| Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of September 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) |
September 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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$ |
298,386 |
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$ |
— |
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|
$ |
298,386 |
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Collateralized mortgage obligations |
— |
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|
117,655 |
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— |
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|
117,655 |
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U.S. government agency securities |
— |
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|
7,352 |
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— |
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|
7,352 |
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Municipal bonds-tax exempt |
— |
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|
109,278 |
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— |
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109,278 |
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U.S. treasury securities |
39,565 |
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— |
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— |
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|
39,565 |
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Total securities available for sale |
$ |
39,565 |
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$ |
532,671 |
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$ |
— |
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$ |
572,236 |
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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 September 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
|
|
Significant
Unobservable
Inputs
|
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Loss During the
Nine Months Ended
September 30, 2018
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(in thousands) |
September 30, 2018 |
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Assets: |
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Impaired loans (1)
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$ |
— |
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$ |
5,287 |
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$ |
1,955 |
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$ |
3,473 |
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OREO |
— |
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|
877 |
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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 $5.7 million and commercial and industrial loans of $1.6 million.
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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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September 30, 2018 |
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Carrying |
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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 |
159,617 |
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|
159,617 |
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— |
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— |
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Securities available for sale |
572,236 |
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|
39,565 |
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|
532,671 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
4,551,207 |
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— |
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— |
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4,477,912 |
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Loans held for sale |
4,455 |
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— |
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|
4,755 |
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— |
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Accrued interest receivable |
13,646 |
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|
13,646 |
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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 |
1,313,777 |
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— |
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1,313,777 |
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— |
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Interest-bearing deposits |
3,300,645 |
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— |
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— |
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3,294,348 |
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Borrowings and subordinated debentures |
277,670 |
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— |
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|
93,858 |
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|
159,842 |
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Accrued interest payable |
8,153 |
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8,153 |
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— |
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— |
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Off-balance sheet items: |
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Commitments to extend credit |
358,570 |
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— |
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— |
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358,570 |
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Standby letters of credit |
29,404 |
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— |
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— |
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29,404 |
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Commercial letters of credit |
10,975 |
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— |
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— |
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10,975 |
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December 31, 2017 |
|
Carrying |
|
Fair Value |
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Amount |
|
Level 1 |
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Level 2 |
|
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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