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Fair Value Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | Significant |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Other
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs
Description | ​ | Fair Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
September 30, 2021: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available-for-sale: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | ​ | 94,025 | ​ | ​ | — | ​ | ​ | 94,025 | ​ | ​ | —
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 53,463 | ​ | $ | — | ​ | $ | 53,463 | ​ | $ | —
Municipal securities | ​ |  | 95,570 | ​ |  | — | ​ |  | 95,570 | ​ |  | —
Other debt securities | ​ |  | 26,291 | ​ |  | — | ​ |  | 26,291 | ​ |  | —
Mortgage-backed securities (GSEs) | ​ |  | 69,994 | ​ |  | — | ​ |  | 69,994 | ​ |  | —
Total securities available-for-sale | ​ | $ | 339,343 | ​ | $ | — | ​ | $ | 339,343 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments | ​ | $ | 4,180 | ​ | $ | — | ​ | $ | 4,180 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government-sponsored enterprises (GSEs) | ​ | $ | 30,530 | ​ | $ | — | ​ | $ | 30,530 | ​ | $ | —
Municipal securities | ​ |  | 91,989 | ​ |  | — | ​ |  | 91,989 | ​ |  | —
Other debt securities | ​ |  | 25,118 | ​ |  | — | ​ |  | 25,118 | ​ |  | —
Mortgage-backed securities (GSEs) | ​ |  | 67,997 | ​ |  | — | ​ |  | 67,997 | ​ |  | —
Total securities available-for-sale | ​ | $ | 215,634 | ​ | $ | — | ​ | $ | 215,634 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative financial instruments | ​ | $ | 6,174 | ​ | ​ | — | ​ | $ | 6,174 | ​ | ​ | —
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | Significant |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Other
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | ​ | ​ | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Fair Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
September 30, 2021: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Collateral dependent loans | ​ | $ | 2,868 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,868
Other real estate owned | ​ |  | 2,415 | ​ |  | — | ​ |  | — | ​ |  | 2,415
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Collateral dependent loans | ​ | $ | 2,455 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,455
Other real estate owned | ​ |  | 4,619 | ​ |  | — | ​ |  | — | ​ |  | 4,619
Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | Weighted | ​
​ | ​ | ​ | ​ | ​ | Valuation | ​ | Significant Other | ​ | Average of | ​
​ | ​ | Fair Value | ​ | Technique | ​ | Unobservable Input | ​ | Input | ​
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral dependent loans | ​ | $ | 2,868 |  | Appraisal |  | Appraisal discounts |  | 26 | %
Other real estate owned | ​ |  | 2,415 |  | Appraisal |  | Appraisal discounts |  | 10 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral dependent loans | ​ | $ | 2,455 |  | Appraisal |  | Appraisal discounts |  | 9 | %
Other real estate owned | ​ |  | 4,619 |  | Appraisal |  | Appraisal discounts |  | 22 | %
​ Collateral dependent loans: A collateral dependent loan is measured based on the fair value of the collateral securing these loans, less selling costs. Collateral dependent loans are classified within Level 3 of the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory, and/or accounts receivable. The Company determines the value of the collateral based on independent appraisals performed by qualified licensed appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised values are discounted for costs to sell and may be discounted further based on management’s historical knowledge, changes in market conditions from the date of the most recent appraisal, and/or management’s expertise and knowledge of the customer and the customer’s business. Such discounts by management are subjective and are typically significant unobservable inputs for determining fair value. Colleterial dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors discussed above.
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using
​ |  | Carrying |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Estimated
​ | ​ | Amount | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 1,091,160 |  | $ | 1,091,160 |  | $ | — |  | $ | — | ​ | $ | 1,091,160
Securities available-for-sale | ​ |  | 339,343 |  | ​ | — |  | ​ | 339,343 |  | ​ | — | ​ |  | 339,343
Other investments | ​ |  | 14,972 |  | ​ | N/A |  | ​ | N/A |  | ​ | N/A | ​ |  | N/A
Loans and leases, net and loans held for sale | ​ |  | 2,636,786 |  | ​ | — |  | ​ | — |  | ​ | 2,630,239 | ​ |  | 2,630,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Noninterest-bearing demand deposits | ​ |  | 977,180 |  | ​ | — |  | ​ | 977,180 |  | ​ | — | ​ |  | 977,180
Interest-bearing demand deposits | ​ |  | 847,007 |  | ​ | — |  | ​ | 847,007 |  | ​ | — | ​ |  | 847,007
Money market and savings deposits | ​ |  | 1,389,393 |  | ​ | — |  | ​ | 1,389,393 |  | ​ | — | ​ |  | 1,389,393
Time deposits | ​ |  | 585,692 |  | ​ | — |  | ​ | 587,954 |  | ​ | — | ​ |  | 587,954
Borrowings | ​ | ​ | 88,748 | ​ | ​ | — | ​ | ​ | 89,669 | ​ | ​ | — | ​ | ​ | 89,669
Subordinated debt | ​ |  | 41,909 |  | ​ | — |  | ​ | — |  | ​ | 43,645 | ​ |  | 43,645
Derivative financial instruments | ​ |  | 4,180 |  | ​ | — |  | ​ | 4,180 |  | ​ | — | ​ |  | 4,180
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 481,719 |  | $ | 481,719 |  | $ | — |  | $ | — | ​ | $ | 481,719
Securities available-for-sale | ​ |  | 215,634 |  | ​ | — |  | ​ | 215,634 |  | ​ | — | ​ |  | 215,634
Other investments | ​ |  | 14,794 |  | ​ | N/A |  | ​ | N/A |  | ​ | N/A | ​ |  | N/A
Loans and leases, net and loans held for sale | ​ |  | 2,375,618 |  | ​ | — |  | ​ | — |  | ​ | 2,377,581 | ​ |  | 2,377,581
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Noninterest-bearing demand deposits | ​ |  | 685,957 |  | ​ | — |  | ​ | 685,957 |  | ​ | — | ​ |  | 685,957
Interest-bearing demand deposits | ​ |  | 649,129 |  | ​ | — |  | ​ | 649,129 |  | ​ | — | ​ |  | 649,129
Money market and savings deposits | ​ |  | 919,631 |  | ​ | — |  | ​ | 919,631 |  | ​ | — | ​ |  | 919,631
Time deposits | ​ |  | 550,498 |  | ​ | — |  | ​ | 554,120 |  | ​ | — | ​ |  | 554,120
Borrowings | ​ | ​ | 81,199 | ​ | ​ | — | ​ | ​ | 82,892 | ​ | ​ | — | ​ | ​ | 82,892
Subordinated debt | ​ |  | 39,346 |  | ​ | — |  | ​ | — |  | ​ | 40,550 | ​ |  | 40,550
Derivative financial instruments | ​ |  | 6,174 |  | ​ | — |  | ​ | 6,174 |  | ​ | — | ​ |  | 6,174
​

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: 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 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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