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Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value

Schedule of financial assets and liabilities measured on a recurring basis

					Fair Value Measurements Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Obeservable			Unobservable
					Identical Assets			Inputs			Inputs
		Balance			(Level 1)			(Level 2)			(Level 3)
		(Dollars in thousands)
Assets at March 31, 2017
Available-for-sale securities:
Agency mortgage-backed securities		$	325,446		$	—		$	325,446		$	—
Trust preferred securities			16,144			—			16,144			—
I/O strip receivables			1,045			—			1,045			—
Assets at December 31, 2016
Available-for-sale securities:
Agency mortgage-backed securities		$	290,989		$	—		$	290,989		$	—
Trust preferred securities			15,600			—			15,600			—
I/O strip receivables			1,067			—			1,067			—

Schedule of assets and liabilities measured on a non-recurring basis

					Fair Value Measurements Using
							Significant
					Quoted Prices in		Other		Significant
					Active Markets for		Observable		Unobservable
					Identical Assets		Inputs		Inputs
		Balance			(Level 1)		(Level 2)		(Level 3)
		(Dollars in thousands)
Assets at March 31, 2017
Impaired loans - held-for-investment:
Commercial		$	125		—		—		$	125
Real estate:
CRE			398		—		—			398
Land and construction			195		—		—			195
		$	718		—		—		$	718
Foreclosed assets:
Land and construction		$	183		—		—		$	183
		$	183						$	183
Assets at December 31, 2016
Impaired loans - held-for-investment:
Commercial		$	165		—		—		$	165
Real estate:
CRE			419		—		—			419
Land and construction			199		—		—			199
		$	783		—		—		$	783
Foreclosed assets:
Land and construction		$	229		—		—		$	229
		$	229						$	229

Schedule of impaired loans held-for-investment and impaired loans held-for-investment carried at fair value

		March 31, 2017			December 31, 2016
		(Dollars in thousands)
Impaired loans held-for-investment:
Book value of impaired loans held-for-investment carried at fair value		$	2,159		$	1,112
Book value of impaired loans held-for-investment carried at cost			3,374			2,078
Total impaired loans held-for-investment		$	5,533		$	3,190
Impaired loans held-for-investment carried at fair value:
Book value of impaired loans held-for-investment carried at fair value		$	2,159		$	1,112
Specific valuation allowance			(1,441)			(329)
Impaired loans held-for-investment carried at fair value, net		$	718		$	783

Schedule of quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis

		March 31, 2017
					Valuation		Unobservable		Range
		Fair Value			Techniques		Inputs		(Weighted Average)
		(Dollars in thousands)
Impaired loans - held-for-investment:
Commercial		$	125		Market Approach		Discount adjustment for differences between comparable sales		Less than 1  %
Real estate:
CRE			398		Market Approach		Discount adjustment for differences between comparable sales		0 % to 3% (3)%
Land and construction			195		Market Approach		Discount adjustment for differences between comparable sales		Less than 1%
Foreclosed assets:
Land and construction			183		Market Approach		Discount adjustment for differences between comparable sales		0% to 2%  (2)%

		December 31, 2016
					Valuation		Unobservable		Range
		Fair Value			Techniques		Inputs		(Weighted Average)
		(Dollars in thousands)
Impaired loans - held-for-investment:
Commercial		$	165		Market Approach		Discount adjustment for differences between comparable sales		Less than 1%
Real estate:
CRE			419		Market Approach		Discount adjustment for differences between comparable sales		0% to 3% (3)%
Land and construction			199		Market Approach		Discount adjustment for differences between comparable sales		Less than 1%
Foreclosed assets:
Land and construction			229		Market Approach		Discount adjustment for differences between comparable sales		0% to 2% (2)%

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2017 are as follows:

					Estimated Fair Value
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
		Carrying			Identical Assets			Inputs			Inputs
		Amounts			(Level 1)			(Level 2)			(Level 3)			Total
		(Dollars in thousands)
Assets:
Cash and cash equivalents		$	287,846		$	287,846		$	—		$	—		$	287,846
Securities available-for-sale			341,590			—			341,590			—			341,590
Securities held-to-maturity			341,383			—			336,790			—			336,790
Loans (including loans held-for-sale), net			1,498,063			—			3,911			1,537,411			1,541,322
FHLB stock, FRB stock, and other investments			15,203			—			—			—			N/A
Accrued interest receivable			7,127						2,310			4,817			7,127
I/O strips receivables			1,045			—			1,045			—			1,045
Liabilities:
Time deposits		$	224,953		$	—		$	225,297		$	—		$	225,297
Other deposits			2,105,134			—			2,105,134			—			2,105,134
Accrued interest payable			148			—			148			—			148

The carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2016:

					Estimated Fair Value
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
		Carrying			Identical Assets			Inputs			Inputs
		Amounts			(Level 1)			(Level 2)			(Level 3)			Total
		(Dollars in thousands)
Assets:
Cash and cash equivalents		$	266,103		$	266,103		$	—		$	—		$	266,103
Securities available-for-sale			306,589			—			306,589			—			306,589
Securities held-to-maturity			324,010			—			318,748			—			318,748
Loans (including loans held-for-sale), net			1,489,223			—			5,705			1,535,485			1,541,190
FHLB stock, FRB stock, and other investments			15,196			—			—			—			N/A
Accrued interest receivable			6,859			—			1,961			4,898			6,859
I/O strips receivables			1,067			—			1,067			—			1,067
Liabilities:
Time deposits		$	224,717		$	—		$	225,047		$	—		$	225,047
Other deposits			2,037,423			—			2,037,423			—			2,037,423
Accrued interest payable			168			—			168			—			168

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- Definition

Tabular disclosure of the carrying value and fair value of impaired financing receivables as of the balance sheet date.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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