| 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury securities |
$ |
493 |
|
|
$ |
493 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Agency mortgage-backed securities |
|
438,868 |
|
|
|
— |
|
|
|
438,868 |
|
|
|
— |
|
|
Corporate bonds |
|
39,100 |
|
|
|
— |
|
|
|
39,100 |
|
|
|
— |
|
|
Beneficial interest – FHLMC securitization |
|
34,606 |
|
|
|
— |
|
|
|
— |
|
|
|
34,606 |
|
|
Investment in equity securities |
|
400 |
|
|
|
400 |
|
|
|
— |
|
|
|
— |
|
|
Total assets at fair value on a recurring basis |
$ |
513,467 |
|
|
$ |
893 |
|
|
$ |
477,968 |
|
|
$ |
34,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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 |
|
|
March 31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
177,356 |
|
|
$ |
177,356 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
177,356 |
|
|
Securities AFS |
|
513,067 |
|
|
|
493 |
|
|
|
477,968 |
|
|
|
34,606 |
|
|
|
513,067 |
|
|
Loans held for sale |
|
148,266 |
|
|
|
— |
|
|
|
149,193 |
|
|
|
— |
|
|
|
149,193 |
|
|
Loans, net |
|
3,894,970 |
|
|
|
— |
|
|
|
— |
|
|
|
3,865,188 |
|
|
|
3,865,188 |
|
|
Investment in FHLB Stock |
|
22,626 |
|
|
|
— |
|
|
|
22,626 |
|
|
|
— |
|
|
|
22,626 |
|
|
Investment in equity securities |
|
400 |
|
|
|
400 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
3,636,192 |
|
|
|
2,598,821 |
|
|
|
1,038,615 |
|
|
|
— |
|
|
|
3,637,436 |
|
|
Borrowings |
|
769,000 |
|
|
|
— |
|
|
|
739,000 |
|
|
|
30,000 |
|
|
|
769,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|