Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.7.0.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
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:
 
Level 1
 
Level 2
 
Level 3
 
 
 
Quoted Prices in
Active Markets
for Identical
Assets
 
Significant
Observable
Inputs with No
Active Market
with Identical
Characteristics
 
Significant
Unobservable
Inputs
 
Balance
 
(in thousands)
March 31, 2017
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Mortgage-backed securities
$

 
$
262,095

 
$

 
$
262,095

Collateralized mortgage obligations

 
86,928

 

 
86,928

U.S. government agency securities

 
7,446

 

 
7,446

SBA loan pools securities

 
4,163

 

 
4,163

Municipal bonds-tax exempt

 
158,774

 

 
158,774

Municipal bonds-taxable

 
1,037

 

 
1,037

Corporate bonds

 
5,022

 

 
5,022

U.S. treasury securities
155

 

 

 
155

Mutual funds
22,390

 

 

 
22,390

Total securities available for sale
$
22,545

 
$
525,465

 
$

 
$
548,010

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Mortgage-backed securities
$

 
$
229,630

 
$

 
$
229,630

Collateralized mortgage obligations

 
76,451

 

 
76,451

U.S. government agency securities

 
7,441

 

 
7,441

SBA loan pools securities

 
4,146

 

 
4,146

Municipal bonds-tax exempt

 
158,030

 

 
158,030

Municipal bonds-taxable

 
13,701

 

 
13,701

Corporate bonds

 
5,015

 

 
5,015

U.S. treasury securities
156

 

 

 
156

Mutual funds
22,394

 

 

 
22,394

Total securities available for sale
$
22,550

 
$
494,414

 
$

 
$
516,964

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:
 
Level 1
 
Level 2
 
Level 3
 
 
 
Quoted Prices in
Active Markets
for Identical
Assets
 
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
 
Significant
Unobservable
Inputs
 
Loss During the Three Months Ended March 31, 2017
 
(in thousands)
March 31, 2017
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (excluding PCI loans) (1)
$

 
$
14,567

 
$
5,830

 
$
474

OREO (2)

 
4,636

 

 

 
 
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
 
 
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, 2016
 
(in thousands)
December 31, 2016
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (excluding PCI loans) (3)
$

 
$
15,257

 
$
6,767

 
$
868

OREO (4)

 
7,484

 

 

 
(1) 
Consist of real estate loans of $17.0 million, commercial and industrial loans of $3.0 million and consumer loans of $321,000.
(2) 
Consist of properties obtained from the foreclosure of commercial property loans of $2.9 million and residential property loans of $1.7 million.
(3) 
Consist of real estate loans of $17.8 million, commercial and industrial loans of $3.8 million, and consumer loans of $419,000.
(4) 
Consist of properties obtained from the foreclosure of commercial property loans of $5.4 million and residential property loans of $2.1 million.
Estimated Fair Values of Financial Instruments
The estimated fair values of financial instruments were as follows:
 
March 31, 2017
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
138,592

 
$
138,592

 
$

 
$

Securities available for sale
548,010

 
22,545

 
525,465

 

Loans and leases receivable, net of allowance for loan and lease losses
3,910,799

 

 

 
3,877,761

Loans held for sale
8,849

 

 
8,849

 

Accrued interest receivable
10,774

 
10,774

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:

 
 
 
 
 
 
Noninterest-bearing deposits
1,241,272

 

 
1,241,272

 

Interest-bearing deposits
2,841,893

 

 

 
2,789,454

Borrowings
166,795

 

 

 
166,795

Accrued interest payable
2,619

 
2,619

 

 

Off-balance sheet items:

 
 
 
 
 
 
Commitments to extend credit
330,906

 

 

 
330,906

Standby letters of credit
20,555

 

 

 
20,555

 
 
December 31, 2016
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
147,235

 
$
147,235

 
$

 
$

Securities available for sale
516,964

 
22,550

 
494,414

 

Loans and leases receivable, net of allowance for loan and lease losses
3,812,340

 

 

 
3,789,579

Loans held for sale
9,316

 

 
9,316

 

Accrued interest receivable
10,987

 
10,987

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:
 
 
 
 
 
 
 
Noninterest-bearing deposits
1,203,240

 

 
1,203,240

 

Interest-bearing deposits
2,606,497

 

 

 
2,541,929

Borrowings
333,978

 

 

 
333,978

Accrued interest payable
2,567

 
2,567

 

 

Off-balance sheet items:
 
 
 
 
 
 
 
Commitments to extend credit
310,987

 

 

 
310,987

Standby letters of credit
15,669

 

 

 
15,669