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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
|  |  |  | Significant |  | Significant |  |
|  |  |  | Other |  | Other |  |
|  |  |  | Observable |  | Unobservable |  |
|  | Quoted Prices |  | Inputs |  | Inputs |  | Total
(dollars in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | (Fair Value)
June 30, 2021 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U. S. agency securities |  | $ | — |  |  | $ | 357,311 |  |  | $ | — |  |  | $ | 357,311 |
Residential mortgage backed securities |  | — |  |  | 1,146,322 |  |  | — |  |  | 1,146,322 |
Municipal bonds |  | — |  |  | 100,277 |  |  | — |  |  | 100,277 |
Corporate bonds |  | — |  |  | 75,422 |  |  | 1,500 |  |  | 76,922 |
Loans held for sale |  | — |  |  | 55,949 |  |  | — |  |  | 55,949 |
Interest rate caps |  | — |  |  | 5,437 |  |  | — |  |  | 5,437 |
Mortgage banking derivatives |  | — |  |  | — |  |  | 1,179 |  |  | 1,179 |
Total assets measured at fair value on a recurring basis as of June 30, 2021 |  | $ | — |  |  | $ | 1,740,718 |  |  | $ | 2,679 |  |  | $ | 1,743,397 |
Liabilities: |  |  |  |  |  |  |  |
Interest rate swap derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative liability |  | — |  |  | 74 |  |  | — |  |  | 74 |
Interest rate caps |  | — |  |  | 5,615 |  |  | — |  |  | 5,615 |
Total liabilities measured at fair value on a recurring basis as of June 30, 2021 |  | $ | — |  |  | $ | 5,689 |  |  | $ | — |  |  | $ | 5,689 |
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 |
Derivative liability |  | — |  |  | 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 |
Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value | The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020.
|  | June 30, 2021
|  |  |  | Aggregate Unpaid |  |
(dollars in thousands) |  | Fair Value |  | Principal Balance |  | Difference
Loans held for sale |  | $ | 55,949 |  |  | $ | 55,140 |  |  | $ | 809 |
|  | December 31, 2020
|  |  |  | Aggregate Unpaid |  |
(dollars in thousands) |  | Fair Value |  | Principal Balance |  | Difference
Loans held for sale |  | $ | 88,205 |  |  | $ | 86,551 |  |  | $ | 1,654 |
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):
|  | Investment |  | Mortgage Banking |  |
(dollars in thousands) |  | Securities |  | Derivatives |  | Total
Assets: |  |  |  |  |  |
Beginning balance at January 1, 2021 |  | $ | 1,500 |  |  | $ | 5,213 |  |  | $ | 6,713 |
Realized gain (loss) included in earnings |  | — |  |  | (4,034) |  |  | (4,034) |
Ending balance at June 30, 2021 |  | $ | 1,500 |  |  | $ | 1,179 |  |  | $ | 2,679 |
Liabilities: |  |  |  |  |  |
Beginning balance at January 1, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
Ending balance at June 30, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Investment |  | Mortgage Banking |  |
(dollars in thousands) |  | Securities |  | 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 |  | $ | — |  |  | $ | — |  |  | $ | — |
Fair value measurement inputs and valuation techniques | For Level 3 assets measured at fair value on a recurring or nonrecurring basis as of June 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
|  |  |  | June 30, 2021 |  | December 31, 2020
(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 |  | 83.4% - 91.9% |  | 85.59 | % | $ | 1,179 |  |  | 79.14 | % |  | $ | 5,213 |
(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:
|  |  |  | Significant |  | Significant |  |
|  |  |  | Other |  | Other |  |
|  |  |  | Observable |  | Unobservable |  |
|  | Quoted Prices |  | Inputs |  | Inputs |  | Total
(dollars in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | (Fair Value)
June 30, 2021 |  |  |  |  |  |  |  |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | 11,030 |  |  | $ | 11,030 |
Income producing - commercial real estate |  | — |  |  | — |  |  | 25,611 |  |  | 25,611 |
Owner occupied - commercial real estate |  | — |  |  | — |  |  | 6,622 |  |  | 6,622 |
Real estate mortgage - residential |  | — |  |  | — |  |  | 1,368 |  |  | 1,368 |
Construction - commercial and residential |  | — |  |  | — |  |  | 3,659 |  |  | 3,659 |
Home equity |  | — |  |  | — |  |  | 392 |  |  | 392 |
Other consumer |  | — |  |  | — |  |  | — |  |  | — |
Other real estate owned |  | — |  |  | — |  |  | 4,987 |  |  | 4,987 |
Total assets measured at fair value on a nonrecurring basis as of June 30, 2021 |  | $ | — |  |  | $ | — |  |  | $ | 53,669 |  |  | $ | 53,669 |
|  |  |  | Significant |  | Significant |  |
|  |  |  | Other |  | Other |  |
|  |  |  | Observable |  | Unobservable |  |
|  | Quoted Prices |  | Inputs |  | Inputs |  | Total
(dollars in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | (Fair Value)
December 31, 2020 |  |  |  |  |  |  |  |
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 |
Schedule of estimated fair values of financial instruments | The estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020 are as follows:
|  |  |  |  |  | Fair Value Measurements
|  |  |  |  |  | Quoted Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  | Carrying |  |  |  |  |
(dollars in thousands) |  | Value |  | Fair Value |  |  |
June 30, 2021 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 9,290 |  |  | $ | 9,290 |  |  | $ | 9,290 |  |  | $ | — |  |  | $ | — |
Federal funds sold |  | 20,346 |  |  | 20,346 |  |  | — |  |  | 20,346 |  |  | — |
Interest bearing deposits with other banks |  | 1,566,586 |  |  | 1,566,586 |  |  | — |  |  | 1,566,586 |  |  | — |
Investment securities |  | 1,681,031 |  |  | 1,681,031 |  |  | — |  |  | 1,679,531 |  |  | 1,500 |
Accrued interest receivable |  | 43,488 |  |  | 43,488 |  |  | — |  |  | 43,488 |  |  | — |
Loans held for sale |  | 55,949 |  |  | 55,949 |  |  | — |  |  | 55,949 |  |  | — |
Loans |  | 7,166,998 |  |  | 7,109,844 |  |  | — |  |  | — |  |  | 7,109,844 |
Bank owned life insurance |  | 107,516 |  |  | 107,516 |  |  | — |  |  | 107,516 |  |  | — |
Annuity investment |  | 14,155 |  |  | 14,155 |  |  | — |  |  | 14,155 |  |  | — |
Mortgage banking derivatives |  | 1,179 |  |  | 1,179 |  |  | — |  |  | — |  |  | 1,179 |
Interest rate caps |  | 5,437 |  |  | 5,437 |  |  | — |  |  | 5,437 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Noninterest bearing deposits |  | 2,641,636 |  |  | 2,641,636 |  |  | — |  |  | 2,641,636 |  |  | — |
Interest bearing deposits |  | 5,599,389 |  |  | 5,599,389 |  |  | — |  |  | 5,599,389 |  |  | — |
Time deposits |  | 778,022 |  |  | 790,249 |  |  | — |  |  | 790,249 |  |  | — |
Customer repurchase agreements |  | 19,651 |  |  | 19,651 |  |  | — |  |  | 19,651 |  |  | — |
Borrowings |  | 518,273 |  |  | 525,986 |  |  | — |  |  | 525,986 |  |  | — |
Interest rate swap derivatives |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit risk participation agreement |  | 74 |  |  | 74 |  |  | — |  |  | 74 |  |  | — |
Interest rate caps |  | 5,615 |  |  | 5,615 |  |  | — |  |  | 5,615 |  |  | — |
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 |
Accrued interest receivable |  | 46,040 |  |  | 46,040 |  |  | — |  |  | 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 derivative |  | 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 |  |  | — |

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- Definition Tabular disclosure for aggregate fair value and unpaid principal balance for loans held for sale. + References No definition available. + Details
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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=117815213&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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 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 (c) -URI http://asc.fasb.org/extlink&oid=117815213&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=121572278&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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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