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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of March 31, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

					Fair Value Measurements at Reporting Date Using:
	Total Fair Value				Level 1 Inputs				Level 2 Inputs				Level 3 Inputs
March 31, 2019
Items measured on a recurring basis:
Debt securities available-for-sale	$	122,558			$	—			$	122,558			$	—
Equity investments	9,816				9,816				—				—
Interest rate swap asset	2,902				—				2,902				—
Interest rate swap liability	(3,047		)		—				(3,047		)		—
Items measured on a non-recurring basis:
Other real estate owned	1,594				—				—				1,594
Loans measured for impairment based on the fair value of the underlying collateral	9,199				—				—				9,199
December 31, 2018
Items measured on a recurring basis:
Debt securities available-for-sale	$	100,717			$	—			$	100,717			$	—
Equity investments	9,655				9,655				—				—
Interest rate swap asset	1,722				—				1,722				—
Interest rate swap liability	(1,813		)		—				(1,813		)		—
Items measured on a non-recurring basis:
Other real estate owned	1,381				—				—				1,381
Loans measured for impairment based on the fair value of the underlying collateral	11,639				—				—				11,639

Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value

The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of March 31, 2019 and December 31, 2018 are presented in the following tables (in thousands):

					Fair Value Measurements at Reporting Date Using:
	Book Value				Level 1 Inputs				Level 2 Inputs				Level 3 Inputs
March 31, 2019
Financial Assets:
Cash and due from banks	$	134,235			$	134,235			$	—			$	—
Debt securities held-to-maturity	900,614				—				888,177				8,635
Restricted equity investments	55,663				—				—				55,663
Loans receivable, net and loans held-for-sale	5,968,830				—				—				5,893,831
Financial Liabilities:
Deposits other than time deposits	5,340,892				—				5,340,892				—
Time deposits	949,593				—				941,672				—
Federal Home Loan Bank advances and other borrowings	517,595				—				525,476				—
Securities sold under agreements to repurchase with retail customers	66,174				66,174				—				—
December 31, 2018
Financial Assets:
Cash and due from banks	$	120,792			$	120,792			$	—			$	—
Debt securities held-to-maturity	846,810				—				830,999				1,816
Restricted equity investments	56,784				—				—				56,784
Loans receivable, net and loans held-for-sale	5,579,222				—				—				5,474,306
Financial Liabilities:
Deposits other than time deposits	4,948,325				—				4,948,325				—
Time deposits	866,244				—				853,678				—
Federal Home Loan Bank advances and other borrowings	548,913				—				554,692				—
Securities sold under agreements to repurchase with retail customers	61,760				61,760				—				—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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- 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
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