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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
			June 30, 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			$	864,576					$	—					$	864,576					$	—
Mortgage-backed securities:
Residential			660,202						—						660,202						—
Commercial			555,613						—						555,613						—
Asset-backed securities			62,369						—						62,369						—
Corporate securities			22,614						—						22,614						—
Municipal securities			108,796						—						107,738						1,058
Equity investments with readily determinable fair value			27,205						27,205						—						—
Interest rate swaps			23,121						—						23,121						—
Mortgage banking derivatives			242						—						242						—
Other derivatives			921						—						921						—
Liabilities:
Interest rate swaps			23,121						—						23,121						—
Mortgage banking derivatives			52						—						52						—
Other derivatives			64						—						—						64

									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 and six months ended June 30, 2021 and 2020:

						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
						(Dollars in thousands)
Municipal securities:
Beginning Balance						$	1,065					$	1,079					$	1,022					$	1,076
Change in fair value included in other comprehensive income (loss)						(7)						(13)						36						(10)
Ending Balance						$	1,058					$	1,066					$	1,058					$	1,066
Risk participation agreements:
Beginning Balance						$	95					$	—					$	398					$	—
Change in fair value included in income						(31)						223						(334)						223
Ending Balance						$	64					$	223					$	64					$	223

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
			June 30, 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			$	50,593					$	—					$	—					$	50,593
Commercial business			3,601						—						—						3,601
OREO			15,759						—						—						15,759

									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 losses, which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales are summarized below:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2021						2020						2021						2020
			(Dollars in thousands)
Assets:
Collateral dependent loans at fair value:
Real estate loans			$	(25,411)					$	(2,746)					$	(27,738)					$	(5,067)
Commercial business			(2,151)						(3,178)						(2,151)						(5,746)
OREO			(154)						(1,435)						(323)						(2,779)

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at June 30, 2021 and December 31, 2020 were as follows:

			June 30, 2021
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	836,957					$	836,957					Level 1
Interest bearing deposits in other financial institutions			18,268						18,283						Level 2
Equity investments without readily determinable fair values			31,827						31,827						Level 2
Loans held for sale			54,245						57,365						Level 2
Loans receivable—net			13,234,849						13,236,867						Level 3
Accrued interest receivable			51,886						51,886						Level 2/3
Servicing assets, net			11,566						14,438						Level 3
Customers’ liabilities on acceptances			916						916						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	5,638,115					$	5,638,115					Level 2
Saving and other interest bearing demand deposits			6,095,348						6,095,348						Level 2
Time deposits			2,992,767						2,996,197						Level 2
FHLB advances			200,000						203,251						Level 2
Convertible notes, net			215,739						214,238						Level 1
Subordinated debentures			104,762						112,429						Level 2
Accrued interest payable			4,946						4,946						Level 2
Acceptances outstanding			916						916						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.

+ References

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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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