Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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