| 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
|
$ |
493 |
|
|
$ |
493 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Agency mortgage-backed securities |
|
|
464,019 |
|
|
|
— |
|
|
|
464,019 |
|
|
|
— |
|
|
Corporate bonds |
|
|
19,000 |
|
|
|
— |
|
|
|
19,000 |
|
|
|
— |
|
|
Beneficial interest – FHLMC securitization |
|
|
35,852 |
|
|
|
— |
|
|
|
— |
|
|
|
35,852 |
|
|
Total assets at fair value on a recurring basis |
|
$ |
519,364 |
|
|
$ |
493 |
|
|
$ |
483,019 |
|
|
$ |
35,852 |
|
|
December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
|
$ |
297 |
|
|
$ |
297 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Agency mortgage-backed securities |
|
|
468,909 |
|
|
|
— |
|
|
|
468,909 |
|
|
|
— |
|
|
Beneficial interest – FHLMC securitization |
|
|
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 following table sets forth the estimated fair values and related carrying amounts of our financial instruments as of:
|
|
|
Carrying |
|
|
Fair Value Measurement Level |
|
|
(dollars in thousands) |
|
Value |
|
1 |
|
|
2 |
|
|
3 |
|
|
Total |
|
|
December 31, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
120,394 |
|
|
$ |
120,394 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
120,934 |
|
|
Securities AFS |
|
|
519,364 |
|
|
|
493 |
|
|
|
483,019 |
|
|
|
35,852 |
|
|
|
519,364 |
|
|
Loans held for sale |
|
|
154,380 |
|
|
|
— |
|
|
|
155,345 |
|
|
|
— |
|
|
|
154,380 |
|
|
Loans, net |
|
|
3,645,327 |
|
|
|
— |
|
|
|
— |
|
|
|
3,617,060 |
|
|
|
3,617,060 |
|
|
Investment in FHLB stock |
|
|
19,060 |
|
|
|
— |
|
|
|
19,060 |
|
|
|
— |
|
|
|
19,060 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,443,527 |
|
|
|
2,542,730 |
|
|
|
901,877 |
|
|
|
— |
|
|
|
3,444,607 |
|
|
Borrowings |
|
|
678,000 |
|
|
|
— |
|
|
|
628,000 |
|
|
|
50,000 |
|
|
|
678,000 |
|
|
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 held for sale |
|
|
250,942 |
|
|
|
— |
|
|
|
253,953 |
|
|
|
— |
|
|
|
253,953 |
|
|
Loans, net |
|
|
2,540,309 |
|
|
|
— |
|
|
|
— |
|
|
|
2,529,360 |
|
|
|
2,529,360 |
|
|
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 |
|
|