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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of assets measured at fair value on a recurring basis |
September 30, 2019 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency |  | $ | — |  | $ | 39,574 |  | $ | — |  | $ | 39,574
Municipal |  |  | — |  |  | 152,499 |  |  | — |  |  | 152,499
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  |  | — |  |  | 218,246 |  |  | — |  |  | 218,246
Agency commercial |  |  | — |  |  | 129,449 |  |  | — |  |  | 129,449
Private-label |  |  | — |  |  | 22 |  |  | — |  |  | 22
Corporate |  |  | — |  |  | 78,330 |  |  | — |  |  | 78,330
Equity securities with readily determinable fair values |  |  | 3,251 |  |  | — |  |  | — |  |  | 3,251
Mortgage servicing rights |  |  | — |  |  | — |  |  | 7,936 |  |  | 7,936
Derivative financial assets |  |  | — |  |  | 11,766 |  |  | — |  |  | 11,766
Derivative financial liabilities |  |  | — |  |  | 12,664 |  |  | — |  |  | 12,664
December 31, 2018 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency |  | $ | — |  | $ | 46,866 |  | $ | — |  | $ | 46,866
Municipal |  |  | — |  |  | 161,450 |  |  | — |  |  | 161,450
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  |  | — |  |  | 234,303 |  |  | — |  |  | 234,303
Agency commercial |  |  | — |  |  | 150,081 |  |  | — |  |  | 150,081
Private-label |  |  | — |  |  | 256 |  |  | — |  |  | 256
Corporate |  |  | — |  |  | 86,570 |  |  | — |  |  | 86,570
Equity securities with readily determinable fair values |  |  | 3,081 |  |  | — |  |  | — |  |  | 3,081
Mortgage servicing rights |  |  | — |  |  | — |  |  | 10,918 |  |  | 10,918
Derivative financial assets |  |  | — |  |  | 3,225 |  |  | — |  |  | 3,225
Derivative financial liabilities |  |  | — |  |  | 3,074 |  |  | — |  |  | 3,074
Schedule of quantitative information about the unobservable inputs used in recurring Level 3 fair value measurements | The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):
September 30, 2019 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 7,936 |  | Discounted cash flows |  | Constant pre-payment rates (CPR) |  | 7.1% to 68.5% (14.1%)
|  |  |  |  |  |  | Discount rate |  | 9.0% to 11.0% (9.0%)
December 31, 2018 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 10,918 |  | Discounted cash flows |  | Constant pre-payment rates (CPR) |  | 7.5% to 87.6% (8.9%)
|  |  |  |  |  |  | Discount rate |  | 9.0% to 11.0% (9.0%)
Summary of assets measured at fair value on a nonrecurring basis |
September 30, 2019 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Loans held for sale |  | $ | — |  | $ | 7,608 |  | $ | — |  | $ | 7,608
Collateral-dependent impaired loans |  |  | — |  |  | — |  |  | 13,124 |  |  | 13,124
Bank premises held for sale |  |  | — |  |  | — |  |  | 121 |  |  | 121
Foreclosed assets |  |  | — |  |  | — |  |  | 6,574 |  |  | 6,574
December 31, 2018 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
|  |  | (dollars in thousands)
Loans held for sale |  | $ | — |  | $ | 2,800 |  | $ | — |  | $ | 2,800
Collateral-dependent impaired loans |  |  | — |  |  | — |  |  | 7,355 |  |  | 7,355
Bank premises held for sale |  |  | — |  |  | — |  |  | 749 |  |  | 749
Foreclosed assets |  |  | — |  |  | — |  |  | 9,559 |  |  | 9,559
Schedule of quantitative information about the unobservable inputs used in non-recurring Level 3 fair value measurements | The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands).
September 30, 2019 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent impaired loans |  | $ | 13,124 |  | Appraisal of collateral |  | Appraisal adjustments |  | 20% to 40% (25%)
Bank premises held for sale |  |  | 121 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Foreclosed assets |  |  | 6,574 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
December 31, 2018 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent impaired loans |  | $ | 7,355 |  | Appraisal of collateral |  | Appraisal adjustments |  | 20% to 40% (25%)
Bank premises held for sale |  |  | 749 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Foreclosed assets |  |  | 9,559 |  | Appraisal |  | Appraisal adjustments |  | 7% (7%)
Summary information on the carrying amounts and estimated fair values of the Company’s financial instruments |
|  | Fair Value |  | September 30, 2019 |  | December 31, 2018
|  | Hierarchy |  | Carrying |  | Estimated |  | Carrying |  | Estimated
|  | Level |  | Amount |  | Fair Value |  | Amount |  | Fair Value
|  |  |  |  | (dollars in thousands)
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 154,941 |  | $ | 154,941 |  | $ | 186,879 |  | $ | 186,879
Interest-bearing time deposits with banks |  | Level 1 |  |  | 248 |  |  | 248 |  |  | 248 |  |  | 248
Securities held-to-maturity |  | Level 2 |  |  | 99,861 |  |  | 102,378 |  |  | 121,715 |  |  | 121,506
Restricted stock |  | Level 3 |  |  | 2,425 |  |  | 2,425 |  |  | 2,719 |  |  | 2,719
Loans, net |  | Level 3 |  |  | 2,148,253 |  |  | 2,185,888 |  |  | 2,123,748 |  |  | 2,125,698
Investments in unconsolidated subsidiaries |  | Level 3 |  |  | 1,165 |  |  | 1,165 |  |  | 1,165 |  |  | 1,165
Accrued interest receivable |  | Level 2 |  |  | 14,816 |  |  | 14,816 |  |  | 15,300 |  |  | 15,300
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | Level 3 |  |  | 364,120 |  |  | 362,593 |  |  | 424,747 |  |  | 419,333
Securities sold under agreements to repurchase |  | Level 2 |  |  | 32,267 |  |  | 32,267 |  |  | 46,195 |  |  | 46,195
Subordinated debentures |  | Level 3 |  |  | 37,566 |  |  | 31,754 |  |  | 37,517 |  |  | 32,149
Accrued interest payable |  | Level 2 |  |  | 1,172 |  |  | 1,172 |  |  | 1,207 |  |  | 1,207

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + 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 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: 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 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + 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 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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