XML 39 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 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 September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Level 3 AFS securities at beginning of period
$
11,725

 
$
11,403

 
$
11,728

 
$
11,290

Purchases
—

 
5,390

 
—

 
5,390

Sales, calls or maturities
—

 
—

 
—

 
—

Changes in unrealized gains and losses
(88
)
 
(215
)
 
(91
)
 
(102
)
Level 3 AFS securities at end of period
$
11,637

 
$
16,578

 
$
11,637

 
$
16,578

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 September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Interest rate lock commitments at beginning of period
$
1,607

 
$
483

 
$
408

 
$
342

Issuances
3,294

 
1,824

 
8,489

 
4,609

Settlements
(3,707
)
 
(1,667
)
 
(7,703
)
 
(4,311
)
Interest rate lock commitments at end of period
$
1,194

 
$
640

 
$
1,194

 
$
640

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

 
 

 
 

 
 

GSE obligations
 
$
17,715

 
$
—

 
$
17,715

 
$
—

SBA-guaranteed securities
 
18,321

 
18,321

 
—

 
—

Mortgage-backed securities issued by GSE
 
534,591

 
—

 
534,591

 
—

Municipal bonds
 
131,198

 
—

 
130,178

 
1,020

Corporate bonds
 
185,832

 
2,585

 
172,630

 
10,617

Collateralized loan obligations
 
50,529

 
—

 
50,529

 
—

Non-agency CMBS
 
16,360

 
—

 
16,360

 
—

Certificates of deposit
 
743

 
743

 
—

 
—

Equity securities
 
10,671

 
10,671

 
—

 
—

SBA-guaranteed loans held for sale
 
45,868

 
—

 
45,868

 
—

SBA loans held for investment
 
35,030

 
—

 
35,030

 
—

Derivative assets
 
1,819

 
—

 
625

 
1,194

Derivative liabilities
 
10,829

 
—

 
10,829

 
—

 
 
 
 
 
 
 
 
 
Measured at fair value on a non-recurring basis:
 
 
 
 
 
 
 
 
Impaired loans
 
$
12,084

 
$
—

 
$
—

 
$
12,084

Other real estate
 
31,726

 
—

 
—

 
31,726

 
 
 
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
 
September 30, 2016
December 31, 2015
Recurring measurements:
 
 
 
 
 
 
 
Investment securities
 
Pricing model
 
Illiquidity or credit factor in discount rates
 
1-2%
 
$
11,637

$
11,728

 
 
 
 
 
 
 
 
 
 
Interest rate lock commitments
 
Pricing model
 
Pull through rates
 
80-95%
 
1,194

408

 
 
 
 
 
 
 
 
 
 
Nonrecurring measurements:
 
 
 
 
 
 
 
Impaired loans
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
12,084

15,066

 
Discounted expected cash flows
 
Expected loss rates
 
0-75%
 
 
 
Discount rates
 
2-8%
 
Other real estate
 
Discounted appraisals
 
Collateral discounts
 
15-50%
 
31,726

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

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
162,278

 
$
162,278

 
$
162,278

 
$
—

 
$
—

Investment securities available for sale
 
965,960

 
965,960

 
32,320

 
922,003

 
11,637

Investment securities held to maturity
 
38,847

 
40,681

 
—

 
40,681

 
—

Loans held for sale
 
85,964

 
85,964

 
—

 
85,964

 
—

Loans, net
 
5,241,167

 
5,297,051

 
—

 
35,030

 
5,262,021

Purchased accounts receivable
 
7,907

 
7,907

 
—

 
7,907

 
—

Federal Home Loan Bank stock
 
41,693

 
41,693

 
—

 
41,693

 
—

Derivative assets
 
1,819

 
1,819

 
—

 
625

 
1,194

Accrued interest receivable
 
19,519

 
19,519

 
—

 
19,519

 
—

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 

 
 

 
 

 
 

 
 

Deposits
 
5,310,028

 
5,313,683

 
—

 
5,313,683

 
—

Short-term borrowings
 
791,721

 
791,721

 
—

 
—

 
791,721

Long-term debt
 
164,215

 
174,426

 
—

 
—

 
174,426

Derivative liabilities
 
10,829

 
10,829

 
—

 
10,829

 
—

Accrued interest payable
 
2,438

 
2,438

 
—

 
2,438

 
—

 
 
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

 
—