| Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of:
|
|
|
|
Fair Value Measurement Level |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
$ |
300 |
|
|
$ |
300 |
|
|
$ |
— |
|
|
$ |
— |
|
|
FNMA and FHLB Agency notes |
|
16,236 |
|
|
|
— |
|
|
|
16,236 |
|
|
|
— |
|
|
Agency mortgage-backed securities |
|
344,023 |
|
|
|
— |
|
|
|
344,023 |
|
|
|
— |
|
|
Total assets at fair value on a recurring basis |
$ |
360,559 |
|
|
$ |
300 |
|
|
$ |
360,259 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
$ |
300 |
|
|
$ |
300 |
|
|
$ |
— |
|
|
$ |
— |
|
|
FNMA and FHLB Agency notes |
|
10,277 |
|
|
|
— |
|
|
|
10,277 |
|
|
|
— |
|
|
Agency mortgage-backed securities |
|
127,693 |
|
|
|
— |
|
|
|
127,693 |
|
|
|
— |
|
|
Total assets at fair value on a recurring basis |
$ |
138,270 |
|
|
$ |
300 |
|
|
$ |
137,970 |
|
|
$ |
— |
|
|
| Carrying Amounts and Estimated Fair Value of Financial Instruments |
The carrying amounts and estimated fair values of financial instruments are as follows as of:
|
|
Carrying |
|
|
Fair Value Measurement Level |
|
|
(dollars in thousands) |
Value |
|
|
1 |
|
|
2 |
|
|
3 |
|
|
Total |
|
|
September 30, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
206,338 |
|
|
$ |
206,338 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
206,338 |
|
|
Securities AFS |
|
360,559 |
|
|
|
300 |
|
|
|
360,259 |
|
|
|
— |
|
|
|
360,559 |
|
|
Loans |
|
1,524,705 |
|
|
|
— |
|
|
|
— |
|
|
|
1,557,574 |
|
|
|
1,557,574 |
|
|
Loans held for sale |
|
108,903 |
|
|
|
— |
|
|
|
— |
|
|
|
110,809 |
|
|
|
110,809 |
|
|
Investment in FHLB stock |
|
17,820 |
|
|
|
17,820 |
|
|
|
— |
|
|
|
— |
|
|
|
17,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,321,527 |
|
|
|
960,672 |
|
|
|
359,382 |
|
|
|
— |
|
|
|
1,320,054 |
|
|
Borrowings |
|
660,000 |
|
|
|
- |
|
|
|
660,000 |
|
|
|
— |
|
|
|
660,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
29,692 |
|
|
$ |
29,692 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,692 |
|
|
Securities AFS |
|
138,270 |
|
|
|
300 |
|
|
|
137,970 |
|
|
|
— |
|
|
|
138,270 |
|
|
Loans |
|
1,156,242 |
|
|
|
— |
|
|
|
— |
|
|
|
1,186,408 |
|
|
|
1,186,408 |
|
|
Investment in FHLB stock |
|
12,361 |
|
|
|
12,361 |
|
|
|
— |
|
|
|
— |
|
|
|
12,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
962,954 |
|
|
|
709,604 |
|
|
|
253,244 |
|
|
|
— |
|
|
|
962,848 |
|
|
Borrowings |
|
282,886 |
|
|
|
— |
|
|
|
263,000 |
|
|
|
19,886 |
|
|
|
282,886 |
|
|