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v3.23.3

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 2,665 | ​ | $ | — | ​ | $ | 2,665
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 521,623 | ​ |  | — | ​ |  | 521,623
Commercial | ​ |  | — | ​ |  | 58,685 | ​ |  | — | ​ |  | 58,685
Asset backed securities | ​ |  | — | ​ |  | 27 | ​ |  | — | ​ |  | 27
Corporate bonds | ​ |  | — | ​ |  | 57,001 | ​ |  | — | ​ |  | 57,001
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 640,001 | ​ | $ | — | ​ | $ | 640,001
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 12,193 | ​ | $ | — | ​ | $ | 12,193
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 6,820 | ​ | $ | — | ​ | $ | 6,820
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 3,520 | ​ | $ | — | ​ | $ | 3,520
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 587,679 | ​ |  | — | ​ |  | 587,679
Commercial | ​ |  | — | ​ |  | 63,558 | ​ |  | — | ​ |  | 63,558
Asset backed securities | ​ |  | — | ​ |  | 34 | ​ |  | — | ​ |  | 34
Corporate bonds | ​ |  | — | ​ |  | 62,533 | ​ |  | — | ​ |  | 62,533
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 717,324 | ​ | $ | — | ​ | $ | 717,324
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 6,405 | ​ | $ | — | ​ | $ | 6,405
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 6,303 | ​ | $ | — | ​ | $ | 6,303
Schedule of net impairment related to nonrecurring estimated fair value measurements of certain assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | — | ​ | $ | 16,346 | ​ | $ | — | ​ | $ | 16,346 | ​ | $ | —
Individually evaluated | ​ |  | — | ​ |  | — | ​ |  | 2,390 | ​ |  | 2,390 | ​ |  | 288
Servicing rights | ​ |  | — | ​ |  | — | ​ |  | 2,214 | ​ |  | 2,214 | ​ |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale | ​ | $ | — | ​ | $ | 9,488 | ​ | $ | — | ​ | $ | 9,488 | ​ | $ | —
Individually evaluated | ​ |  | — | ​ |  | — | ​ |  | 2,813 | ​ |  | 2,813 | ​ |  | 954
Foreclosed assets | ​ |  | — | ​ |  | — | ​ |  | 30 | ​ |  | 30 | ​ |  | —
Servicing rights | ​ |  | — | ​ |  | — | ​ |  | 2,643 | ​ |  | 2,643 | ​ |  | —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | September 30, 2023 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Individually evaluated |  | Appraisal value |  | Property specific adjustment | $ | 2,390 |  | N/A | ​ | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 3 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,214 |  | 84-125 |  | 101 |
​ |  |  |  | Discount rate |  |  |  | 11.1 | % | 11.1 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2022 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Individually evaluated |  | Appraisal value |  | Property specific adjustment | $ | 2,813 |  | N/A |  | N/A | ​
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 30 |  | N/A |  | N/A | ​
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,643 |  | 103-137 |  | 115 | ​
​ |  |  |  | Discount rate |  |  |  | 10.5 | % | 10.5 | %
​
Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 64,724 | ​ | $ | 64,724 | ​ | $ | — | ​ | $ | — | ​ | $ | 64,724
Investment securities held-to-maturity | ​ | ​ | 303,268 | ​ | ​ | — | ​ | ​ | 248,239 | ​ | ​ | — | ​ | ​ | 248,239
Loans, net | ​ |  | 2,570,140 | ​ |  | — | ​ |  | — | ​ |  | 2,451,993 | ​ |  | 2,451,993
Accrued interest receivable | ​ |  | 15,561 | ​ |  | 15,561 | ​ |  | — | ​ |  | — | ​ |  | 15,561
Bank-owned life insurance | ​ |  | 33,012 | ​ |  | — | ​ |  | 33,012 | ​ |  | — | ​ |  | 33,012
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 717,990 | ​ | $ | — | ​ | $ | 717,990 | ​ | $ | — | ​ | $ | 717,990
Interest-bearing deposits | ​ |  | 1,807,259 | ​ |  | — | ​ |  | 1,807,259 | ​ |  | — | ​ |  | 1,807,259
Time deposits | ​ |  | 346,935 | ​ |  | — | ​ |  | — | ​ |  | 343,600 | ​ |  | 343,600
Short-term borrowings | ​ |  | 515,470 | ​ |  | 515,470 | ​ |  | — | ​ |  | — | ​ |  | 515,470
Long-term debt | ​ |  | 58,928 | ​ |  | — | ​ |  | 55,076 | ​ |  | — | ​ |  | 55,076
Accrued interest payable | ​ |  | 5,358 | ​ |  | 5,358 | ​ |  | — | ​ |  | — | ​ |  | 5,358
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 58,242 | ​ | $ | 58,242 | ​ | $ | — | ​ | $ | — | ​ | $ | 58,242
Investment securities held-to-maturity | ​ | ​ | 321,902 | ​ | ​ | — | ​ | ​ | 270,912 | ​ | ​ | — | ​ | ​ | 270,912
Loans, net | ​ |  | 2,412,848 | ​ |  | — | ​ |  | — | ​ |  | 2,311,956 | ​ |  | 2,311,956
Accrued interest receivable | ​ |  | 12,869 | ​ |  | 12,869 | ​ |  | — | ​ |  | — | ​ |  | 12,869
Bank-owned life insurance | ​ |  | 33,991 | ​ |  | — | ​ |  | 33,991 | ​ |  | — | ​ |  | 33,991
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 860,987 | ​ | $ | — | ​ | $ | 860,987 | ​ | $ | — | ​ | $ | 860,987
Interest-bearing deposits | ​ |  | 1,842,138 | ​ |  | — | ​ |  | 1,842,138 | ​ |  | — | ​ |  | 1,842,138
Time deposits | ​ |  | 212,359 | ​ |  | — | ​ |  | — | ​ |  | 208,550 | ​ |  | 208,550
Short-term borrowings | ​ |  | 378,080 | ​ |  | 378,080 | ​ |  | — | ​ |  | — | ​ |  | 378,080
Long-term debt | ​ |  | 58,843 | ​ |  | — | ​ |  | 56,116 | ​ |  | — | ​ |  | 56,116
Accrued interest payable | ​ |  | 2,426 | ​ |  | 2,426 | ​ |  | — | ​ |  | — | ​ |  | 2,426
​

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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