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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