| 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 | (dollars in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | September 30, 2021: | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 757,942 | | $ | — | | $ | 757,942 | | $ | — | Beneficial interest – FHLMC securitizations | | | 13,145 | | | — | | | — | | | 13,145 | Corporate bonds | | | 116,911 | | | — | | | 116,911 | | | — | Other | | | 3,650 | | | 497 | | | 3,153 | | | — | Investment in equity securities | | | 540 | | | 540 | | | — | | | — | Total assets at fair value on a recurring basis | | $ | 892,188 | | $ | 1,037 | | $ | 878,006 | | $ | 13,145 | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020: | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Agency mortgage-backed securities | | $ | 723,995 | | $ | — | | $ | 723,995 | | $ | — | Beneficial interest – FHLMC securitizations | | | 23,463 | | | — | | | — | | | 23,463 | Corporate bonds | | | 58,358 | | | — | | | 58,358 | | | — | Other | | | 1,610 | | | 503 | | | 1,107 | | | — | Investment in equity securities | | | 338 | | | 338 | | | — | | | — | Total assets at fair value on a recurring basis | | $ | 807,764 | | $ | 841 | | $ | 783,460 | | $ | 23,463 |
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| 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, 2021: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 783,376 | | $ | 783,376 | | $ | — | | $ | — | | $ | 783,376 | Securities AFS, net | | | 891,648 | | | 497 | | | 878,006 | | | 13,145 | | | 891,648 | Loans held for sale | | | 501,433 | | | — | | | 506,547 | | | — | | | 506,547 | Loans, net | | | 5,287,974 | | | — | | | — | | | 5,342,001 | | | 5,342,001 | Investment in FHLB stock | | | 17,250 | | | — | | | 17,250 | | | — | | | 17,250 | Investment in equity securities | | | 540 | | | 540 | | | — | | | — | | | 540 | Liabilities: | | | | | | | | | | | | | | | | Deposits | | $ | 6,844,978 | | $ | 6,231,505 | | $ | 619,516 | | $ | — | | $ | 6,851,021 | Borrowings | | | 12,500 | | | — | | | — | | | 12,500 | | | 12,500 | | | | | | | | | | | | | | | | | December 31, 2020: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 629,707 | | $ | 629,707 | | $ | — | | $ | — | | $ | 629,707 | Securities AFS, net | | | 807,426 | | | 503 | | | 783,460 | | | 23,463 | | | 807,426 | Loans held for sale | | | 505,404 | | | — | | | 510,638 | | | — | | | 510,638 | Loans, net | | | 4,779,599 | | | — | | | — | | | 4,829,258 | | | 4,829,258 | Investment in FHLB stock | | | 17,250 | | | — | | | 17,250 | | | — | | | 17,250 | Investment in equity securities | | | 338 | | | 338 | | | — | | | — | | | 338 | Liabilities: | | | | | | | | | | | | | | | | Deposits | | $ | 5,913,433 | | $ | 4,934,537 | | $ | 978,897 | | $ | — | | $ | 5,913,434 | Borrowings | | | 269,000 | | | — | | | 255,000 | | | 14,000 | | | 269,000 |
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