XML 64 R53.htm IDEA: XBRL DOCUMENT v3.21.1

Fair Value of Financial Instruments (Tables)

3 Months Ended

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

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration