| 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, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
$ |
495 |
|
|
$ |
495 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Agency mortgage-backed securities |
|
432,448 |
|
|
|
— |
|
|
|
432,448 |
|
|
|
— |
|
|
Beneficial interest – FHLMC securitizations |
|
38,559 |
|
|
|
— |
|
|
|
— |
|
|
|
38,559 |
|
|
Total assets at fair value on a recurring basis |
$ |
471,502 |
|
|
$ |
495 |
|
|
$ |
432,448 |
|
|
$ |
38,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
$ |
297 |
|
|
$ |
297 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Agency mortgage-backed securities |
|
468,909 |
|
|
|
— |
|
|
|
468,909 |
|
|
|
— |
|
|
Beneficial interest – FHLMC securitizations |
|
40,372 |
|
|
|
— |
|
|
|
— |
|
|
|
40,372 |
|
|
Total assets at fair value on a recurring basis |
$ |
509,578 |
|
|
$ |
297 |
|
|
$ |
468,909 |
|
|
$ |
40,372 |
|
|
| 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, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
123,210 |
|
|
$ |
123,210 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
123,210 |
|
|
Securities AFS |
|
471,502 |
|
|
|
495 |
|
|
|
432,448 |
|
|
|
38,559 |
|
|
|
471,502 |
|
|
Loans |
|
3,239,374 |
|
|
|
— |
|
|
|
— |
|
|
|
3,381,237 |
|
|
|
3,381,237 |
|
|
Loans held for sale |
|
153,405 |
|
|
|
— |
|
|
|
— |
|
|
|
155,246 |
|
|
|
155,246 |
|
|
Investment in FHLB stock |
|
17,250 |
|
|
|
— |
|
|
|
17,250 |
|
|
|
— |
|
|
|
17,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
3,268,726 |
|
|
|
2,385,687 |
|
|
|
883,359 |
|
|
|
— |
|
|
|
3,269,046 |
|
|
Borrowings |
|
421,000 |
|
|
|
— |
|
|
|
406,000 |
|
|
|
15,000 |
|
|
|
421,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
597,946 |
|
|
$ |
597,946 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
597,946 |
|
|
Securities AFS |
|
509,578 |
|
|
|
297 |
|
|
|
468,909 |
|
|
|
40,372 |
|
|
|
509,578 |
|
|
Loans, net |
|
2,540,309 |
|
|
|
— |
|
|
|
— |
|
|
|
2,529,360 |
|
|
|
2,529,360 |
|
|
Loans held for sale |
|
250,942 |
|
|
|
— |
|
|
|
— |
|
|
|
253,953 |
|
|
|
253,953 |
|
|
Investment in FHLB stock |
|
33,750 |
|
|
|
— |
|
|
|
33,750 |
|
|
|
— |
|
|
|
33,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,426,795 |
|
|
|
1,797,329 |
|
|
|
629,594 |
|
|
|
— |
|
|
|
2,426,923 |
|
|
Borrowings |
|
1,250,000 |
|
|
|
— |
|
|
|
1,250,000 |
|
|
|
— |
|
|
|
1,250,000 |
|
|