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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Company's financial instruments measured at fair value on a recurring basis
The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis at the dates indicated:
 
 
June 30, 2019
 
 
Fair Value Measurement Using
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
 
U.S. Treasury
 
$

 
$
63,552

 
$

 
$
63,552

Agency
 

 
199,233

 

 
199,233

Corporate
 

 
124,119

 

 
124,119

Municipal bonds
 

 
288,406

 

 
288,406

Collateralized mortgage obligation
 

 
19,236

 

 
19,236

Mortgage-backed securities
 

 
563,833

 

 
563,833

Total securities available-for-sale
 
$

 
$
1,258,379

 
$

 
$
1,258,379

 
 
 
 
 
 
 
 
 
Derivative assets
 
$

 
$
153

 
$

 
$
153

 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
Derivative liabilities
 
$

 
$
153

 
$

 
$
153


 
 
December 31, 2018
 
 
Fair Value Measurement Using
 
 

 
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 

 
 

 
 

 
 

U.S. Treasury
 
$

 
$
60,912

 
$

 
$
60,912

Agency
 

 
130,070

 

 
130,070

Corporate
 

 
103,543

 

 
103,543

Municipal bonds
 

 
238,630

 

 
238,630

Collateralized mortgage obligation
 

 
24,338

 

 
24,338

Mortgage-backed securities
 

 
545,729

 

 
545,729

Total securities available-for-sale
 
$

 
$
1,103,222

 
$

 
$
1,103,222

 
 
 
 
 
 
 
 
 
Derivative assets
 
$

 
$
1,681

 
$

 
$
1,681

 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
Derivative liabilities
 
$

 
$
1,681

 
$

 
$
1,681


Schedule of Company's financial instruments measured at fair value on a nonrecuring basis
The following table presents our assets measured at fair value on a nonrecurring basis at June 30, 2019 and December 31, 2018.

 
 
June 30, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Impaired loans
 
$

 
$

 
$
1,569

 
$
1,569


 
 
December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Impaired loans
 
$

 
$

 
$
1,445

 
$
1,445


Schedule of carrying amount and estimated fair value of financial instruments
The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated, representing an exit price.
 
 
 
At June 30, 2019
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(dollars in thousands)
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
375,384

 
$
375,384

 
$

 
$

 
$
375,384

Interest-bearing time deposits with financial institutions
 
2,956

 
2,956

 

 

 
2,956

Investments held-to-maturity
 
42,997

 

 
43,659

 

 
43,659

Investment securities available-for-sale
 
1,258,379

 

 
1,258,379

 

 
1,258,379

Loans held for sale
 
8,529

 

 
9,312

 

 
9,312

Loans held for investment, net
 
8,771,938

 

 

 
8,767,364

 
8,767,364

Derivative asset
 
153

 

 
153

 

 
153

Accrued interest receivable
 
40,420

 
40,420

 

 

 
40,420

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
8,861,922

 
7,301,138

 
1,561,149

 

 
8,862,287

FHLB advances
 
571,575

 

 
572,968

 

 
572,968

Subordinated debentures
 
232,944

 

 
249,242

 

 
249,242

Derivative liability
 
153

 

 
153

 

 
153

Accrued interest payable
 
5,671

 
5,671

 

 

 
5,671



 
 
At December 31, 2018
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(dollars in thousands)
Assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
203,406

 
$
203,406

 
$

 
$

 
$
203,406

Interest-bearing time deposits with financial institutions
 
6,143

 
6,143

 

 

 
6,143

Investments held-to-maturity
 
45,210

 

 
44,672

 

 
44,672

Investment securities available-for-sale
 
1,103,222

 

 
1,103,222

 

 
1,103,222

Loans held for sale
 
5,719

 

 
6,072

 

 
6,072

Loans held for investment, net
 
8,836,818

 

 

 
8,697,594

 
8,697,594

Derivative asset
 
1,929

 

 
1,681

 

 
1,681

Accrued interest receivable
 
37,837

 
37,837

 

 

 
37,837

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
8,658,351

 
7,247,673

 
1,403,524

 

 
8,651,197

FHLB advances
 
667,606

 

 
666,864

 

 
666,864

Other borrowings
 
75

 

 
75

 

 
75

Subordinated debentures
 
110,313

 

 
115,613

 

 
115,613

Derivative liability
 
1,929

 

 
1,681

 

 
1,681

Accrued interest payable
 
3,255

 
3,255

 

 

 
3,255