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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 by level within the fair value hierarchy:

						March 31, 2024
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available-for-sale:
U.S. Treasury						$	138,186					$	—					$	—					$	138,186
U.S. government agency						—						50,459						—						50,459
Municipal						—						134,648						—						134,648
Mortgage-backed:
Agency residential						—						168,546						—						168,546
Agency commercial						—						124,475						—						124,475
Corporate						—						52,706						—						52,706
Equity securities with readily determinable fair values						3,324						—						—						3,324
Mortgage servicing rights						—						—						19,081						19,081
Derivative financial assets						—						7,761						—						7,761
Derivative financial liabilities						—						7,507						—						7,507

						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

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):

March 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

19,081

Discounted cash flows

Constant pre-payment rates (CPR)

6.4% to 59.7% (8.6%)

Discount rate

9.0% to 55.0% (9.8%)

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%)

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 March 31, 2024 and December 31, 2023 by level within the fair value hierarchy:

						March 31, 2024
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans held for sale						$	—					$	3,479					$	—					$	3,479
Collateral-dependent loans						—						—						34,262						34,262
Bank premises held for sale						—						—						317						317
Foreclosed assets						—						—						277						277

						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

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):

March 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans

$

34,262

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

317

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

277

Appraisal

Appraisal adjustments

7% (7%)

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%)

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						March 31, 2024												December 31, 2023
												Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents						Level 1						$	260,212					$	260,212					$	141,252					$	141,252
Debt securities held-to-maturity						Level 2						517,472						458,640						521,439						466,496
Restricted stock						Level 3						5,155						5,155						7,160						7,160
Loans, net						Level 3						3,305,147						3,272,226						3,364,369						3,349,540
Investments in unconsolidated subsidiaries						Level 3						1,614						1,614						1,614						1,614
Accrued interest receivable						Level 2						23,117						23,117						24,534						24,534
Financial liabilities:
Time deposits						Level 3						713,142						705,385						627,253						619,682
Brokered time deposits						Level 3						55,762						55,782						144,880						144,944
Securities sold under agreements to repurchase						Level 2						31,864						31,864						42,442						42,442
FHLB advances						Level 3						12,725						12,524						12,623						12,621
Subordinated notes						Level 3						39,494						37,031						39,474						36,993
Junior subordinated debentures						Level 3						52,804						48,682						52,789						48,529
Accrued interest payable						Level 2						6,316						6,316						6,969						6,969

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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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