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Fair Value Information (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a 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				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		June 30, 2018				(Level 1)				(Level 2)				(Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Residential mortgage-backed securities		$	1,636,884			$	-			$	1,636,884			$	-
CMO/REMIC - residential			239,511				-				239,511				-
Municipal bonds			52,849				-				52,849				-
Other securities			750				-				750				-
Total investment securities - AFS			1,929,994				-				1,929,994				-
Interest rate swaps			1,405				-				1,405				-
Total assets		$	1,931,399			$	-			$	1,931,399			$	-
Description of liability
Interest rate swaps		$	1,405			$	-			$	1,405			$	-
Total liabilities		$	1,405			$	-			$	1,405			$	-
		Carrying Value at				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2017				(Level 1)				(Level 2)				(Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Residential mortgage-backed securities		$	1,750,909			$	-			$	1,750,909			$	-
CMO/REMIC - residential			273,829				-				273,829				-
Municipal bonds			55,496				-				55,496				-
Other securities			751				-				751				-
Total investment securities - AFS			2,080,985				-				2,080,985				-
Interest rate swaps			3,211				-				3,211				-
Total assets		$	2,084,196			$	-			$	2,084,196			$	-
Description of liability
Interest rate swaps		$	3,211			$	-			$	3,211			$	-
Total liabilities		$	3,211			$	-			$	3,211			$	-

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

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, 2018				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, 2018
		(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial		$	-			$	-			$	-			$	-			$	-
SBA			-				-				-				-				-
Real estate:
Commercial real estate			-				-				-				-				-
Construction			-				-				-				-				-
SFR mortgage			13				-				-				13				13
Dairy & livestock and agribusiness			-				-				-				-				-
Consumer and other loans			3				-				-				3				3
Other real estate owned			-				-				-				-				-
Asset held-for-sale			-				-				-				-				-
Total assets		$	16			$	-			$	-			$	16			$	16
		Carrying Value at December 31, 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 Year Ended December 31, 2017
		(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial		$	-			$	-			$	-			$	-			$	-
SBA			-				-				-				-				-
Real estate:
Commercial real estate			-				-				-				-				-
Construction			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Dairy & livestock and agribusiness			-				-				-				-				-
Consumer and other loans			378				-				-				378				74
Other real estate owned			-				-				-				-				-
Asset held-for-sale			-				-				-				-				-
Total assets		$	378			$	-			$	-			$	378			$	74

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, 2018
						Estimated Fair Value
		Carrying Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Total cash and cash equivalents		$	181,489			$	181,489			$	-			$	-			$	181,489
Interest-earning balances due from depository institutions			7,150				-				7,086				-				7,086
Investment securities available-for-sale			1,929,994				-				1,929,994				-				1,929,994
Investment securities held-to-maturity			772,469				-				747,589				-				747,589
Total loans, net of allowance for loan losses (1)			4,757,373				-				-				4,634,939				4,634,939
Swaps			1,405				-				1,405				-				1,405
Liabilities
Deposits:
Interest-bearing		$	2,554,640			$	-			$	2,551,285			$	-			$	2,551,285
Borrowings			384,054				-				383,725				-				383,725
Junior subordinated debentures			25,774				-				-				20,910				20,910
Swaps			1,405				-				1,405				-				1,405

(1) The fair value of loans as of June 30, 2018 was measured using an exit price notion.

		December 31, 2017
						Estimated Fair Value
		Carrying Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Total cash and due from banks		$	144,377			$	144,377			$	-			$	-			$	144,377
Interest-earning balances due from depository institutions			17,952				-				17,951				-				17,951
FHLB stock			17,688				-				17,688				-				17,688
Investment securities available-for-sale			2,080,985				-				2,080,985				-				2,080,985
Investment securities held-to-maturity			829,890				-				819,215				-				819,215
Total loans, net of allowance for loan losses			4,771,046				-				-				4,678,402				4,678,402
Swaps			3,211				-				3,211				-				3,211
Liabilities
Deposits:
Noninterest-bearing		$	3,846,436			$	3,846,436			$	-			$	-			$	3,846,436
Interest-bearing			2,700,417				-				2,697,781				-				2,697,781
Borrowings			553,773				-				553,416				-				553,416
Junior subordinated debentures			25,774				-				-				18,070				18,070
Swaps			3,211				-				3,211				-				3,211

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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