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Fair Value Information (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

		Carrying Value at     September 30, 2019				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:
Residential mortgage-backed securities		$	1,146,159			$	-			$	1,146,159			$	-
CMO/REMIC - residential			382,928				-				382,928				-
Municipal bonds			40,487				-				40,487				-
Other securities			832				-				832				-
Total investment securities - AFS			1,570,406				-				1,570,406				-
Interest rate swaps			16,180				-				16,180				-
Total assets		$	1,586,586			$	-			$	1,586,586			$	-
Description of liability
Interest rate swaps		$	16,180			$	-			$	16,180			$	-
Total liabilities		$	16,180			$	-			$	16,180			$	-
		Carrying Value at December 31, 2018				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:
Residential mortgage-backed securities		$	1,474,508			$	-			$	1,474,508			$	-
CMO/REMIC - residential			214,051				-				214,051				-
Municipal bonds			44,810				-				44,810				-
Other securities			716				-				716				-
Total investment securities - AFS			1,734,085				-				1,734,085				-
Interest rate swaps			1,938				-				1,938				-
Total assets		$	1,736,023			$	-			$	1,736,023			$	-
Description of liability
Interest rate swaps		$	1,938			$	-			$	1,938			$	-
Total liabilities		$	1,938			$	-			$	1,938			$	-

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 September 30, 2019				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 Nine  Months Ended September 30, 2019
		(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial		$	256			$	-			$	-			$	256			$	254
SBA			938				-				-				938				516
Real estate:
Commercial real estate			-				-				-				-				-
Construction			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Dairy & livestock and agribusiness			-				-				-				-				-
Consumer and other loans			-				-				-				-				-
Other real estate owned			444				-				-				444				64
Asset held-for-sale			-				-				-				-				-
Total assets		$	1,638			$	-			$	-			$	1,638			$	834
		Carrying Value at December 31, 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 Year Ended December 31, 2018
		(Dollars in thousands)
Description of assets
Impaired loans, excluding PCI loans:
Commercial and industrial		$	189			$	-			$	-			$	189			$	3
SBA			-				-				-				-				-
Real estate:
Commercial real estate			3,143				-				-				3,143				478
Construction			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Dairy & livestock and agribusiness			78				-				-				78				12
Consumer and other loans			68				-				-				68				68
Other real estate owned			-				-				-				-				-
Asset held-for-sale			-				-				-				-				-
Total assets		$	3,478			$	-			$	-			$	3,478			$	561

Estimated Fair Value of Financial Instruments

The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation​​​​​​​ methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of September 30, 2019 and December 31, 2018, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

		September 30, 2019
						Estimated Fair Value
		Carrying Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Total cash and cash equivalents		$	437,548			$	437,548			$	-			$	-			$	437,548
Interest-earning balances due from depository institutions			5,673				-				5,793				-				5,793
Investment securities available-for-sale			1,570,406				-				1,570,406				-				1,570,406
Investment securities held-to-maturity			703,953				-				711,891				-				711,891
Total loans, net of allowance for loan losses			7,425,779				-				-				7,385,760				7,385,760
Swaps			16,180				-				16,180				-				16,180
Liabilities
Deposits:
Interest-bearing		$	3,409,226			$	-			$	3,407,573			$	-			$	3,407,573
Borrowings			412,764				-				412,372				-				412,372
Junior subordinated debentures			25,774				-				-				20,266				20,266
Swaps			16,180				-				16,180				-				16,180
		December 31, 2018
						Estimated Fair Value
		Carrying Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Total cash and cash equivalents		$	163,948			$	163,948			$	-			$	-			$	163,948
Interest-earning balances due from depository institutions			7,670				-				7,339				-				7,339
Investment securities available-for-sale			1,734,085				-				1,734,085				-				1,734,085
Investment securities held-to-maturity			744,440				-				721,537				-				721,537
Total loans, net of allowance for loan losses			7,700,998				-				-				7,514,964				7,514,964
Swaps			1,938				-				1,938				-				1,938
Liabilities
Deposits:
Interest-bearing		$	3,622,703			$	-			$	3,614,682			$	-			$	3,614,682
Borrowings			722,255				-				721,601				-				721,601
Junior subordinated debentures			25,774				-				-				21,176				21,176
Swaps			1,938				-				1,938				-				1,938

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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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