| 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 | March 31, 2022: | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 11,184 | | $ | — | | $ | 11,184 | | $ | — | Agency mortgage-backed securities | | | 10,078 | | | — | | | 10,078 | | | — | Municipal bonds | | | 48,514 | | | — | | | 48,514 | | | — | SBA securities | | | 25,672 | | | — | | | 25,672 | | | — | Beneficial interests in FHLMC securitization | | | 10,222 | | | — | | | — | | | 10,222 | Corporate bonds | | | 151,763 | | | — | | | 151,763 | | | — | U.S. Treasury | | | 854 | | | 854 | | | — | | | — | Investment in equity securities | | | 8,569 | | | — | | | — | | | 8,569 | Total assets at fair value on a recurring basis | | $ | 266,856 | | $ | 854 | | $ | 247,211 | | $ | 18,791 | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021: | | | | | | | | | | | | | Investment securities available for sale: | | | | | | | | | | | | | Collateralized mortgage obligations | | $ | 13,825 | | $ | — | | $ | 13,825 | | $ | — | Agency mortgage-backed securities | | | 928,989 | | | — | | | 928,989 | | | — | Municipal bonds | | | 52,146 | | | — | | | 52,146 | | | — | SBA securities | | | 27,972 | | | — | | | 27,972 | | | — | Beneficial interests in FHLMC securitization | | | 11,580 | | | — | | | — | | | 11,580 | Corporate bonds | | | 156,376 | | | — | | | 156,376 | | | — | U.S. Treasury | | | 490 | | | 490 | | | — | | | — | Investment in equity securities | | | 16,025 | | | 16,025 | | | — | | | — | Total assets at fair value on a recurring basis | | $ | 1,207,403 | | $ | 16,515 | | $ | 1,179,308 | | $ | 11,580 |
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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 | March 31, 2022: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 931,710 | | $ | 931,710 | | $ | — | | $ | — | | $ | 931,710 | Securities AFS, net | | | 258,287 | | | 854 | | | 247,211 | | | 10,222 | | | 258,287 | Securities HTM | | | 920,408 | | | — | | | 880,751 | | | — | | | 880,751 | Loans held for sale | | | 501,424 | | | — | | | 515,965 | | | — | | | 515,965 | Loans, net | | | 7,364,642 | | | — | | | — | | | 7,578,756 | | | 7,578,756 | Investment in FHLB stock | | | 17,250 | | | — | | | 17,250 | | | — | | | 17,250 | Investment in equity securities | | | 8,569 | | | — | | | — | | | 8,569 | | | 8,569 | Liabilities: | | | | | | | | | | | | | | | | Deposits | | $ | 8,957,518 | | $ | 8,317,757 | | $ | 639,761 | | $ | — | | $ | 8,957,518 | Borrowings | | | 325,969 | | | 152,680 | | | — | | | 173,289 | | | 325,969 | | | | | | | | | | | | | | | | | December 31, 2021: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 1,121,757 | | $ | 1,121,757 | | $ | — | | $ | — | | $ | 1,121,757 | Securities AFS, net | | | 1,191,378 | | | 490 | | | 1,179,308 | | | 11,580 | | | 1,191,378 | Loans held for sale | | | 501,436 | | | — | | | 515,978 | | | — | | | 515,978 | Loans, net | | | 6,872,952 | | | — | | | — | | | 7,072,878 | | | 7,072,878 | Investment in FHLB stock | | | 18,249 | | | — | | | 18,249 | | | — | | | 18,249 | Investment in equity securities | | | 16,025 | | | 16,025 | | | — | | | — | | | 16,025 | Liabilities: | | | | | | | | | | | | | | | | Deposits | | $ | 8,811,960 | | $ | 8,143,473 | | $ | 668,487 | | $ | — | | $ | 8,811,960 | Borrowings | | | 210,127 | | | 165,930 | | | — | | | 44,197 | | | 210,127 |
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