| Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of December 31, 2018 and 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 |
|
Significant
Observable
Inputs with No
Active Market
with Identical
Characteristics |
|
Significant
Unobservable
Inputs |
|
Balance |
|
(in thousands) |
December 31, 2018 |
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Assets: |
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Securities available for sale: |
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|
|
Mortgage-backed securities |
$ |
— |
|
|
$ |
295,034 |
|
|
$ |
— |
|
|
$ |
295,034 |
|
Collateralized mortgage obligations |
— |
|
|
122,292 |
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|
— |
|
|
122,292 |
|
U.S. government agency securities |
— |
|
|
7,402 |
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|
— |
|
|
7,402 |
|
Municipal bonds-tax exempt |
— |
|
|
110,350 |
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|
— |
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|
110,350 |
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U.S. treasury securities |
39,830 |
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|
— |
|
|
— |
|
|
39,830 |
|
Total securities available for sale |
$ |
39,830 |
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|
$ |
535,078 |
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|
$ |
— |
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|
$ |
574,908 |
|
December 31, 2017 |
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Assets: |
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Securities available for sale: |
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Mortgage-backed securities |
$ |
— |
|
|
$ |
303,609 |
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|
$ |
— |
|
|
$ |
303,609 |
|
Collateralized mortgage obligations |
— |
|
|
117,768 |
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|
— |
|
|
117,768 |
|
U.S. government agency securities |
— |
|
|
7,414 |
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|
— |
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|
7,414 |
|
Municipal bonds-tax exempt |
— |
|
|
127,475 |
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|
— |
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|
127,475 |
|
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 |
|
Total securities available for sale |
$ |
22,538 |
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|
$ |
556,266 |
|
|
$ |
— |
|
|
$ |
578,804 |
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| Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
As of December 31, 2018 and 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 |
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics |
|
Significant
Unobservable
Inputs |
|
Loss During the
Years Ended |
|
(in thousands) |
December 31, 2018 |
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Assets: |
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Impaired loans (1)
|
$ |
— |
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|
$ |
3,253 |
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$ |
1,957 |
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|
$ |
1,184 |
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OREO |
— |
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|
663 |
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|
— |
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|
— |
|
December 31, 2017 |
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Assets: |
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Impaired loans (2)
|
$ |
— |
|
|
$ |
6,121 |
|
|
$ |
2,436 |
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|
$ |
2,730 |
|
OREO |
— |
|
|
1,946 |
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|
— |
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|
— |
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(1) |
Includes real estate loans of $3.5 million and commercial and industrial loans of $1.7 million.
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(2) |
Includes real estate loans of $6.7 million and 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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December 31, 2018 |
|
Carrying
Amount |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
(in thousands) |
Financial assets: |
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Cash and due from banks |
$ |
155,376 |
|
|
$ |
155,376 |
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|
$ |
— |
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|
$ |
— |
|
Securities available for sale |
574,908 |
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|
39,830 |
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|
535,078 |
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|
— |
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Loans held for sale |
9,390 |
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— |
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|
9,905 |
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— |
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Loans and leases receivable, net of allowance for loan and lease losses |
4,568,566 |
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— |
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— |
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|
4,518,716 |
|
Accrued interest receivable |
13,331 |
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|
13,331 |
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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 |
1,284,530 |
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— |
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|
1,284,530 |
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— |
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Interest-bearing deposits |
3,462,705 |
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— |
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|
— |
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|
3,458,523 |
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Borrowings |
172,808 |
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— |
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|
98,020 |
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|
54,939 |
|
Accrued interest payable |
11,379 |
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|
11,379 |
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|
— |
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|
— |
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Off-balance sheet items: |
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Commitments to extend credit |
325,100 |
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— |
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— |
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|
325,100 |
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Standby letters of credit |
32,500 |
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— |
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— |
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|
32,500 |
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Commercial letters of credit |
13,848 |
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— |
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— |
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|
13,848 |
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December 31, 2017 |
|
Carrying
Amount |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
(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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|
$ |
— |
|
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 held for sale |
6,394 |
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— |
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|
6,394 |
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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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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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|
— |
|
Interest-bearing deposits |
3,036,380 |
|
|
— |
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|
— |
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|
2,973,139 |
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Borrowings |
267,270 |
|
|
— |
|
|
— |
|
|
267,270 |
|
Accrued interest payable |
5,309 |
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|
5,309 |
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|
— |
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|
— |
|
Off-balance sheet items: |
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Commitments to extend credit |
318,634 |
|
|
— |
|
|
— |
|
|
318,634 |
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Standby letters of credit |
19,294 |
|
|
— |
|
|
— |
|
|
19,294 |
|
Commercial letters of credit |
9,308 |
|
|
— |
|
|
— |
|
|
9,308 |
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|