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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Company's financial instruments measured at fair value on a recurring basis
The following fair value hierarchy tables present information about the Company’s assets measured at fair value on a recurring basis at the dates indicated:
 
 
 
At December 31, 2019
 
 
Fair Value Measurement Using
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Securities at
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
 
U.S. Treasury
 
$

 
$
63,555

 
$

 
$
63,555

Agency
 

 
246,358

 

 
246,358

Corporate
 

 
151,353

 

 
151,353

Municipal bonds
 

 
397,298

 

 
397,298

Collateralized mortgage obligation: residential
 

 
9,984

 

 
9,984

Mortgage-backed securities: residential
 

 
499,836

 

 
499,836

Total securities available-for-sale
 
$

 
$
1,368,384

 
$

 
$
1,368,384

 
 
 
 
 
 
 
 
 
Derivative assets
 
$

 
$
2,103

 
$

 
$
2,103

 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
Derivative liabilities
 
$

 
$
2,103

 
$

 
$
2,103


 
 
At December 31, 2018
 
 
Fair Value Measurement Using
 
 

 
 
Level 1
 
Level 2
 
Level 3
 
Securities at
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 

 
 

 
 

 
 

U.S. Treasury
 
$

 
$
60,912

 
$

 
$
60,912

Agency
 

 
130,070

 
$

 
130,070

Corporate
 

 
103,543

 
$

 
103,543

Municipal bonds
 

 
238,630

 

 
238,630

Collateralized mortgage obligation: residential
 

 
24,338

 

 
24,338

Mortgage-backed securities: residential
 

 
545,729

 

 
545,729

Total securities available-for-sale
 
$

 
$
1,103,222

 
$

 
$
1,103,222

 
 
 
 
 
 
 
 
 
Derivative assets
 
$

 
$
1,681

 
$

 
$
1,681

 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
Derivative liabilities
 
$

 
$
1,681

 
$

 
$
1,681



Schedule of Company's financial instruments measured at fair value on a nonrecurring basis
The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2019 and 2018.

 
 
At December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Impaired loans
 
$

 
$

 
$
2,257

 
$
2,257


 
 
At December 31, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Fair Value
 
 
(dollars in thousands)
Financial assets
 
 
 
 
 
 
 
 
Impaired loans
 
$

 
$

 
$
1,445

 
$
1,445



Schedule of carrying amount and estimated fair value of financial instruments
The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated, representing an exit price.
 
 
At December 31, 2019
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(dollars in thousands)
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
326,850

 
$
326,850

 
$

 
$

 
$
326,850

Interest-bearing time deposits with financial institutions
 
2,708

 
2,708

 

 

 
2,708

Investments held-to-maturity
 
37,838

 

 
38,760

 

 
38,760

Investment securities available-for-sale
 
1,368,384

 

 
1,368,384

 

 
1,368,384

Loans held for sale
 
1,672

 

 
1,821

 

 
1,821

Loans held for investment, net
 
8,722,311

 

 

 
8,691,019

 
8,691,019

Derivative asset
 
2,103

 

 
2,103

 

 
2,103

Accrued interest receivable
 
39,442

 
39,442

 

 

 
39,442

Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
8,898,509

 
7,850,667

 
1,048,583

 

 
8,899,250

FHLB advances
 
517,026

 

 
517,291

 

 
517,291

Other borrowings
 

 

 

 

 

Subordinated debentures
 
215,145

 

 
237,001

 

 
237,001

Derivative liability
 
2,103

 

 
2,103

 

 
2,103

Accrued interest payable
 
2,686

 
2,686

 

 

 
2,686



 
 
At December 31, 2018
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(dollars in thousands)
Assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
203,406

 
$
203,406

 
$

 
$

 
$
203,406

Interest-bearing time deposits with financial institutions
 
6,143

 
6,143

 

 

 
6,143

Investments held-to-maturity
 
45,210

 

 
44,672

 

 
44,672

Investment securities available-for-sale
 
1,103,222

 

 
1,103,222

 

 
1,103,222

Loans held for sale
 
5,719

 

 
6,072

 

 
6,072

Loans held for investment, net
 
8,836,818

 

 

 
8,697,594

 
8,697,594

Derivative asset
 
1,929

 

 
1,681

 

 
1,681

Accrued interest receivable
 
37,837

 
37,837

 

 

 
37,837

Liabilities:
 
 
 
 
 
 
 
 
 
 

Deposit accounts
 
8,658,351

 
7,247,673

 
1,403,524

 

 
8,651,197

FHLB advances
 
667,606

 

 
666,864

 

 
666,864

Other borrowings
 
75

 

 
75

 

 
75

Subordinated debentures
 
110,313

 

 
115,613

 

 
115,613

Derivative liability
 
1,929

 

 
1,681

 

 
1,681

Accrued interest payable
 
3,255

 
3,255

 

 

 
3,255