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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value of Financial Instruments [Abstract]  
Assets and Liabilities on Recurring and Non-Recurring Basis

 

June 30, 2021

 

Fair Value Measurements

 

Level 1

 

Level 2

 

Level 3

 

Total

 

(In thousands)

Recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

$

10,910

 

$

490,709

 

$

-

 

$

501,619

Trading securities

 

-

 

 

29

 

 

-

 

 

29

Money market investments

 

11,206

 

 

-

 

 

-

 

 

11,206

Servicing assets

 

-

 

 

-

 

 

47,712

 

 

47,712

Derivative liabilities

 

-

 

 

(1,293)

 

 

-

 

 

(1,293)

 

$

22,116

 

$

489,445

 

$

47,712

 

$

559,273

Non-recurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

-

 

 

-

 

 

25,189

 

 

25,189

Foreclosed real estate

 

-

 

 

-

 

 

15,093

 

 

15,093

Other repossessed assets

 

-

 

 

-

 

 

1,725

 

 

1,725

 

$

-

 

$

-

 

$

42,007

 

$

42,007

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

Quarter Ended June 30,

 

2021

2020

 

Servicing Assets

 

(In thousands)

 

 

 

 

 

 

Balance at beginning of period

$

47,911

 

$

49,287

New instruments acquired

 

2,023

 

 

124

Principal repayments

 

(1,862)

 

 

(678)

Changes in fair value of servicing assets

 

(360)

 

 

(807)

Balance at end of period

$

47,712

 

$

47,926

 

 

 

 

 

 

 

Six-Month Period Ended June 30,

 

2021

2020

 

Servicing Assets

 

(In thousands)

 

 

 

 

 

 

Balance at beginning of period

$

47,295

 

$

50,779

New instruments acquired

 

3,443

 

 

580

Principal repayments

 

(3,369)

 

 

(1,445)

Changes in fair value of servicing assets

 

343

 

 

(1,988)

Balance at end of period

$

47,712

 

$

47,926
Qualitative Information for Assets and Liabilities

 

 

June 30, 2021

 

 

 

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing assets

 

$

47,712

 

Cash flow valuation

 

Constant prepayment rate

 

4.82% - 25.64%

 

6.54%

 

 

 

 

 

 

 

Discount rate

 

10.00% - 15.50%

 

11.47%

 

 

 

 

 

 

 

 

 

 

 

 

Collateral dependent loans

 

$

25,189

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

18.20% - 29.20%

 

19.57%

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed real estate

 

$

15,093

 

Fair value of property

or collateral

 

Appraised value less disposition costs

 

18.20% - 29.20%

 

19.19%

 

 

 

 

 

 

 

 

 

 

 

 

Other repossessed assets

 

$

1,725

 

Fair value of property

or collateral

 

Estimated net realizable value less disposition costs

 

37.00% - 68.00%

 

54.86%
Estimated Fair Value and Carrying Value

 

June 30,

 

December 31,

 

2021

 

2020

 

Fair

 

Carrying

 

Fair

 

Carrying

 

Value

 

Value

 

Value

 

Value

 

(In thousands)

Level 1

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,767,494

 

$

2,767,494

 

$

2,154,202

 

$

2,154,202

Restricted cash

$

199

 

$

199

 

$

1,375

 

$

1,375

Investment securities available-for-sale

$

10,910

 

$

10,910

 

$

10,983

 

$

10,983

Level 2

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

29

 

$

29

 

$

22

 

$

22

Investment securities available-for-sale

$

490,709

 

$

490,709

 

$

435,455

 

$

435,455

Investment securities held-to-maturity

$

124,757

 

$

125,138

 

$

-

 

$

-

Federal Home Loan Bank (FHLB) stock

$

7,541

 

$

7,541

 

$

8,278

 

$

8,278

Other investments

$

9,168

 

$

9,168

 

$

3,962

 

$

3,962

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

$

1,293

 

$

1,293

 

$

1,712

 

$

1,712

Level 3

 

 

 

 

 

 

 

 

 

 

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

Total loans (including loans held-for-sale)

$

6,130,109

 

$

6,354,040

 

$

6,323,689

 

$

6,501,259

Accrued interest receivable

$

59,850

 

$

59,850

 

$

65,547

 

$

65,547

Servicing assets

$

47,712

 

$

47,712

 

$

47,295

 

$

47,295

Accounts receivable and other assets

$

91,325

 

$

91,325

 

$

78,845

 

$

78,845

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

9,130,934

 

$

9,090,492

 

$

8,422,599

 

$

8,415,640

Advances from FHLB

$

65,296

 

$

63,569

 

$

68,147

 

$

65,561

Other borrowings

$

298

 

$

298

 

$

707

 

$

707

Subordinated capital notes

$

36,405

 

$

36,083

 

$

33,325

 

$

36,083

Accrued expenses and other liabilities

$

128,326

 

$

128,326

 

$

154,418

 

$

154,418