| Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of September 30, 2016 and December 31, 2015, assets and liabilities measured at fair value on a recurring basis are as follows:
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Level 1 |
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Level 2 |
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Level 3 |
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Quoted Prices in
Active Markets
for Identical
Assets
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Significant
Observable
Inputs with No
Active Market
with Identical
Characteristics
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Significant
Unobservable
Inputs
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Balance |
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(in thousands) |
September 30, 2016 |
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Assets: |
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Securities available for sale: |
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Mortgage-backed securities |
$ |
— |
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$ |
243,245 |
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$ |
— |
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|
$ |
243,245 |
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Collateralized mortgage obligations |
— |
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|
84,213 |
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— |
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|
84,213 |
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U.S. government agency securities |
— |
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|
7,519 |
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— |
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|
7,519 |
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SBA loan pools securities |
— |
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|
4,545 |
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— |
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4,545 |
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Municipal bonds-tax exempt |
— |
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|
167,236 |
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— |
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|
167,236 |
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Municipal bonds-taxable |
— |
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|
13,925 |
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— |
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13,925 |
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Corporate bonds |
— |
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5,011 |
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— |
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|
5,011 |
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U.S. treasury securities |
158 |
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— |
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— |
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|
158 |
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Mutual funds |
23,109 |
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— |
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— |
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|
23,109 |
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Total securities available for sale |
$ |
23,267 |
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$ |
525,694 |
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$ |
— |
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$ |
548,961 |
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December 31, 2015 |
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Assets: |
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Securities available for sale: |
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Mortgage-backed securities |
$ |
— |
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|
$ |
284,381 |
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$ |
— |
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$ |
284,381 |
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Collateralized mortgage obligations |
— |
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|
96,986 |
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— |
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|
96,986 |
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U.S. government agency securities |
— |
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|
47,822 |
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— |
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|
47,822 |
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SBA loan pools securities |
— |
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|
63,266 |
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— |
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63,266 |
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Municipal bonds-tax exempt |
— |
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|
163,902 |
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— |
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163,902 |
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Municipal bonds-taxable |
— |
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|
14,033 |
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— |
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14,033 |
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Corporate bonds |
— |
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4,993 |
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— |
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4,993 |
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U.S. treasury securities |
160 |
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— |
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— |
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|
160 |
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Mutual funds |
22,753 |
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— |
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— |
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22,753 |
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Total securities available for sale |
$ |
22,913 |
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$ |
675,383 |
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$ |
— |
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$ |
698,296 |
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| Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
As of September 30, 2016 and December 31, 2015, assets and liabilities measured at fair value on a non-recurring basis are as follows:
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Level 1 |
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Level 2 |
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Level 3 |
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|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Loss During the Nine Months Ended September 30, 2016 |
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(in thousands) |
September 30, 2016 |
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Assets: |
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Impaired loans (excluding PCI loans) (1)
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$ |
— |
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$ |
14,590 |
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$ |
6,099 |
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$ |
— |
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OREO (2)
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$ |
— |
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$ |
10,971 |
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$ |
— |
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$ |
— |
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Level 1 |
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Level 2 |
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Level 3 |
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|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Loss During the Twelve Months Ended December 31, 2015 |
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(in thousands) |
December 31, 2015 |
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Assets: |
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Impaired loans (excluding PCI loans) (3)
|
$ |
— |
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$ |
29,595 |
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$ |
1,044 |
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$ |
2,756 |
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OREO (4)
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$ |
— |
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$ |
8,511 |
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$ |
— |
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$ |
— |
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(1) |
Consist of real estate loans of $15.8 million, commercial and industrial loans of $4.2 million and consumer loans of $680,000.
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(2) |
Consist of properties obtained from the foreclosure of commercial property loans of $8.3 million and residential property loans of $2.7 million.
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(3) |
Consist of real estate loans of $27.9 million, commercial and industrial loans of $1.0 million, and consumer loans of $1.7 million.
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(4) |
Consist of properties obtained from the foreclosure of commercial property loans of $6.6 million and residential property loans of $1.9 million.
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| Estimated Fair Values of Financial Instruments |
The estimated fair values of financial instruments were as follows:
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September 30, 2016 |
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Carrying |
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Fair Value |
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Amount |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
Financial assets: |
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Cash and due from banks |
$ |
130,197 |
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$ |
130,197 |
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$ |
— |
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$ |
— |
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Securities available for sale |
548,961 |
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|
23,267 |
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|
525,694 |
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— |
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Loans receivable, net of allowance for loan losses |
3,513,687 |
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— |
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— |
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3,509,856 |
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Loans held for sale |
6,425 |
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— |
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6,425 |
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— |
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Accrued interest receivable |
10,160 |
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|
10,160 |
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— |
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— |
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FHLB stock |
16,385 |
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— |
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16,385 |
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— |
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Financial liabilities: |
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Noninterest-bearing deposits |
1,231,967 |
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— |
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1,231,967 |
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— |
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Interest-bearing deposits |
2,539,240 |
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— |
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— |
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2,579,750 |
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Borrowings |
73,888 |
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— |
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— |
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73,888 |
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Accrued interest payable |
2,444 |
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|
2,444 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
330,116 |
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— |
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— |
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|
330,116 |
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Standby letters of credit |
7,793 |
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— |
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— |
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7,793 |
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Commercial letters of credit |
3,652 |
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— |
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— |
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|
3,652 |
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December 31, 2015 |
|
Carrying |
|
Fair Value |
|
Amount |
|
Level 1 |
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Level 2 |
|
Level 3 |
|
(in thousands) |
Financial assets: |
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Cash and due from banks |
$ |
164,364 |
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$ |
164,364 |
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$ |
— |
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$ |
— |
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Securities available for sale |
698,296 |
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|
22,913 |
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|
675,383 |
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— |
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Loans receivable, net of allowance for loan losses |
3,140,381 |
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— |
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— |
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3,127,172 |
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Loans held for sale |
2,874 |
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— |
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|
2,874 |
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— |
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Accrued interest receivable |
9,501 |
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|
9,501 |
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— |
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— |
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FHLB stock |
16,385 |
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— |
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16,385 |
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— |
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FRB stock |
14,098 |
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— |
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14,098 |
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— |
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Financial liabilities: |
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Noninterest-bearing deposits |
1,155,518 |
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— |
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1,155,518 |
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— |
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Interest-bearing deposits |
2,354,458 |
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— |
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— |
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2,329,335 |
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Borrowings |
188,703 |
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— |
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— |
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|
188,703 |
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Accrued interest payable |
3,177 |
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|
3,177 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
262,680 |
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— |
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— |
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262,680 |
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Standby letters of credit |
6,839 |
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— |
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— |
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|
6,839 |
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Commercial letters of credit |
4,018 |
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|
— |
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|
— |
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|
4,018 |
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