Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
As of March 31, 2019 and December 31, 2018, 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)
March 31, 2019
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$
54,728

 
$

 
$

 
$
54,728

U.S. government agency and sponsored agency obligations:
 
 
 
 
 
 
 
Mortgage-backed securities

 
354,601

 

 
354,601

Collateralized mortgage obligations

 
152,027

 

 
152,027

Debt securities

 
17,493

 

 
17,493

Total U.S. government agency and sponsored agency obligations

 
524,121

 

 
524,121

Municipal bonds-tax exempt

 
42,621

 

 
42,621

Total securities available for sale
$
54,728

 
$
566,742

 
$

 
$
621,470

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$
39,830

 
$

 
$

 
$
39,830

U.S. government agency and sponsored agency obligations:
 
 
 
 
 
 
 
Mortgage-backed securities

 
295,034

 

 
295,034

Collateralized mortgage obligations

 
122,292

 

 
122,292

Debt securities

 
7,402

 

 
7,402

Total U.S. government agency and sponsored agency obligations

 
424,728

 

 
424,728

Municipal bonds-tax exempt

 
110,350

 

 
110,350

Total securities available for sale
$
39,830

 
$
535,078

 
$

 
$
574,908

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
As of March 31, 2019 and December 31, 2018, 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
Three Months Ended
March 31, 2019
 
(in thousands)
March 31, 2019
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (1)
$

 
$
2,923

 
$
18,720

 
$
2,973

OREO

 
622

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss During the
Three Months Ended
March 31, 2018
December 31, 2018
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans (2)
$

 
$
3,253

 
$
1,957

 
$
456

OREO

 
663

 

 


(1) 
Consist of real estate loans of $3.0 million and commercial and industrial loans of $18.7 million.
(2) 
Consist of real estate loans of $3.5 million, commercial and industrial loans of $1.7 million.
Estimated Fair Values of Financial Instruments
The estimated fair values of financial instruments were as follows:
 
March 31, 2019
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
169,830

 
$
169,830

 
$

 
$

Securities available for sale
621,470

 
54,728

 
566,742

 

Loans held for sale
7,140

 

 
7,576

 

Loans and leases receivable, net of allowance for loan and lease losses
4,542,724

 

 

 
4,522,306

Accrued interest receivable
13,397

 
13,397

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:

 
 
 
 
 
 
Noninterest-bearing deposits
1,316,114

 

 
1,316,114

 

Interest-bearing deposits
3,504,061

 

 

 
3,514,296

Subordinated debentures
117,947

 

 
117,459

 

Accrued interest payable
14,437

 
14,437

 

 

Off-balance sheet items:

 
 
 
 
 
 
Commitments to extend credit
270,051

 

 

 
270,051

Standby letters of credit
30,597

 

 

 
30,597

Commercial letters of credit
11,920

 

 

 
11,920

 
 
December 31, 2018
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Financial assets:
 
 
 
 
 
 
 
Cash and due from banks
$
155,376

 
$
155,376

 
$

 
$

Securities available for sale
574,908

 
39,830

 
535,078

 

Loans held for sale
9,390

 

 
9,905

 

Loans and leases receivable, net of allowance for loan and lease losses
4,568,566

 

 

 
4,518,716

Accrued interest receivable
13,331

 
13,331

 

 

FHLB stock
16,385

 

 
16,385

 

Financial liabilities:
 
 
 
 
 
 
 
Noninterest-bearing deposits
1,284,530

 

 
1,284,530

 

Interest-bearing deposits
3,462,705

 

 

 
3,458,523

Borrowings and subordinated debentures
172,808

 

 
98,020

 
54,939

Accrued interest payable
11,379

 
11,379

 

 

Off-balance sheet items:
 
 
 
 
 
 
 
Commitments to extend credit
325,100

 

 

 
325,100

Standby letters of credit
32,500

 

 

 
32,500

Commercial letters of credit
13,848

 

 

 
13,848