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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 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 June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Level 3 AFS securities at beginning of period
$
11,506

 
$
11,380

 
$
11,728

 
$
11,290

Purchases

 

 

 

Sales, calls or maturities

 

 

 

Changes in unrealized gains and losses
219

 
23

 
(3
)
 
113

Level 3 AFS securities at end of period
$
11,725

 
$
11,403

 
$
11,725

 
$
11,403

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 June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Interest rate lock commitments at beginning of period
$
1,125

 
$
636

 
$
408

 
$
342

Issuances
4,041

 
1,645

 
6,802

 
2,972

Settlements
(3,559
)
 
(1,798
)
 
(5,603
)
 
(2,831
)
Interest rate lock commitments at end of period
$
1,607

 
$
483

 
$
1,607

 
$
483

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
June 30, 2016
 
 
 
 
 
 
 
 
Measured at fair value on a recurring basis:
 
 
 
 
 
 
 
 
Securities available for sale:
 
 

 
 

 
 

 
 

GSE obligations
 
$
31,554

 
$

 
$
31,554

 
$

SBA-guaranteed securities
 
19,042

 
19,042

 

 

Mortgage-backed securities issued by GSE
 
563,413

 

 
563,413

 

Municipal bonds
 
134,337

 

 
133,211

 
1,126

Corporate bonds
 
202,441

 
2,529

 
189,313

 
10,599

Collateralized loan obligations
 
50,276

 

 
50,276

 

Non-agency CMBS
 
25,497

 

 
25,497

 

Certificates of deposit
 
992

 
992

 

 

Equity securities
 
10,755

 
10,755

 

 

SBA-guaranteed loans held for sale
 
31,933

 

 
31,933

 

SBA loans held for investment
 
39,077

 

 
39,077

 

Derivative assets
 
2,512

 

 
905

 
1,607

Derivative liabilities
 
11,942

 

 
11,942

 

 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
Impaired loans
 
$
19,529

 
$

 
$

 
$
19,529

Other real estate
 
23,091

 

 

 
23,091

 
 
 
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

 

Collateralized loan obligations
 
50,483

 

 
50,483

 

Municipal bonds
 
55,800

 

 
54,692

 
1,108

Corporate bonds
 
123,532

 
2,485

 
110,427

 
11,728

Non-agency RMBS
 
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

 

 
588

 
408

Derivative liabilities
 
4,376

 

 
4,376

 

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

 
$

 
$

 
$
15,066

Other real estate
 
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
 
June 30, 2016
December 31, 2015
Recurring measurements:
 
 
 
 
 
 
 
Investment securities
 
Pricing model
 
Illiquidity or credit factor in discount rates
 
1-2%
 
$
11,725

$
11,728

 
 
 
 
 
 
 
 
 
 
Interest rate lock commitments
 
Pricing model
 
Pull through rates
 
80-95%
 
1,607

408

 
 
 
 
 
 
 
 
 
 
Nonrecurring measurements:
 
 
 
 
 
 
 
Impaired loans
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
19,529

15,066

 
Discounted expected cash flows
 
Expected loss rates
 
0-75%
 
 
 
Discount rates
 
2-8%
 
Other real estate
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
23,091

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.
 
 
June 30, 2016
 
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
120,536

 
$
120,536

 
$
120,536

 
$

 
$

Investment securities available for sale
 
1,038,307

 
1,038,307

 
33,318

 
993,264

 
11,725

Investment securities held to maturity
 
38,959

 
41,197

 

 
41,197

 

Loans held for sale
 
139,513

 
139,513

 

 
139,513

 

Loans, net
 
5,257,135

 
5,334,194

 

 
39,077

 
5,295,117

Purchased accounts receivable
 
9,657

 
9,657

 

 
9,657

 

Federal Home Loan Bank stock
 
45,284

 
45,284

 

 
45,284

 

Derivative assets
 
2,512

 
2,512

 

 
905

 
1,607

Accrued interest receivable
 
19,590

 
19,590

 

 
19,590

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Deposits
 
5,338,586

 
5,345,875

 

 
5,345,875

 

Short-term borrowings
 
811,383

 
811,383

 

 

 
811,383

Long-term debt
 
229,012

 
239,072

 

 

 
239,072

Derivative liabilities
 
11,942

 
11,942

 

 
11,942

 

Accrued interest payable
 
2,985

 
2,985

 

 
2,985

 

 
 
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