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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022		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	$	457,884	—	457,884	—
U.S. government sponsored enterprises	297,814		—	297,814	—
State and local governments	437,617		—	437,617	—
Corporate bonds	101,348		—	101,348	—
Residential mortgage-backed securities	3,715,502		—	3,715,502	—
Commercial mortgage-backed securities	1,199,034		—	1,199,034	—
Loans held for sale, at fair value	33,837		—	33,837	—
Interest rate caps	4,718		—	4,718	—
Interest rate locks	1,166		—	1,166	—
TBA hedge	196		—	196	—
Total assets measured at fair value on a recurring basis	$	6,249,116	—	6,249,116	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 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	$	1,346,749	—	1,346,749	—
U.S. government sponsored enterprises	240,693		—	240,693	—
State and local governments	488,858		—	488,858	—
Corporate bonds	180,752		—	180,752	—
Residential mortgage-backed securities	5,699,659		—	5,699,659	—
Commercial mortgage-backed securities	1,214,138		—	1,214,138	—
Loans held for sale, at fair value	60,797		—	60,797	—
Interest rate caps	934		—	934	—
Interest rate locks	3,008		—	3,008	—
Total assets measured at fair value on a recurring basis	$	9,235,588	—	9,235,588	—
TBA hedge	$	80	—	80	—
Total liabilities measured at fair value on a recurring basis	$	80	—	80	—

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 June 30, 2022		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 ACL	$	2,801	—	—	2,801

Total assets measured at fair value on a non-recurring basis	$	2,801	—	—	2,801


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 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 ACL	$	22,036	—	—	22,036
Total assets measured at fair value on a non-recurring basis	$	22,036	—	—	22,036

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

June 30, 2022

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

Valuation Technique

Unobservable Input

Range

(Weighted-Average) 1

Collateral-dependent

impaired loans, net of ACL

1,560

Cost approach

Selling costs

10.0% - 10.0% (10.0%)

1,241

Sales comparison approach

Selling costs

10.0% - 10.0% (10.0%)

2,801


	Fair Value December 31, 2021		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1







Collateral-dependent loans, net of ACL	$	20,934	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	1,102		Sales comparison approach	Selling Costs	5.0% - 10.0% (6.7%)

				Adjustment to comparables	0.0% - 10.0% (6.0%)



	$	22,036

______________________________

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


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount June 30, 2022		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	$	415,406	415,406	—	—
Debt securities, held-to-maturity	3,788,486		—	3,459,759	—
Loans receivable, net of ACL	14,226,792		—	—	14,129,375
Total financial assets	$	18,430,684	415,406	3,459,759	14,129,375
Financial liabilities
Term deposits	$	968,382	—	970,941	—
FHLB advances	580,000		—	580,000	—
Repurchase agreements and other borrowed funds	1,034,397		—	1,034,397	—
Subordinated debentures	132,701		—	127,603	—
Total financial liabilities	$	2,715,480	—	2,712,941	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 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	$	437,686	437,686	—	—
Debt securities, held-to-maturity	1,199,164		—	1,220,883	—
Loans receivable, net of ACL	13,259,366		—	—	13,422,898
Total financial assets	$	14,896,216	437,686	1,220,883	13,422,898
Financial liabilities
Term deposits	$	1,036,077	—	1,040,100	—

Repurchase agreements and other borrowed funds	1,064,888		—	1,064,888	—
Subordinated debentures	132,620		—	131,513	—
Total financial liabilities	$	2,233,585	—	2,236,501	—