Fair Value Information (Tables)

6 Months Ended

Jun. 30, 2017

Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.


	Carrying Value at June 30, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency/GSE	$	1,750	$	-	$	1,750	$	-
Residential mortgage-backed securities		1,882,303		-		1,882,303		-
CMO/REMIC - residential		314,118		-		314,118		-
Municipal bonds		70,649		-		70,649		-
Other securities		690		-		690		-

Total investment securities - AFS		2,269,510		-		2,269,510		-
Interest rate swaps		5,148		-		5,148		-

Total assets	$	2,274,658	$	-	$	2,274,658	$	-

Description of liability
Interest rate swaps	$	5,148	$	-	$	5,148	$	-

Total liabilities	$	5,148	$	-	$	5,148	$	-


	Carrying Value at December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency/GSE	$	2,752	$	-	$	2,752	$	-
Residential mortgage-backed securities		1,834,748		-		1,834,748		-
CMO/REMIC - residential		347,189		-		347,189		-
Municipal bonds		80,071		-		80,071		-
Other securities		5,706		-		5,706		-

Total investment securities - AFS		2,270,466		-		2,270,466		-
Interest rate swaps		5,783		-		5,783		-

Total assets	$	2,276,249	$	-	$	2,276,249	$	-

Description of liability
Interest rate swaps	$	5,783	$	-	$	5,783	$	-

Total liabilities	$	5,783	$	-	$	5,783	$	-

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

For assets measured at fair value on a non-recurring basis that were held on the balance sheet at June 30, 2017 and December 31, 2016, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.


	Carrying Value at June 30, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Losses For the Six Months Ended June 30, 2017
					(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial	$	105	$	-	$	-		$	105	$	9
SBA		-		-		-			-		-
Real estate:
Commercial real estate		-		-		-			-		-
Construction		-		-		-			-		-
SFR mortgage		-		-		-			-		-
Dairy & livestock and agribusiness		-		-		-			-		-
Consumer and other loans		398		-		-			398		94
Other real estate owned		-		-		-			-		-
Asset held-for-sale		-							-		-

Total assets	$	503	$	-	$	-		$	503	$	103


	Carrying Value at December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Losses For the Year Ended December 31, 2016
						(Dollars in thousands	)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial	$	65	$	-	$	-		$	65	$	8
SBA		196		-		-			196		27
Real estate:
Commercial real estate		-		-		-			-		-
Construction		-		-		-			-		-
SFR mortgage		-		-		-			-		-
Dairy & livestock and agribusiness		-		-		-			-		-
Consumer and other loans		-		-		-			-		-
Other real estate owned		-		-		-			-		-
Asset held-for-sale		3,411							3,411		2,558

Total assets	$	3,672	$	-	$	-		$	3,672	$	2,593

Estimated Fair Value of Financial Instruments

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.


	June 30, 2017
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
			(Dollars in thousands)
Assets
Total cash and cash equivalents	$	184,747	$	184,747	$	-	$	-	$	184,747
Interest-earning balances due from depository institutions		25,050		-		25,088		-		25,088
FHLB stock		17,688		-		17,688		-		17,688
Investment securities available-for-sale		2,269,510		-		2,269,510		-		2,269,510
Investment securities held-to-maturity		869,769		-		862,485		-		862,485
Total loans, net of allowance for loan losses		4,627,497		-		-		4,598,548		4,598,548
Swaps		5,148		-		5,148		-		5,148
Liabilities
Deposits:
Noninterest-bearing	$	3,929,394	$	3,929,394	$	-	$	-	$	3,929,394
Interest-bearing		2,767,787		-		2,765,900		-		2,765,900
Borrowings		546,085		-		545,796		-		545,796
Junior subordinated debentures		25,774		-		-		17,235		17,235
Swaps		5,148		-		5,148		-		5,148

	December 31, 2016
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
			(Dollars in thousands)
Assets
Total cash and cash equivalents	$	119,445	$	119,445	$	-	$	-	$	119,445
Interest-earning balances due from depository institutions		2,188		-		2,188		-		2,188
FHLB stock		17,688		-		17,688		-		17,688
Investment securities available-for-sale		2,270,466		-		2,270,466		-		2,270,466
Investment securities held-to-maturity		911,676		-		897,374		-		897,374
Total loans, net of allowance for loan losses		4,333,524		-		-		4,306,225		4,306,225
Swaps		5,783		-		5,783		-		5,783
Liabilities
Deposits:
Noninterest-bearing	$	3,673,541	$	3,673,541	$	-	$	-	$	3,673,541
Interest-bearing		2,636,139		-		2,634,443		-		2,634,443
Borrowings		656,028		-		655,820		-		655,820
Junior subordinated debentures		25,774		-		-		18,463		18,463
Swaps		5,783		-		5,783		-		5,783