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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 by level within the fair value hierarchy:

						March 31, 2025
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available-for-sale:
U.S. Treasury						$	—					$	102,863					$	—					$	102,863
U.S. government agency						—						51,780						—						51,780
Municipal						—						132,338						—						132,338
Mortgage-backed:
Agency residential						—						236,216						—						236,216
Agency commercial						—						116,403						—						116,403
Corporate						—						66,535						—						66,535
Equity securities with readily determinable fair values						3,323						—						—						3,323
Mortgage servicing rights						—						—						18,519						18,519
Derivative financial assets						—						4,291						—						4,291
Derivative financial liabilities						—						4,298						—						4,298

						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

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, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

18,519

Discounted cash flows

Constant pre-payment rates (CPR)

0.6% to 94.3% (7.9%)

Discount rate

9.0% to 11.0% (9.6%)

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%)

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, 2025 and December 31, 2024 by level within the fair value hierarchy:

						March 31, 2025
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans held for sale						$	—					$	2,721					$	—					$	2,721
Collateral-dependent loans						—						—						29,253						29,253
Bank premises held for sale						—						—						190						190
Foreclosed assets						—						—						460						460

						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

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, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans

$

29,253

Appraisal of collateral

Appraisal adjustments

Not meaningful

Bank premises held for sale

190

Appraisal

Appraisal adjustments

7% (7%)

Foreclosed assets

460

Appraisal

Appraisal adjustments

7% (7%)

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%)

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						March 31, 2025												December 31, 2024
												Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Financial assets:
Cash and cash equivalents						Level 1						$	211,591					$	211,591					$	137,692					$	137,692
Debt securities held-to-maturity						Level 2						490,398						445,762						499,858						445,186
Restricted stock						Level 3						5,086						5,086						5,086						5,086
Loans, net						Level 3						3,419,667						3,358,974						3,424,102						3,418,318
Investments in unconsolidated subsidiaries						Level 3						1,614						1,614						1,614						1,614
Accrued interest receivable						Level 2						22,735						22,735						24,770						24,770
Financial liabilities:
Time deposits						Level 3						787,335						781,985						785,430						779,997
Securities sold under agreements to repurchase						Level 2						2,698						2,698						28,969						28,969
FHLB advances						Level 3						7,209						6,303						13,231						13,159
Subordinated notes						Level 3						39,573						39,095						39,553						38,316
Junior subordinated debentures						Level 3						52,864						47,966						52,849						47,942
Accrued interest payable						Level 2						4,487						4,487						5,096						5,096

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Topic 820
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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