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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value of Financial Instruments [Abstract]  
Assets and Liabilities on Recurring and Non-Recurring Basis

 

June 30, 2020

 

Fair Value Measurements

 

Level 1

 

Level 2

 

Level 3

 

Total

 

(In thousands)

Recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

$

197,340

 

$

342,899

 

$

-

 

$

540,239

Trading securities

 

-

 

 

22

 

 

-

 

 

22

Money market investments

 

10,022

 

 

-

 

 

-

 

 

10,022

Derivative assets

 

-

 

 

2

 

 

-

 

 

2

Servicing assets

 

-

 

 

-

 

 

47,926

 

 

47,926

Derivative liabilities

 

-

 

 

(2,078)

 

 

-

 

 

(2,078)

 

$

207,362

 

$

340,845

 

$

47,926

 

$

596,133

Non-recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

-

 

 

-

 

 

32,764

 

 

32,764

Foreclosed real estate

 

-

 

 

-

 

 

24,792

 

 

24,792

Other repossessed assets

 

-

 

 

-

 

 

1,360

 

 

1,360

 

$

-

 

$

-

 

$

58,916

 

$

58,916

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

Fair Value Measurements

 

Level 1

 

Level 2

 

Level 3

 

Total

 

(In thousands)

Recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

$

397,183

 

$

676,986

 

$

-

 

$

1,074,169

Trading securities

 

-

 

 

37

 

 

-

 

 

37

Money market investments

 

6,775

 

 

-

 

 

-

 

 

6,775

Derivative assets

 

-

 

 

6

 

 

-

 

 

6

Servicing assets

 

-

 

 

-

 

 

50,779

 

 

50,779

Derivative liabilities

 

-

 

 

(913)

 

 

-

 

 

(913)

 

$

403,958

 

$

676,116

 

$

50,779

 

$

1,130,853

Non-recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Impaired commercial loans

$

-

 

$

-

 

$

61,128

 

$

61,128

Foreclosed real estate

 

-

 

 

-

 

 

29,909

 

 

29,909

Other repossessed assets

 

-

 

 

-

 

 

3,327

 

 

3,327

 

$

-

 

$

-

 

$

94,364

 

$

94,364
Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)

Level 3 Instruments Only

 

 

 

 

 

 

 

 

Servicing Assets

 

Quarter Ended June 30,

 

Six-Month Period Ended June 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands)

Balance at beginning period

$

49,287

 

$

10,623

 

$

50,779

 

$

10,716

New instruments acquired

 

124

 

 

206

 

 

580

 

 

508

Principal repayments

 

(678)

 

 

(250)

 

 

(1,445)

 

 

(451)

Changes in fair value of servicing assets

 

(807)

 

 

(445)

 

 

(1,988)

 

 

(639)

Balance at end of period

$

47,926

 

$

10,134

 

$

47,926

 

$

10,134
Qualitative Information for Assets and Liabilities

 

 

June 30, 2020

 

 

 

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing assets

 

$

47,926

 

Cash flow valuation

 

Constant prepayment rate

 

5.61% - 20.8%

 

6.52%

 

 

 

 

 

 

 

Discount rate

 

10.00% - 15.50%

 

11.52%

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

32,764

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

11.20% - 44.20%

 

19.73%

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

24,792

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

11.20% - 42.20%

 

16.11%

 

 

 

 

 

 

 

 

 

 

 

 

Other repossessed assets

 

$

1,360

 

Fair value of property

or collateral

 

Estimated net realizable value less disposition costs

 

36.00% - 64.00%

 

52.0%
Estimated Fair Value and Carrying Value

 

June 30,

 

December 31,

 

2020

 

2019

 

Fair

 

Carrying

 

Fair

 

Carrying

 

Value

 

Value

 

Value

 

Value

 

(In thousands)

Level 1

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,898,987

 

$

1,898,987

 

$

851,307

 

$

851,307

Restricted cash

$

1,050

 

$

1,050

 

$

1,450

 

$

1,450

Investment securities available-for-sale

$

197,340

 

$

197,340

 

$

397,183

 

$

397,183

Level 2

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

22

 

$

22

 

$

37

 

$

37

Investment securities available-for-sale

$

342,899

 

$

342,899

 

$

676,986

 

$

676,986

Federal Home Loan Bank (FHLB) stock

$

8,366

 

$

8,366

 

$

13,048

 

$

13,048

Other investments

$

1,076

 

$

1,076

 

$

560

 

$

560

Derivative assets

$

2

 

$

2

 

$

6

 

$

6

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

$

2,078

 

$

2,078

 

$

913

 

$

913

Level 3

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Total loans (including loans held-for-sale)

$

6,414,762

 

$

6,739,243

 

$

5,894,745

 

$

6,641,847

Accrued interest receivable

$

82,483

 

$

82,483

 

$

36,781

 

$

36,781

Servicing assets

$

47,926

 

$

47,926

 

$

50,779

 

$

50,779

Accounts receivable and other assets

$

84,845

 

$

84,845

 

$

78,600

 

$

78,600

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

8,498,899

 

$

8,541,926

 

$

7,679,685

 

$

7,698,610

Securities sold under agreements to repurchase

$

-

 

$

-

 

$

190,345

 

$

190,274

Advances from FHLB

$

70,670

 

$

67,518

 

$

79,620

 

$

78,009

Other borrowings

$

822

 

$

822

 

$

1,195

 

$

1,195

Subordinated capital notes

$

34,580

 

$

36,083

 

$

35,886

 

$

36,083

Accrued expenses and other liabilities

$

187,280

 

$

187,280

 

$

185,661

 

$

185,661