FAIR VALUE DISCLOSURES OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present financial instruments carried at fair value as of September 30, 2020 and December 31, 2019 by level in the valuation hierarchy (as described above):

	September 30, 2020
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	428,533	$	—	$	428,533
FNMA MBS	—		1,454,908		—		1,454,908
FHLMC MBS	—		246,224		—		246,224
GNMA MBS	—		26,630		—		26,630
GSE agency notes	—		178,627		—		178,627
Other assets	—		18,448		—		18,448
Total assets measured at fair value on a recurring basis	$	—	$	2,353,370	$	—	$	2,353,370
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	8,350	$	25,205	$	33,555
Assets measured at fair value on a nonrecurring basis:
Other investments	$	—	$	—	$	10,436	$	10,436
Other real estate owned	—		—		3,000		3,000
Loans held for sale	—		152,453		—		152,453
Total assets measured at fair value on a nonrecurring basis	$	—	$	152,453	$	13,436	$	165,889

	December 31, 2019
(Dollars in thousands)	Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO	$	—	$	340,230	$	—	$	340,230
FNMA MBS	—		1,242,453		—		1,242,453
FHLMC MBS	—		328,946		—		328,946
GNMA MBS	—		33,285		—		33,285
Other assets	—		4,884		—		4,884
Total assets measured at fair value on a recurring basis	$	—	$	1,949,798	$	—	$	1,949,798
Liabilities measured at fair value on a recurring basis:
Other liabilities	$	—	$	3,918	$	—	$	3,918
Assets measured at fair value on a nonrecurring basis
Other investments	$	—	$	—	$	70,046	$	70,046
Other real estate owned	—		—		2,605		2,605
Loans held for sale	—		83,872		—		83,872
Total assets measured at fair value on a nonrecurring basis	$	—	$	83,872	$	72,651	$	156,523

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides a description of the valuation technique and significant unobservable inputs for the Company's assets classified as Level 3 and measured at fair value on a nonrecurring basis:

September 30, 2020
Financial Instrument	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Other investments	$	10,436	Observed market comparable transactions	Period of observed transactions	July 2020
Other real estate owned	$	3,000	Fair market value of collateral	Costs to sell	5.0% - 10.0% (10.0%)
Other liabilities	$	25,205	Discounted cash flow	Timing of the resolution of the Visa litigation	3 - 8 years (5.75 years or 4Q 2025)

Book Value and Estimated Fair Value of Financial Instruments

The book value and estimated fair value of financial instruments are as follows:

		September 30, 2020				December 31, 2019
(Dollars in thousands)	Fair Value Measurement	Book Value		Fair Value		Book Value		Fair Value
Financial assets:
Cash, cash equivalents, and restricted cash	Level 1	$	1,072,920	$	1,072,920	$	571,752	$	571,752
Investment securities available-for-sale	Level 2	2,334,922		2,334,922		1,944,914		1,944,914
Investment securities held-to-maturity, net	Level 2	113,609		118,113		133,601		136,625
Other investments	Level 3	10,436		10,436		70,046		70,046
Loans, held for sale	Level 2	152,453		152,453		83,872		83,872
Loans and leases, net(1)	Level 3	9,102,332		9,455,051		8,424,464		8,580,015
Stock in FHLB of Pittsburgh	Level 2	6,497		6,497		21,097		21,097
Accrued interest receivable	Level 2	42,801		42,801		38,094		38,094
Other assets	Level 2	18,448		18,448		4,884		4,884
Financial liabilities:
Deposits	Level 2	11,391,345		11,353,731		9,586,857		9,575,394
Borrowed funds	Level 2	204,294		206,804		489,288		489,561
Standby letters of credit	Level 3	496		496		623		623
Accrued interest payable	Level 2	8,522		8,522		3,103		3,103
Other liabilities	Levels 2, 3	33,555		33,555		3,918		3,918

 (1) Includes reverse mortgage loans.