Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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
March 31, 2020:
Investment securities available for sale:
Agency mortgage-backed securities	$	862,811	$	—	$	862,811	$	—
Beneficial interest – FHLMC securitizations		38,415		—		—		38,415
Corporate bonds		58,786		—		58,786		—
Other		1,465		409		1,056		—
Investment in equity securities		293		293		—		—
Total assets at fair value on a recurring basis	$	961,770	$	702	$	922,653	$	38,415
Derivatives:
Interest rate swaps	$	8,333	$	—	$	8,333	$	—
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
March 31, 2020:
Assets:
Cash and cash equivalents	$	40,359	$	40,359	$	—	$	—	$	40,359
Securities AFS		961,477		409		922,653		38,415		961,477
Loans held for sale		520,721		—		526,082		—		526,082
Loans, net		4,782,513		—		—		4,831,887		4,831,887
Investment in FHLB stock		21,168		—		21,168		—		21,168
Investment in equity securities		293		293		—		—		293
Liabilities:
Deposits	$	5,030,827	$	3,080,232	$	1,950,121	$	—	$	5,030,353
Borrowings		794,000		—		784,000		10,000		794,000
Interest rate swaps		8,333		—		8,333		—		8,333
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