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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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 are summarized below:

					Fair Value Measurements at the End of the Reporting Period Using
	June 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)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations	$	844,899			$	—			$	844,899			$	—
Mortgage-backed securities:
Residential	367,176				—				367,176				—
Commercial	540,931				—				540,931				—
Corporate securities	3,880				—				3,880				—
Municipal securities	70,017				—				68,930				1,087
Equity investments with readily determinable fair value	22,061				22,061				—				—
Interest rate swaps	9,060				—				9,060				—
Mortgage banking derivatives	165				—				165				—
Liabilities:
Interest rate swaps	9,060				—				9,060				—
Mortgage banking derivatives	96				—				96				—

					Fair Value Measurements at the End of the Reporting Period Using
	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)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations	$	895,122			$	—			$	895,122			$	—
Mortgage-backed securities:
Residential	402,605				—				402,605				—
Commercial	469,126				—				469,126				—
Corporate securities	3,826				—				3,826				—
Municipal securities	75,586				—				74,527				1,059
Equity investments with readily determinable fair value	23,405				23,405				—				—
Interest rate swaps	7,059				—				7,059				—
Mortgage banking derivatives	10				—				10				—
Liabilities:
Interest rate swaps	7,059				—				7,059				—
Mortgage banking derivatives	3				—				3				—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation and income statement classification of losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018:

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
		(Dollars in thousands)
Beginning Balance		$	1,068			$	1,079			$	1,059			$	1,108
Change in fair value included in other comprehensive income (loss)		19				(14		)		28				(43		)
Ending Balance		$	1,087			$	1,065			$	1,087			$	1,065

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

					Fair Value Measurements at the End of the Reporting Period Using
	June 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)
Assets:
Impaired loans at fair value:
Real estate loans	$	9,014			$	—			$	—			$	9,014
Commercial business	13,511				—				—				13,511
Trade finance	2,721				—				—				2,721
OREO	4,497				—				—				4,497

					Fair Value Measurements at the End of the Reporting Period Using
	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)
Assets:
Impaired loans at fair value:
Real estate loans	$	9,379			$	—			$	—			$	9,379
Commercial business	9,951				—				—				9,951
Consumer	66				—				—				66
OREO	5,659				—				—				5,659

For assets measured at fair value on a non-recurring basis, the total net gains (losses), which include charge offs, recoveries, specific reserves, and recognized gains and losses on sales are summarized below:

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2019				2018				2019				2018
	(Dollars in thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	525			$	966			$	1,573			$	(4,606	)
Commercial business	(336		)		1,513				(3,567		)		614
Trade Finance	(333		)		(240		)		(333		)		(225		)
Consumer	(343		)		448				(628		)		(763		)
OREO	77				192				139				264

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at June 30, 2019 and December 31, 2018 were as follows:

	June 30, 2019
	Carrying Amount				Estimated Fair Value				Fair Value Measurement Using
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	609,795			$	609,795			Level 1
Interest bearing deposits in other financial institutions	30,632				30,714				Level 2
Equity investments without readily determinable fair values	26,689				26,689				Level 2
Loans held for sale	6,426				6,516				Level 2
Loans receivable—net	11,883,068				11,756,995				Level 3
Accrued interest receivable	33,980				33,980				Level 2/3
Servicing assets, net	19,997				21,693				Level 3
Customers’ liabilities on acceptances	1,696				1,696				Level 2
Financial Liabilities:
Noninterest bearing deposits	$	3,009,218			$	3,009,218			Level 2
Saving and other interest bearing demand deposits	3,482,806				3,482,806				Level 2
Time deposits	5,680,360				5,707,901				Level 2
FHLB advances	695,000				697,013				Level 2
Convertible notes, net	196,977				199,030				Level 1
Subordinated debentures	102,477				117,726				Level 2
Accrued interest payable	36,987				36,987				Level 2
Acceptances outstanding	1,696				1,696				Level 2
	December 31, 2018
	Carrying Amount				Estimated Fair Value				Fair Value Measurement Using
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	459,606			$	459,606			Level 1
Interest bearing deposits in other financial institutions	29,409				29,374				Level 2
Equity investments without readily determinable fair values	26,430				26,430				Level 2
Loans held for sale	25,128				25,943				Level 2
Loans receivable—net	12,005,558				11,913,906				Level 3
Accrued interest receivable	32,225				32,225				Level 2/3
Servicing assets, net	23,132				24,762				Level 3
Customers’ liabilities on acceptances	2,281				2,281				Level 2
Financial Liabilities:
Noninterest bearing deposits	$	3,022,633			$	3,022,633			Level 2
Saving and other interest bearing demand deposits	3,262,399				3,262,399				Level 2
Time deposits	5,870,624				5,889,030				Level 2
FHLB advances	821,280				810,812				Level 2
Convertible debt	194,543				180,525				Level 1
Subordinated debentures	101,929				116,542				Level 2
Accrued interest payable	31,374				31,374				Level 2
Acceptances outstanding	2,281				2,281				Level 2

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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-Section 50
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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