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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Segregated by the Level of the Valuation Inputs within the Fair Value Hierarchy Utilized to Measure Fair Value

The following table summarizes assets and liabilities measured at fair value on a recurring basis as of year-end 2019 and 2018 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		December 31, 2019
(In thousands)		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
Trading security		$	—			$	—			$	10,769			$	10,769
Available-for-sale securities:
Municipal bonds and obligations		—				110,138				—				110,138
Agency collateralized mortgage obligations		—				748,812				—				748,812
Agency residential mortgage-backed securities		—				147,744				—				147,744
Agency commercial mortgage-backed securities		—				147,096				—				147,096
Corporate bonds		—				73,610				42,966				116,576
Other bonds and obligations		—				41,189				—				41,189
Marketable equity securities		40,499				1,057				—				41,556
Loans held for sale (1)		—				140,280				—				140,280
Derivative assets (1)		—				77,562				2,628				80,190
Capitalized servicing rights (1)		—				—				12,299				12,299
Derivative liabilities (1)		227				80,454				—				80,681

 (1) Includes assets and liabilities classified as discontinued operations.

		December 31, 2018
(In thousands)		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
Trading security		$	—			$	—			$	11,212			$	11,212
Available-for-sale securities:
Municipal bonds and obligations		—				111,207				—				111,207
Agency collateralized mortgage obligations		—				930,884				—				930,884
Agency residential mortgage-backed securities		—				170,321				—				170,321
Agency commercial mortgage-backed securities		—				58,925				—				58,925
Corporate bonds		—				119,956				—				119,956
Other bonds and obligations		—				8,354				—				8,354
Marketable equity securities		56,074				564				—				56,638
Loans held for sale (1)		—				96,233				—				96,233
Derivative assets (1)		—				31,727				3,927				35,654
Capitalized servicing rights (1)		—				—				11,485				11,485
Derivative liabilities (1)		734				33,239				—				33,973

(1) Includes assets and liabilities classified as discontinued operations.

Schedule of Loans Held for Sale

		Aggregate Fair Value				Aggregate Unpaid Principal				Aggregate Fair Value Less Aggregate Unpaid Principal
December 31, 2019 (In thousands)
Loans held for sale - continuing operations		$	7,625			$	7,485			$	140
Loans held for sale - discontinued operations		132,655				129,622				3,033
Loans Held for Sale		$	140,280			$	137,107			$	3,173

		Aggregate Fair Value				Aggregate Unpaid Principal				Aggregate Fair Value Less Aggregate Unpaid Principal
December 31, 2018 (In thousands)
Loans held for sale - continuing operations		$	2,184			$	2,141			$	43
Loans held for sale - discontinued operations		94,049				90,878				3,171
Loans Held for Sale		$	96,233			$	93,019			$	3,214

Schedule of Changes in Level 3 Assets and Liabilities that were Measured at Fair Value on a Recurring Basis

The table below presents the changes in Level 3 assets that were measured at fair value on a recurring basis at year-end 2019 and 2018:

		Assets (Liabilities)
(In thousands)		Trading Security				Securities Available for Sale				Commitments to Lend (1)				Forward Commitments (1)				Capitalized Servicing Rights (1)
Balance as of December 31, 2017		$	12,277			$	—			$	5,259			$	19			$	3,834
Unrealized (loss), net recognized in other non-interest income		(400		)		—				—				—				—
Unrealized gain/(loss), net recognized in discontinued operations		—				—				46,014				(19		)		29
Paydown of trading security		(665		)		—				—				—				—
Transfers to loans held for sale		—				—				(47,346		)		—				—
Additions to servicing rights		—				—				—				—				7,622
Balance as of December 31, 2018		$	11,212			$	—			$	3,927			$	—			$	11,485
Unrealized (loss) gain, net recognized in other non-interest income		258				—				—				—				—
Unrealized gain/(loss), net recognized in discontinued operations		—				—				55,771				—				(10,322		)
Unrealized (loss) included in accumulated other comprehensive loss		—				(162		)		—				—				—
Transfers to Level 3		—				43,128				—				—				—
Paydown of trading security		(701		)		—				—				—				—
Transfers to loans held for sale		—				—				(57,070		)		—				—
Additions to servicing rights		—				—				—				—				11,136
Balance as of December 31, 2019		$	10,769			$	42,966			$	2,628			$	—			$	12,299
Unrealized gains/(losses) relating to instruments still held at December 31, 2019		$	1,379			$	(162	)		$	2,628			$	—			$	—
Unrealized gains/(losses) relating to instruments still held at December 31, 2018		$	1,122			$	—			$	3,927			$	—			$	—

(1) Classified as assets from discontinued operations on the consolidated balance sheets.

Schedule of Quantitative Information about the Significant Unobservable Inputs within Level 3

The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured on a non-recurring basis.

		December 31, 2019					Fair Value Measurements as of December 31, 2018
(In thousands)		Level 3 Inputs					Level 3 Inputs
Assets
Impaired loans		$	8,831				December 2019
Capitalized servicing rights		14,152					December 2019
Total		$	22,983

		December 31, 2018					Fair Value Measurements as of December 31, 2017
(In thousands)		Level 3 Inputs					Level 3 Inputs
Assets
Impaired loans		$	4,892				December 2018
Capitalized servicing rights		11,891					December 2018
Total		$	16,783

Summary of Applicable Non-recurring Fair Value Measurements

The following tables summarize the estimated fair values, which represent exit price, and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. Certain assets and liabilities in the following disclosures include balances classified as discontinued operations. See Note 3 - Discontinued Operations for more information on assets and liabilities classified as discontinued operations.

		December 31, 2019
		Carrying Amount				Fair Value
(In thousands)										Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	579,829			$	579,829			$	579,829			$	—			$	—
Trading security		10,769				10,769				—				—				10,769
Marketable equity securities		41,556				41,555				40,499				1,056				—
Securities available for sale		1,311,555				1,311,555				—				1,267,573				43,982
Securities held to maturity		357,979				373,277				—				355,513				17,764
FHLB stock and restricted equity securities		48,019				N/A				N/A				N/A				N/A
Net loans		9,438,853				9,653,550				—				—				9,653,550
Loans held for sale (1)		169,319				169,319				—				140,280				29,039
Accrued interest receivable		36,462				36,462				—				36,462				—
Derivative assets (1)		80,190				80,190				—				77,562				2,628
Financial Liabilities
Total deposits		10,335,977				10,338,993				—				10,338,993				—
Short-term debt		125,000				125,081				—				125,081				—
Long-term FHLB advances		605,501				606,381				—				606,381				—
Subordinated notes		97,049				101,055				—				101,055				—
Derivative liabilities (1)		80,681				80,681				227				80,454				—

(1) Includes assets and liabilities classified as discontinued operations.

		December 31, 2018
		Carrying Amount				Fair Value
(In thousands)										Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	183,189			$	183,189			$	183,189			$	—			$	—
Trading security		11,212				11,212				—				—				11,212
Marketable equity securities		56,638				56,638				56,074				564				—
Securities available for sale		1,399,647				1,399,647				—				1,399,647				—
Securities held to maturity		373,763				371,224				—				353,182				18,042
FHLB stock and restricted equity securities		77,344				N/A				N/A				N/A				N/A
Net loans		8,981,784				9,026,442				—				—				9,026,442
Loans held for sale (1)		96,233				96,233				—				96,233				—
Accrued interest receivable		36,879				36,879				—				36,879				—
Derivative assets (1)		35,654				35,654				—				31,727				3,927
Financial Liabilities
Total deposits		8,982,381				8,970,321				—				8,970,321				—
Short-term debt		1,118,832				1,118,820				—				1,118,820				—
Long-term FHLB advances		309,466				308,336				—				308,336				—
Subordinated notes		89,518				97,376				—				97,376				—
Derivative liabilities (1)		33,973				33,973				734				33,239				—

(1) Includes assets and liabilities classified as discontinued operations.

Recurring

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Quantitative Information about the Significant Unobservable Inputs within Level 3

Quantitative information about the significant unobservable inputs within Level 3 recurring assets/(liabilities) as of December 31, 2019 and 2018 are as follows:

		Fair Value								Significant Unobservable Input Value
(In thousands)		December 31, 2019				Valuation Techniques		Unobservable Inputs
Assets
Trading Security		$	10,769			Discounted Cash Flow		Discount Rate		2.21		%
Securities Available for Sale		42,966				Indication from Market Maker		Price		97.00 - 100.00
Commitments to Lend (1)		2,628				Historical Trend		Closing Ratio		77.81		%
						Pricing Model		Origination Costs, per loan		$	3,137
Capitalized Servicing Rights (1)		12,299				Discounted cash flow		Constant prepayment rate (CPR)		11.50		%
								Discount rate		10.00		%
Total		$	68,662

(1) Classified as assets from discontinued operations on the consolidated balance sheets.

		Fair Value								Significant Unobservable Input Value
(In thousands)		December 31, 2018				Valuation Techniques		Unobservable Inputs
Assets
Trading Security		$	11,212			Discounted Cash Flow		Discount Rate		3.07		%
Commitments to Lend (1)		3,927				Historical Trend		Closing Ratio		82.36		%
						Pricing Model		Origination Costs, per loan		$	3,063
Capitalized Servicing Rights (1)		11,485				Discounted cash flow		Constant prepayment rate (CPR)		9.30		%
								Discount rate		10.00		%
Total		$	26,624

(1) Classified as assets from discontinued operations on the consolidated balance sheets.

Non-recurring

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Quantitative Information about the Significant Unobservable Inputs within Level 3

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets as of December 31, 2019 and 2018 are as follows:

(in thousands)		December 31, 2019				Valuation Techniques		Unobservable Inputs		Range (Weighted Average) (a)
Assets
Impaired loans		$	8,831			Fair value of collateral		Loss severity		15.72% to 0.12% (4.50%)
								Appraised value		$8.2 to $1,548 ($736.1)
Capitalized servicing rights		14,152				Discounted cash flow		Constant prepayment rate (CPR)		9.44% to 14.12% (12.25%)
								Discount rate		10.00% to 13.50% (11.78%)
Total Assets		$	22,983

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

(in thousands)		December 31, 2018				Valuation Techniques		Unobservable Inputs		Range (Weighted Average) (a)
Assets
Impaired loans		$	4,892			Fair value of collateral		Loss severity		51.16% to 0.00% (6.75%)
								Appraised value		$0.3 to $877 ($363)
Capitalized servicing rights		11,891				Discounted cash flow		Constant prepayment rate (CPR)		7.74% to 11.29% (9.74%)
								Discount rate		10.00% to 14.13% (11.99%)
Total Assets		$	16,783

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

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