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Component: (Network and Table)
Network
32403 - Disclosure - Fair Value Measurements (Tables)
(http://www.cardinalbank.com/role/DisclosureFairValueMeasurementsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001060523 (http://www.sec.gov/CIK)
Fair Value MeasurementsPeriod [Axis]
2016-01-01 - 2016-12-31
Fair Value Measurements
 
Schedule of assets and liabilities measured at fair value on a recurring basis

 

At December 31, 2016

(In Thousands)

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices in
Active markets for
Identical Assets

 

Significant
Other
Observable
Inputs

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

U.S. government-sponsored agencies

 

$
49,608 

 

$

—

 

$
49,608 

 

$

—

 

Mortgage-backed securities

 
176,270 

 

—

 
176,270 

 

—

 

Municipal securities

 
162,313 

 

—

 
162,313 

 

—

 

 

 

 

 

 

 

 

 

 

 

Total investment securities available-for-sale

 
388,191 

 

—

 
388,191 

 

—

 

 

 

 

 

 

 

 

 

 

 

Investment securities — trading

 
8,383 

 

—

 
8,383 

 

—

 

Loans held for sale

 
145,231 

 

—

 

—

 
145,231 

 

Bank-owned life insurance

 
33,388 

 

—

 
33,388 

 

—

 

Derivative asset - rate lock commitments

 
6,539 

 
0 

 
6170 

 
369 

 

Derivative asset — forward loan sales commitments

 
2,861 

 

—

 
2,861 

 

—

 

Derivative asset — TBA mortgage-backed securities

 
1,928 

 
1,928 

 

—

 

—

 

Derivative liability - forward loan sales commitments

 
1,029 

 

—

 
1,029 

 

 

 

Derivative liability — interest rate lock commitments

 
2,764 

 

—

 
2,764 

 

—

 

 

At December 31, 2015

(In Thousands)

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices in
Active markets for
Identical Assets

 

Significant
Other
Observable
Inputs

 

Significant
Unobservable
Inputs

 

Description

 

Balance

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

U.S. government-sponsored agencies

 

$
72,905 

 

$

—

 

$
72,905 

 

$

—

 

Mortgage-backed securities

 
162,724 

 

—

 
162,724 

 

—

 

Municipal securities

 
178,448 

 

—

 
178,448 

 

—

 

 

 

 

 

 

 

 

 

 

 

Total investment securities available-for-sale

 
414,077 

 

—

 
414,077 

 

—

 

 

 

 

 

 

 

 

 

 

 

Investment securities — trading

 
5,881 

 

—

 
5,881 

 

—

 

Bank-owned life insurance

 
32,978 

 

—

 
32,978 

 

—

 

Derivative asset - rate lock and forward loan sales commitments

 
18,353 

 

—

 
18,353 

 

—

 

Derivative asset — interest rate lock commitments

 
729 

 

—

 
729 

 

—

 

Derivative asset — TBA mortgage-backed securities

 
64 

 
64 

 

—

 

 

 

Derivative liability - rate lock and forward loan sales commitments

 
1,587 

 

—

 
1,587 

 

—

 

Derivative liability — interest rate lock commitments

 
690 

 

—

 
690 

 

—

 

Derivative liability — TBA mortgage-backed securities

 
181 

 
181 

 

—

 

—

 

 

  
Schedule of reconciliation of recurring fair value measurements of interest rate lock commitments and loans held for sale categorized as Level 3

 

(In thousands)

 

2016

 

Beginning Balance, January 1

 

$

—

 

Originations of loans held for sale

 
1,173,316

 

Sales of loans held for sale

 
(1,066,240

)

Gains or losses during the period recognized in earnings

 
38,155

 

 

 

 

 

Ending Balance, December 31

 

$
145,231

 

 

 

 

 

 

 

  
Schedule of quantitative information of significant unobservable inputs used in Level 3 fair value measurement of interest rate lock commitments and loans held for sale

 

 

 

Fair Value at

 

Valuation

 

Unobservable

 

Range

 

(In thousands)

 

December 31, 2016

 

Technique

 

Input

 

(Weighted Average)

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

 

$
145,231 

 

Market Pricing Analysis

 

Historical Sales Prices

 

0.03 - 0.54% (0.22%)

 

Derivative asset attributable to mandatory rate lock commitments

 
369 

 

Market Pricing Analysis

 

Historical Sales Prices

 

0.03 - 0.54% (0.22%)

 

 

  
Summary of the carrying amount of financial assets and liabilities that the Company has not recorded at fair value on a recurring or nonrecurring basis

 

 

 

December 31, 2016

 

 

 

Carrying

 

Estimated

 

Fair Value Measurements Using

 

(In thousands)

 

Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$
97,832 

 

$
97,832 

 

$
97,832 

 

$

—

 

$

—

 

Investment securities held-to-maturity and other investments

 
19,963 

 
19,393 

 

—

 
19,393 

 

—

 

Loans held for sale

 
140,620 

 
141,292 

 

—

 
141,292 

 

—

 

Loans receivable, net

 
3,249,392 

 
3,201,600 

 

—

 
1,592 

 
3,200,008 

 

Accrued interest receivable

 
10,867 

 
10,867 

 
10,867 

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$
733,475 

 

$
733,475 

 

$
733,475 

 

$

—

 

$

—

 

Interest checking

 
453,863 

 
453,863 

 
453,863 

 

—

 

—

 

Money market and statement savings

 
812,753 

 
812,753 

 
812,753 

 

—

 

—

 

Certificates of deposit

 
1,282,609 

 
1,281,947 

 

—

 
1,281,947 

 

—

 

Other borrowed funds

 
426,671 

 
427,772 

 

—

 
427,772 

 

—

 

Accrued interest payable

 
943 

 
943 

 
943 

 

—

 

—

 

 

 

 

December 31, 2015

 

 

 

Carrying

 

Estimated

 

Fair Value Measurements Using

 

(In thousands)

 

Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$
39,337 

 

$
39,337 

 

$
39,337 

 

$

—

 

$

—

 

Investment securities held-to-maturity and other investments

 
24,803 

 
24,278 

 

—

 
20,970 

 
3,308 

 

Loans held for sale

 
383,768 

 
383,768 

 

—

 
383,768 

 

—

 

Loans receivable, net

 
3,024,587 

 
3,005,260 

 

—

 
707 

 
3,004,553 

 

Accrued interest receivable

 
10,633 

 
10,633 

 
10,633 

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$
657,398 

 

$
657,398 

 

$
657,398 

 

$

—

 

$

—

 

Interest checking

 
451,545 

 
451,545 

 
451,545 

 

—

 

—

 

Money market and statement savings

 
740,372 

 
740,372 

 
740,372 

 

—

 

—

 

Certificates of deposit

 
1,183,456 

 
1,185,188 

 

—

 
1,185,188 

 

—

 

Other borrowed funds

 
537,965 

 
540,755 

 

—

 
540,755 

 

—

 

Accrued interest payable

 
1,266 

 
1,266 

 
1,266 

 

—

 

—