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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 by level within the fair value hierarchy:

						June 30, 2024
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available-for-sale:
U.S. Treasury						$	128,775					$	—					$	—					$	128,775
U.S. government agency						—						53,989						—						53,989
Municipal						—						134,128						—						134,128
Mortgage-backed:
Agency residential						—						176,722						—						176,722
Agency commercial						—						122,216						—						122,216
Corporate						—						53,225						—						53,225
Equity securities with readily determinable fair values						3,228						—						—						3,228
Mortgage servicing rights						—						—						18,984						18,984
Derivative financial assets						—						7,625						—						7,625
Derivative financial liabilities						—						7,475						—						7,475

						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):

June 30, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

18,984

Discounted cash flows

Constant pre-payment rates (CPR)

2.0% to 59.7% (8.2%)

Discount rate

9.0% to 19.9% (9.9%)

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 June 30, 2024 and December 31, 2023 by level within the fair value hierarchy:

						June 30, 2024
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans held for sale						$	—					$	858					$	—					$	858
Collateral-dependent loans						—						—						28,517						28,517
Bank premises held for sale						—						—						317						317
Foreclosed assets						—						—						320						320

						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):

June 30, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans

$

28,517

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

317

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

320

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						June 30, 2024												December 31, 2023
												Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents						Level 1						$	195,240					$	195,240					$	141,252					$	141,252
Debt securities held-to-maturity						Level 2						512,549						453,753						521,439						466,496
Restricted stock						Level 3						5,086						5,086						7,160						7,160
Loans, net						Level 3						3,344,677						3,310,985						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						22,425						22,425						24,534						24,534
Financial liabilities:
Time deposits						Level 3						796,069						787,391						627,253						619,682
Brokered time deposits						Level 3						29,992						29,984						144,880						144,944
Securities sold under agreements to repurchase						Level 2						29,330						29,330						42,442						42,442
FHLB advances						Level 3						13,734						13,590						12,623						12,621
Subordinated notes						Level 3						39,514						37,386						39,474						36,993
Junior subordinated debentures						Level 3						52,819						48,787						52,789						48,529
Accrued interest payable						Level 2						6,832						6,832						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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