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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total (Fair Value)
December 31, 2020
Assets:
Investment securities available-for-sale:
U. S. agency securities						$	—					$	181,921					$	—					$	181,921
Residential mortgage backed securities						—						825,001						—						825,001
Municipal bonds						—						108,113						—						108,113
Corporate bonds						—						34,350						1,500						35,850
Loans held for sale						—						88,205						—						88,205
Interest rate caps						—						3,413						—						3,413
Mortgage banking derivatives						—						—						5,213						5,213
Total assets measured at fair value on a recurring basis as of December 31, 2020						$	—					$	1,241,003					$	6,713					$	1,247,716
Liabilities:
Interest rate swap derivatives						$	—					$	516					$	—					$	516
Credit risk participation agreements						—						118						—						118
Interest rate caps						—						3,574						—						3,574
Total liabilities measured at fair value on a recurring basis as of December 31, 2020						$	—					$	4,208					$	—					$	4,208
December 31, 2019
Assets:
Investment securities available-for-sale:
U. S. agency securities						$	—					$	179,794					$	—					$	179,794
Residential mortgage backed securities						—						543,852						—						543,852
Municipal bonds						—						73,931						—						73,931
Corporate bonds						—						—						10,733						10,733
U.S. Treasury						—						34,855						—						34,855
Loans held for sale						—						56,707						—						56,707
Interest rate caps						—						317						—						317
Mortgage banking derivatives						—						—						280						280
Total assets measured at fair value on a recurring basis as of December 31, 2019						$	—					$	889,456					$	11,013					$	900,469
Liabilities:
Interest rate swap derivatives						$	—					$	203					$	—					$	203
Credit risk participation agreements						—						86						—						86
Interest rate caps						—						312						—						312
Mortgage banking derivatives						—						—						66						66
Total liabilities measured at fair value on a recurring basis as of December 31, 2019						$	—					$	601					$	66					$	667

Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of December 31, 2020 and 2019.

						December 31, 2020
(dollars in thousands)						Fair Value						Aggregate Unpaid Principal Balance						Difference
Loans held for sale						$	88,205					$	86,551					$	1,654

						December 31, 2019
(dollars in thousands)						Fair Value						Aggregate Unpaid Principal Balance						Difference
Loans held for sale						$	56,707					$	55,834					$	873

Schedule of the reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3)

The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):

(dollars in thousands)						Investment Securities						Mortgage Banking Derivatives						Total
Assets:
Beginning balance at January 1, 2020						$	10,931					$	280					$	11,211
Realized (loss) gain included in earnings						—						4,933						4,933
Migrated to Level 2 valuation						(9,233)						—						(9,233)
Reclass fair value asset to cost method						(198)						—						$	(198)
Ending balance at December 31, 2020						$	1,500					$	5,213					$	6,713
Liabilities:
Beginning balance at January 1, 2020						$	—					$	66					$	66
Realized gain included in earnings						—						(66)						(66)
Ending balance at December 31, 2020						$	—					$	—					$	—

(dollars in thousands)						Investment Securities						Mortgage Banking Derivatives						Total
Assets:
Beginning balance at January 1, 2019						$	9,794					$	229					$	10,023
Realized gain included in earnings						(20)						51						31
Unrealized gain included in other comprehensive income						131						—						131
Purchases of available-for-sale securities						4,030						—						4,030
Principal redemption						(3,004)						—						(3,004)
Ending balance at December 31, 2019						$	10,931					$	280					$	11,211
Liabilities:
Beginning balance at January 1, 2019
Realized loss included in earnings						$	—					$	269					$	269
Principal redemption						—						(203)						(203)
Ending balance at December 31, 2019						$	—					$	66					$	66

Schedule of assets measured at fair value on recurring or nonrecurring basis

Form Level 3 assets measured at fair value on a recurring or nonrecurring basis as of December 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:

																		December 31, 2020															December 31, 2019
(dollars in thousands)						Valuation Technique						Description						Range						Weighted Average (1)			Fair Value						Weighted Average (1)						Fair Value
Mortgage banking derivatives						Pricing Model						Pull Through Rate						72% - 85%						79.14		%	$	5,213					76.25		%				$	280

(1) Unobservable inputs for mortgage banking derivatives were weighted by loan amount.

Schedule of assets measured at fair value on nonrecurring basis

Assets measured at fair value on a nonrecurring basis are included in the table below:

(dollars in thousands)						Quoted  Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2020
Individually assessed loans:
Commercial						$	—					$	—					$	9,285					$	9,285
Income producing - commercial real estate						—						—						21,638						21,638
Owner occupied - commercial real estate						—						—						21,930						21,930
Real estate mortgage - residential						—						—						2,602						2,602
Construction - commercial and residential						—						—						103						103
Home equity						—						—						416						416
Other real estate owned						—						—						4,987						4,987
Total assets measured at fair value on a nonrecurring basis as of December 31, 2020						$	—					$	—					$	60,961					$	60,961

(dollars in thousands)						Quoted Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2019
Impaired loans:
Commercial						$	—					$	—					$	10,100					$	10,100
Income producing - commercial real estate						—						—						11,948						11,948
Owner occupied - commercial real estate						—						—						6,934						6,934
Real estate mortgage - residential						—						—						4,981						4,981
Construction - commercial and residential						—						—						11,409						11,409
Home equity						—						—						387						387
Other real estate owned						—						—						1,487						1,487
Total assets measured at fair value on a nonrecurring basis as of December 31, 2019						$	—					$	—					$	47,246					$	47,246

Schedule of estimated fair values of financial instruments

																		Fair Value Measurements
(dollars in thousands)						Carrying Value						Fair Value						Quoted Prices (Level 1)						Significant Other  Observable Inputs (Level 2)						Significant Other Unobservable  Inputs (Level 3)
December 31, 2020
Assets
Cash and due from banks						$	8,435					$	8,435					$	8,435					$	—					$	—
Federal funds sold						28,200						28,200						—						28,200						—
Interest bearing deposits with other banks						1,752,420						1,752,420						—						1,752,420						—
Investment securities						1,150,885						1,150,885						—						1,149,385						1,500
Federal Reserve and Federal Home Loan Bank stock						40,104						40,104						—						40,104						—
Loans held for sale						88,205						88,205						—						88,205						—
Loans						7,650,633						7,608,687						—						—						7,608,687
Bank owned life insurance						76,729						76,729						—						76,729						—
Annuity investment						14,468						14,468						—						14,468						—
Mortgage banking derivatives						5,213						5,213						—						—						5,213
Interest rate caps						3,413						3,413						—						3,413						—
Liabilities
Noninterest bearing deposits						2,809,334						2,809,334						—						2,809,334						—
Interest bearing deposits						756,923						756,923						—						756,923						—
Time deposits						977,760						993,500						—						993,500						—
Customer repurchase agreements						26,726						26,726						—						26,726						—
Borrowings						568,077						575,435						—						575,435						—
Interest rate swap derivatives						516						516						—						516						—
Credit risk participation agreements						118						118						—						118						—
Interest rate caps						3,574						3,574						—						3,574						—
December 31, 2019
Assets
Cash and due from banks						$	7,539					$	7,539					$	7,539					$	—					$	—
Federal funds sold						38,987						38,987						—						38,987						—
Interest bearing deposits with other banks						195,447						195,447						—						195,447						—
Investment securities						843,363						843,363						—						832,432						10,931
Federal Reserve and Federal Home Loan Bank stock						35,194						35,194						—						35,194						—
Loans held for sale						56,707						56,707						—						56,707						—
Loans						7,472,090						7,550,249						—						—						7,550,249
Bank owned life insurance						75,724						75,724						—						75,724						—
Annuity investment						14,697						14,697						—						14,697						—
Mortgage banking derivatives						280						280						—						280						—
Interest rate swap derivatives
Liabilities
Noninterest bearing deposits						2,064,367						2,064,367						—						2,064,367						—
Interest bearing deposits						3,876,985						3,876,985						—						3,876,985						—
Time deposits						1,283,039						1,291,688						—						1,291,688						—
Customer repurchase agreements						30,980						30,980						—						30,980						—
Borrowings						467,687						328,330						—						328,330						—
Interest rate swap derivatives						203						203						—						203						—
Credit risk participation agreements,						86						86						—						86						—
Interest rate caps						312						312						—						312						—
Mortgage banking derivatives						66						66						—						—						66

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- Definition

Tabular disclosure for aggregate fair value and unpaid principal balance for loans held for sale.

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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).

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