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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021.

												Significant						Significant
												Other						Other
												Observable						Unobservable
						Quoted Prices						Inputs						Inputs						Total
(dollars in thousands)						(Level 1)						(Level 2)						(Level 3)						(Fair Value)
June 30, 2022
Assets:
Investment securities available-for-sale:
U.S treasury bonds						$	—					$	47,081					$	—					$	47,081
U. S. agency securities						—						698,057						—						698,057
Residential mortgage-backed securities						—						885,689						—						885,689
Commercial mortgage-backed securities						—						109,549						—						109,549
Municipal bonds						—						12,932						—						12,932
Corporate bonds						—						1,946						—						1,946
Loans held for sale						—						13,814						—						13,814
Interest rate caps						—						18,589						—						18,589
Mortgage banking derivatives						—						—						254						254
Total assets measured at fair value on a recurring basis as of June 30, 2022						$	—					$	1,787,657					$	254					$	1,787,911
Liabilities:
Credit risk participation agreements						$	—					$	11					$	—					$	11
Interest rate caps						—						17,662						—						17,662
Mortgage banking derivatives						—						—						20						20
Total liabilities measured at fair value on a recurring basis as of June 30, 2022						$	—					$	17,673					$	20					$	17,693
December 31, 2021
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	49,458					$	—					$	49,458
U. S. agency securities						—						622,387						—						622,387
Mortgage-backed securities						—						1,677,673						—						1,677,673
Municipal bonds						—						145,431						—						145,431
Corporate bonds						—						116,459						12,000						128,459
Loans held for sale						—						47,218						—						47,218
Interest rate caps						—						5,197						—						5,197
Mortgage banking derivatives						—						—						636						636
Total assets measured at fair value on a recurring basis as of December 31, 2021						$	—					$	2,663,823					$	12,636					$	2,676,459
Liabilities:
Credit risk participation agreements						$	—					$	47					$	—					$	47
Interest rate caps						—						5,147						—						5,147
Total liabilities measured at fair value on a recurring basis as of December 31, 2021						$	—					$	5,194					$	—					$	5,194

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, 2022 and December 31, 2021.

												Aggregate Unpaid
(dollars in thousands)						Fair Value						Principal Balance						Difference
June 30, 2022
Loans held for sale						$	13,814					$	13,828					$	(14)
December 31, 2021
Loans held for sale						$	47,218					$	46,623					$	595

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 measured at fair value based on Significant Other Unobservable Inputs (Level 3):

						Investment
						Securities						Mortgage Banking
(dollars in thousands)						Available-for-Sale						Derivatives						Total
Assets:
Beginning balance at January 1, 2022						$	12,000					$	636					$	12,636
Unrealized loss included in earnings						—						(382)						(382)
Reclassified to investment securities held-to-maturity						(12,000)						—						(12,000)
Ending balance at June 30, 2022						$	—					$	254					$	254
Liabilities:
Beginning balance at January 1, 2022												$	—					$	—
Unrealized loss included in earnings												(20)						(20)
Ending balance at June 30, 2022												$	(20)					$	(20)

						Investment
						Securities						Mortgage Banking
(dollars in thousands)						Available-for-Sale						Derivatives						Total
Assets:
Beginning balance at January 1, 2021						$	1,500					$	5,213					$	6,713
Realized loss included in earnings						—						(4,577)						(4,577)
Reclass Level 2 to Level 3						12,000						—						12,000
Principal redemption						(1,500)						—						(1,500)
Ending balance at December 31, 2021						$	12,000					$	636					$	12,636

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, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:

												June 30, 2022																								December 31, 2021
(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						69.6% - 75.5%						74.97		%				$	254					86.40		%				$	636

(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, 2022
Collateral dependent loans
Commercial						$	—					$	—					$	7,700					$	7,700
Income producing - commercial real estate						—						—						7,844						7,844
Owner occupied - commercial real estate						—						—						27						27
Real estate mortgage - residential						—						—						2,941						2,941
Home equity						—						—						308						308
Other real estate owned						—						—						1,487						1,487
Total assets measured at fair value on a nonrecurring basis as of June 30, 2022						$	—					$	—					$	20,307					$	20,307
December 31, 2021
Collateral dependent loans
Commercial						$	—					$	—					$	8,121					$	8,121
PPP loans						—						—						1,365						1,365
Income producing - commercial real estate						—						—						17,415						17,415
Owner occupied - commercial real estate						—						—						42						42
Real estate mortgage - residential						—						—						1,779						1,779
Construction - commercial and residential						—						—						3,093						3,093
Home equity						—						—						366						366
Other real estate owned						—						—						1,635						1,635
Total assets measured at fair value on a nonrecurring basis as of December 31, 2021						$	—					$	—					$	33,816					$	33,816

Schedule of estimated fair values of financial instruments

The estimated fair value of the Company's financial instruments at June 30, 2022 and December 31, 2021 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, 2022
Assets
Cash and due from banks						$	13,132					$	13,132					$	13,132					$	—					$	—
Federal funds sold						$	42,697					$	42,697					$	—					$	42,697					$	—
Interest bearing deposits with other banks						$	369,337					$	369,337					$	—					$	369,337					$	—
Investment securities available-for-sale						$	1,755,254					$	1,755,254					$	—					$	1,755,254					$	—
Investment securities held-to-maturity						$	1,143,632					$	1,084,706					$	—					$	1,084,706					$	—
Federal Reserve and Federal Home Loan Bank stock						$	33,990					$	33,990					$	—					$	33,990					$	—
Loans held for sale						$	13,814					$	13,814					$	—					$	13,814					$	—
Loans						$	7,082,021					$	6,972,568					$	—					$	—					$	6,972,568
Annuity investment						$	13,907					$	13,907					$	—					$	13,907					$	—
Mortgage banking derivatives						$	254					$	254					$	—					$	—					$	254
Interest rate caps						$	18,589					$	18,589					$	—					$	18,589					$	—
Liabilities
Noninterest bearing deposits						$	2,831,934					$	2,831,934					$	—					$	2,831,934					$	—
Interest bearing deposits						$	5,726,611					$	5,726,611					$	—					$	5,726,611					$	—
Time deposits						$	613,073					$	610,373					$	—					$	610,373					$	—
Customer repurchase agreements						$	26,539					$	26,539					$	—					$	26,539					$	—
Borrowings						$	349,732					$	350,557					$	—					$	350,557					$	—
Mortgage banking derivatives						$	20					$	20					$	—					$	—					$	20
Credit risk participation agreement						$	11					$	11					$	—					$	11					$	—
Interest rate caps						$	17,662					$	17,662					$	—					$	17,662					$	—
December 31, 2021
Assets
Cash and due from banks						$	12,886					$	12,886					$	12,886					$	—					$	—
Federal funds sold						$	20,391					$	20,391					$	—					$	20,391					$	—
Interest bearing deposits with other banks						$	1,680,945					$	1,680,945					$	—					$	1,680,945					$	—
Investment securities						$	2,623,408					$	2,623,408					$	—					$	2,611,408					$	12,000
Federal Reserve and Federal Home Loan Bank stock						$	34,153					$	34,153					$	—					$	34,153					$	—
Loans held for sale						$	47,218					$	47,218					$	—					$	47,218					$	—
Loans						$	7,065,598					$	6,930,929					$	—					$	—					$	6,930,929
Mortgage banking derivative						$	636					$	636					$	—					$	—					$	636
Interest rate caps						$	5,197					$	5,197					$	—					$	5,197					$	—
Liabilities
Noninterest bearing deposits						$	3,277,956					$	3,277,956					$	—					$	3,277,956					$	—
Interest bearing deposits						$	5,974,502					$	5,974,502					$	—					$	5,974,502					$	—
Time deposits						$	729,082					$	736,001					$	—					$	736,001					$	—
Customer repurchase agreements						$	23,918					$	23,918					$	—					$	23,918					$	—
Borrowings						$	369,670					$	374,326					$	—					$	374,326					$	—
Credit risk participation agreements						$	47					$	47					$	—					$	47					$	—
Interest rate caps						$	5,147					$	5,147					$	—					$	5,147					$	—

X

- Definition

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

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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.

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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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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