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v3.21.1

Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value of Assets and Liabilities |
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2021
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale and securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 5,683 | ​ | $ | — | ​ | $ | 5,683
Obligations of state and political agencies | ​ |  | — | ​ |  | 149,191 | ​ |  | — | ​ |  | 149,191
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 521,595 | ​ |  | — | ​ |  | 521,595
Commercial | ​ |  | — | ​ |  | 87,697 | ​ |  | — | ​ |  | 87,697
Asset backed securities | ​ |  | — | ​ |  | 96 | ​ |  | — | ​ |  | 96
Corporate bonds | ​ |  | — | ​ |  | 30,835 | ​ |  | — | ​ |  | 30,835
Total available-for-sale securities | ​ | $ | — | ​ | $ | 795,097 | ​ | $ | — | ​ | $ | 795,097
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 12,928 | ​ | $ | — | ​ | $ | 12,928
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 1,616 | ​ | $ | — | ​ | $ | 1,616
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale and equity securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 5,907 | ​ | $ | — | ​ | $ | 5,907
Obligations of state and political agencies | ​ |  | — | ​ |  | 153,773 | ​ |  | — | ​ |  | 153,773
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 306,719 | ​ |  | — | ​ |  | 306,719
Commercial | ​ |  | — | ​ |  | 94,978 | ​ |  | — | ​ |  | 94,978
Asset backed securities | ​ |  | — | ​ |  | 115 | ​ |  | — | ​ |  | 115
Corporate bonds | ​ |  | — | ​ |  | 30,850 | ​ |  | — | ​ |  | 30,850
Equity securities | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total available-for-sale and equity securities | ​ | $ | — | ​ | $ | 592,342 | ​ | $ | — | ​ | $ | 592,342
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 13,357 | ​ | $ | — | ​ | $ | 13,357
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 2,911 | ​ | $ | — | ​ | $ | 2,911
Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | 78,665 | ​ | $ | — | ​ | $ | 78,665 | ​ | $ | —
Impaired loans | ​ |  | — | ​ |  | 7,139 | ​ |  | 7,139 | ​ |  | 1,002
Foreclosed assets | ​ |  | — | ​ |  | 139 | ​ |  | 139 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | 1,952 | ​ |  | 1,952 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | 122,440 | ​ | $ | — | ​ | $ | 122,440 | ​ | $ | —
Impaired loans | ​ |  | — | ​ |  | 7,325 | ​ |  | 7,325 | ​ |  | 1,205
Foreclosed assets | ​ |  | — | ​ |  | 63 | ​ |  | 63 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | 1,987 | ​ |  | 1,987 | ​ |  | —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | March 31, 2021 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 7,139 |  | N/A | ​ | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 139 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 1,952 |  | 175-298 |  | 269 |
​ |  |  |  | Discount rate |  |  |  | 9.0 | % | 9.0 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2020 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 7,325 |  | N/A |  | N/A | ​
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 63 |  | N/A |  | N/A | ​
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 1,987 |  | 191-403 |  | 285 | ​
​ |  |  |  | Discount rate |  |  |  | 9.0 | % | 9.0 | %
​
Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 190,217 | ​ | $ | 190,217 | ​ | $ | — | ​ | $ | — | ​ | $ | 190,217
Loans | ​ |  | 1,903,587 | ​ |  | — | ​ |  | — | ​ |  | 1,952,366 | ​ |  | 1,952,366
Accrued interest receivable | ​ |  | 9,271 | ​ |  | 9,271 | ​ |  | — | ​ |  | — | ​ |  | 9,271
Bank-owned life insurance | ​ |  | 32,556 | ​ |  | — | ​ |  | 32,556 | ​ |  | — | ​ |  | 32,556
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 775,434 | ​ | $ | — | ​ | $ | 775,434 | ​ | $ | — | ​ | $ | 775,434
Interest-bearing deposits | ​ |  | 1,729,231 | ​ |  | — | ​ |  | 1,729,231 | ​ |  | — | ​ |  | 1,729,231
Time deposits | ​ |  | 212,908 | ​ |  | — | ​ |  | — | ​ |  | 213,673 | ​ |  | 213,673
Long-term debt | ​ |  | 59,020 | ​ |  | — | ​ |  | 56,634 | ​ |  | — | ​ |  | 56,634
Accrued interest payable | ​ |  | 533 | ​ |  | 533 | ​ |  | — | ​ |  | — | ​ |  | 533
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 172,962 | ​ | $ | 172,962 | ​ | $ | — | ​ | $ | — | ​ | $ | 172,962
Loans | ​ |  | 1,945,129 | ​ |  | — | ​ |  | — | ​ |  | 1,992,394 | ​ |  | 1,992,394
Accrued interest receivable | ​ |  | 9,662 | ​ |  | 9,662 | ​ |  | — | ​ |  | — | ​ |  | 9,662
Bank-owned life insurance | ​ |  | 32,363 | ​ |  | — | ​ |  | 32,363 | ​ |  | — | ​ |  | 32,363
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 754,716 | ​ | $ | — | ​ | $ | 754,716 | ​ | $ | — | ​ | $ | 754,716
Interest-bearing deposits | ​ |  | 1,607,939 | ​ |  | — | ​ |  | 1,607,939 | ​ |  | — | ​ |  | 1,607,939
Time deposits | ​ |  | 209,338 | ​ |  | — | ​ |  | — | ​ |  | 210,637 | ​ |  | 210,637
Long-term debt | ​ |  | 58,735 | ​ |  | — | ​ |  | 56,131 | ​ |  | — | ​ |  | 56,131
Accrued interest payable | ​ |  | 654 | ​ |  | 654 | ​ |  | — | ​ |  | — | ​ |  | 654

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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 input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring 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 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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