XML 59 R47.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
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, 2022
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 3,833 | ​ | $ | — | ​ | $ | 3,833
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 596,989 | ​ |  | — | ​ |  | 596,989
Commercial | ​ |  | — | ​ |  | 65,283 | ​ |  | — | ​ |  | 65,283
Asset backed securities | ​ |  | — | ​ |  | 35 | ​ |  | — | ​ |  | 35
Corporate bonds | ​ |  | — | ​ |  | 62,970 | ​ |  | — | ​ |  | 62,970
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 729,110 | ​ | $ | — | ​ | $ | 729,110
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 7,970 | ​ | $ | — | ​ | $ | 7,970
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 6,742 | ​ | $ | — | ​ | $ | 6,742
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 5,103 | ​ | $ | — | ​ | $ | 5,103
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 707,157 | ​ |  | — | ​ |  | 707,157
Commercial | ​ |  | — | ​ |  | 90,913 | ​ |  | — | ​ |  | 90,913
Asset backed securities | ​ |  | — | ​ |  | 54 | ​ |  | — | ​ |  | 54
Corporate bonds | ​ |  | — | ​ |  | 50,422 | ​ |  | — | ​ |  | 50,422
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 853,649 | ​ | $ | — | ​ | $ | 853,649
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 3,397 | ​ | $ | — | ​ | $ | 3,397
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 1,368 | ​ | $ | — | ​ | $ | 1,368
Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | 26,129 | ​ | $ | — | ​ | $ | 26,129 | ​ | $ | —
Impaired loans | ​ |  | — | ​ |  | 4,813 | ​ |  | 4,813 | ​ |  | 264
Foreclosed assets | ​ |  | — | ​ |  | 904 | ​ |  | 904 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | 2,780 | ​ |  | 2,780 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | 46,490 | ​ | $ | — | ​ | $ | 46,490 | ​ | $ | —
Impaired loans | ​ |  | — | ​ |  | 2,469 | ​ |  | 2,469 | ​ |  | 283
Foreclosed assets | ​ |  | — | ​ |  | 885 | ​ |  | 885 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | 1,880 | ​ |  | 1,880 | ​ |  | —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | September 30, 2022 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 4,813 |  | N/A | ​ | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 904 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,780 |  | 100-136 |  | 112 |
​ |  |  |  | Discount rate |  |  |  | 10.0 | % | 10.0 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2021 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 2,469 |  | N/A |  | N/A | ​
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 885 |  | N/A |  | N/A | ​
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 1,880 |  | 161-327 |  | 237 | ​
​ |  |  |  | Discount rate |  |  |  | 9.5 | % | 9.5 | %
​
Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 54,167 | ​ | $ | 54,167 | ​ | $ | — | ​ | $ | — | ​ | $ | 54,167
Investment securities held-to-maturity | ​ | ​ | 326,410 | ​ | ​ | — | ​ | ​ | 273,306 | ​ | ​ | — | ​ | ​ | 273,306
Loans, net | ​ |  | 2,287,263 | ​ |  | — | ​ |  | — | ​ |  | 2,256,887 | ​ |  | 2,256,887
Accrued interest receivable | ​ |  | 11,256 | ​ |  | 11,256 | ​ |  | — | ​ |  | — | ​ |  | 11,256
Bank-owned life insurance | ​ |  | 33,777 | ​ |  | — | ​ |  | 33,777 | ​ |  | — | ​ |  | 33,777
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 905,228 | ​ | $ | — | ​ | $ | 905,228 | ​ | $ | — | ​ | $ | 905,228
Interest-bearing deposits | ​ |  | 1,834,556 | ​ |  | — | ​ |  | 1,834,556 | ​ |  | — | ​ |  | 1,834,556
Time deposits | ​ |  | 222,027 | ​ |  | — | ​ |  | — | ​ |  | 217,974 | ​ |  | 217,974
Short-term borrowings | ​ |  | 253,830 | ​ |  | 253,830 | ​ |  | — | ​ |  | — | ​ |  | 253,830
Long-term debt | ​ |  | 58,836 | ​ |  | — | ​ |  | 55,480 | ​ |  | — | ​ |  | 55,480
Accrued interest payable | ​ |  | 1,405 | ​ |  | 1,405 | ​ |  | — | ​ |  | — | ​ |  | 1,405
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 242,311 | ​ | $ | 242,311 | ​ | $ | — | ​ | $ | — | ​ | $ | 242,311
Investment securities held-to-maturity | ​ | ​ | 352,061 | ​ | ​ | — | ​ | ​ | 349,677 | ​ | ​ | — | ​ | ​ | 349,677
Loans, net | ​ |  | 1,726,448 | ​ |  | — | ​ |  | — | ​ |  | 1,760,784 | ​ |  | 1,760,784
Accrued interest receivable | ​ |  | 8,537 | ​ |  | 8,537 | ​ |  | — | ​ |  | — | ​ |  | 8,537
Bank-owned life insurance | ​ |  | 33,156 | ​ |  | — | ​ |  | 33,156 | ​ |  | — | ​ |  | 33,156
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 938,840 | ​ | $ | — | ​ | $ | 938,840 | ​ | $ | — | ​ | $ | 938,840
Interest-bearing deposits | ​ |  | 1,748,799 | ​ |  | — | ​ |  | 1,748,799 | ​ |  | — | ​ |  | 1,748,799
Time deposits | ​ |  | 232,912 | ​ |  | — | ​ |  | — | ​ |  | 232,970 | ​ |  | 232,970
Long-term debt | ​ |  | 58,933 | ​ |  | — | ​ |  | 57,772 | ​ |  | — | ​ |  | 57,772
Accrued interest payable | ​ |  | 1,674 | ​ |  | 1,674 | ​ |  | — | ​ |  | — | ​ |  | 1,674

X
- 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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration