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v3.23.2

Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value of Assets and Liabilities [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)
June 30, 2023: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available-for-sale: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 223,851 | ​ | $ | — | ​ | $ | 223,851 | ​ | $ | —
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 60,742 | ​ | ​ | — | ​ | ​ | 60,742 | ​ | ​ | —
Municipal securities | ​ |  | 18,464 | ​ |  | — | ​ |  | 18,464 | ​ |  | —
Other debt securities | ​ |  | 30,416 | ​ |  | — | ​ |  | 30,416 | ​ |  | —
Mortgage-backed securities (GSEs) | ​ |  | 206,835 | ​ |  | — | ​ |  | 206,835 | ​ |  | —
Total securities available-for-sale | ​ | ​ | 540,308 | ​ | ​ | — | ​ | ​ | 540,308 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments and interest rate swap agreements | ​ | ​ | 11,111 | ​ | ​ | — | ​ | ​ | 11,111 | ​ | ​ | —
Total assets at fair value | ​ | $ | 551,419 | ​ | $ | — | ​ | $ | 551,419 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments and interest rate swap agreements | ​ | $ | 12,710 | ​ | $ | — | ​ | $ | 12,710 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available-for-sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Treasury | ​ | $ | 223,653 | ​ | $ | — | ​ | $ | 223,653 | ​ | $ | —
U.S. Government-sponsored enterprises (GSEs) | ​ | ​ | 1,575 | ​ | ​ | — | ​ | ​ | 1,575 | ​ | ​ | —
Municipal securities | ​ |  | 18,611 | ​ |  | — | ​ |  | 18,611 | ​ |  | —
Other debt securities | ​ |  | 30,551 | ​ |  | — | ​ |  | 30,551 | ​ |  | —
Mortgage-backed securities (GSEs) | ​ |  | 209,503 | ​ |  | — | ​ |  | 209,503 | ​ |  | —
Total securities available-for-sale | ​ | ​ | 483,893 | ​ | ​ | — | ​ | ​ | 483,893 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments and interest rate swap agreements | ​ | ​ | 11,834 | ​ | ​ | — | ​ | ​ | 11,834 | ​ | ​ | —
Total assets at fair value | ​ | $ | 495,727 | ​ | $ | — | ​ | $ | 495,727 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative financial instruments and interest rate swap agreements | ​ | $ | 13,110 | ​ | $ | — | ​ | $ | 13,110 | ​ | $ | —
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)
June 30, 2023: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Collateral dependent loans | ​ | $ | 3,211 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,211
Other real estate owned | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Collateral dependent loans(1) | ​ | $ | 1,536 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,536
Other real estate owned | ​ |  | 915 | ​ |  | — | ​ |  | — | ​ |  | 915
​
| (1) | Amount is net of valuation allowance of $506 thousand at December 31, 2022 as required by ASC 310-10, “Receivables”, prior to the adoption of ASU 2016-13.
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 | ​
June 30, 2023: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral dependent loans | ​ | $ | 3,211 |  | Appraisal |  | Appraisal discounts |  | 54 | %
Other real estate owned | ​ |  | — |  | Appraisal |  | Appraisal discounts |  | — | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral dependent loans | ​ | $ | 1,536 |  | Appraisal |  | Appraisal discounts |  | 25 | %
Other real estate owned | ​ |  | 915 |  | Appraisal |  | Appraisal discounts |  | 29 | %
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
June 30, 2023: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 238,898 |  | $ | 238,898 |  | $ | — |  | $ | — | ​ | $ | 238,898
Securities available-for-sale | ​ |  | 540,308 |  | ​ | — |  | ​ | 540,308 |  | ​ | — | ​ |  | 540,308
Securities held-to-maturity | ​ | ​ | 283,564 | ​ | ​ | — | ​ | ​ | 260,504 | ​ | ​ | — | ​ | ​ | 260,504
Other investments | ​ |  | 14,396 |  | ​ | N/A |  | ​ | N/A |  | ​ | N/A | ​ |  | N/A
Loans and leases, net and loans held for sale | ​ |  | 3,306,029 |  | ​ | — |  | ​ | — |  | ​ | 3,161,489 | ​ |  | 3,161,489
Derivative financial instruments and interest rate swap agreements | ​ | ​ | 11,111 | ​ | ​ | — | ​ | ​ | 11,111 | ​ | ​ | — | ​ | ​ | 11,111
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Noninterest-bearing demand deposits | ​ |  | 1,003,432 |  | ​ | — |  | ​ | 1,003,432 |  | ​ | — | ​ |  | 1,003,432
Interest-bearing demand deposits | ​ |  | 938,758 |  | ​ | — |  | ​ | 938,758 |  | ​ | — | ​ |  | 938,758
Money market and savings deposits | ​ |  | 1,720,202 |  | ​ | — |  | ​ | 1,720,202 |  | ​ | — | ​ |  | 1,720,202
Time deposits | ​ |  | 537,192 |  | ​ | — |  | ​ | 536,452 |  | ​ | — | ​ |  | 536,452
Borrowings | ​ | ​ | 15,496 | ​ | ​ | — | ​ | ​ | 15,496 | ​ | ​ | — | ​ | ​ | 15,496
Subordinated debt | ​ |  | 42,057 |  | ​ | — |  | ​ | — |  | ​ | 39,457 | ​ |  | 39,457
Derivative financial instruments and interest rate swap agreements | ​ |  | 12,710 |  | ​ | — |  | ​ | 12,710 |  | ​ | — | ​ |  | 12,710
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 266,424 |  | $ | 266,424 |  | $ | — |  | $ | — | ​ | $ | 266,424
Securities available-for-sale | ​ |  | 483,893 |  | ​ | — |  | ​ | 483,893 |  | ​ | — | ​ |  | 483,893
Securities held-to-maturity | ​ | ​ | 285,949 | ​ | ​ | — | ​ | ​ | 260,613 | ​ | ​ | ​ | ​ | ​ | 260,613
Other investments | ​ |  | 15,530 |  | ​ | N/A |  | ​ | N/A |  | ​ | N/A | ​ |  | N/A
Loans and leases, net and loans held for sale | ​ |  | 3,232,045 |  | ​ | — |  | ​ | — |  | ​ | 3,143,921 | ​ |  | 3,143,921
Derivative financial instruments and interest rate swap agreements | ​ | ​ | 11,834 | ​ | ​ | — | ​ | ​ | 11,834 | ​ | ​ | — | ​ | ​ | 11,834
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ |  |
Noninterest-bearing demand deposits | ​ |  | 1,072,449 |  | ​ | — |  | ​ | 1,072,449 |  | ​ | — | ​ |  | 1,072,449
Interest-bearing demand deposits | ​ |  | 965,911 |  | ​ | — |  | ​ | 965,911 |  | ​ | — | ​ |  | 965,911
Money market and savings deposits | ​ |  | 1,583,481 |  | ​ | — |  | ​ | 1,583,481 |  | ​ | — | ​ |  | 1,583,481
Time deposits | ​ |  | 455,259 |  | ​ | — |  | ​ | 451,899 |  | ​ | — | ​ |  | 451,899
Borrowings | ​ | ​ | 41,860 | ​ | ​ | — | ​ | ​ | 41,860 | ​ | ​ | — | ​ | ​ | 41,860
Subordinated debt | ​ |  | 42,015 |  | ​ | — |  | ​ | — |  | ​ | 40,439 | ​ |  | 40,439
Derivative financial instruments and interest rate swap agreements | ​ |  | 13,110 |  | ​ | — |  | ​ | 13,110 |  | ​ | — | ​ |  | 13,110
​

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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