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Fair Value of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2023
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
March 31, 2023
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$450,228 — 450,228 — 
U.S. government sponsored enterprises292,632 — 292,632 — 
State and local governments102,678 — 102,678 — 
Corporate bonds26,122 — 26,122 — 
Residential mortgage-backed securities3,179,568 — 3,179,568 — 
Commercial mortgage-backed securities1,147,085 — 1,147,085 — 
Loans held for sale, at fair value14,461 — 14,461 — 
Interest rate caps6,705 — 6,705 — 
Interest rate locks732 — 732 — 
Total assets measured at fair value
  on a recurring basis
$5,220,211 — 5,220,211 — 
TBA hedge$170 — 170 — 
Total liabilities measured at fair value on a recurring basis
$170 — 170 — 
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2022Quoted 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$444,727 — 444,727 — 
U.S. government sponsored enterprises287,364 — 287,364 — 
State and local governments132,993 — 132,993 — 
Corporate bonds26,109 — 26,109 — 
Residential mortgage-backed securities3,267,341 — 3,267,341 — 
Commercial mortgage-backed securities1,148,773 — 1,148,773 — 
Loans held for sale, at fair value
12,314 — 12,314 — 
Interest rate caps7,757 — 7,757 — 
Interest rate locks
362 — 362 — 
Total assets measured at fair value on a recurring basis
$5,327,740 — 5,327,740 — 
TBA hedge$188 — 188 — 
Total liabilities measured at fair value on a recurring basis
$188 — 188 — 
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
March 31, 2023
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$1,439 — — 1,439 
Total assets measured at fair value
  on a non-recurring basis
$1,439 — — 1,439 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2022Quoted 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$1,360 — — 1,360 
Total assets measured at fair value
  on a non-recurring basis
$1,360 — — 1,360 
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
March 31, 2023
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
$1,363 Cost approachSelling costs
10.0% - 10.0% (10.0%)
76 Sales comparison approachSelling costs
10.0% - 10.0% (10.0%)
$1,439 

 Fair Value December 31, 2022Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)Valuation TechniqueUnobservable Input
Range
(Weighted-Average) 1
Collateral-dependent impaired loans, net of ACL
$1,329 Cost approachSelling costs
10.0% - 10.0% (10.0%)
31 Sales comparison approachSelling Costs
10.0% - 10.0% (10.0%)
$1,360 
______________________________
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
March 31, 2023
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$1,529,534 1,529,534 — — 
Debt securities, held-to-maturity3,664,393 — 3,292,753 — 
Loans receivable, net of ACL15,332,008 — — 15,063,785 
Total financial assets$20,525,935 1,529,534 3,292,753 15,063,785 
Financial liabilities
Term deposits$1,155,494 — 1,156,303 — 
FHLB advances335,000 — 335,000 — 
FRB Bank Term Funding2,740,000 2,730,300 
Repurchase agreements and
  other borrowed funds
1,267,508 — 1,267,508 — 
Subordinated debentures132,822 — 113,358 — 
Total financial liabilities$5,630,824 — 5,602,469 — 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Carrying Amount December 31, 2022Quoted 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$401,995 401,995 — — 
Debt securities, held-to-maturity3,715,052 — 3,274,792 — 
Loans receivable, net of ACL15,064,529 — — 14,806,354 
Total financial assets$19,181,576 401,995 3,274,792 14,806,354 
Financial liabilities
Term deposits$880,589 — 874,850 — 
FHLB advances1,800,000 — 1,799,936 — 
Repurchase agreements and
  other borrowed funds
1,023,209 — 1,023,209 — 
Subordinated debentures132,782 — 122,549 — 
Total financial liabilities$3,836,580 — 3,820,544 —