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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value of Financial Instruments [Abstract]  
Assets and Liabilities on Recurring and Non-Recurring Basis

 

December 31, 2020

 

Fair Value Measurements

 

Level 1

 

Level 2

 

Level 3

 

Total

 

(In thousands)

Recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

$

10,983

 

$

435,455

 

$

-

 

$

446,438

Trading securities

 

-

 

 

22

 

 

-

 

 

22

Money market investments

 

11,908

 

 

-

 

 

-

 

 

11,908

Servicing assets

 

-

 

 

-

 

 

47,295

 

 

47,295

Derivative liabilities

 

-

 

 

(1,712)

 

 

-

 

 

(1,712)

 

$

22,891

 

$

433,765

 

$

47,295

 

$

503,951

Non-recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

-

 

 

-

 

 

29,279

 

 

29,279

Foreclosed real estate

 

-

 

 

-

 

 

11,596

 

 

11,596

Other repossessed assets

 

-

 

 

-

 

 

1,816

 

 

1,816

 

$

-

 

$

-

 

$

42,691

 

$

42,691

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Year Ended December 31,

 

2020

 

2019

 

2018

 

(In thousands)

Balance at beginning year

$

50,779

 

$

10,716

 

$

9,821

New instruments acquired

 

2,394

 

 

41,637

 

 

1,481

Principal repayments

 

(4,067)

 

 

(906)

 

 

(814)

Changes in fair value of servicing assets

 

(1,811)

 

 

(668)

 

 

228

Balance at end of year

$

47,295

 

$

50,779

 

$

10,716
Qualitative Information for Assets and Liabilities

 

 

December 31, 2020

 

 

 

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing assets

 

$

47,295

 

Cash flow valuation

 

Constant prepayment rate

 

5.02% - 35.22%

 

6.87%

 

 

 

 

 

 

 

Discount rate

 

10.00% - 15.50%

 

11.52%

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

29,279

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

15.20% - 29.20%

 

19.88%

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

11,596

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

14.20% - 29.20%

 

18.68%

 

 

 

 

 

 

 

 

 

 

 

 

Other repossessed assets

 

$

1,816

 

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

 

December 31,

 

2020

 

2019

 

Fair

 

Carrying

 

Fair

 

Carrying

 

Value

 

Value

 

Value

 

Value

 

(In thousands)

Level 1

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,154,202

 

$

2,154,202

 

$

851,307

 

$

851,307

Restricted cash

$

1,375

 

$

1,375

 

$

1,450

 

$

1,450

Investment securities available-for-sale

$

10,983

 

$

10,983

 

$

397,183

 

$

397,183

Level 2

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

22

 

$

22

 

$

37

 

$

37

Investment securities available-for-sale

$

435,455

 

$

435,455

 

$

676,986

 

$

676,986

Federal Home Loan Bank (FHLB) stock

$

8,278

 

$

8,278

 

$

13,048

 

$

13,048

Other investments

$

3,962

 

$

3,962

 

$

560

 

$

560

Derivative assets

$

-

 

$

-

 

$

6

 

$

6

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

$

1,712

 

$

1,712

 

$

913

 

$

913

Level 3

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Total loans (including loans held-for-sale)

$

6,323,689

 

$

6,501,259

 

$

5,894,745

 

$

6,641,847

Accrued interest receivable

$

65,547

 

$

65,547

 

$

36,781

 

$

36,781

Servicing assets

$

47,295

 

$

47,295

 

$

50,779

 

$

50,779

Accounts receivable and other assets

$

78,845

 

$

78,845

 

$

78,595

 

$

78,595

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

8,422,599

 

$

8,415,640

 

$

7,679,685

 

$

7,698,610

Securities sold under agreements to repurchase

$

-

 

$

-

 

$

190,345

 

$

190,274

Advances from FHLB

$

68,147

 

$

65,561

 

$

79,620

 

$

78,009

Other borrowings

$

707

 

$

707

 

$

1,195

 

$

1,195

Subordinated capital notes

$

33,325

 

$

36,083

 

$

35,886

 

$

36,083

Accrued expenses and other liabilities

$

154,418

 

$

154,418

 

$

185,660

 

$

185,660