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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Fair value measurement of assets measured at fair value on a recurring basis

The following tables disclose the fair value measurement of assets measured at fair value on a recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	40,140	—	40,140	—
U.S. government sponsored enterprises	9,825		—	9,825	—
State and local governments	1,275,376		—	1,275,376	—
Corporate bonds	361,024		—	361,024	—
Residential mortgage-backed securities	1,275,858		—	1,275,858	—
Commercial mortgage-backed securities	1,163,325		—	1,163,325	—
Loans held for sale, at fair value	147,937		—	147,937	—
Interest rate caps	182		—	182	—
Interest rate lock commitment	14,967		—	14,967	—
Total assets measured at fair value on a recurring basis	$	4,288,634	—	4,288,634	—
TBA hedge	$	1,344	—	1,344	—
Total liabilities measured at fair value on a recurring basis	$	1,344	—	1,344	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	20,044	—	20,044	—
U.S. government sponsored enterprises	43,677		—	43,677	—
State and local governments	702,398		—	702,398	—
Corporate bonds	157,602		—	157,602	—
Residential mortgage-backed securities	738,724		—	738,724	—
Commercial mortgage-backed securities	912,807		—	912,807	—
Loans held for sale, at fair value	69,194		—	69,194	—
Interest rate lock commitment	1,852		—	1,852	—
Total assets measured at fair value on a recurring basis	$	2,646,298	—	2,646,298	—
TBA hedge	$	236	—	236	—
Total liabilities measured at fair value on a recurring basis	$	236	—	236	—

Fair value measurement of assets measured at fair value on a non-recurring basis

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	297	—	—	297
Collateral-dependent loans, net of ACL	2,284		—	—	2,284

Total assets measured at fair value on a non-recurring basis	$	2,581	—	—	2,581


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	1,983	—	—	1,983
Collateral-dependent loans, net of ACL	23		—	—	23
Total assets measured at fair value on a non-recurring basis	$	2,006	—	—	2,006

Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used

The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:


	Fair Value September 30, 2020		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1


Other real estate owned	$	297	Sales comparison approach	Selling costs	8.0% - 10.0% (9.0%)





Collateral-dependent loans, net of ACL	$	943	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	45		Sales comparison approach	Selling costs	10.0% - 10.0% (10.0%)


	1,296		Combined approach	Selling costs	10.0% - 10.0% (10.0%)


	$	2,284


	Fair Value December 31, 2019		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1

Other real estate owned	$	1,983	Sales comparison approach	Selling costs	6.0% - 10.0% (7.3%)
				Adjustment to comparables	0.0% - 11.1% (4.5%)




Collateral-dependent loans, net of ACL	$	9	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	14		Sales comparison approach	Adjustment to comparables	0.0% - 0.0% (0.0%)





	$	23

______________________________

1 The range for selling cost inputs represents reductions to the fair value of the assets.

Carrying amounts and estimated fair values of financial instruments not carried at fair value

The following tables present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments not carried at fair value. Receivables and payables due in one year or less, equity securities without readily determinable fair values and deposits with no defined or contractual maturities are excluded.


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount September 30, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	769,879	769,879	—	—
Debt securities, held-to-maturity	193,509		—	206,577	—
Loans receivable, net of ACL	11,454,179		—	—	11,619,887
Total financial assets	$	12,417,567	769,879	206,577	11,619,887
Financial liabilities
Term deposits	$	1,098,988	—	1,104,273	—
FHLB advances	7,318		—	7,537	—
Repurchase agreements and other borrowed funds	998,635		—	998,635	—
Subordinated debentures	139,918		—	119,318	—
Total financial liabilities	$	2,244,859	—	2,229,763	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	330,961	330,961	—	—
Debt securities, held-to-maturity	224,611		—	234,396	—
Loans receivable, net of ACL	9,388,320		—	—	9,438,121
Total financial assets	$	9,943,892	330,961	234,396	9,438,121
Financial liabilities
Term deposits	$	1,011,798	—	1,017,505	—
FHLB advances	38,611		—	38,787	—
Repurchase agreements and other borrowed funds	598,644		—	598,644	—
Subordinated debentures	139,914		—	124,094	—
Total financial liabilities	$	1,788,967	—	1,779,030	—