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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of assets measured at fair value on a recurring basis

June 30, 2020		Level 1   Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Debt securities available-for-sale:
U.S. government agency		$	—		$	78,935		$	—		$	78,935
Municipal			—			198,310			—			198,310
Mortgage-backed:
Agency residential			—			216,869			—			216,869
Agency commercial			—			138,149			—			138,149
Corporate			—			69,090			—			69,090
Equity securities with readily determinable fair values			3,263			—			—			3,263
Mortgage servicing rights			—			—			5,839			5,839
Derivative financial assets			—			22,965			—			22,965
Derivative financial liabilities			—			24,639			—			24,639

December 31, 2019		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Debt securities available-for-sale:
U.S. government agency		$	—		$	49,615		$	—		$	49,615
Municipal			—			133,738			—			133,738
Mortgage-backed:
Agency residential			—			200,678			—			200,678
Agency commercial			—			134,954			—			134,954
Corporate			—			73,419			—			73,419
Equity securities with readily determinable fair values			3,241			—			—			3,241
Mortgage servicing rights			—			—			8,518			8,518
Derivative financial assets			—			8,642			—			8,642
Derivative financial liabilities			—			9,318			—			9,318

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):

June 30, 2020		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	5,839		Discounted cash flows		Constant pre-payment rates (CPR)		7.0% to 77.3%  (16.5%)
							Discount rate		9.0% to 11.0%  (9.0%)
December 31, 2019		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	8,518		Discounted cash flows		Constant pre-payment rates (CPR)		7.0% to 68.5%  (12.3%)
							Discount rate		9.0% to 11.0%  (9.0%)

Summary of assets measured at fair value on a nonrecurring basis

June 30, 2020		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Loans held for sale		$	—		$	25,934		$	—		$	25,934
Collateral-dependent impaired loans			—			—			12,204			12,204
Bank premises held for sale			—			—			121			121
Foreclosed assets			—			—			4,450			4,450

December 31, 2019		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Loans held for sale		$	—		$	4,531		$	—		$	4,531
Collateral-dependent impaired loans			—			—			15,811			15,811
Bank premises held for sale			—			—			121			121
Foreclosed assets			—			—			5,099			5,099

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):

June 30, 2020		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Collateral-dependent impaired loans		$	12,204		Appraisal of collateral		Appraisal adjustments		Not meaningful
Bank premises held for sale			121		Appraisal		Appraisal adjustments		7%  (7%)
Foreclosed assets			4,450		Appraisal		Appraisal adjustments		7%  (7%)
December 31, 2019		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Collateral-dependent impaired loans		$	15,811		Appraisal of collateral		Appraisal adjustments		Not meaningful
Bank premises held for sale			121		Appraisal		Appraisal adjustments		7%  (7%)
Foreclosed assets			5,099		Appraisal		Appraisal adjustments		7%  (7%)

Summary information on the carrying amounts and estimated fair values of the Company’s financial instruments

		Fair Value		June 30, 2020						December 31, 2019
		Hierarchy		Carrying			Estimated			Carrying			Estimated
		Level		Amount			Fair Value			Amount			Fair Value
					(dollars in thousands)
Financial assets:
Cash and cash equivalents		Level 1		$	314,365		$	314,365		$	283,971		$	283,971
Interest-bearing time deposits with banks		Level 1			—			—			248			248
Debt securities held-to-maturity		Level 2			73,823			78,317			88,477			90,529
Restricted stock		Level 3			2,498			2,498			2,425			2,425
Loans, net		Level 3			2,246,072			2,259,411			2,141,527			2,181,103
Investments in unconsolidated subsidiaries		Level 3			1,165			1,165			1,165			1,165
Accrued interest receivable		Level 2			12,661			12,661			13,951			13,951
Financial liabilities:
Time deposits		Level 3			310,818			312,873			356,408			355,340
Securities sold under agreements to repurchase		Level 2			51,354			51,354			44,433			44,433
Subordinated debentures		Level 3			37,616			31,507			37,583			31,959
Accrued interest payable		Level 2			821			821			1,132			1,132

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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).

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

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