Estimated Fair Values of Financial Instruments |
The estimated fair values of the Bancorp’s financial instruments were as follows at December 31, 2014 and 2013. | | | | | | | | | | | | | | | | | | | | | | Carrying Amount | | Estimated Fair Value | | Fair Value Measurements at December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | (amounts in thousands) | | | | | | | | | | Assets: | | | | | | | | | | Cash and cash equivalents | $ | 371,023 |
| | $ | 371,023 |
| | $ | 371,023 |
| | $ | — |
| | $ | — |
| Investment securities, available for sale | 416,685 |
| | 416,685 |
| | 24,270 |
| | 392,415 |
| | — |
| Loans held for sale | 1,435,459 |
| | 1,436,460 |
| | — |
| | 1,335,668 |
| | 100,792 |
| Loans receivable, net of allowance for loan losses | 4,281,241 |
| | 4,285,537 |
| | — |
| | — |
| | 4,285,537 |
| FHLB, Federal Reserve Bank and other restricted stock | 82,002 |
| | 82,002 |
| | — |
| | 82,002 |
| | — |
| Accrued interest receivable | 15,205 |
| | 15,205 |
| | — |
| | 15,205 |
| | — |
| FDIC loss sharing receivable | 2,320 |
| | 2,320 |
| | — |
| | — |
| | 2,320 |
| Derivatives | 7,552 |
| | 7,552 |
| | — |
| | 7,509 |
| | 43 |
| Liabilities: | | | | | | | | | | Deposits | $ | 4,532,538 |
| | $ | 4,540,507 |
| | $ | 546,436 |
| | $ | 3,994,071 |
| | $ | — |
| FHLB advances | 1,618,000 |
| | 1,619,858 |
| | 1,298,000 |
| | 321,858 |
| | — |
| Other borrowings | 88,250 |
| | 92,069 |
| | 66,944 |
| | 25,125 |
| | — |
| Subordinated debt | 110,000 |
| | 111,925 |
| | — |
| | 111,925 |
| | — |
| Derivatives | 9,716 |
| | 9,716 |
| | — |
| | 9,716 |
| | — |
| Accrued interest payable | 2,599 |
| | 2,599 |
| | — |
| | 2,599 |
| | — |
|
| | | | | | | | | | | | | | | | | | | | | | Carrying Amount | | Estimated Fair Value | | Fair Value Measurements at | | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | (amounts in thousands) | | | | | | | | | | Assets: | | | | | | | | | | Cash and cash equivalents | $ | 233,068 |
| | $ | 233,068 |
| | $ | 233,068 |
| | $ | — |
| | $ | — |
| Investment securities, available for sale | 497,573 |
| | 497,573 |
| | 20,714 |
| | 476,859 |
| | — |
| Loans held for sale | 747,593 |
| | 747,593 |
| | — |
| | 747,593 |
| | — |
| Loans receivable, net of allowance for loan losses | 2,441,080 |
| | 2,444,900 |
| | — |
| | — |
| | 2,444,900 |
| FHLB and Federal Reserve Bank stock | 42,424 |
| | 42,424 |
| | — |
| | 42,424 |
| | — |
| Accrued interest receivable | 8,362 |
| | 8,362 |
| | — |
| | 8,362 |
| | — |
| FDIC loss sharing receivable | 10,046 |
| | 10,046 |
| | — |
| | — |
| | 10,046 |
| Derivatives | 3,763 |
| | 3,763 |
| | — |
| | 3,523 |
| | 240 |
| Liabilities: | | | | | | | | | | Deposits | $ | 2,959,922 |
| | $ | 2,919,935 |
| | $ | 478,103 |
| | $ | 2,441,832 |
| | $ | — |
| Federal funds purchased | 13,000 |
| | 13,000 |
| | 13,000 |
| | — |
| | — |
| FHLB advances | 706,500 |
| | 708,025 |
| | 596,500 |
| | 111,525 |
| | — |
| Other borrowings | 63,250 |
| | 64,768 |
| | 64,768 |
| | — |
| | — |
| Subordinated debt | 2,000 |
| | 2,000 |
| | — |
| | 2,000 |
| | — |
| Derivatives | 3,537 |
| | 3,537 |
| | — |
| | 3,537 |
| | — |
| Accrued interest payable | 1,675 |
| | 1,675 |
| | — |
| | 1,675 |
| | — |
|
|
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis |
For financial assets and liabilities measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2014 and 2013 were as follows: | | | | | | | | | | | | | | | | | | December 31, 2014 | | Fair Value Measurements at the End of the Reporting Period Using | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | (amounts in thousands) |
| Measured at Fair Value on a Recurring Basis: | | | | | | | | Assets | | | | | | | | Available-for-sale securities: | | | | | | | | Mortgage-backed securities | $ | — |
| | $ | 377,311 |
| | $ | — |
| | $ | 377,311 |
| Corporate notes | — |
| | 15,104 |
| | — |
| | 15,104 |
| Equity securities | 24,270 |
| | — |
| | — |
| | 24,270 |
| Derivatives (1) | — |
| | 7,509 |
| | 43 |
| | 7,552 |
| Loans held for sale – fair value option | — |
| | 1,335,668 |
| | — |
| | 1,335,668 |
| Total assets - recurring fair value measurements | $ | 24,270 |
| | $ | 1,735,592 |
| | $ | 43 |
| | $ | 1,759,905 |
| Liabilities | | | | | | | | Derivatives (2) | $ | — |
| | $ | 9,716 |
| | $ | — |
| | $ | 9,716 |
| Measured at Fair Value on a Nonrecurring Basis: | | | | | | | | Assets | | | | | | | | Impaired loans, net of specific reserves of $1,342 | $ | — |
| | $ | — |
| | $ | 2,380 |
| | $ | 2,380 |
| Other real estate owned | — |
| | — |
| | 9,149 |
| | 9,149 |
| Total assets - nonrecurring fair value measurements | $ | — |
| | $ | — |
| | $ | 11,529 |
| | $ | 11,529 |
|
| | | | | | | | | | | | | | | | | | December 31, 2013 | | Fair Value Measurements at the End of the Reporting Period Using | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | (amounts in thousands) | | Measured at Fair Value on a Recurring Basis: | | | | | | | | Assets | | | | | | | | Available-for-sale securities: | | | | | | | | Mortgage-backed securities | $ | — |
| | $ | 451,536 |
| | $ | — |
| | $ | 451,536 |
| Corporate notes | — |
| | 25,323 |
| | — |
| | 25,323 |
| Equity securities | 20,714 |
| | — |
| | — |
| | 20,714 |
| Derivatives (1) | — |
| | 3,523 |
| | 240 |
| | 3,763 |
| Loans held for sale – fair value option | — |
| | 747,593 |
| | — |
| | 747,593 |
| Total assets - recurring fair value measurements | $ | 20,714 |
| | $ | 1,227,975 |
| | $ | 240 |
| | $ | 1,248,929 |
| Liabilities | | | | | | | | Derivatives (2) | $ | — |
| | $ | 3,537 |
| | $ | — |
| | $ | 3,537 |
| Measured at Fair Value on a Nonrecurring Basis: | | | | | | | | Assets | | | | | | | | Impaired loans, net of specific reserves of $2,342 | $ | — |
| | $ | — |
| | $ | 3,836 |
| | $ | 3,836 |
| Other real estate owned | — |
| | — |
| | 335 |
| | 335 |
| Total assets - nonrecurring fair value measurements | $ | — |
| | $ | — |
| | $ | 4,171 |
| | $ | 4,171 |
|
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