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Disclosures About Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers' financial instruments at June 30, 2021 and December 31, 2020 were as follows.
|  |  |  |  | Fair Value Measurements at June 30, 2021
(amounts in thousands) | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 430,500 |  |  | $ | 430,500 |  |  | $ | 430,500 |  |  | $ | — |  |  | $ | — |
Debt securities, available for sale | 1,526,792 |  |  | 1,526,792 |  |  | — |  |  | 1,526,792 |  |  | — |
Loans held for sale | 34,540 |  |  | 34,540 |  |  | — |  |  | 34,033 |  |  | 507 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 16,807,046 |  |  | 16,680,386 |  |  | — |  |  | 2,855,284 |  |  | 13,825,102 |
FHLB, Federal Reserve Bank and other restricted stock | 39,895 |  |  | 39,895 |  |  | — |  |  | 39,895 |  |  | — |
Derivatives | 38,289 |  |  | 38,289 |  |  | — |  |  | 37,988 |  |  | 301 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 13,873,939 |  |  | $ | 13,874,284 |  |  | $ | 13,246,789 |  |  | $ | 627,495 |  |  | $ | — |
FRB PPP Liquidity Facility | 3,865,865 |  |  | 3,865,865 |  |  | — |  |  | 3,865,865 |  |  | — |
Other borrowings | 124,240 |  |  | 130,576 |  |  | — |  |  | 130,576 |  |  | — |
Subordinated debt | 181,534 |  |  | 198,904 |  |  | — |  |  | 198,904 |  |  | — |
Derivatives | 38,756 |  |  | 38,756 |  |  | — |  |  | 38,756 |  |  | — |
|  |  |  |  | Fair Value Measurements at December 31, 2020
(amounts in thousands) | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 693,354 |  |  | $ | 693,354 |  |  | $ | 693,354 |  |  | $ | — |  |  | $ | — |
Debt securities, available for sale | 1,206,431 |  |  | 1,206,431 |  |  | — |  |  | 1,206,431 |  |  | — |
Equity securities | 3,854 |  |  | 3,854 |  |  | 3,854 |  |  | — |  |  | — |
Loans held for sale | 79,086 |  |  | 79,086 |  |  | — |  |  | 78,443 |  |  | 643 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 15,608,989 |  |  | 16,222,202 |  |  | — |  |  | 3,616,432 |  |  | 12,605,770 |
FHLB, Federal Reserve Bank and other restricted stock | 71,368 |  |  | 71,368 |  |  | — |  |  | 71,368 |  |  | — |
Derivatives | 54,223 |  |  | 54,223 |  |  | — |  |  | 54,023 |  |  | 200 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 11,309,929 |  |  | $ | 11,312,494 |  |  | $ | 10,657,998 |  |  | $ | 654,496 |  |  | $ | — |
FRB PPP Liquidity Facility | 4,415,016 |  |  | 4,415,016 |  |  | — |  |  | 4,415,016 |  |  | — |
Federal funds purchased | 250,000 |  |  | 250,000 |  |  | 250,000 |  |  | — |  |  | — |
FHLB advances | 850,000 |  |  | 852,442 |  |  | — |  |  | 852,442 |  |  | — |
Other borrowings | 124,037 |  |  | 129,120 |  |  | — |  |  | 129,120 |  |  | — |
Subordinated debt | 181,394 |  |  | 193,119 |  |  | — |  |  | 193,119 |  |  | — |
Derivatives | 98,164 |  |  | 98,164 |  |  | — |  |  | 98,164 |  |  | — |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2021 and December 31, 2020 were as follows:
| June 30, 2021
| Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 322,954 |  |  | $ | — |  |  | $ | 322,954 |
U.S. government agencies securities | — |  |  | 20,114 |  |  | — |  |  | 20,114 |
Agency-guaranteed residential mortgage-backed securities | — |  |  | 10,355 |  |  | — |  |  | 10,355 |
Agency-guaranteed commercial mortgage-backed securities | — |  |  | 2,205 |  |  | — |  |  | 2,205 |
Agency-guaranteed residential collateralized mortgage obligations | — |  |  | 81,758 |  |  | — |  |  | 81,758 |
Agency-guaranteed commercial collateralized mortgage obligations | — |  |  | 142,841 |  |  | — |  |  | 142,841 |
Commercial mortgage-backed securities | — |  |  | 23,087 |  |  | — |  |  | 23,087 |
Collateralized loan obligations | — |  |  | 162,927 |  |  | — |  |  | 162,927 |
Corporate notes | — |  |  | 350,421 |  |  | — |  |  | 350,421 |
Private label collateralized mortgage obligations | — |  |  | 401,576 |  |  | — |  |  | 401,576 |
State and political subdivision debt securities | — |  |  | 8,554 |  |  | — |  |  | 8,554 |
Derivatives | — |  |  | 37,988 |  |  | 301 |  |  | 38,289 |
Loans held for sale – fair value option | — |  |  | 6,074 |  |  | — |  |  | 6,074 |
Loans receivable, mortgage warehouse – fair value option | — |  |  | 2,855,284 |  |  | — |  |  | 2,855,284 |
Total assets – recurring fair value measurements | $ | — |  |  | $ | 4,426,138 |  |  | $ | 301 |  |  | $ | 4,426,439 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 38,756 |  |  | $ | — |  |  | $ | 38,756 |
Measured at Fair Value on a Nonrecurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Loans held for sale | $ | — |  |  | $ | 27,959 |  |  | $ | — |  |  | $ | 27,959 |
Collateral-dependent loans | — |  |  | — |  |  | 5,323 |  |  | 5,323 |
Total assets – nonrecurring fair value measurements | $ | — |  |  | $ | 27,959 |  |  | $ | 5,323 |  |  | $ | 33,282 |
| December 31, 2020
| Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 377,145 |  |  | $ | — |  |  | $ | 377,145 |
U.S. government agencies securities | — |  |  | 20,034 |  |  | — |  |  | 20,034 |
Agency-guaranteed residential mortgage–backed securities | — |  |  | 63,091 |  |  | — |  |  | 63,091 |
Agency-guaranteed residential collateralized mortgage obligations | — |  |  | 140,841 |  |  | — |  |  | 140,841 |
Agency-guaranteed commercial collateralized mortgage obligations | — |  |  | 20,926 |  |  | — |  |  | 20,926 |
Collateralized loan obligations | — |  |  | 32,367 |  |  | — |  |  | 32,367 |
Corporate notes | — |  |  | 396,744 |  |  | — |  |  | 396,744 |
Private label collateralized mortgage obligations | — |  |  | 136,992 |  |  | — |  |  | 136,992 |
State and political subdivision debt securities | — |  |  | 18,291 |  |  | — |  |  | 18,291 |
Equity securities | 3,854 |  |  | — |  |  | — |  |  | 3,854 |
Derivatives | — |  |  | 54,023 |  |  | 200 |  |  | 54,223 |
Loans held for sale – fair value option | — |  |  | 5,509 |  |  | — |  |  | 5,509 |
Loans receivable, mortgage warehouse – fair value option | — |  |  | 3,616,432 |  |  | — |  |  | 3,616,432 |
Total assets – recurring fair value measurements | $ | 3,854 |  |  | $ | 4,882,395 |  |  | $ | 200 |  |  | $ | 4,886,449 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 98,164 |  |  | $ | — |  |  | $ | 98,164 |
Measured at Fair Value on a Nonrecurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Loans held for sale | $ | — |  |  | $ | 55,683 |  |  | $ | — |  |  | $ | 55,683 |
Collateral-dependent loans | — |  |  | 17,251 |  |  | 3,867 |  |  | 21,118 |
Other real estate owned | — |  |  | — |  |  | 35 |  |  | 35 |
Total assets – nonrecurring fair value measurements | $ | — |  |  | $ | 72,934 |  |  | $ | 3,902 |  |  | $ | 76,836 |
Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The changes in residential mortgage loan commitments (Level 3 assets) measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES.
| Residential Mortgage Loan Commitments
| Three Months Ended June 30,
(amounts in thousands) | 2021 |  | 2020
Balance at March 31 | $ | 196 |  |  | $ | 215 |
Issuances | 301 |  |  | 52 |
Settlements | (196) |  |  | (215) |
Balance at June 30 | $ | 301 |  |  | $ | 52 |
| Residential Mortgage Loan Commitments
| Six Months Ended June 30,
(amounts in thousands) | 2021 |  | 2020
Balance at December 31 | $ | 200 |  |  | $ | 79 |
Issuances | 497 |  |  | 267 |
Settlements | (396) |  |  | (294) |
Balance at June 30 | $ | 301 |  |  | $ | 52 |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2021 and December 31, 2020 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets.
| Quantitative Information about Level 3 Fair Value Measurements
(amounts in thousands) | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) (4)
June 30, 2021 |  |  |  |  |  |  |
Collateral-dependent loans – real estate | $ | 4,456 |  |  | Collateral appraisal (1) |  | Liquidation expenses (2) |  | 8% - 26% (10%)
Collateral-dependent loans – commercial and industrial | 867 |  |  | Collateral appraisal (1) Business asset valuation (3) |  | Liquidation expenses (2) Business asset valuation adjustments (4) |  | 8% - 8% (8%) 19% - 40% (21%)
Residential mortgage loan commitments | 301 |  |  | Adjusted market bid |  | Pull-through rate |  | 75% - 95% (85%)
(1)Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. Fair value is also estimated based on sale agreements or letters of intent with third parties. (2)Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3)Business asset valuation obtained from independent party. (4)Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation.
| Quantitative Information about Level 3 Fair Value Measurements
(amounts in thousands) | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) (4)
December 31, 2020 |  |  |  |  |  |  |
Collateral-dependent loans – real estate | $ | 2,928 |  |  | Collateral appraisal (1) |  | Liquidation expenses (2) |  | 8% - 8% (8%)
Collateral-dependent loans – commercial and industrial | 939 |  |  | Collateral appraisal (1) Business asset valuation (3) |  | Liquidation expenses (2) Business asset valuation adjustments (4) |  | 7% - 8% (8%) 60% - 60% (60%)
Other real estate owned | 35 |  |  | Collateral appraisal (1) |  | Liquidation expenses (2) |  | 8% - 9% (9%)
Residential mortgage loan commitments | 200 |  |  | Adjusted market bid |  | Pull-through rate |  | 78% - 78% (78%)
(1)Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. (2)Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3)Business asset valuation obtained from independent party. (4)Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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