Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:



			Fair Value Measurements Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations	$	736,655	$	—	$	736,655	$	—
Mortgage-backed securities:
Residential	352,897		—		352,897		—
Commercial	552,124		—		552,124		—
Corporate securities	4,200		—		4,200		—
Municipal securities	70,111		—		69,035		1,076
Equity investments with readily determinable fair value	22,123		22,123		—		—
Interest rate swaps	10,353		—		10,353		—
Mortgage banking derivatives	95		—		95		—

Liabilities:
Interest rate swaps	10,353		—		10,353		—
Mortgage banking derivatives	16		—		16		—



			Fair Value Measurements Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Assets:
Securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations	$	895,122	$	—	$	895,122	$	—
Mortgage-backed securities:
Residential	402,605		—		402,605		—
Commercial	469,126		—		469,126		—
Corporate securities	3,826		—		3,826		—
Municipal securities	75,586		—		74,527		1,059
Equity investments with readily determinable fair value	23,405		23,405		—		—
Interest rate swaps	7,059		—		7,059		—
Mortgage banking derivatives	10		—		10		—

Liabilities:
Interest rate swaps	7,059		—		7,059		—
Mortgage banking derivatives	3		—		3		—

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis at December 31, 2019 and 2018 are summarized below:



			Fair Value Measurements Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	9,519	$	—	$	—	$	9,519
Commercial business	8,942		—		—		8,942
OREO	19,086		—		—		19,086



			Fair Value Measurements Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	9,379	$	—	$	—	$	9,379
Commercial business	9,951		—		—		9,951
Consumer	66		—		—		66
OREO	5,659		—		—		5,659

For assets measured at fair value on a non-recurring basis, the total net gains (losses) which include charge offs, recoveries, specific reserves, valuations, and recognized gains and losses on sales in 2019 and 2018 are summarized below:



	Year Ended December 31,
	2019			2018
	(Dollars in thousands)
Assets:
Impaired loans at fair value:
Real estate loans	$	426		$	(4,511	)
Commercial business	(2,428		)	(322		)
Trade finance	216			(364		)
Consumer	(1,198		)	(1,155		)
Loans held for sale, net	165			—
OREO	1,218			823

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2019 and December 31, 2018 were as follows:



	December 31, 2019
	Carrying Amount		Estimated Fair Value		Fair Value Measurement Using
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	698,567	$	698,567	Level 1
Interest bearing deposits in other financial institutions	29,162		29,235		Level 2
Equity investments without readily determinable fair values	26,967		26,967		Level 2
Loans held for sale	54,271		56,011		Level 2
Loans receivable, net	12,181,863		12,143,727		Level 3
Accrued interest receivable	30,772		30,772		Level 2/3
Servicing assets, net	16,417		18,966		Level 3
Customers’ liabilities on acceptances	1,117		1,117		Level 2
Financial Liabilities:
Noninterest bearing deposits	$	3,108,687	$	3,108,687	Level 2
Saving and other interest bearing demand deposits	4,259,707		4,259,707		Level 2
Time deposits	5,158,970		5,182,405		Level 2
FHLB advances	625,000		628,903		Level 2
Convertible notes, net	199,458		206,210		Level 1
Subordinated debentures, net	103,035		114,690		Level 2
Accrued interest payable	33,810		33,810		Level 2
Acceptances outstanding	1,117		1,117		Level 2


	December 31, 2018
	Carrying Amount		Estimated Fair Value		Fair Value Measurement Using
	(Dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	459,606	$	459,606	Level 1
Interest bearing deposits in other financial institutions	29,409		29,374		Level 2
Equity investments without readily determinable fair values	26,430		26,430		Level 2
Loans held for sale	25,128		25,943		Level 2
Loans receivable, net	12,005,558		11,913,906		Level 3
Accrued interest receivable	32,225		32,225		Level 2/3
Servicing assets, net	23,132		24,762		Level 3
Customers’ liabilities on acceptances	2,281		2,281		Level 2
Financial Liabilities:
Noninterest bearing deposits	$	3,022,633	$	3,022,633	Level 2
Saving and other interest bearing demand deposits	3,262,399		3,262,399		Level 2
Time deposits	5,870,624		5,889,030		Level 2
FHLB advances	821,280		810,812		Level 2
Convertible notes	194,543		180,525		Level 1
Subordinated debentures, net	101,929		116,542		Level 2
Accrued interest payable	31,374		31,374		Level 2
Acceptances outstanding	2,281		2,281		Level 2