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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of June 30, 2019 and December 31, 2018, assets and liabilities measured at fair value on a recurring basis are as follows:
| Level 1 |  | Level 2 |  | Level 3 |  |
| Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs with No Active Market with Identical Characteristics |  | Significant Unobservable Inputs |  | Balance
| (in thousands)
June 30, 2019 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 50,062 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,062 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |
Mortgage-backed securities | — |  |  | 402,984 |  |  | — |  |  | 402,984 |
Collateralized mortgage obligations | — |  |  | 167,813 |  |  | — |  |  | 167,813 |
Debt securities | — |  |  | 19,136 |  |  | — |  |  | 19,136 |
Total U.S. government agency and sponsored agency obligations | — |  |  | 589,933 |  |  | — |  |  | 589,933 |
Municipal bonds-tax exempt | — |  |  | — |  |  | — |  |  | — |
Total securities available for sale | $ | 50,062 |  |  | $ | 589,933 |  |  | $ | — |  |  | $ | 639,995 |
December 31, 2018 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 39,830 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,830 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |
Mortgage-backed securities | — |  |  | 295,034 |  |  | — |  |  | 295,034 |
Collateralized mortgage obligations | — |  |  | 122,292 |  |  | — |  |  | 122,292 |
Debt securities | — |  |  | 7,402 |  |  | — |  |  | 7,402 |
Total U.S. government agency and sponsored agency obligations | — |  |  | 424,728 |  |  | — |  |  | 424,728 |
Municipal bonds-tax exempt | — |  |  | 110,350 |  |  | — |  |  | 110,350 |
Total securities available for sale | $ | 39,830 |  |  | $ | 535,078 |  |  | $ | — |  |  | $ | 574,908 |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | As of June 30, 2019 and December 31, 2018, assets and liabilities measured at fair value on a non-recurring basis are as follows:
| Level 1 |  | Level 2 |  | Level 3 |  |
| Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs With No Active Market With Identical Characteristics |  | Significant Unobservable Inputs |  | Loss During the Six Months Ended June 30, 2019
| (in thousands)
June 30, 2019 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans (1) | $ | — |  |  | $ | — |  |  | $ | 26,727 |  |  | $ | 17,470 |
OREO | — |  |  | — |  |  | 507 |  |  | — |
December 31, 2018 |  |  |
Assets: |  |  |  |  |  |  |
Impaired loans (2) | $ | — |  |  | $ | 3,253 |  |  | $ | 1,957 |  |  | $ | 1,184 |
OREO | — |  |  | 663 |  |  | — |  |  | — |
(1) | Consist of real estate loans of $13.6 million and commercial and industrial loans of $13.1 million.
(2) Consist of real estate loans of $3.5 million, commercial and industrial loans of $1.7 million.
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments were as follows:
| June 30, 2019
| Carrying |  | Fair Value
| Amount |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
Financial assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 130,851 |  |  | $ | 130,851 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 639,995 |  |  | 50,062 |  |  | 589,933 |  |  | — |
Loans held for sale | 6,029 |  |  | — |  |  | 6,444 |  |  | — |
Loans and leases receivable, net of allowance for loan and lease losses | 4,506,416 |  |  | — |  |  | — |  |  | 4,521,491 |
Accrued interest receivable | 12,946 |  |  | 12,946 |  |  | — |  |  | — |
Financial liabilities: |  |  |  |  |  |  |
Noninterest-bearing deposits | 1,312,577 |  |  | — |  |  | 1,312,577 |  |  | — |
Interest-bearing deposits | 3,449,491 |  |  | — |  |  | — |  |  | 3,460,753 |
Subordinated debentures | 118,087 |  |  | — |  |  | 119,798 |  |  | — |
Accrued interest payable | 11,438 |  |  | 11,438 |  |  | — |  |  | — |
| December 31, 2018
| Carrying |  | Fair Value
| Amount |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
Financial assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 155,376 |  |  | $ | 155,376 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 574,908 |  |  | 39,830 |  |  | 535,078 |  |  | — |
Loans held for sale | 9,390 |  |  | — |  |  | 9,905 |  |  | — |
Loans and leases receivable, net of allowance for loan and lease losses | 4,568,566 |  |  | — |  |  | — |  |  | 4,518,716 |
Accrued interest receivable | 13,331 |  |  | 13,331 |  |  | — |  |  | — |
Financial liabilities: |  |  |  |  |  |  |
Noninterest-bearing deposits | 1,284,530 |  |  | — |  |  | 1,284,530 |  |  | — |
Interest-bearing deposits | 3,462,705 |  |  | — |  |  | — |  |  | 3,458,523 |
Borrowings and subordinated debentures | 172,808 |  |  | — |  |  | 98,020 |  |  | 54,939 |
Accrued interest payable | 11,379 |  |  | 11,379 |  |  | — |  |  | — |

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- 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
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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 -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
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- 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
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