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Fair Value Measurement of Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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). 
 September 30,
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$23,198 $23,198 $— $— 
Equity securities at net asset value (NAV)
12,043 — — — 
Trading debt securities3,441 3,441 — — 
Available for sale debt securities:
U.S. Treasury securities275,748 275,748 — — 
U.S. government agency securities22,571 — 22,571 — 
Obligations of states and political subdivisions171,472 — 171,472 — 
Residential mortgage-backed securities553,427 — 553,427 — 
Corporate and other debt securities163,306 — 163,306 — 
Total available for sale debt securities1,186,524 275,748 910,776 — 
Loans held for sale (1)
23,834 — 23,834 — 
Other assets (2)
704,668 — 704,668 — 
Total assets$1,953,708 $302,387 $1,639,278 $— 
Liabilities
Other liabilities (2)
$735,278 $— $735,278 $— 
Total liabilities$735,278 $— $735,278 $— 
Non-recurring fair value measurements:
Non-performing loans held for sale$10,000 $— $10,000 $— 
Collateral dependent loans 80,956 — — 80,956 
Foreclosed assets 1,314 — — 1,314 
Total$92,270 $— $10,000 $82,270 
  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 $23.9 million and $17.9 million at September 30, 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 September 30, 2023 and December 31, 2022 were as follows: 
 Fair Value
Hierarchy
September 30, 2023December 31, 2022
 Carrying
Amount
Fair ValueCarrying
Amount
Fair Value
 (in thousands)
Financial assets
Cash and due from banksLevel 1$444,857 $444,857 $444,325 $444,325 
Interest bearing deposits with banksLevel 1698,966 698,966 503,622 503,622 
Equity securities (1)
Level 327,950 27,950 15,138 15,138 
Held to maturity debt securities:
U.S. Treasury securitiesLevel 166,408 65,655 66,911 65,889 
U.S. government agency securitiesLevel 2306,339 243,911 260,392 212,712 
Obligations of states and political subdivisionsLevel 2437,641 390,554 480,298 453,195 
Residential mortgage-backed securitiesLevel 22,875,630 2,352,616 2,909,106 2,495,797 
Trust preferred securitiesLevel 237,057 30,081 37,043 31,106 
Corporate and other debt securitiesLevel 275,634 68,263 75,234 70,771 
Total held to maturity debt securities (2)
3,798,709 3,151,080 3,828,984 3,329,470 
Net loansLevel 349,655,344 48,091,691 46,458,545 44,910,049 
Accrued interest receivableLevel 1237,786 237,786 196,606 196,606 
Federal Reserve Bank and Federal Home Loan Bank stock (3)
Level 2282,289 282,289 238,056 238,056 
Financial liabilities
Deposits without stated maturitiesLevel 134,782,344 34,782,344 38,080,457 38,080,457 
Deposits with stated maturitiesLevel 215,102,970 15,015,377 9,556,457 9,443,253 
Short-term borrowingsLevel 289,802 63,678 138,729 138,729 
Long-term borrowingsLevel 22,318,294 2,239,132 1,543,058 1,395,991 
Junior subordinated debentures issued to capital trusts
Level 257,021 53,898 56,760 50,923 
Accrued interest payable (4)
Level 1155,884 155,884 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.