Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2017 |
Fair Value Disclosures [Abstract] |
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Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of March 31, 2017 and December 31, 2016, 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) |
March 31, 2017 |
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Assets: |
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Securities available for sale: |
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Mortgage-backed securities |
$ |
— |
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$ |
262,095 |
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$ |
— |
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$ |
262,095 |
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Collateralized mortgage obligations |
— |
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86,928 |
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— |
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86,928 |
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U.S. government agency securities |
— |
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7,446 |
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— |
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7,446 |
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SBA loan pools securities |
— |
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4,163 |
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— |
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4,163 |
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Municipal bonds-tax exempt |
— |
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158,774 |
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— |
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158,774 |
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Municipal bonds-taxable |
— |
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1,037 |
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— |
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1,037 |
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Corporate bonds |
— |
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5,022 |
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— |
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5,022 |
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U.S. treasury securities |
155 |
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— |
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— |
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155 |
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Mutual funds |
22,390 |
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— |
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— |
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22,390 |
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Total securities available for sale |
$ |
22,545 |
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$ |
525,465 |
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$ |
— |
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$ |
548,010 |
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December 31, 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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$ |
229,630 |
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$ |
— |
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$ |
229,630 |
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Collateralized mortgage obligations |
— |
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76,451 |
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— |
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76,451 |
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U.S. government agency securities |
— |
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7,441 |
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— |
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7,441 |
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SBA loan pools securities |
— |
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4,146 |
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— |
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4,146 |
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Municipal bonds-tax exempt |
— |
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158,030 |
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— |
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158,030 |
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Municipal bonds-taxable |
— |
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13,701 |
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— |
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13,701 |
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Corporate bonds |
— |
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5,015 |
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— |
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5,015 |
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U.S. treasury securities |
156 |
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— |
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— |
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156 |
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Mutual funds |
22,394 |
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— |
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— |
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22,394 |
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Total securities available for sale |
$ |
22,550 |
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$ |
494,414 |
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$ |
— |
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$ |
516,964 |
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Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
As of March 31, 2017 and December 31, 2016, 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
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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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Loss During the Three Months Ended March 31, 2017 |
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(in thousands) |
March 31, 2017 |
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Assets: |
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Impaired loans (excluding PCI loans) (1)
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$ |
— |
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$ |
14,567 |
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$ |
5,830 |
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$ |
474 |
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OREO (2)
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— |
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4,636 |
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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
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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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Loss During the Twelve Months Ended December 31, 2016 |
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(in thousands) |
December 31, 2016 |
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Assets: |
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Impaired loans (excluding PCI loans) (3)
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$ |
— |
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$ |
15,257 |
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$ |
6,767 |
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$ |
868 |
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OREO (4)
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— |
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7,484 |
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— |
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— |
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(1) |
Consist of real estate loans of $17.0 million, commercial and industrial loans of $3.0 million and consumer loans of $321,000.
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(2) |
Consist of properties obtained from the foreclosure of commercial property loans of $2.9 million and residential property loans of $1.7 million.
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(3) |
Consist of real estate loans of $17.8 million, commercial and industrial loans of $3.8 million, and consumer loans of $419,000.
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(4) |
Consist of properties obtained from the foreclosure of commercial property loans of $5.4 million and residential property loans of $2.1 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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March 31, 2017 |
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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 |
$ |
138,592 |
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$ |
138,592 |
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$ |
— |
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$ |
— |
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Securities available for sale |
548,010 |
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22,545 |
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525,465 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
3,910,799 |
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— |
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— |
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3,877,761 |
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Loans held for sale |
8,849 |
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— |
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8,849 |
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— |
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Accrued interest receivable |
10,774 |
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10,774 |
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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 |
1,241,272 |
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— |
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1,241,272 |
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— |
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Interest-bearing deposits |
2,841,893 |
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— |
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— |
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2,789,454 |
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Borrowings |
166,795 |
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— |
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— |
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166,795 |
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Accrued interest payable |
2,619 |
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2,619 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
330,906 |
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— |
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— |
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330,906 |
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Standby letters of credit |
20,555 |
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— |
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— |
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20,555 |
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December 31, 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 |
$ |
147,235 |
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$ |
147,235 |
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$ |
— |
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$ |
— |
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Securities available for sale |
516,964 |
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22,550 |
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494,414 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
3,812,340 |
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— |
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— |
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3,789,579 |
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Loans held for sale |
9,316 |
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— |
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9,316 |
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— |
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Accrued interest receivable |
10,987 |
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10,987 |
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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 |
1,203,240 |
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— |
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1,203,240 |
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— |
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Interest-bearing deposits |
2,606,497 |
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— |
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— |
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2,541,929 |
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Borrowings |
333,978 |
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— |
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— |
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333,978 |
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Accrued interest payable |
2,567 |
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2,567 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
310,987 |
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— |
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— |
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310,987 |
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Standby letters of credit |
15,669 |
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— |
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— |
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15,669 |
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