| Assets and Liabilities Measured at Fair Value on Recurring Basis |
As of September 30, 2019 and December 31, 2018, 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, 2019 |
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Assets: |
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Securities available for sale: |
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U.S. Treasury securities |
$ |
40,169 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
40,169 |
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U.S. government agency and sponsored agency obligations: |
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|
|
|
|
Mortgage-backed securities |
— |
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|
399,474 |
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|
— |
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|
399,474 |
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Collateralized mortgage obligations |
— |
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|
164,999 |
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|
— |
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|
164,999 |
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Debt securities |
— |
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|
17,173 |
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|
— |
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|
17,173 |
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Total U.S. government agency and sponsored agency obligations |
— |
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|
581,646 |
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— |
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|
581,646 |
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Municipal bonds-tax exempt |
— |
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|
— |
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|
— |
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|
— |
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Total securities available for sale |
$ |
40,169 |
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|
$ |
581,646 |
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|
$ |
— |
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|
$ |
621,815 |
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December 31, 2018 |
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Assets: |
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Securities available for sale: |
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U.S. Treasury securities |
$ |
39,830 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
39,830 |
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U.S. government agency and sponsored agency obligations: |
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Mortgage-backed securities |
— |
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|
295,034 |
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— |
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|
295,034 |
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Collateralized mortgage obligations |
— |
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|
122,292 |
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|
— |
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|
122,292 |
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Debt securities |
— |
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|
7,402 |
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|
— |
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|
7,402 |
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Total U.S. government agency and sponsored agency obligations |
— |
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|
424,728 |
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|
— |
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|
424,728 |
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Municipal bonds-tax exempt |
— |
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|
110,350 |
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— |
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|
110,350 |
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Total securities available for sale |
$ |
39,830 |
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|
$ |
535,078 |
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$ |
— |
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|
$ |
574,908 |
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| Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
As of September 30, 2019 and December 31, 2018, 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
Nine Months Ended
September 30, 2019
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(in thousands) |
September 30, 2019 |
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Assets: |
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Impaired loans (1)
|
$ |
— |
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|
$ |
— |
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|
$ |
24,264 |
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|
$ |
15,948 |
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OREO |
— |
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|
— |
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|
330 |
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— |
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December 31, 2018 |
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Assets: |
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Impaired loans (2)
|
$ |
— |
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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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|
— |
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(1) |
Consist of real estate loans of $12.7 million and commercial and industrial loans of $11.5 million.
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(2)
Consist of real estate loans of $3.5 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, 2019 |
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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 |
$ |
150,678 |
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|
$ |
150,678 |
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|
$ |
— |
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|
$ |
— |
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Securities available for sale |
621,815 |
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|
40,169 |
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|
581,646 |
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|
— |
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Loans held for sale |
6,598 |
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|
— |
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|
7,078 |
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|
— |
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Loans and leases receivable, net of allowance for loan and lease losses |
4,519,125 |
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— |
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|
— |
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|
4,539,227 |
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Accrued interest receivable |
11,723 |
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|
11,723 |
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|
— |
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|
— |
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Financial liabilities: |
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Noninterest-bearing deposits |
1,388,121 |
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|
— |
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|
1,388,121 |
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— |
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Interest-bearing deposits |
3,302,020 |
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— |
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— |
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|
3,314,224 |
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Borrowings and subordinated debentures |
193,232 |
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— |
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|
195,860 |
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Accrued interest payable |
10,076 |
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|
10,076 |
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— |
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— |
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December 31, 2018 |
|
Carrying |
|
Fair Value |
|
Amount |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
(in thousands) |
Financial assets: |
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Cash and due from banks |
$ |
155,376 |
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$ |
155,376 |
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$ |
— |
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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 |
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Accrued interest receivable |
13,331 |
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|
13,331 |
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— |
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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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|
3,458,523 |
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Borrowings and subordinated debentures |
172,808 |
|
|
— |
|
|
98,020 |
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|
54,939 |
|
Accrued interest payable |
11,379 |
|
|
11,379 |
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|
— |
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|
— |
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