XML 58 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments 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 December 31, 2021.

Description of Financial Instruments ($ in thousands)						Fair Value at December 31, 2021						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						$	69,179					—						69,179						—
Mortgage-backed securities						2,514,805						—						2,514,805						—
Corporate bonds						46,430						—						46,430						—
Total available for sale securities						$	2,630,414					—						2,630,414						—
Presold mortgages in process of settlement						$	19,257					19,257						—						—
Nonrecurring
Individually evaluated loans						$	11,583					—						—						11,583
Foreclosed real estate						364						—						—						364

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2020.

Description of Financial Instruments ($ in thousands)						Fair Value at December 31, 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						$	70,206					—						70,206						—
Mortgage-backed securities						1,337,706						—						1,337,706						—
Corporate bonds						45,220						—						45,220						—
Total available for sale securities						$	1,453,132					—						1,453,132						—
Presold mortgages in process of settlement						$	42,271					42,271						—						—
Nonrecurring
Impaired loans						$	22,142					—						—						22,142
Foreclosed real estate						1,484						—						—						1,484

Schedule of Significant Unobservable Inputs

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)

Fair Value at December 31, 2021

Valuation Technique

Significant Unobservable Inputs

Range (Weighted Average)

Individually evaluated loans - collateral-dependent

$

7,326

Appraised value

Discounts applied for estimated costs to sell

10%

Individually evaluated loans - cash-flow dependent

4,257

PV of expected cash flows

Discount rates used in the calculation of PV of expected cash flows

4% - 11% (6.22%)

Foreclosed real estate

364

Appraised value

Discounts for estimated costs to sell

10%

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)

Fair Value at December 31, 2020

Valuation Technique

Significant Unobservable Inputs

Range (Weighted Average)

Impaired loans - valued at collateral value

$

16,000

Appraised value

Discounts applied for estimated costs to sell

10%

Impaired loans - valued at PV of expected cash flows

6,142

PV of expected cash flows

Discount rates used in the calculation of PV of expected cash flows

4% -11% (6.21%)

Foreclosed real estate

1,484

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 as of December 31, 2021 and 2020 are as follows:

									December 31, 2021												December 31, 2020
($ 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						$	128,228					128,228						93,724						93,724
Due from banks, interest-bearing			Level 1						332,934						332,934						273,566						273,566
Securities held to maturity			Level 2						513,825						511,699						167,551						170,734
Loans held for sale			Level 2						61,003						62,044						6,077						7,465
Total loans, net of allowance			Level 3						6,002,926						5,990,235						4,678,927						4,661,197
Accrued interest receivable			Level 1						25,896						25,896						20,272						20,272
Bank-owned life insurance			Level 1						165,786						165,786						106,974						106,974
SBA servicing asset			Level 3						5,472						5,546						5,788						6,569
Deposits			Level 2						9,124,629						9,124,701						6,273,596						6,275,329
Borrowings			Level 2						67,386						61,295						61,829						53,321
Accrued interest payable			Level 2						607						607						904						904

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=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=123874694&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=123874694&loc=d3e19207-110258

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123594938&loc=d3e13467-108611

Reference 2: 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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration