						—
Subordinated debentures						35,092						35,414						—						35,414						—
Interest rate contracts						46,637						46,637						—						46,637						—
Interest rate forward loan sales contracts						165						165						—						165						—

						December 31, 2019
						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
						(in thousands)
Assets
Cash and due from banks						$	223,541					$	223,541					$	223,541					$	—					$	—
Interest-earning deposits with banks						24,132						24,132						24,132						—						—
Debt securities available for sale						3,746,142						3,746,172						—						3,746,172						—
FHLB stock						48,120						48,120						—						48,120						—
Loans held for sale						17,718						17,718						—						17,718						—
Loans						8,659,497						8,883,865						—						—						8,883,865
Interest rate contracts						19,144						19,144						—						19,144						—
Interest rate collar						14,727						14,727						—						14,727						—
Liabilities
Time deposits						$	400,070					$	397,736					$	—					$	397,736					$	—
FHLB advances and FRB borrowings						953,469						952,762						—						952,762						—
Repurchase agreements						64,437						64,437						—						64,437						—
Subordinated debentures						35,277						35,491						—						35,491						—
Interest rate contracts						19,145						19,145						—						19,145						—

Fair Value Option, Disclosures

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of December 31, 2020 and 2019:

December 31,
2020																		2019
Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance						Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance
(in thousands)
$	14,760					$	14,252					$	508					$	—					$	—					$	—

Fair Value, Inputs, Level 3 | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Assets and Liabilities Measured on recurring basis valuation technique

The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2020.

Fair Value at December 31, 2020

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Interest rate lock commitments

$

1,096

Internal pricing model

Pull-through rate

75.43% - 96.63% (88.13%)

Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value assets measured on nonrecurring basis valuation technique

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets during 2020 and 2019, along with the valuation techniques used, are shown in the following tables:

Fair Value at December 31, 2020

Valuation Technique

Unobservable Input

Range (Weighted Average) (1)

(dollars in thousands)

Collateral dependent loans (2)

$

15,569

Fair Market Value of Collateral

Adjustment to Stated Value

0.00% - 100.00% (41.36%)

OREO

$

525

Fair Market Value of Collateral

Adjustment to Appraisal Value

N/A (3)

__________

(1) Adjustment applied to appraisal value and stated value (in the case of fixed assets, accounts receivable and inventory).

(2) Collateral consists of accounts receivable, inventory, fixed assets, real estate and cash.

(3) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values or stated values during the period.

Fair Value at December 31, 2019

Valuation Technique

Unobservable Input

Range (Weighted Average) (1)

(dollars in thousands)

Collateral dependent loans (2)

$

10,007

Fair Market Value of Collateral

Adjustment to Stated Value

0.00% - 100.00% (49.68%)

__________

(1) Adjustment applied to appraisal value and stated value (in the case of fixed assets and inventory).

(2) Collateral consists of accounts receivable, inventory, fixed assets, real estate and cash.

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