Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
As of December 31, 2017 and 2016, 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)
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

December 31, 2016
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
Mortgage-backed securities
$
—

 
$
229,630

 
$
—

 
$
229,630

Collateralized mortgage obligations
—

 
76,451

 
—

 
76,451

U.S. government agency securities
—

 
7,441

 
—

 
7,441

SBA loan pools securities
—

 
4,146

 
—

 
4,146

Municipal bonds-tax exempt
—

 
158,030

 
—

 
158,030

Municipal bonds-taxable
—

 
13,701

 
—

 
13,701

Corporate bonds
—

 
5,015

 
—

 
5,015

U.S. treasury securities
156

 
—

 
—

 
156

Mutual funds
22,394

 
—

 
—

 
22,394

Total securities available for sale
$
22,550

 
$
494,414

 
$
—

 
$
516,964

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
As of December 31, 2017 and 2016, 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
Years Ended
 
(In thousands)
December 31, 2017
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (excluding PCI loans) (1)
$
—

 
$
6,121

 
$
2,436

 
$
2,730

OREO (2)
—

 
1,946

 
—

 
—

December 31, 2016
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (3)
$
—

 
$
15,257

 
$
6,767

 
$
868

OREO (4)
—

 
7,484

 
—

 
—


(1) 
Includes real estate loans of $6.7 million, and commercial and industrial loans of $1.7 million.
(2) 
Includes properties from the foreclosure of commercial property loans of $237 thousand and residential property loans of $1.7 million.
(3) 
Includes real estate loans of $17.8 million, commercial and industrial loans of $3.8 million, and consumer loans of $419 thousand.
(4) 
Includes properties from the foreclosure of commercial property loans of $5.4 million and residential property loans of $2.1 million.
Estimated Fair Values of Financial Instruments
The estimated fair values of financial instruments were as follows:
 
December 31, 2017
 
Carrying
Amount
 
Fair Value
 
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
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

 
 
December 31, 2016
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
147,235

 
$
147,235

 
$
—

 
$
—

Securities available for sale
516,964

 
22,550

 
494,414

 
—

Loans receivable, net of allowance for loan losses
3,812,340

 
—

 
—

 
3,789,579

Loans held for sale
9,316

 
—

 
9,316

 
—

Accrued interest receivable
10,987

 
10,987

 
—

 
—

FHLB stock
16,385

 
—

 
16,385

 
—

Financial liabilities:
 
 
 
 
 
 
 
Noninterest-bearing deposits
1,203,240

 
—

 
1,203,240

 
—

Interest-bearing deposits
2,606,497

 
—

 
—

 
2,541,929

Borrowings
333,978

 
—

 
—

 
333,978

Accrued interest payable
2,567

 
2,567

 
—

 
—

Off-balance sheet items:
 
 
 
 
 
 
 
Commitments to extend credit
310,987

 
—

 
—

 
310,987

Standby letters of credit
15,669

 
—

 
—

 
15,669

Commercial letters of credit
4,215

 
—

 
—

 
4,215