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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			March 31, 2021						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	904,659					$	—					$	904,659					$	—
Mortgage-backed securities:
Residential			637,828						—						637,828						—
Commercial			537,788						—						537,788						—
Asset-backed securities			34,849						—						34,849						—
Corporate securities			13,205						—						13,205						—
Municipal securities			105,415						—						104,350						1,065
Equity investments with readily determinable fair value			27,128						27,128						—						—
Interest rate swaps			21,886						—						21,886						—
Mortgage banking derivatives			356						—						356						—
Other derivatives			1,218						—						1,218						—
Liabilities:
Interest rate swaps			21,886						—						21,886						—
Mortgage banking derivatives			50						—						50						—
Other derivatives			95						—						—						95

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2020						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	1,001,317					$	—					$	1,001,317					$	—
Mortgage-backed securities:
Residential			681,013						—						681,013						—
Commercial			507,879						—						507,879						—
Corporate securities			6,134						—						6,134						—
Municipal securities			89,268						—						88,246						1,022
Equity investments with readily determinable fair value			27,611						27,611						—						—
Interest rate swaps			34,606						—						34,606						—
Mortgage banking derivatives			724						—						724						—
Liabilities:
Interest rate swaps			34,606						—						34,606						—
Mortgage banking derivatives			110						—						110						—
Other derivatives			1,000						—						602						398

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation and income statement classification of gains (losses) for our municipal security and risk participation agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and 2020:

												Three Months Ended March 31,
																		2021						2020
															(Dollars in thousands)
Municipal securities:
Beginning Balance																		$	1,022					$	1,076
Change in fair value included in other comprehensive income (loss)																		43						3
Ending Balance																		$	1,065					$	1,079
Risk participation agreements:
Beginning Balance																		$	398					$	—
Change in fair value included in income																		(303)						—
Ending Balance																		$	95					$	—

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			March 31, 2021						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral dependent loans at fair value:
Real estate loans			$	46,343					$	—					$	—					$	46,343
Commercial business			3,698						—						—						3,698
OREO			17,655						—						—						17,655

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2020						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral dependent loans at fair value:
Real estate loans			$	21,688					$	—					$	—					$	21,688
Commercial business			7,694						—						—						7,694
OREO			19,260						—						—						19,260

For assets measured at fair value on a non-recurring basis, the total net gains (losses), which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales are summarized below:

									For the Three Months Ended March 31,
															2021						2020
												(Dollars in thousands)
Assets:
Collateral dependent loans at fair value:
Real estate loans															$	(17,311)					$	(4,659)
Commercial business															(2,634)						(4,656)
Consumer															—						(608)
OREO															(169)						(826)

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at March 31, 2021 and December 31, 2020 were as follows:

			March 31, 2021
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	376,666					$	376,666					Level 1
Interest bearing deposits in other financial institutions			25,943						25,962						Level 2
Equity investments without readily determinable fair values			31,921						31,921						Level 2
Loans held for sale			19,672						20,279						Level 2
Loans receivable—net			13,494,686						13,541,536						Level 3
Accrued interest receivable			60,498						60,498						Level 2/3
Servicing assets, net			12,084						15,022						Level 3
Customers’ liabilities on acceptances			754						754						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	5,427,174					$	5,427,174					Level 2
Saving and other interest bearing demand deposits			5,314,745						5,314,745						Level 2
Time deposits			3,559,350						3,563,624						Level 2
FHLB advances			400,000						403,811						Level 2
Convertible notes, net			215,504						214,847						Level 1
Subordinated debentures			104,469						101,941						Level 2
Accrued interest payable			8,611						8,611						Level 2
Acceptances outstanding			754						754						Level 2
			December 31, 2020
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	350,579					$	350,579					Level 1
Interest bearing deposits in other financial institutions			28,642						28,669						Level 2
Equity investments without readily determinable fair values			32,088						32,088						Level 2
Loans held for sale			17,743						18,288						Level 2
Loans receivable—net			13,356,472						13,428,706						Level 3
Accrued interest receivable			59,430						59,430						Level 2/3
Servicing assets, net			12,692						15,785						Level 3
Customers’ liabilities on acceptances			1,184						1,184						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	4,814,254					$	4,814,254					Level 2
Saving and other interest bearing demand deposits			5,533,183						5,533,183						Level 2
Time deposits			3,986,475						3,992,973						Level 2
FHLB advances			250,000						254,456						Level 2
Convertible notes, net			204,565						201,731						Level 1
Subordinated debentures			104,178						98,948						Level 2
Accrued interest payable			14,706						14,706						Level 2
Acceptances outstanding			1,184						1,184						Level 2

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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