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, 2016:
Investment securities available for sale:
US Treasury securities	$	300	$	300	$	—	$	—
Agency mortgage-backed securities		498,886		—		498,886		—
Beneficial interest – FHLMC securitizations		43,517		—		—		43,517
Total assets at fair value on a recurring basis	$	542,703	$	300	$	498,886	$	43,517

December 31, 2015:
Investment securities available for sale:
US Treasury securities	$	300	$	300	$	—	$	—
FNMA and FHLB Agency notes		16,013		—		16,013		—
Agency mortgage-backed securities		536,148		—		536,148		—
Beneficial interest – FHLMC securitizations		12,674		—		—		12,674
Total assets at fair value on a recurring basis	$	565,135	$	300	$	552,161	$	12,674

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, 2016:
Assets:
Cash and cash equivalents	$	496,813	$	496,813	$	—	$	—	$	496,813
Securities AFS		542,703		300		498,886		43,517		542,703
Loans		2,295,229		—		—		2,313,425		2,313,425
Loans held for sale		200,002		—		—		200,002		200,002
Investment in FHLB stock		25,677		—		25,677		—		25,677

Liabilities:
Deposits		2,338,737		1,787,742		551,051		—		2,338,737
Borrowings		951,000		—		951,000		—		951,000

December 31, 2015:
Assets:
Cash and cash equivalents	$	215,748	$	215,748	$	—	$	—	$	215,748
Securities AFS		565,135		300		552,161		12,674		565,135
Loans		1,754,883		—		—		1,779,941		1,779,941
Investment in FHLB stock		21,492		—		21,492		—		21,492

Liabilities:
Deposits		1,522,176		1,051,976		470,128		—		1,522,104
Borrowings		796,000		—		796,000		—		796,000