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v3.21.2

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value of Assets and Liabilities |
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 5,469 | ​ | $ | — | ​ | $ | 5,469
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 518,472 | ​ |  | — | ​ |  | 518,472
Commercial | ​ |  | — | ​ |  | 94,918 | ​ |  | — | ​ |  | 94,918
Asset backed securities | ​ |  | — | ​ |  | 64 | ​ |  | — | ​ |  | 64
Corporate bonds | ​ |  | — | ​ |  | 36,359 | ​ |  | — | ​ |  | 36,359
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 655,282 | ​ | $ | — | ​ | $ | 655,282
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 4,880 | ​ | $ | — | ​ | $ | 4,880
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 1,062 | ​ | $ | — | ​ | $ | 1,062
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
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
Total available-for-sale investment 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | 60,912 | ​ | $ | — | ​ | $ | 60,912 | ​ | $ | —
Impaired loans | ​ |  | — | ​ |  | 6,392 | ​ |  | 6,392 | ​ |  | 559
Foreclosed assets | ​ |  | — | ​ |  | 862 | ​ |  | 862 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | 1,776 | ​ |  | 1,776 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | September 30, 2021 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 6,392 |  | N/A | ​ | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 862 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 1,776 |  | 184-392 |  | 257 |
​ |  |  |  | Discount rate |  |  |  | 9.3 | % | 9.3 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 159,454 | ​ | $ | 159,454 | ​ | $ | — | ​ | $ | — | ​ | $ | 159,454
Investment securities held-to-maturity | ​ | ​ | 362,586 | ​ | ​ | — | ​ | ​ | 363,540 | ​ | ​ | — | ​ | ​ | 363,540
Loans | ​ |  | 1,768,320 | ​ |  | — | ​ |  | — | ​ |  | 1,814,289 | ​ |  | 1,814,289
Accrued interest receivable | ​ |  | 8,836 | ​ |  | 8,836 | ​ |  | — | ​ |  | — | ​ |  | 8,836
Bank-owned life insurance | ​ |  | 32,954 | ​ |  | — | ​ |  | 32,954 | ​ |  | — | ​ |  | 32,954
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 797,062 | ​ | $ | — | ​ | $ | 797,062 | ​ | $ | — | ​ | $ | 797,062
Interest-bearing deposits | ​ |  | 1,691,226 | ​ |  | — | ​ |  | 1,691,226 | ​ |  | — | ​ |  | 1,691,226
Time deposits | ​ |  | 224,800 | ​ |  | — | ​ |  | — | ​ |  | 225,353 | ​ |  | 225,353
Long-term debt | ​ |  | 58,963 | ​ |  | — | ​ |  | 58,319 | ​ |  | — | ​ |  | 58,319
Accrued interest payable | ​ |  | 1,298 | ​ |  | 1,298 | ​ |  | — | ​ |  | — | ​ |  | 1,298
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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