Disclosures about Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Disclosures about Fair Value of Assets and Liabilities

Schedule of fair value measurement of assets measured at fair value on recurring basis

	Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
Assets	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2020
Trading securities	$	465,157	$	—	$	465,157	$	—
Available-for-sale securities:
Treasury notes		2,043		2,043		—		—
Federal agencies		306,575		—		306,575		—
Municipals		5,951		—		5,951		—
Mortgage-backed - Government-sponsored entity (GSE) - residential		24,484		—		24,484		—
Loans held for sale		18,938		—		18,938		—
Mortgage servicing rights		69,978		—		—		69,978
Derivative assets - interest rate lock commitments		2,079		—		—		2,079
Derivative assets - forward contracts		96		—		96		—
Derivative assets - interest rate swaps		3,214		—		3,214		—
Derivative liabilities - interest rate lock commitments		80		—		—		80
Derivative liabilities - forward contracts		1,273		—		1,273		—
Derivative liabilities - interest rate swaps		3,214		—		3,214		—
December 31, 2019
Trading securities	$	269,891	$	—	$	269,891	$	—
Available-for-sale securities:
Treasury notes		4,765		4,765		—		—
Federal agencies		244,973		—		244,973		—
Municipals		5,937		—		5,937		—
Mortgage-backed - Government-sponsored entity (GSE) - residential		34,568		—		34,568		—
Loans held for sale		19,592		—		19,592		—
Mortgage servicing rights		74,387		—		—		74,387
Derivative assets - interest rate lock commitments		186		—		—		186
Derivative asset - interest rate swap		511		—		511		—
Derivative liabilities - forward contracts		27		—		27		—
Derivative liabilities - interest rate swap		511		—		511		—

Schedule of Level 3 reconciliation of recurring fair value measurements

	Three Months Ended March 31,
	2020		2019
	(In thousands)
Mortgage servicing rights
Balance, beginning of period	$	74,387	$	77,844
Additions
Originated and purchased servicing		3,929		1,020
Subtractions
Paydowns		(1,858)		(1,110)
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model		(6,480)		(1,505)
Balance, end of period	$	69,978	$	76,249
Derivative Assets - interest rate lock commitments
Balance, beginning of period	$	186	$	70
Changes in fair value		1,893		1
Balance, end of period	$	2,079	$	71
Derivative Liabilities - interest rate lock commitments
Balance, beginning of period	$	—	$	—
Changes in fair value		80		1
Balance, end of period	$	80	$	1

Schedule of fair value measurement of assets and liabilities measured at fair value on nonrecurring basis

	Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
Assets	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2020
Impaired loans (collateral-dependent)	$	1,306	$	—	$	—	$	1,306
December 31, 2019
Impaired loans (collateral-dependent)	$	1,570	$	—	$	—	$	1,570

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill

			Valuation
	Fair Value		Technique	Unobservable Inputs	Range
	(In thousands)
At March 31, 2020:
Collateral-dependent impaired loans	$	1,306	Market comparable properties	Marketability discount	44% - 75%
Mortgage servicing rights	$	69,978	Discounted cash flow	Discount rate	8% - 13%
				Constant prepayment rate	2% - 43%
Derivative assets - interest rate lock commitments	$	2,079	Discounted cash flow	loan closing rates	56-99%
Derivative liabilities - interest rate lock commitments	$	80	Discounted cash flow	loan closing rates	56-99%
At December 31, 2019:
Collateral-dependent impaired loans	$	1,570	Market comparable properties	Marketability discount	37%-55%
Mortgage servicing rights	$	74,387	Discounted cash flow	Discount rate	8% - 13%
				Constant prepayment rate	1% - 39%
Derivative assets - interest rate lock commitments	$	186	Discounted cash flow	loan closing rates	73-99%

Schedule of carrying amount and estimated fair value of financial instruments

			Fair Value Measurements Using
					Quoted Prices in		Significant
					Active Markets		Other		Significant
					for Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
Assets	Value		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2020
Financial assets:
Cash and cash equivalents	$	568,082	$	568,082	$	568,082	$	—	$	—
Securities purchased under agreements to resell		6,685		6,685		—		6,685		—
FHLB stock		46,156		46,156		—		46,156		—
Loans held for sale		2,777,070		2,777,070		—		2,777,070		—
Loans, net		3,501,770		3,475,393		—		—		3,475,393
Interest receivable		18,139		18,139		—		18,139		—
Financial liabilities:
Deposits		6,722,705		6,730,101		3,967,232		2,762,869		—
Lines of credit		—		—		—		—		—
Short-term subordinated debt		12,650		12,650		—		12,650		—
FHLB advances		431,917		431,283		—		431,283		—
Interest payable		10,219		10,219		—		10,219		—
December 31, 2019
Financial assets:
Cash and cash equivalents	$	506,709	$	506,709	$	506,709	$	—	$	—
Securities purchased under agreements to resell		6,723		6,723		—		6,723		—
FHLB stock		20,369		20,369		—		20,369		—
Loans held for sale		2,074,197		2,074,197		—		2,074,197		—
Loans, net		3,012,468		2,999,580		—		—		2,999,580
Interest receivable		18,359		18,359		—		18,359		—
Financial liabilities:
Deposits		5,478,075		5,478,682		3,303,736		2,174,946		—
Lines of credit		6,540		6,540		—		6,540		—
Short-term subordinated debt		12,200		12,200		—		12,200		—
FHLB advances		162,699		162,803		—		162,803		—
Interest payable		11,938		11,938		—		11,938		—