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Fair Value Information (Tables)

9 Months Ended

Sep. 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   September 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		$	1,756,871			$	-			$	1,756,871			$	-
CMO/REMIC			411,494				-				411,494				-
Municipal bonds			36,468				-				36,468				-
Other securities			813				-				813				-
Total investment securities - AFS			2,205,646				-				2,205,646				-
Interest rate swaps			37,255				-				37,255				-
Total assets		$	2,242,901			$	-			$	2,242,901			$	-
Description of liability
Interest rate swaps		$	37,255			$	-			$	37,255			$	-
Total liabilities		$	37,255			$	-			$	37,255			$	-
		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 September 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 Nine Months Ended September 30, 2020
		(Dollars in thousands)
Description of assets
Loans:
Commercial and industrial		$	3,273			$	-			$	-			$	3,273			$	2,034
SBA			712				-				-				712				203
Real estate:
Commercial real estate			1,715				-				-				1,715				1,295
Construction			-				-				-				-				-
SFR mortgage			-				-				-				-				-
Dairy & livestock and agribusiness			-				-				-				-				-
Consumer and other loans			-				-				-				-				-
Other real estate owned			2,275				-				-				2,275				700
Asset held-for-sale			-				-				-				-				-
Total assets		$	7,975			$	-			$	-			$	7,975			$	4,232
		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 September 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.

		September 30, 2020
		Carrying Amount				Estimated Fair Value
						Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Total cash and cash equivalents		$	1,484,953			$	1,484,953			$	-			$	-			$	1,484,953
Interest-earning balances due from depository institutions			44,367				-				44,414				-				44,414
Investment securities available-for-sale			2,205,646				-				2,205,646				-				2,205,646
Investment securities held-to-maturity			577,694				-				603,522				-				603,522
Total loans, net of allowance for credit losses			8,314,003				-				-				8,326,796				8,326,796
Swaps			37,255				-				37,255				-				37,255
Liabilities
Deposits:
Interest-bearing		$	4,249,411			$	-			$	4,250,728			$	-			$	4,250,728
Borrowings			493,420				-				493,344				-				493,344
Junior subordinated debentures			25,774				-				-				18,917				18,917
Swaps			37,255				-				37,255				-				37,255

		December 31, 2019
		Carrying Amount				Estimated Fair Value
						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

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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