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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value of Financial Instruments [Abstract] |
Assets and Liabilities on Recurring and Non-Recurring Basis |
| March 31, 2021
| Fair Value Measurements
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | 10,946 |  | $ | 460,063 |  | $ | - |  | $ | 471,009
Trading securities |  | - |  |  | 23 |  |  | - |  |  | 23
Money market investments |  | 11,401 |  |  | - |  |  | - |  |  | 11,401
Servicing assets |  | - |  |  | - |  |  | 47,911 |  |  | 47,911
Derivative liabilities |  | - |  |  | (1,465) |  |  | - |  |  | (1,465)
| $ | 22,347 |  | $ | 458,621 |  | $ | 47,911 |  | $ | 528,879
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | - |  |  | - |  |  | 27,737 |  |  | 27,737
Foreclosed real estate |  | - |  |  | - |  |  | 15,598 |  |  | 15,598
Other repossessed assets |  | - |  |  | - |  |  | 2,768 |  |  | 2,768
| $ | - |  | $ | - |  | $ | 46,103 |  | $ | 46,103
| 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
Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
Level 3 Instruments Only |
| Servicing Assets
| Quarter Ended March 31,
| 2021 |  | 2020
| (In thousands)
Balance at beginning of period | $ | 47,295 |  | $ | 50,779
New instruments acquired |  | 1,420 |  |  | 456
Principal repayments |  | (1,507) |  |  | (767)
Changes in fair value of servicing assets |  | 703 |  |  | (1,181)
Balance at end of period | $ | 47,911 |  | $ | 49,287
Qualitative Information for Assets and Liabilities |
|  | March 31, 2021 |  |
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
|  | (In thousands) |  |  |  |  |  |  |  |
Servicing assets |  | $ | 47,911 |  | Cash flow valuation |  | Constant prepayment rate |  | 4.5% - 40.5% |  | 6.54%
|  |  |  |  |  |  | Discount rate |  | 10.00% - 15.50% |  | 11.49%
Collateral dependent loans |  | $ | 27,737 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 18.20% - 29.20% |  | 19.91%
Foreclosed real estate |  | $ | 15,598 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 18.20% - 29.20% |  | 19.37%
Other repossessed assets |  | $ | 2,768 |  | Fair value of property or collateral |  | Estimated net realizable value less disposition costs |  | 45.00% - 55.00% |  | 53.57%
Estimated Fair Value and Carrying Value |
| March 31, |  | December 31,
| 2021 |  | 2020
| Fair |  | Carrying |  | Fair |  | Carrying
| Value |  | Value |  | Value |  | Value
| (In thousands)
Level 1 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,408,366 |  | $ | 2,408,366 |  | $ | 2,154,202 |  | $ | 2,154,202
Restricted cash | $ | 1,050 |  | $ | 1,050 |  | $ | 1,375 |  | $ | 1,375
Investment securities available-for-sale | $ | 10,946 |  | $ | 10,946 |  | $ | 10,983 |  | $ | 10,983
Level 2 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | 23 |  | $ | 23 |  | $ | 22 |  | $ | 22
Investment securities available-for-sale | $ | 460,063 |  | $ | 460,063 |  | $ | 435,455 |  | $ | 435,455
Investment securities held-to-maturity | $ | 125,478 |  | $ | 126,767 |  | $ | - |  | $ | -
Federal Home Loan Bank (FHLB) stock | $ | 8,233 |  | $ | 8,233 |  | $ | 8,278 |  | $ | 8,278
Other investments | $ | 5,557 |  | $ | 5,557 |  | $ | 3,962 |  | $ | 3,962
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities | $ | 1,465 |  | $ | 1,465 |  | $ | 1,712 |  | $ | 1,712
Level 3 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Total loans (including loans held-for-sale) | $ | 6,296,880 |  | $ | 6,432,079 |  | $ | 6,323,689 |  | $ | 6,501,259
Accrued interest receivable | $ | 61,028 |  | $ | 61,028 |  | $ | 65,547 |  | $ | 65,547
Servicing assets | $ | 47,911 |  | $ | 47,911 |  | $ | 47,295 |  | $ | 47,295
Accounts receivable and other assets | $ | 88,803 |  | $ | 88,803 |  | $ | 78,845 |  | $ | 78,845
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 8,781,079 |  | $ | 8,756,762 |  | $ | 8,422,599 |  | $ | 8,415,640
Advances from FHLB | $ | 66,896 |  | $ | 64,570 |  | $ | 68,147 |  | $ | 65,561
Other borrowings | $ | 443 |  | $ | 443 |  | $ | 707 |  | $ | 707
Subordinated capital notes | $ | 33,381 |  | $ | 36,083 |  | $ | 33,325 |  | $ | 36,083
Accrued expenses and other liabilities | $ | 127,190 |  | $ | 127,190 |  | $ | 154,418 |  | $ | 154,418

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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=117815213&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=117815213&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=117815213&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=117815213&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=117815213&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=117815213&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=117815213&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=117815213&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=121572278&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=117815213&loc=d3e19207-110258 + Details
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