| Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of December 31, 2016 and 2015, 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, 2016 |
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Assets: |
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Securities available for sale: |
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|
|
|
Mortgage-backed securities |
$ |
— |
|
|
$ |
229,630 |
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|
$ |
— |
|
|
$ |
229,630 |
|
Collateralized mortgage obligations |
— |
|
|
76,451 |
|
|
— |
|
|
76,451 |
|
U.S. government agency securities |
— |
|
|
7,441 |
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|
— |
|
|
7,441 |
|
SBA loan pools securities |
— |
|
|
4,146 |
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|
— |
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|
4,146 |
|
Municipal bonds-tax exempt |
— |
|
|
158,030 |
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|
— |
|
|
158,030 |
|
Municipal bonds-taxable |
— |
|
|
13,701 |
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|
— |
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|
13,701 |
|
Corporate bonds |
— |
|
|
5,015 |
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|
— |
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|
5,015 |
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U.S. treasury securities |
156 |
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|
— |
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|
— |
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|
156 |
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Mutual funds |
22,394 |
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|
— |
|
|
— |
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|
22,394 |
|
Total securities available for sale |
$ |
22,550 |
|
|
$ |
494,414 |
|
|
$ |
— |
|
|
$ |
516,964 |
|
December 31, 2015 |
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Assets: |
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|
|
|
|
Securities available for sale: |
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|
|
|
|
Mortgage-backed securities |
$ |
— |
|
|
$ |
284,381 |
|
|
$ |
— |
|
|
$ |
284,381 |
|
Collateralized mortgage obligations |
— |
|
|
96,986 |
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|
— |
|
|
96,986 |
|
U.S. government agency securities |
— |
|
|
47,822 |
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|
— |
|
|
47,822 |
|
SBA loan pools securities |
— |
|
|
63,266 |
|
|
— |
|
|
63,266 |
|
Municipal bonds-tax exempt |
— |
|
|
163,902 |
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|
— |
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|
163,902 |
|
Municipal bonds-taxable |
— |
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|
14,033 |
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— |
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|
14,033 |
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Corporate bonds |
— |
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|
4,993 |
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— |
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|
4,993 |
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U.S. treasury securities |
160 |
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|
— |
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|
— |
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|
160 |
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Mutual funds |
22,753 |
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|
— |
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|
— |
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|
22,753 |
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Total securities available for sale |
$ |
22,913 |
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|
$ |
675,383 |
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|
$ |
— |
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|
$ |
698,296 |
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| Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
As of December 31, 2016 and 2015, assets and liabilities measured at fair value on a non-recurring basis are as follows:
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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
Years Ended |
|
(In thousands) |
December 31, 2016 |
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Assets: |
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Impaired loans (excluding PCI loans) (1)
|
$ |
— |
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$ |
15,257 |
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$ |
6,767 |
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$ |
868 |
|
OREO (2)
|
— |
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|
7,484 |
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|
— |
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|
— |
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December 31, 2015 |
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Assets: |
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Impaired loans (3)
|
$ |
— |
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$ |
29,595 |
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$ |
1,044 |
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$ |
2,756 |
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OREO (4)
|
— |
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|
8,511 |
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— |
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|
— |
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(1) |
Includes real estate loans of $17.8 million, commercial and industrial loans of $3.8 million, and consumer loans of $419,000.
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(2) |
Includes properties from the foreclosure of commercial property loans of $5.4 million and residential property loans of $2.1 million.
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(3) |
Includes real estate loans of $27.9 million, commercial and industrial loans of $1.0 million, and consumer loans of $1.7 million.
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(4) |
Includes properties from the foreclosure of commercial property loans of $6.6 million and residential property loans of
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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, 2016 |
|
Carrying
Amount |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
(In thousands) |
Financial assets: |
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Cash and due from banks |
$ |
147,235 |
|
|
$ |
147,235 |
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|
$ |
— |
|
|
$ |
— |
|
Securities available for sale |
516,964 |
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|
22,550 |
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|
494,414 |
|
|
— |
|
Loans and leases receivable, net of allowance for loan and lease losses |
3,812,340 |
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— |
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|
— |
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|
3,789,579 |
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Loans held for sale |
9,316 |
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|
— |
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|
9,316 |
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|
— |
|
Accrued interest receivable |
10,987 |
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|
10,987 |
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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 |
1,203,240 |
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— |
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|
1,203,240 |
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— |
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Interest-bearing deposits |
2,606,497 |
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— |
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— |
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|
2,541,929 |
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Borrowings |
333,978 |
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|
— |
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|
— |
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|
333,978 |
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Accrued interest payable |
2,567 |
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|
2,567 |
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— |
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|
— |
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Off-balance sheet items: |
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Commitments to extend credit |
310,987 |
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|
— |
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|
— |
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|
310,987 |
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Standby letters of credit |
15,669 |
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|
— |
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|
— |
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|
15,669 |
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December 31, 2015 |
|
Carrying
Amount |
|
Fair Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
(In thousands) |
Financial assets: |
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|
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|
Cash and due from banks |
$ |
164,364 |
|
|
$ |
164,364 |
|
|
$ |
— |
|
|
$ |
— |
|
Securities available for sale |
698,296 |
|
|
22,913 |
|
|
675,383 |
|
|
— |
|
Loans receivable, net of allowance for loan losses |
3,140,381 |
|
|
|
|
|
— |
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|
3,127,172 |
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Loans held for sale |
2,874 |
|
|
— |
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|
2,874 |
|
|
— |
|
Accrued interest receivable |
9,501 |
|
|
9,501 |
|
|
— |
|
|
— |
|
FHLB stock |
16,385 |
|
|
— |
|
|
16,385 |
|
|
— |
|
FRB stock |
14,098 |
|
|
— |
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|
14,098 |
|
|
— |
|
Financial liabilities: |
|
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Noninterest-bearing deposits |
1,155,518 |
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|
— |
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|
1,155,518 |
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|
— |
|
Interest-bearing deposits |
2,354,458 |
|
|
— |
|
|
— |
|
|
2,329,335 |
|
Borrowings |
188,703 |
|
|
— |
|
|
— |
|
|
188,703 |
|
Accrued interest payable |
3,177 |
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|
3,177 |
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|
— |
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|
— |
|
Off-balance sheet items: |
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Commitments to extend credit |
262,680 |
|
|
— |
|
|
— |
|
|
262,680 |
|
Standby letters of credit |
6,839 |
|
|
— |
|
|
— |
|
|
6,839 |
|
.
|