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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value of Financial Instruments [Abstract]

Assets and Liabilities on Recurring and Non-Recurring Basis

	September 30, 2021
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	10,875		$	496,725		$	1,507		$	509,107
Trading securities		-			22			-			22
Money market investments		9,837			-			-			9,837
Servicing assets		-			-			48,227			48,227
Derivative liabilities		-			(1,136)			-			(1,136)
	$	20,712		$	495,611		$	49,734		$	566,057
Non-recurring fair value measurements:
Collateral dependent loans		-			-			10,439			10,439
Foreclosed real estate		-			-			13,904			13,904
Other repossessed assets		-			-			1,528			1,528
	$	-		$	-		$	25,871		$	25,871

	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 September 30,
	2021									2020
	Other debt securities available for sale			Servicing Assets			Total			Servicing Assets
	(In thousands)
Balance at beginning of period	$	-		$	47,712			47,712		$	47,926
New instruments acquired		-			1,339			1,339			656
Transfers from Level 2		1,500			-			1,500			-
Principal repayments and amortization		-			(1,740)			(1,740)			(1,365)
Gains included in earnings		-			916			916			25
Gains included in other comprehensive income		7			-			7			-
Balance at end of period	$	1,507		$	48,227		$	49,734		$	47,242
	Nine-Month Period Ended September 30,
	2021									2020
	Other debt securities available for sale			Servicing Assets				Total		Servicing Assets
	(In thousands)
Balance at beginning of period	$	-		$	47,295			47,295		$	50,779
New instruments acquired		-			4,782			4,782			1,236
Transfers from Level 2		1,500			-			1,500			-
Principal repayments and amortization		-			(5,109)			(5,109)			(2,810)
Gains (losses) included in earnings		-			1,259			1,259			(1,963)
Gains included in other comprehensive income		7			-			7			-
Balance at end of period	$	1,507			48,227		$	49,734		$	47,242

Qualitative Information for Assets and Liabilities

		September 30, 2021
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average
		(In thousands)
Other debt securities available-for-sale		$	1,507		Cash flow valuation		Credit Rating		Baa1 - Baa3		Baa2
							Probability of Default Rate		0.16% - 2.28%		0.35%
							Recovery Rate		33.08%		33.08%
Servicing assets		$	48,227		Cash flow valuation		Constant prepayment rate		4.37% - 21.09%		6.25%
							Discount rate		10.00% - 15.50%		11.47%
Collateral dependent loans		$	10,439		Fair value of property or collateral		Appraised value less disposition costs		14.20% - 29.20%		20.20%
Foreclosed real estate		$	13,904		Fair value of property or collateral		Appraised value less disposition costs		14.20% - 29.20%		16.06%
Other repossessed assets		$	1,528		Fair value of property or collateral		Estimated net realizable value less disposition costs		46.00% - 68.00%		57.66%

Estimated Fair Value and Carrying Value

	September 30,						December 31,
	2021						2020
	Fair			Carrying			Fair			Carrying
	Value			Value			Value			Value
	(In thousands)
Level 1
Financial Assets:
Cash and cash equivalents	$	2,755,512		$	2,755,512		$	2,154,202		$	2,154,202
Restricted cash	$	179		$	179		$	1,375		$	1,375
Investment securities available-for-sale	$	10,875		$	10,875		$	10,983		$	10,983
Level 2
Financial Assets:
Trading securities	$	22		$	22		$	22		$	22
Investment securities available-for-sale	$	496,725		$	496,725		$	435,455		$	435,455
Investment securities held-to-maturity	$	371,827		$	375,214		$	-		$	-
Federal Home Loan Bank (FHLB) stock	$	7,496		$	7,496		$	8,278		$	8,278
Other investments	$	10,434		$	10,434		$	3,962		$	3,962
Financial Liabilities:
Derivative liabilities	$	1,136		$	1,136		$	1,712		$	1,712
Level 3
Financial Assets:
Investment securities available-for-sale	$	1,507		$	1,507		$	-		$	-
Total loans (including loans held-for-sale)	$	6,086,493		$	6,282,485		$	6,323,689		$	6,501,259
Accrued interest receivable	$	56,815		$	56,815		$	65,547		$	65,547
Servicing assets	$	48,227		$	48,227		$	47,295		$	47,295
Accounts receivable and other assets	$	84,581		$	84,581		$	78,845		$	78,845
Financial Liabilities:
Deposits	$	9,277,633		$	9,244,389		$	8,422,599		$	8,415,640
Advances from FHLB	$	64,049		$	62,559		$	68,147		$	65,561
Other borrowings	$	375		$	375		$	707		$	707
Subordinated capital notes	$	36,405		$	36,083		$	33,325		$	36,083
Accrued expenses and other liabilities	$	120,555		$	120,555		$	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.

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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.

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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