| 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:
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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) |
June 30, 2018 |
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Assets: |
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Securities available for sale: |
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Mortgage-backed securities |
$ |
— |
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$ |
322,851 |
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$ |
— |
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$ |
322,851 |
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Collateralized mortgage obligations |
— |
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|
121,389 |
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— |
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|
121,389 |
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U.S. government agency securities |
— |
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|
7,360 |
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— |
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|
7,360 |
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Municipal bonds-tax exempt |
— |
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|
113,929 |
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— |
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113,929 |
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Total securities available for sale |
$ |
— |
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$ |
565,529 |
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$ |
— |
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$ |
565,529 |
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December 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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$ |
303,609 |
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$ |
— |
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$ |
303,609 |
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Collateralized mortgage obligations |
— |
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|
117,768 |
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— |
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|
117,768 |
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U.S. government agency securities |
— |
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|
7,414 |
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— |
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7,414 |
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Municipal bonds-tax exempt |
— |
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|
127,475 |
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— |
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127,475 |
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U.S. treasury securities |
152 |
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— |
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— |
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|
152 |
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Mutual funds |
22,386 |
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— |
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— |
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22,386 |
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Total securities available for sale |
$ |
22,538 |
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$ |
556,266 |
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$ |
— |
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$ |
578,804 |
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| 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:
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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
Six Months Ended
June 30, 2018
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(in thousands) |
June 30, 2018 |
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Assets: |
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Impaired loans (1)
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$ |
— |
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$ |
4,407 |
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$ |
915 |
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$ |
2,463 |
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OREO |
— |
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|
280 |
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— |
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— |
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Loss During the Twelve Months Ended December 31, 2017 |
December 31, 2017 |
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Assets: |
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Impaired loans (2)
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$ |
— |
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$ |
6,121 |
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$ |
2,436 |
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$ |
2,730 |
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OREO |
— |
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1,946 |
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— |
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— |
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(1) |
Consist of real estate loans of $4.6 million and commercial and industrial loans of $730,000.
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(2) |
Consist of real estate loans of $6.7 million, commercial and industrial loans of $1.7 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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June 30, 2018 |
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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 |
136,474 |
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|
136,474 |
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— |
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— |
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Securities available for sale |
565,529 |
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— |
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565,529 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
4,510,308 |
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— |
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— |
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4,453,997 |
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Loans held for sale |
5,349 |
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— |
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6,451 |
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— |
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Accrued interest receivable |
12,940 |
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|
12,940 |
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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 |
1,350,383 |
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— |
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1,350,383 |
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— |
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Interest-bearing deposits |
3,076,152 |
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— |
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— |
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3,070,237 |
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Borrowings and subordinated debentures |
387,532 |
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— |
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|
94,864 |
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|
269,762 |
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Accrued interest payable |
5,775 |
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|
5,775 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
354,894 |
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— |
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— |
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354,894 |
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Standby letters of credit |
24,702 |
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— |
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— |
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24,702 |
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Commercial letters of credit |
15,377 |
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— |
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— |
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15,377 |
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December 31, 2017 |
|
Carrying |
|
Fair Value |
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Amount |
|
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 |
$ |
153,826 |
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$ |
153,826 |
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$ |
— |
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$ |
— |
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Securities available for sale |
578,804 |
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22,538 |
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556,266 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
4,273,415 |
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— |
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— |
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4,213,689 |
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Loans held for sale |
6,394 |
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— |
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6,394 |
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— |
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Accrued interest receivable |
12,770 |
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12,770 |
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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 |
1,312,274 |
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— |
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1,312,274 |
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— |
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Interest-bearing deposits |
3,036,380 |
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— |
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— |
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2,973,139 |
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Borrowings and subordinated debentures |
267,270 |
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— |
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— |
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|
267,270 |
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Accrued interest payable |
5,309 |
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|
5,309 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
318,634 |
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— |
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— |
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318,634 |
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Standby letters of credit |
19,294 |
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— |
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— |
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19,294 |
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Commercial letters of credit |
9,308 |
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— |
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— |
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9,308 |
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