Fair Value of Financial Assets and Liabilities | FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES Fair Value Measurements The Company's marketable investment securities and derivative instruments are financial instruments recorded at fair value on a recurring basis. The Company makes estimates regarding valuation of assets and liabilities measured at fair value in preparing its consolidated financial statements. ASC 825-10 provides an option to report selected financial assets and liabilities at fair value. The Company has not elected to measure any financial assets or liabilities using the fair value option under ASC 825-10. ASC 820, Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measurement. ASC 820 establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect the Company's estimates about market data. The three levels for measuring fair value are based on the reliability of inputs and are as follows: Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to instruments utilizing Level 1 inputs. Since valuations are based on quoted prices that are readily available in an active market, valuation of these products does not entail a significant degree of judgment. Assets utilizing Level 1 inputs include exchange-traded equity securities. Level 2 Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Assets and liabilities utilizing Level 2 inputs include: U.S. treasury and agency securities, mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities, municipal bonds and notes, Over-the-Counter (“OTC”) derivative instruments (foreign exchange forwards and option contracts, interest rate swaps related to the Company's senior notes, subordinated notes and junior subordinated debentures), and equity warrant assets for shares of public company capital stock. Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Assets utilizing Level 3 inputs include: limited partnership interests in private equity funds, direct equity investments in private companies, mortgage-backed securities, and equity warrant assets for shares of private company capital stock. For inactive markets, there is little information, if any, to evaluate if individual transactions are orderly. Accordingly, the Company is required to estimate, based upon all available facts and circumstances, the degree to which orderly transactions are occurring. Price quotes based upon transactions that are not orderly are not considered to be determinative of fair value and are given little, if any, weight in measuring fair value. Price quotes based upon transactions that are orderly are considered in determining fair value, with the weight given based upon the facts and circumstances. If sufficient information is not available to determine if price quotes are based upon orderly transactions, less weight is given to the price quote relative to other transactions that are known to be orderly. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment that the Company uses to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement is determined is based on the lowest level input that is significant to the fair value measurement in its entirety. Investment securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. The types of instruments valued based on quoted market prices in active markets include the Company’s U.S. government and agency securities, mortgage-backed securities and asset-backed securities (“ABS”). Such instruments are generally classified within level 1 or level 2 of the fair value hierarchy. As required by ASC 820, the Company does not adjust the quoted price for such instruments. Level 3 valuations are for instruments that are not traded in active markets or are subject to transfer restrictions, and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Such instruments in this category include some investment securities, all impaired loans, warrants and foreclosed assets. Transfers between fair value hierarchy levels would represent assets or liabilities that were previously categorized at a higher level for which the inputs to the estimate became less observable or classified at a lower level for which the inputs became more observable during the period. The Company's policy is to recognize transfers between levels at the end of the period. The following is a summary of the valuation methods and significant assumptions used to estimate fair value: Available for sale securities Valuations for the available-for-sale securities are provided by third party external pricing service providers. The Company reviews the methodologies used to determine the fair value, including understanding the nature and observability of the inputs used to determine the price. The Company obtains additional corroboration depending on the type of security, the frequency of trades of the security and the level of liquidity or depth of the market. Following is a summary of the significant inputs used for each class of assets and liabilities: U.S. pass-through government mortgages are evaluated based on benchmark curves as well as security set-ups, to be announced (TBA) market, and broker feeds. Fixed-rate Ginnie Mae pools backed by fixed rate reverse mortgages are evaluated based on prepayment speeds, cash flows, swap curves, spread adjustments, coupon and average life. New issue data, monthly payment information and collateral performance are also monitored. U.S. government collateralized mortgage obligations are evaluated based on benchmark curves, security set-up, prepayment speeds, cashflow scenario analysis, supporting collateral identification and collateral performance. Adjustments are made for spread, yield, price and prepayment speeds. Volatility-driven, multi-dimensional spread tables as well as Option Adjusted Spread model applications are applied. Non-agency mortgage evaluation methodology is based on security set-up, prepayment speeds, cashflow scenario analysis, benchmark comparisons and supporting collateral identification and performance. Depending on the characteristics of a given tranche, Option Adjust Spread model or multi-dimensional single cash flow stream model is applied. Municipal bonds are evaluated based on stated coupon rates, final maturity dates, callable options and yield analysis including benchmark comparisons, yield to maturity and yield to worst. Adjustments are made for ratings updates and material event notices. Quotes are based on spreads to other municipal benchmark bonds with similar characteristics or relative to market rates on U.S. treasury bonds of similar maturity. Corporate and trust preferred security methodology is based on security set up, benchmark comparisons, yield to maturity, issuer name, coupon rate, maturity date and any applicable issuer call option feature. An option adjusted spread model is used for issues that have early redemption features. Adjustments are made for corporate actions. The Floating Rate Note model is applied to variable rate note evaluations. The methodology for fixed and floating rate asset backed securities is based on benchmark curves as well as security set-up, prepayment speeds, benchmark yields, spread adjustments, ratings updates, collateral performance and price history. Tranche level attributes, cash flows and market color (as available) are also monitored. SBA pool evaluation methodology is determined by benchmark rates and swap curves, cashflow scenario analysis, coupon, maturity, and supporting collateral identification and collateral performance. The unique structures associated with SBA and SBIC programs are taken into account. Additional adjustments can be made based on the original and remaining terms, coupon, seasonality of the pools and default factors. U.S. treasury securities are evaluated based on security set up, yield to maturity and through reviewing Treasury trading platform feeds (both active market makers and inter-dealer brokers) for consistency and outliers. Equity warrant assets Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on a modified Black-Scholes pricing model. The model uses the stock price of publicly-traded companies, stated exercise prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions for companies with 90 or more days of trading history. For public companies with less than 90 days of trading history, the iShares Russell Microcap index (IWC) is used to estimate volatility. Further, option expiration dates are modified to account for estimates to actual life relative to stated expiration. Fair value measurements of equity warrant assets of private portfolio companies are priced based on a modified Black-Scholes option pricing model to estimate asset value by using stated exercise prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the modified Black-Scholes model are based on the iShares Russell Microcap index (IWC). Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Servicing asset Valuation for the Company's servicing asset is provided by a third party external pricing service provider. The Company reviews the methodology used to determine the fair value, including understanding the nature and observability of the inputs used to determine the fair value. The valuation uses generated future cashflows for each asset based on the asset's unique characteristics, market-based assumptions for prepayment speeds and, in the case of non-guaranteed portions of SBA loans, losses and recoveries. The present value of the future cash flows are then calculated utilizing market-based discount rate assumptions. In all cases, each loan’s expected payment for each monthly period is modeled in order to create the most detailed cash flow stream possible. Venture capital fund investments To determine the estimated fair value of the Company's venture capital fund investments, the Company evaluates various factors related to the underlying private company entities. The factors are specific to each underlying private company. The factors evaluated include, but are not limited to, actual and forecasted results, cash position, and market comparable companies. The following tables present quantitative information about Level 3 fair value measurements: (dollars in thousands) June 30, 2015 Fair Value Valuation Technique Unobservable Input Weighted Average Range Available for sale securities: Corporates $ 3,011 Sensitivity analyses Indicative pricing (1) Non-agency MBS 185,113 Volatility-driven, multi-dimensional spread tables, optional adjusted spread model and prepayment model Indicative pricing (1) Collateral performance (1) Other ABS 106,974 Multi-dimensional, collateral specific spread tables Indicative pricing (1) Collateral performance (1) Warrants 5,125 Modified Black-Scholes option pricing model Volatility 19.5% - 127.2% (2) Risk-free interest rate 0.6% - 1.2% (2) Remaining life assumption 21.8% - 50.8% (2) Servicing asset 1,450 Discounted cash flow Discount rates (1) Default rates (1) Prepayment rates (1) Servicing costs (1) Venture capital fund investments 4,232 Private company equity pricing Actual and forecasted results, cash position, market comparable companies (3) (dollars in thousands) December 31, 2014 Fair Value Valuation Technique Unobservable Input Weighted Average Range Available for sale securities: Non-agency MBS $ 173,099 Volatility-driven, multi-dimensional spread tables, optional adjusted spread model and prepayment model Indicative pricing (1) Collateral performance (1) Other ABS 47,621 Multi-dimensional, collateral specific spread tables Indicative pricing (1) Collateral performance (1) Warrants 4,304 Modified Black-Scholes option pricing model Volatility 20.2% - 67.0% (2) Risk-free interest rate 1.2 % - 1.5% (2) Remaining life assumption 54.0% - 89.4% (2) Servicing asset 1,222 Discounted cash flow Discount rates (1) Default rates (1) Prepayment rates (1) Servicing costs (1) Venture capital fund investments 3,704 Private company equity pricing Actual and forecasted results, cash position, market comparable companies (3) (1) The Company uses third-party pricing information without adjustment for this Level 3 fair value measurement. (2) Low end of range relates to private equity warrant assets portfolio and high end of range relates to public equity warrant assets portfolio. (3) The factors are specific to each underlying private company, and as such, a weighted average or range of values for the unobservable inputs is not meaningful. Following are tables that present information about the Company's investment securities, warrants, servicing asset, and venture capital fund investments, measured at fair value on a recurring basis: (in thousands) At June 30, 2015 Quoted Prices in Significant Other Significant Ending (Level 1) (Level 2) (Level 3) Available for sale securities: U.S. treasuries $ 159,501 $ — $ — $ 159,501 Agency direct obligations 30,435 — — 30,435 SBA pools — 164,574 — 164,574 Agency MBS — 674,285 — 674,285 Municipal bonds — 98,931 — 98,931 Corporates — 117,614 3,011 120,625 Non-agency MBS — — 185,113 185,113 Other ABS — — 106,974 106,974 Equity securities 904 — — 904 Total available for sale securities $ 190,840 $ 1,055,404 $ 295,098 $ 1,541,342 Warrants $ — $ — $ 5,125 $ 5,125 Servicing asset $ — $ — $ 1,450 $ 1,450 Venture capital fund investments $ — $ — $ 4,232 $ 4,232 (in thousands) At December 31, 2014 Quoted Prices in Significant Other Significant Ending (Level 1) (Level 2) (Level 3) Available for sale securities: U.S. treasuries $ 29,641 $ — $ — $ 29,641 Agency direct obligations 30,631 — — 30,631 SBA pools — 179,822 — 179,822 Agency MBS — 614,922 — 614,922 Municipal bonds — 98,490 — 98,490 Corporates — 118,359 — 118,359 Non-agency MBS — — 173,099 173,099 Other ABS — — 47,621 47,621 Equity securities 1,948 — — 1,948 Total available for sale securities $ 62,220 $ 1,011,593 $ 220,720 $ 1,294,533 Warrants $ — $ — $ 4,304 $ 4,304 Servicing asset $ — $ — $ 1,222 $ 1,222 Venture capital fund investments $ — $ — $ 3,704 $ 3,704 The following tables present additional information about Level 3 securities, venture capital fund investments, servicing assets and warrants, measured at fair value on a recurring basis: (dollars in thousands) Three Months Ended June 30, 2015 Available for sale securities Corporates Non-Agency MBS Other ABS Venture Capital Fund Investments Servicing Asset Warrants Total Balance at March 31, 2015 $ — $ 164,749 $ 67,043 $ 3,834 $ 1,393 $ 4,649 $ 241,668 Transfers into Level 3 3,011 — — — — — 3,011 Transfers out of Level 3 — — — — — (29 ) (29 ) Total gains (losses): included in net income — — — 337 (14 ) 239 562 included in other comprehensive income — (12,688 ) (4,785 ) — — — (17,473 ) Purchases, sales, issuances and settlements: Purchases — 47,787 46,009 231 — — 94,027 Sales — (14,735 ) (1,293 ) — — (137 ) (16,165 ) Issuances — — — — 147 403 550 Settlements — — — (170 ) (76 ) — (246 ) Balance at June 30, 2015 $ 3,011 $ 185,113 $ 106,974 $ 4,232 $ 1,450 $ 5,125 $ 305,905 (dollars in thousands) Three Months Ended June 30, 2014 Available for sale securities Corporates Non-Agency MBS Other ABS Venture Capital Fund Investments Servicing Asset Warrants Total Balance at March 31, 2014 $ 29,391 $ 66,651 $ 24,605 $ 3,958 $ 1,298 $ 6,596 $ 132,499 Transfers into Level 3 — — — — — — — Transfers out of Level 3 (23,389 ) — — (953 ) — (1,369 ) (25,711 ) Total gains (losses): included in net income — — — 1,415 6 21 1,442 included in other comprehensive income 83 (2,773 ) (6,810 ) — — — (9,500 ) Purchases, sales, issuances and settlements: Purchases — 23,759 16,252 170 — — 40,181 Sales — (2,203 ) — — — (994 ) (3,197 ) Issuances — — — — 55 493 548 Settlements — — — (257 ) (34 ) — (291 ) Balance at June 30, 2014 $ 6,085 $ 85,434 $ 34,047 $ 4,333 $ 1,325 $ 4,747 $ 135,971 (dollars in thousands) Six Months Ended June 30, 2015 Available for sale securities Corporates Non-Agency MBS Other ABS Venture Capital Fund Investments Servicing Asset Warrants Total Balance at December 31, 2014 $ — $ 173,099 $ 47,621 $ 3,704 $ 1,222 $ 4,304 $ 229,950 Transfers into Level 3 3,011 — — — — — 3,011 Transfers out of Level 3 — — — — — (38 ) (38 ) Total gains (losses): included in net income — — — 337 (9 ) 701 1,029 included in other comprehensive income — (22,929 ) (8,252 ) — — — (31,181 ) Purchases, sales, issuances and settlements: Purchases — 60,677 68,898 474 — — 130,049 Sales — (25,734 ) (1,293 ) — — (942 ) (27,969 ) Issuances — — — — 331 1,100 1,431 Settlements — — (283 ) (94 ) — (377 ) Balance at June 30, 2015 $ 3,011 $ 185,113 $ 106,974 $ 4,232 $ 1,450 $ 5,125 $ 305,905 (dollars in thousands) Six Months Ended June 30, 2014 Available for sale securities Corporates Non-Agency MBS Other ABS Venture Capital Fund Investments Servicing Asset Warrants Total Balance at December 31, 2013 $ 26,301 $ 52,170 $ 22,091 $ 4,066 $ 1,265 $ 5,105 $ 110,998 Transfers into Level 3 2,994 — 2,762 — — — 5,756 Transfers out of Level 3 (23,389 ) — — (953 ) — (1,369 ) (25,711 ) Total gains (losses): included in net income — — — 1,415 18 2,216 3,649 included in other comprehensive income 179 (4,405 ) (7,058 ) — — — (11,284 ) Purchases, sales, issuances and settlements: Purchases — 39,872 16,252 170 — — 56,294 Sales — (2,203 ) — — — (1,800 ) (4,003 ) Issuances — — — — 110 595 705 Settlements — — — (365 ) (68 ) — (433 ) Balance at June 30, 2014 $ 6,085 $ 85,434 $ 34,047 $ 4,333 $ 1,325 $ 4,747 $ 135,971 For the three and six months ended June 30, 2015 , one available for sale securities was transferred from Level 2 due to lack of observable inputs to substantiate a Level 2 valuation. For the three months ended June 30, 2014 , no available for sale securities were transferred from Level 2 due to lack of observable inputs to substantiate a Level 2 valuation. For the six months ended June 30, 2014 , two available for sale securities were transferred from Level 2 due to lack of observable inputs to substantiate a Level 2 valuation. Investments in Entities that Calculate Net Asset Value Per Share FASB guidance (ASC 825-10-50-6A) requires disclosures about the fair value measurements of investments in certain entities that calculate net asset value per share or its equivalents. These disclosures include the fair value of funds; significant investment strategies of the investees; for investments that cannot be redeemed, estimates of the time periods over which underlying assets are expected to be liquidated; the amounts of the Company's unfunded commitments; redemption features of the investments; restrictions on the ability to sell the investments; and information about sales in certain circumstances. The Company has investments in venture capital funds that calculate net asset value per share. The Company's investments in venture capital funds generally cannot be redeemed. Alternatively, the Company expects distributions, if any, to be received primarily through M&A activity and IPOs of the underlying assets of the fund. The Company currently does not have any plans to sell any of these fund investments. If the Company decides to sell these investments in the future, generally the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between the Company's measurement date and the date of the fund investment’s net asset value based on the most recently available financial information from the investee general partner. The most recently available financial information is generally as of the end of the previous quarter. For example, the June 30, 2015 financial statements reflect the March 31, 2015 financial information from the investee general partner, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following tables summarize the estimated fair values and remaining unfunded commitments for these investments: (in thousands) June 30, 2015 Carrying Value Fair Value Unfunded Commitments Venture capital fund investments $ 4,232 $ 4,232 $ 1,634 Total $ 4,232 $ 4,232 $ 1,634 (in thousands) December 31, 2014 Carrying Value Fair Value Unfunded Commitments Venture capital fund investments $ 3,704 $ 3,704 $ 2,076 Total $ 3,704 $ 3,704 $ 2,076 Venture capital fund investments include investments made by Square 1 Financial, Inc. and Square 1 Bank. These investments represent commitments to venture capital funds that invest in or lend money to primarily U.S. and global technology and life sciences companies and invest in U.S. based venture capital funds themselves. It is estimated that the Company will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. At June 30, 2015 , the $4.2 million venture capital fund investments valuation consisted of $1.6 million of Bank investments primarily for CRA purposes, $1.6 million from Square 1 Ventures, and $1.0 million of holding company investments. Fair Value of Assets Measured on a Non-recurring Basis Foreclosed Assets — Upon acquisition, foreclosed assets are initially recorded at the fair value of the asset less cost to sell. Any excess of the recorded investment over the fair value of the property received is charged to the allowance for loan losses. Subsequently, foreclosed assets are carried at the lower of carrying value or net realizable value. Reviews will be performed by management and any subsequent write-downs due to the excess of carrying value of a property over its estimated fair value (less estimated costs to sell) are charged against other expenses. Foreclosed assets are included in other assets in the accompanying consolidated balance sheets. The following table presents information about the Company's assets measured at fair value on a non-recurring basis: (in thousands) Quoted Prices in Significant Other Significant Ending (Level 1) (Level 2) (Level 3) June 30, 2015 Impaired loans $ — $ — $ 9,754 $ 9,754 December 31, 2014 Impaired loans $ — $ — $ 9,135 $ 9,135 Financial Instruments Not Carried at Fair Value FASB issued guidance over financial instruments (ASC 825-10-65) requires that the Company disclose estimated fair values for the Company's financial instruments not carried at fair value. Fair value estimates, methods and assumptions, set forth below for the Company's financial instruments, are made solely to comply with the requirements of ASC 825. Fair values are based on estimates or calculations at the transaction level using present value techniques in instances where quoted market prices are not available. Because broadly traded markets do not exist for many of the Company's financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. Fair valuations are management’s estimates of the values, and they are calculated based on indicator prices corroborated by observable market quotes or pricing models, the economic and competitive environment, the characteristics of the financial instruments, expected losses, and other such factors. These calculations are subjective in nature, involve uncertainties and matters of significant judgment, and do not include tax ramifications; therefore, the results cannot be determined with precision or substantiated by comparison to independent markets, and they may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein does not represent, and should not be construed to represent, the underlying value of the Company. The following describes the methods and assumptions used in estimating the fair values of financial instruments, excluding financial instruments already recorded at fair value as described above. Cash and due from banks, federal funds sold and short-term investments The carrying amounts for cash and due from banks, federal funds sold and short-term investments approximate fair value because of the short maturities of those instruments. Loans The fair value of the net loan portfolio has been estimated based on management’s assumptions with respect to present value of expected cash flows, discounted at an interest rate giving consideration to estimated prepayment risk and credit loss factors. There is no material difference between carrying value and fair value of loans as outstanding loans are predominately at variable rates. Investment securities—held to maturity The fair value of investment securities held to maturity are based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. FHLB stock The carrying amount of FHLB stock approximates fair value as it is not practicable to determine the fair value due to restrictions placed on its transferability. Accrued Interest Receivable The carrying amount of accrued interest receivable approximates fair value due to the short-term nature of the balance. Deposits The fair values of deposits with no stated maturities are predominately at variable rates and, accordingly, the fair values have been estimated to equal the carrying amounts (the amount payable on demand). The fair values of certificates of deposits are estimated by discounting the future cash flows using the current rates offered for similar deposits with the same remaining maturities. Short-term borrowings The Company’s short-term borrowings include securities sold under repurchase agreements, federal funds purchased and short-term lines of credit. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the borrowing and its contractual maturity. Long-term debt The Company’s long-term debt includes the Company’s convertible subordinated debentures. Fair value of long-term debt is estimated by discounting the future cash flows using current rates offered with the same maturities, price indications from reputable dealers or utilizing observable market prices of the underlying instrument, whichever is deemed more reliable. Financial instruments with off-balance sheet risk With regard to financial instruments with off-balance sheet risk discussed in Note 16, carrying amounts are reasonable estimates of the fair values for such financial instruments. Commitments to extend credit generally result in loans with a market interest rate if funded. The following tables present the estimated fair values of the Company's financial instruments that are not carried at fair value: (in thousands) June 30, 2015 Carrying Quoted Prices in Significant Other Significant Estimated Financial assets: Cash and cash equivalents $ 387,347 $ 387,347 $ — $ — $ 387,347 Investment in time deposits 1,002 1,002 — — 1,002 Investment securities—held to maturity 392,872 — 386,395 6,420 392,815 Loans, net of unearned income 1,516,032 — — 1,512,363 1,512,363 FHLB stock 2,787 — — 2,787 2,787 Accrued interest receivable 13,110 — 13,110 — 13,110 Financial liabilities: Non-maturity deposits(1) 3,554,380 3,554,380 — — 3,554,380 Time deposits 9,384 — 9,369 — 9,369 Off-balance sheet financial assets: Future financing commitments — — — 1,431,391 1,431,391 (1) Includes noninterest demand deposits, interest-bearing demand deposits and money market deposits. (in thousands) December 31, 2014 Carrying Quoted Prices in Significant Other Significant Estimated Financial assets: Cash and cash equivalents $ 85,942 $ 85,942 $ — $ — $ 85,942 Investment in time deposits 1,251 1,251 — — 1,251 Investment securities—held to maturity 300,425 — 299,986 6,420 306,406 Loans, net of unearned income 1,346,449 — — 1,336,470 1,336,470 FHLB stock 2,091 — — 2,091 2,091 Accrued interest receivable 11,878 — 11,878 — 11,878 Financial liabilities: Non-maturity deposits(1) 2,760,232 2,760,232 — — 2,760,232 Time deposits 16,320 — 16,268 — 16,268 Off-balance sheet financial assets: Future financing commitments — — — 1,232,078 1,232,078 (1) Includes noninterest demand deposits, interest-bearing demand deposits and money market deposits. |