Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
As of June 30, 2018 and December 31, 2017, 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)
June 30, 2018
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Mortgage-backed securities
$

 
$
322,851

 
$

 
$
322,851

Collateralized mortgage obligations

 
121,389

 

 
121,389

U.S. government agency securities

 
7,360

 

 
7,360

Municipal bonds-tax exempt

 
113,929

 

 
113,929

Total securities available for sale
$

 
$
565,529

 
$

 
$
565,529

 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Mortgage-backed securities
$

 
$
303,609

 
$

 
$
303,609

Collateralized mortgage obligations

 
117,768

 

 
117,768

U.S. government agency securities

 
7,414

 

 
7,414

Municipal bonds-tax exempt

 
127,475

 

 
127,475

U.S. treasury securities
152

 

 

 
152

Mutual funds
22,386

 

 

 
22,386

Total securities available for sale
$
22,538

 
$
556,266

 
$

 
$
578,804

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
As of June 30, 2018 and December 31, 2017, 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
Six Months Ended
June 30, 2018
 
(in thousands)
June 30, 2018
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (1)
$

 
$
4,407

 
$
915

 
$
2,463

OREO

 
280

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss During the Twelve Months Ended December 31, 2017
December 31, 2017
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (2)
$

 
$
6,121

 
$
2,436

 
$
2,730

OREO

 
1,946

 

 


(1) 
Consist of real estate loans of $4.6 million and commercial and industrial loans of $730,000.
(2) 
Consist of real estate loans of $6.7 million, commercial and industrial loans of $1.7 million.

Estimated Fair Values of Financial Instruments
The estimated fair values of financial instruments were as follows:
 
June 30, 2018
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
136,474

 
136,474

 

 

Securities available for sale
565,529

 

 
565,529

 

Loans and leases receivable, net of allowance for loan and lease losses
4,510,308

 

 

 
4,453,997

Loans held for sale
5,349

 

 
6,451

 

Accrued interest receivable
12,940

 
12,940

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:

 
 
 
 
 
 
Noninterest-bearing deposits
1,350,383

 

 
1,350,383

 

Interest-bearing deposits
3,076,152

 

 

 
3,070,237

Borrowings and subordinated debentures
387,532

 

 
94,864

 
269,762

Accrued interest payable
5,775

 
5,775

 

 

Off-balance sheet items:

 
 
 
 
 
 
Commitments to extend credit
354,894

 

 

 
354,894

Standby letters of credit
24,702

 

 

 
24,702

Commercial letters of credit
15,377

 

 

 
15,377

 
 
December 31, 2017
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
153,826

 
$
153,826

 
$

 
$

Securities available for sale
578,804

 
22,538

 
556,266

 

Loans and leases receivable, net of allowance for loan and lease losses
4,273,415

 

 

 
4,213,689

Loans held for sale
6,394

 

 
6,394

 

Accrued interest receivable
12,770

 
12,770

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:
 
 
 
 
 
 
 
Noninterest-bearing deposits
1,312,274

 

 
1,312,274

 

Interest-bearing deposits
3,036,380

 

 

 
2,973,139

Borrowings and subordinated debentures
267,270

 

 

 
267,270

Accrued interest payable
5,309

 
5,309

 

 

Off-balance sheet items:
 
 
 
 
 
 
 
Commitments to extend credit
318,634

 

 

 
318,634

Standby letters of credit
19,294

 

 

 
19,294

Commercial letters of credit
9,308

 

 

 
9,308