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Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Financial instruments that were measured at fair value on a recurring and nonrecurring basis

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at June 30, 2020.

($ in thousands)
Description of Financial Instruments		Fair Value at June 30, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Recurring
Securities available for sale:
Government-sponsored enterprise securities		$	45,394			—			45,394			—
Mortgage-backed securities		694,299				—			694,299			—
Corporate bonds		45,139				—			45,139			—
Total available for sale securities		$	784,832			—			784,832			—
Presold mortgages in process of settlement		$	31,015			31,015			—			—
Nonrecurring
Impaired loans		$	16,783			—			—			16,783
Foreclosed real estate		1,151				—			—			1,151

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2019.

($ in thousands)
Description of Financial Instruments		Fair Value at December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Recurring
Securities available for sale:
Government-sponsored enterprise securities		$	20,009			—			20,009			—
Mortgage-backed securities		767,285				—			767,285			—
Corporate bonds		34,651				—			34,651			—
Total available for sale securities		$	821,945			—			821,945			—
Presold mortgages in process of settlement		$	19,712			19,712			—			—
Nonrecurring
Impaired loans		$	16,215			—			—			16,215
Foreclosed real estate		1,830				—			—			1,830

Schedule of significant unobservable inputs

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)
Description		Fair Value at June 30, 2020				Valuation Technique		Significant Unobservable Inputs		Range (Weighted Average)
Impaired loans - valued at collateral value		$	11,150			Appraised value		Discounts applied for estimated costs to sell		10%
Impaired loans - valued at PV of expected cash flows		5,633				PV of expected cash flows		Discount rates used in the calculation of PV of expected cash flows		4-11% (6.26%)
Foreclosed real estate		1,151				Appraised value		Discounts for estimated costs to sell		10%

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)
Description		Fair Value at December 31, 2019				Valuation Technique		Significant Unobservable Inputs		Range (Weighted Average)
Impaired loans - valued at collateral value		$	10,718			Appraised value		Discounts applied for estimated costs to sell		10%
Impaired loans - valued at PV of expected cash flows		5,497				PV of expected cash flows		Discount rates used in the calculation of PV of expected cash flows		4-11% (6.50%)
Foreclosed real estate		1,830				Appraised value		Discounts for estimated costs to sell		10%

Schedule of the carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments not carried at fair value at June 30, 2020 and December 31, 2019 are as follows:

			June 30, 2020							December 31, 2019
($ in thousands)	Level in Fair Value Hierarchy		Carrying Amount				Estimated Fair Value			Carrying Amount			Estimated Fair Value
Cash and due from banks, noninterest-bearing	Level 1		$	94,684			94,684			64,519			64,519
Due from banks, interest-bearing	Level 1		584,830				584,830			166,783			166,783
Securities held to maturity	Level 2		94,924				96,318			67,932			68,333
SBA loans held for sale	Level 2		3,382				3,734			—			—
Total loans, net of allowance	Level 3		4,727,721				4,720,772			4,432,068			4,407,610
Accrued interest receivable	Level 1		19,943				19,943			16,648			16,648
Bank-owned life insurance	Level 1		105,712				105,712			104,441			104,441
SBA Servicing Asset	Level 3		4,671				4,973			5,383			5,649
Deposits	Level 2		5,831,138				5,833,990			4,931,355			4,930,751
Borrowings	Level 2		112,199				103,001			300,671			295,399
Accrued interest payable	Level 2		1,525				1,525			2,154			2,154

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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