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Fair Value Measurement of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at March 31, 2023 and December 31, 2022. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). 
 March 31,
2023
Fair Value Measurements at Reporting Date Using:
 Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities$23,635 $23,635 $— $— 
Equity securities at net asset value (NAV)
10,175 — — — 
Trading debt securities6,855 3,477 3,378 — 
Available for sale debt securities:
U.S. Treasury securities286,745 286,745 — — 
U.S. government agency securities26,352 — 26,352 — 
Obligations of states and political subdivisions152,775 — 152,775 — 
Residential mortgage-backed securities619,776 — 619,776 — 
Corporate and other debt securities173,588 — 173,588 — 
Total available for sale debt securities1,259,236 286,745 972,491 — 
Loans held for sale (1)
17,218 — 17,218 — 
Other assets (2)
446,749 — 446,749 — 
Total assets$1,763,868 $313,857 $1,439,836 $— 
Liabilities
Other liabilities (2)
$494,552 $— $494,552 $— 
Total liabilities$494,552 $— $494,552 $— 
Non-recurring fair value measurements:
Collateral dependent loans $81,267 $— $— $81,267 
Foreclosed assets 1,752 — — 1,752 
Total$83,019 $— $— $83,019 
  Fair Value Measurements at Reporting Date Using:
 December 31,
2022
Quoted Prices
in Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities $23,494 $23,494 $— $— 
Equity securities at net asset value (NAV)
10,099 — — — 
Trading debt securities13,438 3,282 10,156 — 
Available for sale debt securities:
U.S. Treasury securities279,498 279,498 — — 
U.S. government agency securities26,964 — 26,964 — 
Obligations of states and political subdivisions146,811 — 146,811 — 
Residential mortgage-backed securities629,818 — 629,818 — 
Corporate and other debt securities178,306 — 178,306 — 
Total available for sale debt securities1,261,397 279,498 981,899 — 
Loans held for sale (1)
18,118 — 18,118 — 
Other assets (2)
467,127 — 467,127 — 
Total assets$1,793,673 $306,274 $1,477,300 $— 
Liabilities
Other liabilities (2)
$607,237 $— $607,237 $— 
Total liabilities$607,237 $— $607,237 $— 
Non-recurring fair value measurements:
Collateral dependent loans $92,923 $— $— $92,923 
Foreclosed assets 1,937 — — 1,937 
Total$94,860 $— $— $94,860 
(1)Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $17.1 million and $17.9 million at March 31, 2023 and December 31, 2022, respectively.
(2)Derivative financial instruments are included in this category.
Carrying Amounts and Estimated Fair Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at March 31, 2023 and December 31, 2022 were as follows: 
 Fair Value
Hierarchy
March 31, 2023December 31, 2022
 Carrying
Amount
Fair ValueCarrying
Amount
Fair Value
 (in thousands)
Financial assets
Cash and due from banksLevel 1$444,690 $444,690 $444,325 $444,325 
Interest bearing deposits with banksLevel 15,260,998 5,260,998 503,622 503,622 
Equity securities (1)
Level 316,342 16,342 15,138 15,138 
Held to maturity debt securities:
U.S. Treasury securitiesLevel 166,747 66,182 66,911 65,889 
U.S. government agency securitiesLevel 2300,614 255,640 260,392 212,712 
Obligations of states and political subdivisionsLevel 2473,597 452,919 480,298 453,195 
Residential mortgage-backed securitiesLevel 22,893,505 2,525,568 2,909,106 2,495,797 
Trust preferred securitiesLevel 237,048 29,992 37,043 31,106 
Corporate and other debt securitiesLevel 275,701 70,183 75,234 70,771 
Total held to maturity debt securities (2)
3,847,212 3,400,484 3,828,984 3,329,470 
Net loansLevel 348,223,068 47,389,743 46,458,545 44,910,049 
Accrued interest receivableLevel 1223,608 223,608 196,606 196,606 
Federal Reserve Bank and Federal Home Loan Bank stock (3)
Level 2547,686 547,686 238,056 238,056 
Financial liabilities
Deposits without stated maturitiesLevel 136,479,540 36,479,540 38,080,457 38,080,457 
Deposits with stated maturitiesLevel 211,111,376 11,040,582 9,556,457 9,443,253 
Short-term borrowingsLevel 16,413,056 6,392,459 138,729 138,729 
Long-term borrowingsLevel 22,197,656 2,110,305 1,543,058 1,395,991 
Junior subordinated debentures issued to capital trusts
Level 256,847 55,042 56,760 50,923 
Accrued interest payable (4)
Level 185,581 85,581 45,617 45,617 
(1)Represents equity securities without a readily determinable fair value measured at cost less impairment, if any.
(2)The carrying amount is presented gross without the allowance for credit losses.
(3)Included in other assets.
(4)Included in accrued expenses and other liabilities.