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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Summary of assets measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2023 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Debt securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 155,140 | ​ | $ | — | ​ | $ | — | ​ | $ | 155,140
U.S. government agency | ​ | ​ | — | ​ | ​ | 52,424 | ​ | ​ | — | ​ | ​ | 52,424
Municipal | ​ | ​ | — | ​ | ​ | 244,055 | ​ | ​ | — | ​ | ​ | 244,055
Mortgage-backed: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency residential | ​ | ​ | — | ​ | ​ | 189,550 | ​ | ​ | — | ​ | ​ | 189,550
Agency commercial | ​ | ​ | — | ​ | ​ | 130,886 | ​ | ​ | — | ​ | ​ | 130,886
Corporate | ​ | ​ | — | ​ | ​ | 50,733 | ​ | ​ | — | ​ | ​ | 50,733
Equity securities with readily determinable fair values | ​ | ​ | 3,152 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,152
Mortgage servicing rights | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,133 | ​ | ​ | 20,133
Derivative financial assets | ​ | ​ | — | ​ | ​ | 8,640 | ​ | ​ | — | ​ | ​ | 8,640
Derivative financial liabilities | ​ | ​ | — | ​ | ​ | 8,053 | ​ | ​ | — | ​ | ​ | 8,053
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Debt securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 154,515 | ​ | $ | — | ​ | $ | — | ​ | $ | 154,515
U.S. government agency | ​ | ​ | — | ​ | ​ | 55,157 | ​ | ​ | — | ​ | ​ | 55,157
Municipal | ​ | ​ | — | ​ | ​ | 243,829 | ​ | ​ | — | ​ | ​ | 243,829
Mortgage-backed: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency residential | ​ | ​ | — | ​ | ​ | 195,441 | ​ | ​ | — | ​ | ​ | 195,441
Agency commercial | ​ | ​ | — | ​ | ​ | 132,888 | ​ | ​ | — | ​ | ​ | 132,888
Corporate | ​ | ​ | — | ​ | ​ | 61,694 | ​ | ​ | — | ​ | ​ | 61,694
Equity securities with readily determinable fair values | ​ | ​ | 3,029 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,029
Mortgage servicing rights | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,147 | ​ | ​ | 10,147
Derivative financial assets | ​ | ​ | — | ​ | ​ | 7,610 | ​ | ​ | — | ​ | ​ | 7,610
Derivative financial liabilities | ​ | ​ | — | ​ | ​ | 6,981 | ​ | ​ | — | ​ | ​ | 6,981
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, 2023 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights | ​ | $ | 20,133 | ​ | Discounted cash flows | ​ | Constant pre-payment rates (CPR) | ​ | 6.8% to 39.4% (8.0%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount rate | ​ | 9.0% to 23.4% (9.6%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | Fair Value | ​ | Valuation Technique | ​ | Unobservable Inputs | ​ | Range (Weighted Average)
Mortgage servicing rights | ​ | $ | 10,147 | ​ | Discounted cash flows | ​ | Constant pre-payment rates (CPR) | ​ | 5.3% to 59.7% (8.2%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount rate | ​ | 9.0% to 11.7% (9.3%)
Summary of assets measured at fair value on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2023 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Loans held for sale | ​ | $ | — | ​ | $ | 8,829 | ​ | $ | — | ​ | $ | 8,829
Collateral-dependent loans | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32,767 | ​ | ​ | 32,767
Bank premises held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 35 | ​ | ​ | 35
Foreclosed assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,080 | ​ | ​ | 3,080
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
​ | ​ | ​ | (dollars in thousands)
Loans held for sale | ​ | $ | — | ​ | $ | 615 | ​ | $ | — | ​ | $ | 615
Collateral-dependent loans | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,460 | ​ | ​ | 17,460
Bank premises held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 235 | ​ | ​ | 235
Foreclosed assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,030 | ​ | ​ | 3,030
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, 2023 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans | ​ | $ | 32,767 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | Not meaningful
Bank premises held for sale | ​ | ​ | 35 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
Foreclosed assets | ​ | ​ | 3,080 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | Fair Value | ​ | Valuation Technique | ​ | Unobservable Inputs | ​ | Range (Weighted Average)
Collateral-dependent loans | ​ | $ | 17,460 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | Not meaningful
Bank premises held for sale | ​ | ​ | 235 | ​ | Appraisal | ​ | Appraisal adjustments | ​ | 7% (7%)
Foreclosed assets | ​ | ​ | 3,030 | ​ | 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, 2023 | ​ | December 31, 2022
​ | ​ | Hierarchy | ​ | Carrying | ​ | Estimated | ​ | Carrying | ​ | Estimated
​ |  | Level |  | Amount |  | Fair Value |  | Amount |  | Fair Value
​ | ​ | ​ | ​ | ​ | (dollars in thousands)
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | Level 1 | ​ | $ | 109,808 | ​ | $ | 109,808 | ​ | $ | 114,159 | ​ | $ | 114,159
Debt securities held-to-maturity | ​ | Level 2 | ​ | ​ | 533,231 | ​ | ​ | 469,921 | ​ | ​ | 541,600 | ​ | ​ | 478,801
Restricted stock | ​ | Level 3 | ​ | ​ | 11,345 | ​ | ​ | 11,345 | ​ | ​ | 7,965 | ​ | ​ | 7,965
Loans, net | ​ | Level 3 | ​ | ​ | 3,206,841 | ​ | ​ | 3,143,481 | ​ | ​ | 2,594,920 | ​ | ​ | 2,566,930
Investments in unconsolidated subsidiaries | ​ | Level 3 | ​ | ​ | 1,614 | ​ | ​ | 1,614 | ​ | ​ | 1,165 | ​ | ​ | 1,165
Accrued interest receivable | ​ | Level 2 | ​ | ​ | 19,900 | ​ | ​ | 19,900 | ​ | ​ | 19,506 | ​ | ​ | 19,506
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits | ​ | Level 3 | ​ | ​ | 469,355 | ​ | ​ | 457,327 | ​ | ​ | 262,968 | ​ | ​ | 253,619
Securities sold under agreements to repurchase | ​ | Level 2 | ​ | ​ | 38,729 | ​ | ​ | 38,729 | ​ | ​ | 43,081 | ​ | ​ | 43,081
Subordinated notes | ​ | Level 3 | ​ | ​ | 39,435 | ​ | ​ | 32,481 | ​ | ​ | 39,395 | ​ | ​ | 37,205
Junior subordinated debentures | ​ | Level 3 | ​ | ​ | 52,760 | ​ | ​ | 41,993 | ​ | ​ | 37,780 | ​ | ​ | 37,030
Accrued interest payable | ​ | Level 2 | ​ | ​ | 2,386 | ​ | ​ | 2,386 | ​ | ​ | 1,363 | ​ | ​ | 1,363

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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 recurring basis. + References No definition available. + Details
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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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