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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of Assets and Liabilities measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis are summarized below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable
​ |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
At March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 62,746 | ​ | $ | — | ​ | $ | 62,746 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 10,238 | ​ | ​ | — | ​ | ​ | 10,238 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 412,121 | ​ | ​ | — | ​ | ​ | 412,121 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 16,208 | ​ | ​ | — | ​ | ​ | 16,208 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 4,415 | ​ | ​ | — | ​ | ​ | 4,415 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,173 | ​ | ​ | 2,173 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 12,076 | ​ | ​ | — | ​ | ​ | 12,076 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable
​ |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 66,334 | ​ | $ | — | ​ | $ | 66,334 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 11,499 | ​ | ​ | — | ​ | ​ | 11,499 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 466,551 | ​ | ​ | — | ​ | ​ | 466,551 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 17,627 | ​ | ​ | — | ​ | ​ | 17,627 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 4,613 | ​ | ​ | — | ​ | ​ | 4,613 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,273 | ​ | ​ | 2,273 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 3,385 | ​ | ​ | — | ​ | ​ | 3,385 | ​ | ​ | —
Schedule of carrying amount and estimated fair values of financial instruments | Carrying amounts and estimated fair values of financial instruments carried at amortized cost were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At March 31, 2022 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 32,483 | ​ | $ | 32,483 | ​ | $ | — | ​ | $ | — | ​ | $ | 32,483
Overnight deposits | ​ | ​ | 1,381,475 | ​ | ​ | 1,381,475 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,381,475
Securities held-to-maturity | ​ | ​ | 467,893 | ​ | ​ | — | ​ | ​ | 436,825 | ​ | ​ | — | ​ | ​ | 436,825
Loans, net | ​ | ​ | 4,083,309 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,111,399 | ​ | ​ | 4,111,399
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,421 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 3,070 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
Time deposits at banks | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Receivable from prepaid card programs, net | ​ | ​ | 62,129 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 62,129 | ​ | ​ | 62,129
Accrued interest receivable | ​ | ​ | 16,186 | ​ | ​ | — | ​ | ​ | 765 | ​ | ​ | 15,421 | ​ | ​ | 16,186
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 3,176,048 | ​ | $ | 3,176,048 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,176,048
Money market and savings deposits | ​ | ​ | 2,689,424 | ​ | ​ | 2,689,424 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,689,424
Time deposits | ​ | ​ | 73,891 | ​ | ​ | — | ​ | ​ | 73,233 | ​ | ​ | — | ​ | ​ | 73,233
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,965 | ​ | ​ | 19,965
Subordinated debt, net of issuance cost | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Prepaid debit cardholder balances | ​ | ​ | 24,092 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,092 | ​ | ​ | 24,092
Accrued interest payable | ​ | ​ | 297 | ​ | ​ | 5 | ​ | ​ | 180 | ​ | ​ | 112 | ​ | ​ | 297
Secured borrowings | ​ | ​ | 32,322 | ​ | ​ | — | ​ | ​ | 32,322 | ​ | ​ | — | ​ | ​ | 32,322
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At December 31, 2021 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 28,864 | ​ | $ | 28,864 | ​ | $ | — | ​ | $ | — | ​ | $ | 28,864
Overnight deposits | ​ | ​ | 2,330,486 | ​ | ​ | 2,330,486 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,330,486
Securities held-to-maturity | ​ | ​ | 382,099 | ​ | ​ | — | ​ | ​ | 380,108 | ​ | ​ | — | ​ | ​ | 380,108
Loans, net | ​ | ​ | 3,697,200 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,721,619 | ​ | ​ | 3,721,619
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 7,430 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 3,070 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
CRA - CD | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Receivable from prepaid card programs, net | ​ | ​ | 39,864 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39,864 | ​ | ​ | 39,864
Accrued interest receivable | ​ | ​ | 15,195 | ​ | ​ | — | ​ | ​ | 892 | ​ | ​ | 14,303 | ​ | ​ | 15,195
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 3,668,673 | ​ | $ | 3,668,673 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,668,673
Money market and savings deposits | ​ | ​ | 2,687,913 | ​ | ​ | 2,687,913 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,687,913
Time deposits | ​ | ​ | 78,986 | ​ | ​ | — | ​ | ​ | 79,187 | ​ | ​ | — | ​ | ​ | 79,187
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,997 | ​ | ​ | 19,997
Subordinated debt, net of issuance cost | ​ | ​ | 24,712 | ​ | ​ | — | ​ | ​ | 25,125 | ​ | ​ | — | ​ | ​ | 25,125
Prepaid debit cardholder balances | ​ | ​ | 8,847 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,847 | ​ | ​ | 8,847
Accrued interest payable | ​ | ​ | 746 | ​ | ​ | 5 | ​ | ​ | 633 | ​ | ​ | 108 | ​ | ​ | 746
Secured borrowings | ​ | ​ | 32,461 | ​ | ​ | — | ​ | ​ | 32,507 | ​ | ​ | — | ​ | ​ | 32,507

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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