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

 

September 30, 2020

 

Fair Value Measurements

 

Level 1

 

Level 2

 

Level 3

 

Total

 

(In thousands)

Recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

$

91,531

 

$

332,284

 

$

-

 

$

423,815

Trading securities

 

-

 

 

22

 

 

-

 

 

22

Money market investments

 

14,617

 

 

-

 

 

-

 

 

14,617

Derivative assets

 

-

 

 

1

 

 

-

 

 

1

Servicing assets

 

-

 

 

-

 

 

47,242

 

 

47,242

Derivative liabilities

 

-

 

 

(1,895)

 

 

-

 

 

(1,895)

 

$

106,148

 

$

330,412

 

$

47,242

 

$

483,802

Non-recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

-

 

 

-

 

 

32,800

 

 

32,800

Foreclosed real estate

 

-

 

 

-

 

 

19,456

 

 

19,456

Other repossessed assets

 

-

 

 

-

 

 

1,918

 

 

1,918

 

$

-

 

$

-

 

$

54,174

 

$

54,174

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

Nine-Month Period Ended September 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands)

Balance at beginning period

$

47,926

 

$

10,134

 

$

50,779

 

$

10,716

New instruments acquired

 

656

 

 

352

 

 

1,236

 

 

860

Principal repayments

 

(1,365)

 

 

(243)

 

 

(2,810)

 

 

(694)

Changes in fair value of servicing assets

 

25

 

 

(118)

 

 

(1,963)

 

 

(757)

Balance at end of period

$

47,242

 

$

10,125

 

$

47,242

 

$

10,125
Qualitative Information for Assets and Liabilities

 

 

September 30, 2020

 

 

 

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing assets

 

$

47,242

 

Cash flow valuation

 

Constant prepayment rate

 

5.02% - 25.8%

 

6.87%

 

 

 

 

 

 

 

Discount rate

 

10.00% - 15.50%

 

11.52%

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

32,800

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

14.20% - 44.20%

 

21.45%

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

19,456

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

14.20% - 40.20%

 

18.68%

 

 

 

 

 

 

 

 

 

 

 

 

Other repossessed assets

 

$

1,918

 

Fair value of property

or collateral

 

Estimated net realizable value less disposition costs

 

30.00% - 62.00%

 

52.06%
Estimated Fair Value and Carrying Value

 

September 30,

 

December 31,

 

2020

 

2019

 

Fair

 

Carrying

 

Fair

 

Carrying

 

Value

 

Value

 

Value

 

Value

 

(In thousands)

Level 1

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,282,000

 

$

2,282,000

 

$

851,307

 

$

851,307

Restricted cash

$

1,050

 

$

1,050

 

$

1,450

 

$

1,450

Investment securities available-for-sale

$

91,531

 

$

91,531

 

$

397,183

 

$

397,183

Level 2

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

22

 

$

22

 

$

37

 

$

37

Investment securities available-for-sale

$

332,284

 

$

332,284

 

$

676,986

 

$

676,986

Federal Home Loan Bank (FHLB) stock

$

8,322

 

$

8,322

 

$

13,048

 

$

13,048

Other investments

$

2,205

 

$

2,205

 

$

560

 

$

560

Derivative assets

$

1

 

$

1

 

$

6

 

$

6

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

$

1,895

 

$

1,895

 

$

913

 

$

913

Level 3

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Total loans (including loans held-for-sale)

$

6,165,071

 

$

6,579,140

 

$

5,894,745

 

$

6,641,847

Accrued interest receivable

$

71,830

 

$

71,830

 

$

36,781

 

$

36,781

Servicing assets

$

47,242

 

$

47,242

 

$

50,779

 

$

50,779

Accounts receivable and other assets

$

75,158

 

$

75,158

 

$

78,600

 

$

78,600

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

8,548,518

 

$

8,632,457

 

$

7,679,685

 

$

7,698,610

Securities sold under agreements to repurchase

$

-

 

$

-

 

$

190,345

 

$

190,274

Advances from FHLB

$

69,410

 

$

66,543

 

$

79,620

 

$

78,009

Other borrowings

$

238

 

$

238

 

$

1,195

 

$

1,195

Subordinated capital notes

$

34,031

 

$

36,083

 

$

35,886

 

$

36,083

Accrued expenses and other liabilities

$

162,133

 

$

162,133

 

$

185,660

 

$

185,660