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Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair value measurement of assets measured at fair value on a recurring basis
The following tables disclose the fair value measurement of assets and liabilities 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, 2021
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$31,373 — 31,373 — 
U.S. government sponsored enterprises47,051 — 47,051 — 
State and local governments508,691 — 508,691 — 
Corporate bonds198,119 — 198,119 — 
Residential mortgage-backed securities5,491,345 — 5,491,345 — 
Commercial mortgage-backed securities1,114,001 — 1,114,001 — 
Loans held for sale, at fair value94,138 — 94,138 — 
Interest rate caps553 — 553 — 
Interest rate locks3,884 — 3,884 — 
TBA hedge759 — 759 — 
Total assets measured at fair value
  on a recurring basis
$7,489,914 — 7,489,914 — 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2020Quoted 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$38,588 — 38,588 — 
U.S. government sponsored enterprises9,781 — 9,781 — 
State and local governments1,416,683 — 1,416,683 — 
Corporate bonds349,098 — 349,098 — 
Residential mortgage-backed securities2,289,090 — 2,289,090 — 
Commercial mortgage-backed securities1,234,574 — 1,234,574 — 
Loans held for sale, at fair value
166,572 — 166,572 — 
Interest rate caps201 — 201 — 
Interest rate locks
8,605 — 8,605 — 
Total assets measured at fair value on a recurring basis
$5,513,192 — 5,513,192 — 
TBA hedge$2,056 — 2,056 — 
Total liabilities measured at fair value on a recurring basis
$2,056 — 2,056 — 
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, 2021
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Collateral-dependent impaired loans, net of ACL28,651 — — 28,651 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2020Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Other real estate owned$564 — — 564 
Collateral-dependent impaired loans, net of ACL26,749 — — 26,749 
Total assets measured at fair value
  on a non-recurring basis
$27,313 — — 27,313 
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, 2021
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)Valuation TechniqueUnobservable Input
Range
(Weighted-Average) 1
Collateral-dependent
  impaired loans, net of ACL
$21,090 Cost approachSelling costs
10.0% - 10.0% (10.0%)
7,561 Sales comparison approachSelling costs
5.0% - 10.0% (5.1%)
Adjustment to comparables
5.0% - 10.0% (5.5%)
$28,651 

 Fair Value December 31, 2020Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)Valuation TechniqueUnobservable Input
Range
(Weighted-Average) 1
Other real estate owned
$564 Sales comparison approachSelling costs
8.0% - 10.0% (9.0%)
Collateral-dependent
  loans, net of ACL
$144 Cost approachSelling costs
10.0% - 10.0% (10.0%)
25,309 Sales comparison approachSelling Costs
10.0% - 10.0% (0.1%)
Adjustment to comparables
0.0% - 100.0% (11.1%)
1,296 Combined approachSelling costs
10.0% - 10.0% (10.0%)
Discount rate
8.0% - 8.0% (8.0%)
$26,749 
______________________________
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. There have been no significant changes in the valuation techniques during the period ended September 30, 2021.

Cash and cash equivalents: fair value is estimated at book value.

Debt securities, held-to-maturity: fair value for held-to-maturity debt securities is estimated in the same manner as available-for sale debt securities, which is described above.

Loans receivable, net of ACL: The loans were fair valued on an individual basis, with consideration given to the loans' underlying characteristics, including account types, remaining terms and balance, interest rates, past delinquencies, current market rates, etc. The model utilizes a discounted cash flow approach to estimate the fair value of the loans using various assumptions such as prepayment speeds, projected default probabilities, losses given defaults, etc. The discounted cash flow approach models the credit losses directly in the projected cash flows. The model applies various assumptions regarding credit, interest, and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications.

Term Deposits: fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from an independent third party based on current rates offered by the Company’s regional competitors.

Repurchase agreements and other borrowed funds: fair value of term repurchase agreements and other term borrowings is estimated based on current repurchase rates and borrowing rates currently available to the Company for repurchases and
borrowings with similar terms and maturities. The estimated fair value for overnight repurchase agreements and other borrowings is book value.

Subordinated debentures: fair value of the subordinated debt is estimated by discounting the estimated future cash flows using current estimated market rates obtained from an independent third party.

Off-balance sheet financial instruments: unused lines of credit and letters of credit represent the principal categories of off-balance sheet financial instruments. The fair value of commitments is based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables.
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Carrying Amount
September 30, 2021
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$348,888 348,888 — — 
Debt securities, held-to-maturity1,128,299 — 1,146,453 — 
Loans receivable, net of ACL11,140,282 — — 11,352,711 
Total financial assets$12,617,469 348,888 1,146,453 11,352,711 
Financial liabilities
Term deposits$919,852 — 922,810 — 
Repurchase agreements and
  other borrowed funds
1,074,610 — 1,074,610 — 
Subordinated debentures132,580 — 130,081 — 
Total financial liabilities$2,127,042 — 2,127,501 — 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Carrying Amount December 31, 2020Quoted 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$633,142 633,142 — — 
Debt securities, held-to-maturity189,836 — 203,216 — 
Loans receivable, net of ACL10,964,453 — — 11,233,002 
Total financial assets$11,787,431 633,142 203,216 11,233,002 
Financial liabilities
Term deposits$978,779 — 983,491 — 
Repurchase agreements and
  other borrowed funds
1,037,651 — 1,037,651 — 
Subordinated debentures139,959 — 123,944 — 
Total financial liabilities$2,156,389 — 2,145,086 —