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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Components of change in fair value of level 3 available for sale securities
The following table provides the components of the change in fair value of Level 3 available for sale securities for the periods presented.
 
Three months ended March 31,
 
2016
 
2015
 
 
 
 
Level 3 AFS securities at beginning of period
$
6,728

 
$
11,290

Purchases

 

Sales, calls or maturities

 

Changes in unrealized gains and losses
(234
)
 
90

Level 3 AFS securities at end of period
$
6,494

 
$
11,380

Schedule of changes in fair value of interest rate lock commitments
The following table provides the components of the change in fair value of interest rate lock commitments for the periods presented.
 
Three months ended March 31,
 
2016
 
2015
 
 
 
 
Interest rate lock commitments at beginning of period
$
408

 
$
342

Issuances
2,761

 
1,465

Settlements
(2,044
)
 
(1,171
)
Interest rate lock commitments at end of period
$
1,125

 
$
636

Fair value and measurement level of assets and liabilities
The following tables summarize fair value information for assets and liabilities measured on a recurring and nonrecurring basis.
 
 
Total
 
Level 1
 
Level 2
 
Level 3
March 31, 2016
 
 
 
 
 
 
 
 
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
Securities available for sale:
 
 

 
 

 
 

 
 

GSE obligations
 
$
71,912

 
$

 
$
71,912

 
$

SBA-guaranteed securities
 
12,569

 
12,569

 

 

Mortgage-backed securities issued by GSE
 
573,687

 

 
573,687

 

Municipal bonds
 
111,625

 

 
110,509

 
1,116

Corporate bonds
 
244,470

 
2,477

 
236,615

 
5,378

Collateralized loan obligations
 
50,080

 

 
50,080

 

Non-agency CMBS
 
26,419

 

 
26,419

 

Certificates of deposit
 
1,242

 
1,242

 

 

Equity securities
 
11,440

 
11,440

 

 

SBA-guaranteed loans held for sale
 
27,017

 

 
27,017

 

SBA loans held for investment
 
40,630

 

 
40,630

 

Derivative assets
 
1,808

 

 
683

 
1,125

Derivative liabilities
 
9,212

 

 
9,212

 

 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
Impaired loans
 
$
12,305

 
$

 
$

 
$
12,305

Foreclosed assets
 
18,435

 

 

 
18,435

 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2015
 
 
 
 
 
 
 
 
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
Securities available for sale:
 
 

 
 

 
 

 
 

GSE obligations
 
$
5,982

 
$

 
$
5,982

 
$

SBA-guaranteed securities
 
12,176

 
12,176

 

 

Mortgage-backed securities issued by GSE
 
435,625

 

 
435,625

 

Municipal bonds
 
55,800

 

 
54,692

 
1,108

Corporate bonds
 
123,532

 
2,485

 
115,427

 
5,620

Non-agency RMBS
 
4,963

 

 
4,963

 

Non-agency CMBS
 
3,663

 

 
3,663

 

Certificates of deposit
 
245

 
245

 

 

Equity securities
 
1,626

 
1,626

 

 

SBA-guaranteed loans held for sale
 
23,664

 

 
23,664

 

SBA loans held for investment
 
20,423

 

 
20,423

 

Derivative assets
 
996

 

 
654

 
342

Derivative liabilities
 
4,376

 

 
4,376

 

 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
Impaired loans
 
$
15,066

 
$

 
$

 
$
15,066

Foreclosed assets
 
15,346

 

 

 
15,346

Quantitative Information about level 3 fair value measurements
The table below outlines the valuation techniques, unobservable inputs, and the range of quantitative inputs used in the valuations.
 
 
 
 
 
 
 
 
Fair Value
 
 
Valuation Technique
 
Unobservable Input
 
Range
 
March 31, 2016
December 31, 2015
Recurring measurements:
 
 
 
 
 
 
 
Investment securities
 
Pricing model
 
Illiquidity or credit factor in discount rates
 
1-2%
 
$
6,494

$
5,620

 
 
 
 
 
 
 
 
 
 
Interest rate lock commitments
 
Pricing model
 
Pull through rates
 
80-95%
 
1,125

342

 
 
 
 
 
 
 
 
 
 
Nonrecurring measurements:
 
 
 
 
 
 
 
Impaired loans
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
12,305

15,066

 
Discounted expected cash flows
 
Expected loss rates
 
0-75%
 
 
 
Discount rates
 
2-8%
 
Foreclosed assets
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
18,435

15,346

Schedule of carrying amounts and estimated fair values of financial instruments
The following tables summarize the carrying amounts and estimated fair values of the Company's financial instruments.
 
 
March 31, 2016
 
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
110,815

 
$
110,815

 
$
110,815

 
$

 
$

Investment securities available for sale
 
1,103,444

 
1,103,444

 
27,728

 
1,069,222

 
6,494

Investment securities held to maturity
 
39,071

 
40,682

 

 
40,682

 

Loans held for sale
 
53,820

 
53,820

 

 
53,820

 

Loans, net
 
5,198,521

 
5,254,109

 

 
40,630

 
5,213,479

Purchased accounts receivable
 
57,175

 
57,175

 

 
57,175

 

Federal Home Loan Bank stock
 
41,851

 
41,851

 

 
41,851

 

Derivative assets
 
1,808

 
1,808

 

 
683

 
1,125

Accrued interest receivable
 
19,812

 
19,812

 

 
19,812

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Deposits
 
5,349,712

 
5,354,109

 

 
5,354,109

 

Short-term borrowings
 
761,243

 
761,243

 

 

 
761,243

Long-term debt
 
198,320

 
204,279

 

 

 
204,279

Derivative liabilities
 
9,212

 
9,212

 

 
9,212

 

Accrued interest payable
 
2,191

 
2,191

 

 
2,191

 

 
 
December 31, 2015
 
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
 
$
111,918

 
$
111,918

 
$
111,918

 
$

 
$

Investment securities available for sale
 
689,132

 
689,132

 
16,532

 
665,872

 
6,728

Investment securities held to maturity
 
39,182

 
40,500

 

 
40,500

 

Loans held for sale
 
47,287

 
47,287

 

 
47,287

 

Loans, net
 
3,066,775

 
3,092,461

 

 
23,664

 
3,068,797

Purchased accounts receivable
 
52,688

 
52,688

 

 
52,688

 

Federal Home Loan Bank stock
 
24,844

 
24,844

 

 
24,844

 

Derivative assets
 
996

 
996

 

 
588

 
408

Accrued interest receivable
 
12,695

 
12,695

 

 
12,695

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 
 
 
 
 
Deposits
 
3,310,297

 
3,310,306

 

 
3,310,306

 

Short-term borrowings
 
375,500

 
375,500

 

 

 
375,500

Long-term debt
 
194,967

 
198,928

 

 

 
198,928

Derivative liabilities
 
4,376

 
4,376

 

 
4,376

 

Accrued interest payable
 
2,550

 
2,550

 

 
2,550