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FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Carried at Fair Value | The following tables present financial instruments carried at fair value as of September 30, 2024 and December 31, 2023 by level in the valuation hierarchy (as described above):
|  | September 30, 2024
(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 |  | $ | — |  |  | $ | 455,483 |  |  | $ | — |  |  | $ | 455,483 |
FNMA MBS |  | — |  |  | 2,939,887 |  |  | — |  |  | 2,939,887 |
FHLMC MBS |  | — |  |  | 111,807 |  |  | — |  |  | 111,807 |
GNMA MBS |  | — |  |  | 43,823 |  |  | — |  |  | 43,823 |
GSE agency notes |  | — |  |  | 186,119 |  |  | — |  |  | 186,119 |
Other assets |  | — |  |  | 166,339 |  |  | 56 |  |  | 166,395 |
Total assets measured at fair value on a recurring basis |  | $ | — |  |  | $ | 3,903,458 |  |  | $ | 56 |  |  | $ | 3,903,514 |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |
Other liabilities |  | $ | — |  |  | $ | 133,020 |  |  | $ | 8,285 |  |  | $ | 141,305 |
Assets measured at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |
Other investments |  | $ | — |  |  | $ | — |  |  | $ | 14,322 |  |  | $ | 14,322 |
Other real estate owned |  | — |  |  | — |  |  | 1,301 |  |  | 1,301 |
Loans held for sale |  | — |  |  | 42,121 |  |  | — |  |  | 42,121 |
Total assets measured at fair value on a nonrecurring basis |  | $ | — |  |  | $ | 42,121 |  |  | $ | 15,623 |  |  | $ | 57,744 |
|  | December 31, 2023
(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 |  | $ | — |  |  | $ | 464,619 |  |  | $ | — |  |  | $ | 464,619 |
FNMA MBS |  | — |  |  | 3,042,350 |  |  | — |  |  | 3,042,350 |
FHLMC MBS |  | — |  |  | 115,532 |  |  | — |  |  | 115,532 |
GNMA MBS |  | — |  |  | 43,340 |  |  | — |  |  | 43,340 |
GSE agency notes |  | — |  |  | 180,696 |  |  | — |  |  | 180,696 |
Other assets |  | — |  |  | 153,569 |  |  | 78 |  |  | 153,647 |
Total assets measured at fair value on a recurring basis |  | $ | — |  |  | $ | 4,000,106 |  |  | $ | 78 |  |  | $ | 4,000,184 |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |
Other liabilities |  | $ | — |  |  | $ | 137,616 |  |  | $ | 14,026 |  |  | $ | 151,642 |
Assets measured at fair value on a nonrecurring basis |  |  |  |  |  |  |  |
Other investments |  | $ | — |  |  | $ | — |  |  | $ | 15,206 |  |  | $ | 15,206 |
Other real estate owned |  | — |  |  | — |  |  | 1,569 |  |  | 1,569 |
Loans held for sale |  | — |  |  | 29,268 |  |  | — |  |  | 29,268 |
Total assets measured at fair value on a nonrecurring basis |  | $ | — |  |  | $ | 29,268 |  |  | $ | 16,775 |  |  | $ | 46,043 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables provide a description of the valuation techniques and significant unobservable inputs for the Company's financial instruments classified as Level 3 as of September 30, 2024 and December 31, 2023:
(Dollars in thousands) |  | September 30, 2024
Financial Instrument |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average)
Other investments |  | $ | 14,322 |  |  | Observed market comparable transactions |  | Period of observed transactions |  | December 2023
Other real estate owned |  | 1,301 |  |  | Fair market value of collateral |  | Costs to sell |  | 10.0%-20.0% (19.3%)
Other assets (Risk participation agreements purchased) |  | 56 |  | Credit Valuation Adjustment |  | CDS Spread and Loss Given Default (LGD) |  | CDS spread: 110 - 360 bps (189 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold) |  | 112 |  |  | Credit Valuation Adjustment |  | CDS Spread and Loss Given Default (LGD) |  | CDS spread: 1 - 250 bps (213 bps) LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) |  | 8,173 |  |  | Discounted cash flow |  | Timing of Visa litigation resolution |  | 2.75 years or 2Q 2027
(Dollars in thousands) |  | December 31, 2023
Financial Instrument |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average)
Other investments |  | $ | 15,206 |  |  | Observed market comparable transactions |  | Period of observed transactions |  | December 2023
Other real estate owned |  | 1,569 |  |  | Fair market value of collateral |  | Costs to sell |  | 10.0% - 20.0% (18.1%)
Other assets (Risk participation agreements purchased) |  | 78 |  | Credit Valuation Adjustment |  | CDS Spread and Loss Given Default (LGD) |  | CDS spread: 110 - 360 bps (195 bps) LGD: –% - 30% (30%)
Other liabilities (Risk participation agreements sold) |  | 3 |  |  | Credit Valuation Adjustment |  | CDS Spread and Loss Given Default (LGD) |  | CDS spread: 1 - 250 bps (95 bps) LGD: 30%
Other liabilities (Financial derivative related to sales of certain Visa Class B shares) |  | 14,023 |  |  | Discounted cash flow |  | Timing of Visa litigation resolution |  | 1.00 - 4.75 years (3.06 years or 4Q 2025)
Schedule of 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:
|  |  |  | September 30, 2024 |  | December 31, 2023
(Dollars in thousands) |  | Fair Value Measurement |  | Book Value |  | Fair Value |  | Book Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash |  | Level 1 |  | $ | 990,918 |  |  | $ | 990,918 |  |  | $ | 1,092,900 |  |  | $ | 1,092,900 |
Investment securities available-for-sale |  | Level 2 |  | 3,737,119 |  |  | 3,737,119 |  |  | 3,846,537 |  |  | 3,846,537 |
Investment securities held-to-maturity, net |  | Level 2 |  | 1,026,305 |  |  | 958,969 |  |  | 1,058,557 |  |  | 985,931 |
Other investments |  | Level 3 |  | 16,976 |  |  | 16,976 |  |  | 17,434 |  |  | 17,434 |
Loans, held for sale |  | Level 2 |  | 42,121 |  |  | 42,121 |  |  | 29,268 |  |  | 29,268 |
Loans and leases, net(1) |  | Level 3 |  | 13,124,684 |  |  | 13,360,280 |  |  | 12,583,202 |  |  | 12,514,431 |
Stock in FHLB of Pittsburgh |  | Level 2 |  | 17,497 |  |  | 17,497 |  |  | 15,398 |  |  | 15,398 |
Accrued interest receivable |  | Level 2 |  | 87,360 |  |  | 87,360 |  |  | 85,979 |  |  | 85,979 |
Other assets |  | Levels 2, 3 |  | 166,395 |  |  | 166,395 |  |  | 153,647 |  |  | 153,647 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | Level 2 |  | $ | 16,427,031 |  |  | $ | 16,418,398 |  |  | $ | 16,474,086 |  |  | $ | 16,449,198 |
Borrowed funds |  | Level 2 |  | 1,075,161 |  |  | 1,093,335 |  |  | 895,076 |  |  | 912,760 |
Standby letters of credit |  | Level 3 |  | 675 |  |  | 675 |  |  | 814 |  |  | 814 |
Accrued interest payable |  | Level 2 |  | 73,418 |  |  | 73,418 |  |  | 46,684 |  |  | 46,684 |
Other liabilities |  | Levels 2, 3 |  | 141,305 |  |  | 141,305 |  |  | 151,642 |  |  | 151,642 |
(1) Includes reverse mortgage loans.

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