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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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

						December 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						$	—					$	111,145					$	—					$	111,145
U.S. government agency						—						53,198						—						53,198
Municipal						—						130,679						—						130,679
Mortgage-backed:
Agency residential						—						227,368						—						227,368
Agency commercial						—						116,681						—						116,681
Corporate						—						58,978						—						58,978
Equity securities with readily determinable fair values						3,315						—						—						3,315
Mortgage servicing rights						—						—						18,827						18,827
Derivative financial assets						—						5,553						—						5,553
Derivative financial liabilities						—						5,525						—						5,525

						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):

December 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

18,827

Discounted cash flows

Constant pre-payment rates (CPR)

0.8% to 94.3% (7.6%)

Discount rate

9.0% to 96.4% (10.4%)

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

						December 31, 2024
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans held for sale						$	—					$	1,586					$	—					$	1,586
Collateral-dependent loans						—						—						27,717						27,717
Bank premises held for sale						—						—						317						317
Foreclosed assets						—						—						367						367

						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):

December 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans

$

27,717

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

317

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

367

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 other financial instruments:

(dollars in thousands)						Fair Value Hierarchy Level						December 31, 2024												December 31, 2023
												Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents						Level 1						$	137,692					$	137,692					$	141,252					$	141,252
Debt securities held-to-maturity						Level 2						499,858						445,186						521,439						466,496
Restricted stock						Level 3						5,086						5,086						7,160						7,160
Loans, net						Level 3						3,424,102						3,418,318						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						24,770						24,770						24,534						24,534
Financial liabilities:
Time deposits						Level 3						785,430						779,997						627,253						619,682
Brokered time deposits						Level 3						—						—						144,880						144,944
Securities sold under agreements to repurchase						Level 2						28,969						28,969						42,442						42,442
FHLB advances						Level 3						13,231						13,159						12,623						12,621
Subordinated notes						Level 3						39,553						38,316						39,474						36,993
Junior subordinated debentures						Level 3						52,849						47,942						52,789						48,529
Accrued interest payable						Level 2						5,096						5,096						6,969						6,969

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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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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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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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