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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

The following tables present the balances of the assets measured at fair value on a recurring basis:

						September 30, 2023
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available-for-sale:
U.S. Treasury						$	154,394					$	—					$	—					$	154,394
U.S. government agency						—						50,715						—						50,715
Municipal						—						195,201						—						195,201
Mortgage-backed:
Agency residential						—						177,050						—						177,050
Agency commercial						—						124,329						—						124,329
Corporate						—						51,474						—						51,474
Equity securities with readily determinable fair values						3,106						—						—						3,106
Mortgage servicing rights						—						—						20,156						20,156
Derivative financial assets						—						10,188						—						10,188
Derivative financial liabilities						—						9,674						—						9,674

						December 31, 2022
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
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):

September 30, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

20,156

Discounted cash flows

Constant pre-payment rates (CPR)

6.5% to 41.5% (8.2%)

Discount rate

9.0% to 45.9% (9.8%)

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

The following tables present the balances of the assets measured at fair value on a nonrecurring basis:

						September 30, 2023
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans held for sale						$	—					$	3,563					$	—					$	3,563
Collateral-dependent loans						—						—						31,484						31,484
Bank premises held for sale						—						—						35						35
Foreclosed assets						—						—						1,519						1,519

						December 31, 2022
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
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):

September 30, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans

$

31,484

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

35

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

1,519

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

The following table provides summary information on the carrying amounts and estimated fair values of the Company’s financial instruments:

(dollars in thousands)						Fair Value Hierarchy Level						September 30, 2023												December 31, 2022
												Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents						Level 1						$	111,913					$	111,913					$	114,159					$	114,159
Debt securities held-to-maturity						Level 2						527,144						450,313						541,600						478,801
Restricted stock						Level 3						11,165						11,165						7,965						7,965
Loans, net						Level 3						3,303,923						3,252,850						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						23,447						23,447						19,506						19,506
Financial liabilities:
Time deposits						Level 3						679,607						668,960						262,968						253,619
Securities sold under agreements to repurchase						Level 2						28,900						28,900						43,081						43,081
Subordinated notes						Level 3						39,454						36,852						39,395						37,205
Junior subordinated debentures						Level 3						52,774						43,600						37,780						37,030
Accrued interest payable						Level 2						3,707						3,707						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.

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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).

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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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