XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Fair Value Disclosures [Abstract] |
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 as of the dates presented.
|  | Carrying Value at June 30, 2020 |  |  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 1,238,299 |  |  | $ | - |  |  | $ | 1,238,299 |  |  | $ | - |
CMO/REMIC |  |  | 400,536 |  |  |  | - |  |  |  | 400,536 |  |  |  | - |
Municipal bonds |  |  | 36,453 |  |  |  | - |  |  |  | 36,453 |  |  |  | - |
Other securities |  |  | 779 |  |  |  | - |  |  |  | 779 |  |  |  | - |
Total investment securities - AFS |  |  | 1,676,067 |  |  |  | - |  |  |  | 1,676,067 |  |  |  | - |
Interest rate swaps |  |  | 38,626 |  |  |  | - |  |  |  | 38,626 |  |  |  | - |
Total assets |  | $ | 1,714,693 |  |  | $ | - |  |  | $ | 1,714,693 |  |  | $ | - |
Description of liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 38,626 |  |  | $ | - |  |  | $ | 38,626 |  |  | $ | - |
Total liabilities |  | $ | 38,626 |  |  | $ | - |  |  | $ | 38,626 |  |  | $ | - |
|  | Carrying Value at December 31, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 1,206,313 |  |  | $ | - |  |  | $ | 1,206,313 |  |  | $ | - |
CMO/REMIC |  |  | 493,710 |  |  |  | - |  |  |  | 493,710 |  |  |  | - |
Municipal bonds |  |  | 39,354 |  |  |  | - |  |  |  | 39,354 |  |  |  | - |
Other securities |  |  | 880 |  |  |  | - |  |  |  | 880 |  |  |  | - |
Total investment securities - AFS |  |  | 1,740,257 |  |  |  | - |  |  |  | 1,740,257 |  |  |  | - |
Interest rate swaps |  |  | 11,502 |  |  |  | - |  |  |  | 11,502 |  |  |  | - |
Total assets |  | $ | 1,751,759 |  |  | $ | - |  |  | $ | 1,751,759 |  |  | $ | - |
Description of liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 11,502 |  |  | $ | - |  |  | $ | 11,502 |  |  | $ | - |
Total liabilities |  | $ | 11,502 |  |  | $ | - |  |  | $ | 11,502 |  |  | $ | - |
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, 2020 |  |  | 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, 2020 |
|  | (Dollars in thousands) |
Description of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 411 |  |  | $ | - |  |  | $ | - |  |  | $ | 411 |  |  | $ | 305 |
SBA |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  | 1,715 |  |  |  | - |  |  |  | - |  |  |  | 1,715 |  |  |  | 432 |
Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
SFR mortgage |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Dairy & livestock and agribusiness |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer and other loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Asset held-for-sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total assets |  | $ | 2,126 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,126 |  |  | $ | 737 |
|  | Carrying Value at December 31, 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 Year Ended December 31, 2019 |
|  | (Dollars in thousands) |
Description of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 253 |  |  | $ | - |  |  | $ | - |  |  | $ | 253 |  |  | $ | 251 |
SBA |  |  | 359 |  |  |  | - |  |  |  | - |  |  |  | 359 |  |  |  | 513 |
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 |  | $ | 1,056 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,056 |  |  | $ | 828 |
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 June 30, 2020 and December 31, 2019, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
|  | June 30, 2020
|  |  |  | Estimated Fair Value
|  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Dollars in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents |  | $ | 1,927,283 |  |  | $ | 1,927,283 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,927,283 |
Interest-earning balances due from depository institutions |  |  | 38,611 |  |  |  | - |  |  |  | 38,667 |  |  |  | - |  |  |  | 38,667 |
Investment securities available-for-sale |  |  | 1,676,067 |  |  |  | - |  |  |  | 1,676,067 |  |  |  | - |  |  |  | 1,676,067 |
Investment securities held-to-maturity |  |  | 613,169 |  |  |  | - |  |  |  | 638,950 |  |  |  | - |  |  |  | 638,950 |
Total loans, net of allowance for credit losses |  |  | 8,308,551 |  |  |  | - |  |  |  | - |  |  |  | 8,252,796 |  |  |  | 8,252,796 |
Swaps |  |  | 38,626 |  |  |  | - |  |  |  | 38,626 |  |  |  | - |  |  |  | 38,626 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing |  | $ | 4,082,212 |  |  | $ | - |  |  | $ | 4,083,910 |  |  | $ | - |  |  | $ | 4,083,910 |
Borrowings |  |  | 478,156 |  |  |  | - |  |  |  | 478,056 |  |  |  | - |  |  |  | 478,056 |
Junior subordinated debentures |  |  | 25,774 |  |  |  | - |  |  |  | - |  |  |  | 17,284 |  |  |  | 17,284 |
Swaps |  |  | 38,626 |  |  |  | - |  |  |  | 38,626 |  |  |  | - |  |  |  | 38,626 |
|  | December 31, 2019
|  |  |  | Estimated Fair Value
|  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (Dollars in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents |  | $ | 185,518 |  |  | $ | 185,518 |  |  | $ | - |  |  | $ | - |  |  | $ | 185,518 |
Interest-earning balances due from depository institutions |  |  | 2,931 |  |  |  | - |  |  |  | 2,938 |  |  |  | - |  |  |  | 2,938 |
Investment securities available-for-sale |  |  | 1,740,257 |  |  |  | - |  |  |  | 1,740,257 |  |  |  | - |  |  |  | 1,740,257 |
Investment securities held-to-maturity |  |  | 674,452 |  |  |  | - |  |  |  | 678,948 |  |  |  | - |  |  |  | 678,948 |
Total loans, net of allowance for loan losses |  |  | 7,495,917 |  |  |  | - |  |  |  | - |  |  |  | 7,343,167 |  |  |  | 7,343,167 |
Swaps |  |  | 11,502 |  |  |  | - |  |  |  | 11,502 |  |  |  | - |  |  |  | 11,502 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing |  | $ | 3,459,411 |  |  | $ | - |  |  | $ | 3,457,922 |  |  | $ | - |  |  | $ | 3,457,922 |
Borrowings |  |  | 428,659 |  |  |  | - |  |  |  | 428,330 |  |  |  | - |  |  |  | 428,330 |
Junior subordinated debentures |  |  | 25,774 |  |  |  | - |  |  |  | - |  |  |  | 20,669 |  |  |  | 20,669 |
Swaps |  |  | 11,502 |  |  |  | - |  |  |  | 11,502 |  |  |  | - |  |  |  | 11,502 |

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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration