Summary of Fair Values of Securities Available for Sale and Held to Maturity |
The following table summarizes the fair values of debt securities available for sale and equity securities as they are measured at fair value on a recurring basis. | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value At September 30, 2021 | (Dollars in Thousands) | Total | | Level 1 | | Level 2 | | Level 3 | Debt securities AFS | | | | | | | | Corporate securities | $ | 25,000 | | | $ | — | | | $ | 25,000 | | | — | | SBA securities | 157,209 | | | — | | | 157,209 | | | — | | Obligations of states and political subdivisions | 2,507 | | | — | | | 2,507 | | | — | | Non-bank qualified obligations of states and political subdivisions | 268,295 | | | — | | | 268,295 | | | — | | Asset-backed securities | 394,859 | | | — | | | 394,859 | | | — | | Mortgage-backed securities | 1,017,029 | | | — | | | 1,017,029 | | | — | | Total debt securities AFS | $ | 1,864,899 | | | $ | — | | | $ | 1,864,899 | | | $ | — | | Common equities and mutual funds(1) | $ | 12,668 | | | $ | 12,668 | | | $ | — | | | $ | — | | Non-marketable equity securities(2) | $ | 4,560 | | | $ | — | | | $ | — | | | $ | — | |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021. (2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value At September 30, 2020 | (Dollars in Thousands) | Total | | Level 1 | | Level 2 | | Level 3 | Debt securities AFS | | | | | | | | | | | | | | | | SBA securities | $ | 164,955 | | | $ | — | | | $ | 164,955 | | | $ | — | | Obligations of states and political subdivisions | 841 | | | — | | | 841 | | | — | | Non-bank qualified obligations of states and political subdivisions | 323,774 | | | — | | | 323,774 | | | — | | Asset-backed securities | 324,925 | | | — | | | 324,925 | | | — | | Mortgage-backed securities | 453,607 | | | — | | | 453,607 | | | — | | Total debt securities AFS | $ | 1,268,102 | | | $ | — | | | $ | 1,268,102 | | | $ | — | | Common equities and mutual funds(1) | $ | 2,969 | | | $ | 2,969 | | | $ | — | | | $ | — | | Non-marketable equity securities(2) | $ | 2,784 | | | $ | — | | | $ | — | | | $ | — | |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020. (2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
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Assets Measured at Fair Value on Nonrecurring Basis |
The following table summarizes the assets of the Company that are measured at fair value in the Consolidated Statements of Financial Condition on a non-recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value At September 30, 2021 | (Dollars in Thousands) | Total | | Level 1 | | Level 2 | | Level 3 | Loans and leases, net individually evaluated for credit loss | | | | | | | | Commercial finance | $ | 3,404 | | | $ | — | | | $ | — | | | $ | 3,404 | | Community Banking | 9,371 | | | — | | | — | | | 9,371 | | Total loans and leases, net individually evaluated for credit loss | 12,775 | | | — | | | — | | | 12,775 | | Foreclosed assets, net | 2,077 | | | — | | | — | | | 2,077 | | Total | $ | 14,852 | | | $ | — | | | $ | — | | | $ | 14,852 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value At September 30, 2020 | (Dollars in Thousands) | Total | | Level 1 | | Level 2 | | Level 3 | Impaired loans and leases, net | | | | | | | | Commercial finance | $ | 9,240 | | | $ | — | | | $ | — | | | $ | 9,240 | | Community Banking | 20 | | | — | | | — | | | 20 | | Total impaired loans and leases, net | 9,260 | | | — | | | — | | | 9,260 | | Foreclosed assets, net | 9,957 | | | — | | | — | | | 9,957 | | Total | $ | 19,217 | | | $ | — | | | $ | — | | | $ | 19,217 | |
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Carrying Amount and Estimated Fair Value of Financial Instruments |
The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2021 | (Dollars in Thousands) | Carrying Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets | | | | | | | | | | Cash and cash equivalents | $ | 314,019 | | | $ | 314,019 | | | $ | 314,019 | | | $ | — | | | $ | — | | Debt securities available for sale | 1,864,899 | | | 1,864,899 | | | — | | | 1,864,899 | | | — | | Debt securities held to maturity | 56,669 | | | 56,391 | | | — | | | 56,391 | | | — | | Common equities and mutual funds(1) | 12,668 | | | 12,668 | | | 12,668 | | | — | | | — | | Non-marketable equity securities(1)(2) | 17,509 | | | 17,509 | | | — | | | 12,949 | | | — | | Loans held for sale | 56,194 | | | 56,194 | | | — | | | 56,194 | | | — | | Loans and leases | 3,607,815 | | | 3,616,646 | | | — | | | — | | | 3,616,646 | | Federal Reserve Bank and Federal Home Loan Bank stocks | 28,400 | | | 28,400 | | | — | | | 28,400 | | | — | | Accrued interest receivable | 16,254 | | | 16,254 | | | 16,254 | | | — | | | — | | Financial liabilities | | | | | | | | | | | | | | | | | | | | Deposits | 5,514,971 | | | 5,515,035 | | | 5,482,471 | | | 32,564 | | | — | | | | | | | | | | | | | | | | | | | | | | Other short- and long-term borrowings | 92,834 | | | 93,938 | | | — | | | 93,938 | | | — | | Accrued interest payable | 579 | | | 579 | | | 579 | | | — | | | — | |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At September 30, 2020 | (Dollars in Thousands) | Carrying Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets | | | | | | | | | | Cash and cash equivalents | $ | 427,367 | | | $ | 427,367 | | | $ | 427,367 | | | $ | — | | | $ | — | | Debt securities available for sale | 1,268,102 | | | 1,268,102 | | | — | | | 1,268,102 | | | — | | Debt securities held to maturity | 92,610 | | | 93,745 | | | — | | | 93,745 | | | — | | Common equities and mutual funds(1) | 2,969 | | | 2,969 | | | 2,969 | | | — | | | — | | Non-marketable equity securities(1)(2) | 14,784 | | | 14,784 | | | — | | | 12,000 | | | — | | Loans held for sale | 183,577 | | | 183,577 | | | — | | | 183,577 | | | — | | Loans and leases | 3,314,140 | | | 3,307,037 | | | — | | | — | | | 3,307,037 | | Federal Reserve Bank and Federal Home Loan Bank stocks | 27,138 | | | 27,138 | | | — | | | 27,138 | | | — | | Accrued interest receivable | 16,628 | | | 16,628 | | | 16,628 | | | — | | | — | | Financial liabilities | | | | | | | | | | | | | | | | | | | | Deposits | 4,979,200 | | | 4,980,073 | | | 4,705,028 | | | 275,045 | | | — | | | | | | | | | | | | | | | | | | | | | | Other short- and long-term borrowings | 98,224 | | | 100,185 | | | — | | | 100,185 | | | — | | Accrued interest payable | 1,923 | | | 1,923 | | | 1,923 | | | — | | | — | |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
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