XML 67 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Fair Value
3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value
Fair Value
 
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date.
Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices.
Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs.
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements per its commercial and real estate loan policies.
 
Assets and Liabilities Measured at Fair Value on a Recurring Basis:
 
The following table presents assets and liabilities measured at fair value on a recurring basis:
 
Fair Value Measurements at March 31, 2015 using:
(In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Balance at March 31, 2015
Assets
 
 

 
 

 
 

 
 

Investment securities:
 
 

 
 

 
 

 
 

Obligations of U.S. Treasury and other U.S. Government sponsored entities
 
$

 
$
495,171

 
$

 
$
495,171

U.S. Government sponsored entities’ asset-backed securities
 

 
767,676

 

 
767,676

Equity securities
 
1,891

 

 
739

 
2,630

Mortgage loans held for sale
 

 
7,987

 

 
7,987

Mortgage IRLCs
 

 
189

 

 
189

 
 
 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
 

 
 

Fair value swap
 
$

 
$

 
$
226

 
$
226

 
Fair Value Measurements at December 31, 2014 using:
(In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Balance at December 31, 2014
Assets
 
 

 
 

 
 

 
 

Investment securities:
 
 

 
 

 
 

 
 

Obligations of U.S. Treasury and other U.S. Government sponsored entities
 
$

 
$
538,064

 
$

 
$
538,064

U.S. Government sponsored entities’ asset-backed securities
 

 
761,153

 

 
761,153

Equity securities
 
1,922

 

 
776

 
2,698

Mortgage loans held for sale
 

 
5,264

 

 
5,264

Mortgage IRLCs
 

 
70

 

 
70

 
 
 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
 

 
 

Fair value swap
 
$

 
$

 
$
226

 
$
226


 
There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2015 or 2014. Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period.
 
The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above:
 
Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The Fair Value Measurements tables exclude Park’s FHLB stock and FRB stock. These assets are carried at their respective redemption values, as it is not practicable to calculate their fair values. For securities where quoted prices or market prices of similar securities are not available, which include municipal securities, fair values are calculated using discounted cash flows.
 
Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses.
Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2.
 
Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2.
 
The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months ended March 31, 2015 and 2014, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2015 and 2014
(In thousands)
 
Equity
Securities
 
Fair value
swap
Balance, at January 1, 2015
 
$
776

 
$
(226
)
Total gains/(losses)
 
 

 
 

Included in earnings – realized
 

 

Included in earnings – unrealized
 

 

Included in other comprehensive income (loss)
 
(37
)
 

Purchases, sales, issuances and settlements, other
 

 

Re-evaluation of fair value swap, recorded in other expense
 

 

Balance at March 31, 2015
 
$
739

 
$
(226
)
 
 
 
 
 
Balance, at January 1, 2014
 
$
759

 
$
(135
)
Total gains/(losses)
 
 

 
 

Included in earnings – realized
 

 

Included in earnings – unrealized
 

 

Included in other comprehensive income (loss)
 
(48
)
 

Purchases, sales, issuances and settlements, other
 

 

Re-evaluation of fair value swap
 

 

Balance at March 31, 2014
 
$
711

 
$
(135
)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis:
 
The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below:

Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated independent valuations are obtained annually for all impaired loans in accordance with Company policy.
 
Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.
 
Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals, real estate appraisals, income approach appraisals, and lot development loan appraisals, received by the Company. These are discussed below:
 
Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties.

Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs).

Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs.

MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2.
 
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement.
 
Fair Value Measurements at March 31, 2015 using:
(In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Balance at March 31, 2015
Impaired loans recorded at fair value:
 
 

 
 

 
 

 
 

Commercial real estate
 
$

 
$

 
$
2,163

 
$
2,163

Construction real estate:
 
 

 
 

 
 

 
 

SEPH commercial land and development
 

 

 
2,076

 
2,076

Remaining commercial
 

 

 
3,199

 
3,199

Residential real estate
 

 

 
1,857

 
1,857

Total impaired loans recorded at fair value
 
$

 
$

 
$
9,295

 
$
9,295

 
 
 
 
 
 
 
 
 
Mortgage servicing rights
 
$

 
$
4,657

 
$

 
$
4,657

 
 
 
 
 
 
 
 
 
OREO:
 
 
 
 
 
 
 
 
Commercial real estate
 

 

 
862

 
862

Construction real estate
 

 

 
6,455

 
6,455

Residential real estate
 

 

 
2,576

 
2,576

Total OREO
 
$

 
$

 
$
9,893

 
$
9,893

 
Fair Value Measurements at December 31, 2014 using:
(In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Balance at December 31, 2014
Impaired loans recorded at fair value:
 
 

 
 

 
 

 
 

Commercial real estate
 
$

 
$

 
$
8,481

 
$
8,481

Construction real estate:
 
 

 
 

 
 

 
 

SEPH commercial land and development
 

 

 
2,078

 
2,078

Remaining commercial
 

 

 
3,483

 
3,483

Residential real estate
 

 

 
2,921

 
2,921

Total impaired loans recorded at fair value
 
$

 
$

 
$
16,963

 
$
16,963

 
 
 
 
 
 
 
 
 
Mortgage servicing rights
 
$

 
$
2,928

 
$

 
$
2,928

 
 
 
 
 
 
 
 
 
OREO:
 
 
 
 
 
 
 
 
Commercial real estate
 

 

 
1,470

 
1,470

Construction real estate
 

 

 
6,473

 
6,473

Residential real estate
 

 

 
2,369

 
2,369

Total OREO
 
$

 
$

 
$
10,312

 
$
10,312


 

The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.

 
 
March 31, 2015
(In thousands)
 
Recorded Investment
 
Prior Charge-Offs
 
Specific Valuation Allowance
 
Carrying Balance
Impaired loans recorded at fair value
 
$
12,520

 
$
13,228

 
$
3,225

 
$
9,295

Remaining impaired loans
 
57,972

 
12,564

 
1,839

 
56,133

Total impaired loans
 
$
70,492

 
$
25,792

 
$
5,064

 
$
65,428


 
 
December 31, 2014
(In thousands)
 
Recorded Investment
 
Prior Charge-Offs
 
Specific Valuation Allowance
 
Carrying Balance
Impaired loans recorded at fair value
 
$
19,643

 
$
19,731

 
$
2,680

 
$
16,963

Remaining impaired loans
 
54,069

 
12,749

 
980

 
53,089

Total impaired loans
 
$
73,712

 
$
32,480

 
$
3,660

 
$
70,052



The expense of credit adjustments related to impaired loans carried at fair value during the three months ended March 31, 2015 and 2014 was $1.0 million and $2.2 million, respectively.

MSRs totaled $8.3 million at March 31, 2015. Of this $8.3 million MSR carrying balance, $4.7 million was recorded at fair value and included a valuation allowance of $1.0 million. The remaining $3.6 million was recorded at cost, as the fair value of the MSRs exceeded cost at March 31, 2015. At December 31, 2014, MSRs totaled $8.6 million. Of this $8.6 million MSR carrying balance, $2.9 million was recorded at fair value and included a valuation allowance of $0.8 million. The remaining $5.7 million was recorded at cost, as the fair value exceeded cost at December 31, 2014. The expense related to MSRs carried at fair value during the three-month period ended March 31, 2015 was $0.2 million. There was no income or expense related to MSRs carried at fair value during the three-month period ended March 31, 2014.
 
Total OREO held by Park at March 31, 2015 and December 31, 2014 was $26.3 million and $22.6 million, respectively. Approximately 38% of OREO held by Park at March 31, 2015 and 46% at December 31, 2014 was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At March 31, 2015 and December 31, 2014, OREO held at fair value, less estimated selling costs, amounted to $9.9 million and $10.3 million, respectively. The net expense related to OREO fair value adjustments was $0.3 million and $0.4 million for the three-month periods ended March 31, 2015 and 2014, respectively.
 
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014:

March 31, 2015
(In thousands)
 
Fair Value
 
Valuation Technique
 
Unobservable Input(s)
 
Range
(Weighted Average)
Impaired loans:
 
 

 
 
 
 
 
 
Commercial real estate
 
$
2,163

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 137.3% (25.8%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
8.0% (8.0%)
 
 
 
 
Income approach
 
Capitalization rate
 
8.0% - 10.3% (9.1%)
 
 
 
 
Cost approach
 
Accumulated depreciation
 
23.0% - 50.0% (37.6%)
 
 
 
 
 
 
 
 
 
Construction real estate:
 
 

 
 
 
 
 
 
SEPH commercial land and development
 
$
2,076

 
Sales comparison approach
 
Adj to comparables
 
5.0% - 35.0% (17.5%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
10.8% (10.8%)
 
 
 
 
 
 
 
 
 
Remaining commercial
 
$
3,199

 
Sales comparison approach
 
Adj to comparables
 
0.2% - 67.0% (25.1%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
10.0% - 20.0% (14.8%)
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
1,857

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 83.0% (14.1%)
 
 
 
 
Income approach
 
Capitalization rate
 
13.0% (13.0%)
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
Commercial real estate
 
$
862

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 60.0% (26.3%)
 
 
 
 
Income approach
 
Capitalization rate
 
8.4% (8.4%)
 
 
 
 
Cost approach
 
Accumulated depreciation
 
60.0% - 95.0% (77.5%)
 
 
 
 
 
 
 
 
 
Construction real estate
 
$
6,455

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 82.9% (27.3%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
15.0% (15.0%)
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
2,576

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 51.2% (10.5%)
 
 
 
 
Income approach
 
Capitalization rate
 
6.8% - 17.4% (8.3%)
 
 
 
 
Cost approach
 
Accumulated depreciation
 
60.0% (60.0%)

Balance at December 31, 2014
(In thousands)
 
Fair Value
 
Valuation Technique
 
Unobservable Input(s)
 
Range
(Weighted Average)
Impaired loans:
 
 

 
 
 
 
 
 
Commercial real estate
 
$
8,481

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 84.0% (38.8%)
 
 
 
 
Income approach
 
Capitalization rate
 
8.0% - 9.5% (9.4%)
 
 
 
 
Cost approach
 
Accumulated depreciation
 
23.0% (23.0%)
 
 
 
 
 
 
 
 
 
Construction real estate:
 
 

 
 
 
 
 
 
SEPH commercial land and development
 
$
2,078

 
Sales comparison approach
 
Adj to comparables
 
5.0% - 35.0% (17.5%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
10.8% (10.8%)
 
 
 
 
 
 
 
 
 
Remaining commercial
 
$
3,483

 
Sales comparison approach
 
Adj to comparables
 
0.2% - 76.0% (45.4%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
10.0% - 22.0% (16.5%)
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
2,921

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 120.6% (11.1%)
 
 
 
 
Income approach
 
Capitalization rate
 
7.9% - 10.0% (8.0%)
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
Commercial real estate
 
$
1,470

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 87.0% (30.5%)
 
 
 
 
Income approach
 
Capitalization rate
 
8.4% - 10.0% (9.4%)
 
 
 
 
Cost approach
 
Accumulated depreciation
 
60.0% - 95.0% (77.5%)
 
 
 
 
 
 
 
 
 
Construction real estate
 
$
6,473

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 82.9% (27.1%)
 
 
 
 
Bulk sale approach
 
Discount rate
 
15.0% (15.0%)
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
2,369

 
Sales comparison approach
 
Adj to comparables
 
0.0% - 38.3% (10.1%)
 
 
 
 
Income approach
 
Capitalization rate
 
6.8% - 7.8% (7.6%)

The following methods and assumptions were used by Park in estimating its fair value disclosures for assets and liabilities not discussed above:
 
Cash and cash equivalents: The carrying amounts reported in the consolidated condensed balance sheets for cash and short-term instruments approximate those assets’ fair values.
 
Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, based upon interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. The methods utilized to estimate the fair value do not necessarily represent an exit price.
 
Off-balance sheet instruments: Fair values for Park’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material.

Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits.
 
Short-term borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values.
 
Long-term debt: Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities.
 
Subordinated debentures and notes: Fair values for subordinated debentures and notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities.
 

The fair value of financial instruments at March 31, 2015 and December 31, 2014, was as follows:

 
 
March 31, 2015
 
 
 
 
Fair Value Measurements
(In thousands)
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
 
Total fair value
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and money market instruments
 
$
580,485

 
$
580,485

 
$

 
$

 
$
580,485

Investment securities
 
1,398,860

 
1,891

 
1,399,265

 
739

 
1,401,895

Accrued interest receivable - securities
 
4,313

 

 
4,313

 

 
4,313

Accrued interest receivable - loans
 
13,666

 

 

 
13,666

 
13,666


 
 
 
 
 
 
 
 
 
 
Loans held for sale
 
7,987

 

 
7,987

 

 
7,987

Mortgage IRLCs
 
189

 

 
189

 

 
189

Impaired loans carried at fair value
 
9,295

 

 

 
9,295

 
9,295

Other loans, net
 
4,757,951

 

 

 
4,775,046

 
4,775,046

Loans receivable, net
 
$
4,775,422

 
$

 
$
8,176

 
$
4,784,341

 
$
4,792,517

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Noninterest bearing checking accounts
 
$
1,262,442

 
$
1,262,442

 
$

 
$

 
$
1,262,442

Interest bearing transactions accounts
 
1,311,827

 
1,311,827

 

 

 
1,311,827

Savings accounts
 
1,558,128

 
1,558,128

 

 

 
1,558,128

Time deposits
 
1,380,750

 

 
1,392,772

 

 
1,392,772

Other
 
2,700

 
2,700

 

 

 
2,700

Total deposits
 
$
5,515,847

 
$
4,135,097

 
$
1,392,772

 
$

 
$
5,527,869

 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
$
239,961

 
$

 
$
239,961

 
$

 
$
239,961

Long-term debt
 
733,555

 

 
778,231

 

 
778,231

Subordinated debentures/notes
 
45,000

 

 
43,421

 

 
43,421

Accrued interest payable – deposits
 
1,136

 
14

 
1,122

 

 
1,136

Accrued interest payable – debt/borrowings
 
1,452

 
7

 
1,445

 

 
1,452

 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 

 
 

 
 

 
 

 
 

Fair value swap
 
$
226

 
$

 
$

 
$
226

 
$
226

 
 
December 31, 2014
 
 
 
 
Fair Value Measurements
(In thousands)
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
 
Total fair value
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and money market instruments
 
$
237,699

 
$
237,699

 
$

 
$

 
$
237,699

Investment securities
 
1,442,477

 
1,922

 
1,442,708

 
775

 
1,445,405

Accrued interest receivable - securities
 
4,048

 

 
4,048

 

 
4,048

Accrued interest receivable - loans
 
13,629

 

 

 
13,629

 
13,629


 
 
 
 
 
 
 
 
 
 
Loans held for sale
 
5,264

 

 
5,264

 

 
5,264

Mortgage IRLCs
 
70

 

 
70

 

 
70

Impaired loans carried at fair value
 
16,963

 

 

 
16,963

 
16,963

Other loans, net
 
4,753,033

 

 

 
4,757,461

 
4,757,461

Loans receivable, net
 
$
4,775,330

 
$

 
$
5,334

 
$
4,774,424

 
$
4,779,758

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Noninterest bearing checking accounts
 
$
1,269,296

 
$
1,269,296

 
$

 

 
$
1,269,296

Interest bearing transactions accounts
 
1,122,079

 
1,122,079

 

 

 
1,122,079

Savings accounts
 
1,325,445

 
1,325,445

 

 

 
1,325,445

Time deposits
 
1,409,911

 

 
1,422,885

 

 
1,422,885

Other
 
1,269

 
1,269

 

 

 
1,269

Total deposits
 
$
5,128,000

 
$
3,718,089

 
$
1,422,885

 
$

 
$
5,140,974

 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
$
276,980

 
$

 
$
276,980

 
$

 
$
276,980

Long-term debt
 
786,602

 

 
827,500

 

 
827,500

Subordinated debentures/notes
 
45,000

 

 
42,995

 

 
42,995

Accrued interest payable – deposits
 
1,125

 
14

 
1,111

 

 
1,125

Accrued interest payable – debt/borrowings
 
1,426

 
3

 
1,423

 

 
1,426

 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments:
 
 

 
 

 
 

 
 

 
 

Fair value swap
 
$
226

 
$

 
$

 
$
226

 
$
226