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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Summary of assets measured at fair value on a recurring basis | The following tables summarize assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:
|  | December 31, 2023
(dollars in thousands) |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Debt securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 148,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 148,622 |
U.S. government agency |  | — |  |  | 52,097 |  |  | — |  |  | 52,097 |
Municipal |  | — |  |  | 205,557 |  |  | — |  |  | 205,557 |
Mortgage-backed: |  |  |  |  |  |  |  |
Agency residential |  | — |  |  | 173,984 |  |  | — |  |  | 173,984 |
Agency commercial |  | — |  |  | 127,012 |  |  | — |  |  | 127,012 |
Corporate |  | — |  |  | 52,189 |  |  | — |  |  | 52,189 |
Equity securities with readily determinable fair values |  | 3,360 |  |  | — |  |  | — |  |  | 3,360 |
Mortgage servicing rights |  | — |  |  | — |  |  | 19,001 |  |  | 19,001 |
Derivative financial assets |  | — |  |  | 6,549 |  |  | — |  |  | 6,549 |
Derivative financial liabilities |  | — |  |  | 6,227 |  |  | — |  |  | 6,227 |
|  | 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):
December 31, 2023 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 19,001 |  |  | Discounted cash flows |  | Constant pre-payment rates (CPR) |  | 6.2% to 49.4% (8.4%)
|  |  |  |  |  | Discount rate |  | 9.0% to 37.3% (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 | The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy:
|  | December 31, 2023
(dollars in thousands) |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Loans held for sale |  | $ | — |  |  | $ | 2,318 |  |  | $ | — |  |  | $ | 2,318 |
Collateral-dependent loans |  | — |  |  | — |  |  | 32,685 |  |  | 32,685 |
Foreclosed assets |  | — |  |  | — |  |  | 852 |  |  | 852 |
|  | 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):
December 31, 2023 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans |  | $ | 32,685 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | Not meaningful
Foreclosed assets |  | 852 |  |  | 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 |  | December 31, 2023 |  | December 31, 2022
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 141,252 |  |  | $ | 141,252 |  |  | $ | 114,159 |  |  | $ | 114,159 |
Debt securities held-to-maturity |  | Level 2 |  | 521,439 |  |  | 466,496 |  |  | 541,600 |  |  | 478,801 |
Restricted stock |  | Level 3 |  | 7,160 |  |  | 7,160 |  |  | 7,965 |  |  | 7,965 |
Loans, net |  | Level 3 |  | 3,364,369 |  |  | 3,349,540 |  |  | 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 |  | 24,534 |  |  | 24,534 |  |  | 19,506 |  |  | 19,506 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | Level 3 |  | 627,253 |  |  | 619,682 |  |  | 262,968 |  |  | 253,619 |
Brokered deposits |  | Level 3 |  | 144,880 |  |  | 144,944 |  |  | — |  |  | — |
Securities sold under agreements to repurchase |  | Level 2 |  | 42,442 |  |  | 42,442 |  |  | 43,081 |  |  | 43,081 |
Subordinated notes |  | Level 3 |  | 39,474 |  |  | 36,993 |  |  | 39,395 |  |  | 37,205 |
Junior subordinated debentures |  | Level 3 |  | 52,789 |  |  | 48,529 |  |  | 37,780 |  |  | 37,030 |
Accrued interest payable |  | Level 2 |  | 6,969 |  |  | 6,969 |  |  | 1,363 |  |  | 1,363 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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