Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of:

			Fair Value Measurement Level
	Total		Level 1		Level 2		Level 3
(dollars in thousands)
December 31, 2016:
Investment securities available for sale
US Treasury securities	$	297	$	297	$	—	$	—
Agency mortgage-backed securities		468,909		—		468,909		—
Beneficial interest – FHLMC securitization		40,372		—		—		40,372
Total assets at fair value on a recurring basis	$	509,578	$	297	$	468,909	$	40,372
December 31, 2015:
Investment securities available for sale
US Treasury securities	$	300	$	300	$	—	$	—
FNMA and FHLB Agency notes		16,013		—		16,013		—
Agency mortgage-backed securities		536,148		—		536,148		—
Beneficial interest – FHLMC securitization		12,674		—		—		12,674
Total assets at fair value on a recurring basis	$	565,135	$	300	$	552,161	$	12,674

The following table sets forth the estimated fair values and related carrying amounts of our financial instruments as of:

	Carrying		Fair Value Measurement Level
(dollars in thousands)	Value		1		2		3		Total
December 31, 2016:
Assets:
Cash and cash equivalents	$	597,946	$	597,946	$	—	$	—	$	597,946
Securities AFS		509,578		297		468,909		40,372		509,578
Loans, net		2,540,309		—		—		2,529,360		2,529,360
Loans held for sale		250,942		—		—		253,953		253,953
Investment in FHLB stock		33,750		—		33,750		—		33,750
Liabilities:
Deposits		2,426,795		1,797,329		629,594		—		2,426,923
Borrowings		1,250,000		—		1,250,000		—		1,250,000
December 31, 2015:
Assets:
Cash and cash equivalents	$	215,748	$	215,748	$	—	$	—	$	215,748
Securities AFS		565,135		300		552,161		12,674		565,135
Loans		1,754,883		—		—		1,779,941		1,779,941
Investment in FHLB stock		21,492		—		21,492		—		21,492
Liabilities:
Deposits		1,522,176		1,051,976		470,128		—		1,522,104
Borrowings		796,000		—		796,000		—		796,000