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Fair Value Disclosures of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Carried at Fair Value
The following tables present financial instruments carried at fair value as of December 31, 2021 and December 31, 2020 by level in the valuation hierarchy (as described above):
 
December 31, 2021
(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$— $575,766 $— $575,766 
FNMA MBS— 4,245,684 — 4,245,684 
FHLMC MBS— 145,528 — 145,528 
GNMA MBS— 17,936 — 17,936 
GSE agency notes— 220,397 — 220,397 
Other assets— 5,153 — 5,153 
Total assets measured at fair value on a recurring basis$— $5,210,464 $— $5,210,464 
Liabilities measured at fair value on a recurring basis:
Other liabilities$— $3,039 $20,252 $23,291 
Assets measured at fair value on a nonrecurring basis:
Other investments$— $— $10,518 $10,518 
Other real estate owned— — 2,320 2,320 
Loans held for sale— 113,349 — 113,349 
Total assets measured at fair value on a nonrecurring basis$— $113,349 $12,838 $126,187 
December 31, 2020
(Dollars in thousands)Quoted Prices in Active Markets
for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total Fair
Value
Assets measured at fair value on a recurring basis:
Available-for-sale securities:
CMO$— $471,325 $— $471,325 
FNMA MBS— 1,598,970 — 1,598,970 
FHLMC MBS— 202,893 — 202,893 
GNMA MBS— 23,762 — 23,762 
GSE agency notes— 232,107 — 232,107 
Other assets— 14,448 — 14,448 
Total assets measured at fair value on a recurring basis$— $2,543,505 $— $2,543,505 
Liabilities measured at fair value on a recurring basis:
Other liabilities$— $8,218 $24,039 $32,257 
Assets measured at fair value on a nonrecurring basis:
Other investments$— $— $9,541 $9,541 
Other real estate owned— — 3,061 3,061 
Loans held for sale— 197,541 — 197,541 
Total assets measured at fair value on a nonrecurring basis$— $197,541 $12,602 $210,143 
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:
(Dollars in thousands)December 31, 2021
Financial InstrumentFair ValueValuation Technique(s)Unobservable InputRange (Weighted Average)
Other investments$10,518 Observed market comparable transactionsPeriod of observed transactions
May 2021
Other real estate owned$2,320 Fair market value of collateralCosts to sell
10.0%
Other liabilities$20,252 Discounted cash flowTiming of Visa litigation resolution
1.75 - 6.75 years (4.50 years or 4Q 2025)
Book Value and Estimated Fair Value of Financial Instruments
The book value and estimated fair value of the Company's financial instruments are as follows:
 
December 31,
Fair Value
Measurement
20212020
(Dollars in thousands)Book ValueFair ValueBook ValueFair Value
Financial assets:
Cash, cash equivalents and restricted cashLevel 1$1,532,939 $1,532,939 $1,654,735 $1,654,735 
Investment securities, available for saleLevel 25,205,311 5,205,311 2,529,057 2,529,057 
Investment securities, held to maturity, netLevel 290,642 94,131 111,741 116,421 
Other investmentsLevel 310,518 10,518 9,541 9,541 
Loans, held for saleLevel 2113,349 113,349 197,541 197,541 
Loans and leases, net(1)
Level 37,791,482 7,723,867 8,795,935 9,130,003 
Stock in FHLB of PittsburghLevel 26,073 6,073 5,771 5,771 
Accrued interest receivableLevel 241,596 41,596 44,335 44,335 
Other assetsLevel 25,153 5,153 14,448 14,448 
Financial liabilities:
DepositsLevel 2$13,240,062 $13,236,816 $11,856,664 $11,868,897 
Borrowed fundsLevel 2239,477 225,119 340,641 340,106 
Standby letters of creditLevel 3674 674 630 630 
Accrued interest payableLevel 2736 736 1,450 1,450 
Other liabilitiesLevels 2, 323,291 23,291 32,257 32,257 
(1)Includes reverse mortgage loans.