Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of:

			Fair Value Measurement Level
(dollars in thousands)	Total		Level 1		Level 2		Level 3
September 30, 2020:
Investment securities available for sale:
Agency mortgage-backed securities	$	798,193	$	—	$	798,193	$	—
Beneficial interest – FHLMC securitizations		24,814		—		—		24,814
Corporate bonds		58,321		—		58,321		—
Other		1,604		505		1,099		—
Investment in equity securities		282		282		—		—
Total assets at fair value on a recurring basis	$	883,214	$	787	$	857,613	$	24,814
December 31, 2019:
Investment securities available for sale:
Agency mortgage-backed securities	$	914,977	$	—	$	914,977	$	—
Beneficial interest – FHLMC securitizations		42,706		—		—		42,706
Corporate bonds		55,834		—		55,834		—
Other		1,449		403		1,046		—
Investment in equity securities		434		434		—		—
Total assets at fair value on a recurring basis	$	1,015,400	$	837	$	971,857	$	42,706

Carrying Amounts and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments are as follows as of:

	Carrying		Fair Value Measurement Level
(dollars in thousands)	Value		1		2		3		Total
September 30, 2020:
Assets:
Cash and cash equivalents	$	282,983	$	282,983	$	—	$	—	$	282,983
Securities AFS, net		882,932		505		857,613		24,814		882,932
Loans held for sale		512,598		—		517,922		—		517,922
Loans, net		4,591,140		—		—		4,639,003		4,639,003
Investment in FHLB stock		17,250		—		17,250		—		17,250
Investment in equity securities		282		282		—		—		282
Liabilities:
Deposits	$	5,463,813	$	4,209,230	$	1,259,324	$	—	$	5,468,554
Borrowings		269,000		—		260,000		9,000		269,000
December 31, 2019:
Assets:
Cash and cash equivalents	$	65,387	$	65,387	$	—	$	—	$	65,387
Securities AFS		1,014,966		403		971,857		42,706		1,014,966
Loans held for sale		503,036		—		506,750		—		506,750
Loans, net		4,526,833		—		—		4,573,516		4,573,516
Investment in FHLB stock		21,519		—		21,519		—		21,519
Investment in equity securities		434		434		—		—		434
Liabilities:
Deposits	$	4,891,144	$	2,913,493	$	1,977,652	$	—	$	4,891,145
Borrowings		743,000		—		733,000		10,000		743,000