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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of assets measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2021 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Debt securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 60,295 | ​ | $ | — | ​ | $ | — | ​ | $ | 60,295
U.S. government agency | ​ | ​ | — | ​ | ​ | 129,693 | ​ | ​ | — | ​ | ​ | 129,693
Municipal | ​ | ​ | — | ​ | ​ | 298,747 | ​ | ​ | — | ​ | ​ | 298,747
Mortgage-backed: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency residential | ​ | ​ | — | ​ | ​ | 175,112 | ​ | ​ | — | ​ | ​ | 175,112
Agency commercial | ​ | ​ | — | ​ | ​ | 165,901 | ​ | ​ | — | ​ | ​ | 165,901
Corporate | ​ | ​ | — | ​ | ​ | 66,470 | ​ | ​ | — | ​ | ​ | 66,470
Equity securities with readily determinable fair values | ​ | ​ | 3,366 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,366
Mortgage servicing rights | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,359 | ​ | ​ | 7,359
Derivative financial assets | ​ | ​ | — | ​ | ​ | 9,526 | ​ | ​ | — | ​ | ​ | 9,526
Derivative financial liabilities | ​ | ​ | — | ​ | ​ | 10,505 | ​ | ​ | — | ​ | ​ | 10,505
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 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 | ​ | $ | — | ​ | $ | 121,993 | ​ | $ | — | ​ | $ | 121,993
Municipal | ​ | ​ | — | ​ | ​ | 274,261 | ​ | ​ | — | ​ | ​ | 274,261
Mortgage-backed: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency residential | ​ | ​ | — | ​ | ​ | 203,252 | ​ | ​ | — | ​ | ​ | 203,252
Agency commercial | ​ | ​ | — | ​ | ​ | 250,766 | ​ | ​ | — | ​ | ​ | 250,766
Corporate | ​ | ​ | — | ​ | ​ | 72,597 | ​ | ​ | — | ​ | ​ | 72,597
Equity securities with readily determinable fair values | ​ | ​ | 3,292 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,292
Mortgage servicing rights | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,934 | ​ | ​ | 5,934
Derivative financial assets | ​ | ​ | — | ​ | ​ | 15,360 | ​ | ​ | — | ​ | ​ | 15,360
Derivative financial liabilities | ​ | ​ | — | ​ | ​ | 16,818 | ​ | ​ | — | ​ | ​ | 16,818
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, 2021 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights | ​ | $ | 7,359 | ​ | Discounted cash flows | ​ | Constant pre-payment rates (CPR) | ​ | 7.0% to 83.4% (12.3%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount rate | ​ | 9.0% to 11.0% (9.0%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ | Fair Value | ​ | Valuation Technique | ​ | Unobservable Inputs | ​ | Range (Weighted Average)
Mortgage servicing rights | ​ | $ | 5,934 | ​ | Discounted cash flows | ​ | Constant pre-payment rates (CPR) | ​ | 7.0% to 85.0% (17.3%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount rate | ​ | 9.0% to 11.0% (9.0%)
Summary of assets measured at fair value on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2021 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Loans held for sale | ​ | $ | — | ​ | $ | 8,582 | ​ | $ | — | ​ | $ | 8,582
Collateral-dependent impaired loans | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 23,962 | ​ | ​ | 23,962
Bank premises held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,462 | ​ | ​ | 1,462
Foreclosed assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,315 | ​ | ​ | 7,315
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Loans held for sale | ​ | $ | — | ​ | $ | 14,713 | ​ | $ | — | ​ | $ | 14,713
Collateral-dependent impaired loans | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33,320 | ​ | ​ | 33,320
Bank premises held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 121 | ​ | ​ | 121
Foreclosed assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,168 | ​ | ​ | 4,168
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, 2021 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent impaired loans | ​ | $ | 23,962 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | Not meaningful
Bank premises held for sale | ​ | ​ | 1,462 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
Foreclosed assets | ​ | ​ | 7,315 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ | Fair Value | ​ | Valuation Technique | ​ | Unobservable Inputs | ​ | Range (Weighted Average)
Collateral-dependent impaired loans | ​ | $ | 33,320 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | Not meaningful
Bank premises held for sale | ​ | ​ | 121 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
Foreclosed assets | ​ | ​ | 4,168 | ​ | 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, 2021 | ​ | December 31, 2020
​ | ​ | Hierarchy | ​ | Carrying | ​ | Estimated | ​ | Carrying | ​ | Estimated
​ |  | Level |  | Amount |  | Fair Value |  | Amount |  | Fair Value
​ | ​ | ​ | ​ | ​ | (dollars in thousands)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | Level 1 | ​ | $ | 471,929 | ​ | $ | 471,929 | ​ | $ | 312,451 | ​ | $ | 312,451
Debt securities held-to-maturity | ​ | Level 2 | ​ | ​ | 318,730 | ​ | ​ | 321,156 | ​ | ​ | 68,395 | ​ | ​ | 72,441
Restricted stock | ​ | Level 3 | ​ | ​ | 2,739 | ​ | ​ | 2,739 | ​ | ​ | 2,498 | ​ | ​ | 2,498
Loans, net | ​ | Level 3 | ​ | ​ | 2,122,951 | ​ | ​ | 2,141,308 | ​ | ​ | 2,215,168 | ​ | ​ | 2,235,767
Investments in unconsolidated subsidiaries | ​ | Level 3 | ​ | ​ | 1,165 | ​ | ​ | 1,165 | ​ | ​ | 1,165 | ​ | ​ | 1,165
Accrued interest receivable | ​ | Level 2 | ​ | ​ | 13,376 | ​ | ​ | 13,376 | ​ | ​ | 14,255 | ​ | ​ | 14,255
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits | ​ | Level 3 | ​ | ​ | 271,762 | ​ | ​ | 272,105 | ​ | ​ | 299,474 | ​ | ​ | 300,989
Securities sold under agreements to repurchase | ​ | Level 2 | ​ | ​ | 47,957 | ​ | ​ | 47,957 | ​ | ​ | 45,736 | ​ | ​ | 45,736
Subordinated notes | ​ | Level 3 | ​ | ​ | 39,297 | ​ | ​ | 42,371 | ​ | ​ | 39,238 | ​ | ​ | 38,403
Junior subordinated debentures | ​ | Level 3 | ​ | ​ | 37,698 | ​ | ​ | 32,270 | ​ | ​ | 37,648 | ​ | ​ | 23,766
Accrued interest payable | ​ | Level 2 | ​ | ​ | 483 | ​ | ​ | 483 | ​ | ​ | 1,151 | ​ | ​ | 1,151

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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=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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring 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
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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=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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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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=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
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