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v3.24.1.u1

Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Trading | ​ | $ | 4,553 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,553
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | ​ | — | ​ | ​ | 838 | ​ | ​ | — | ​ | ​ | 838
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 420,893 | ​ |  | — | ​ |  | 420,893
Commercial | ​ |  | — | ​ |  | 1,351 | ​ |  | — | ​ |  | 1,351
Asset backed securities | ​ |  | — | ​ |  | 22 | ​ |  | — | ​ |  | 22
Corporate bonds | ​ |  | — | ​ |  | 49,168 | ​ |  | — | ​ |  | 49,168
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 472,272 | ​ | $ | — | ​ | $ | 472,272
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 9,027 | ​ | $ | — | ​ | $ | 9,027
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 6,318 | ​ | $ | — | ​ | $ | 6,318
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasury and government agencies | ​ | $ | — | ​ | $ | 1,120 | ​ | $ | — | ​ | $ | 1,120
Mortgage backed securities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential agency | ​ |  | — | ​ |  | 435,594 | ​ |  | — | ​ |  | 435,594
Commercial | ​ |  | — | ​ |  | 1,353 | ​ |  | — | ​ |  | 1,353
Asset backed securities | ​ |  | — | ​ |  | 25 | ​ |  | — | ​ |  | 25
Corporate bonds | ​ |  | — | ​ |  | 48,644 | ​ |  | — | ​ |  | 48,644
Total available-for-sale investment securities | ​ | $ | — | ​ | $ | 486,736 | ​ | $ | — | ​ | $ | 486,736
Other assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 8,512 | ​ | $ | — | ​ | $ | 8,512
Other liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives | ​ | $ | — | ​ | $ | 9,180 | ​ | $ | — | ​ | $ | 9,180
Schedule of estimated fair value measurements of certain assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Collateral dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 4,033 | ​ | $ | 4,033
Foreclosed assets | ​ |  | — | ​ |  | — | ​ |  | 3 | ​ |  | 3
Servicing rights | ​ |  | — | ​ |  | — | ​ |  | 1,983 | ​ |  | 1,983
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Collateral dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 3,998 | ​ | $ | 3,998
Foreclosed assets | ​ |  | — | ​ |  | — | ​ |  | 32 | ​ |  | 32
Servicing rights | ​ |  | — | ​ |  | — | ​ |  | 2,052 | ​ |  | 2,052
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | March 31, 2024 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Individually evaluated |  | Appraisal value |  | Property specific adjustment | $ | 4,033 |  | 10.0 | % | 10.0 | %
Foreclosed assets |  | Appraisal value |  | Property specific adjustment (1) |  | 3 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 1,983 |  | 82-172 |  | 103 |
​ |  |  |  | Discount rate |  |  |  | 11.1 | % | 11.1 | %
(1) | There were no discounts taken on the collateral that comprises the balance of foreclosed assets as of March 31, 2024.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31, 2023 | ​
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Individually evaluated |  | Appraisal value |  | Property specific adjustment | $ | 3,998 |  | 10.0 | % | 10.0 | %
Foreclosed assets |  | Appraisal value |  | Property specific adjustment (1) |  | 32 |  | N/A |  | N/A | ​
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,052 |  | 85-151 |  | 104 | ​
​ |  |  |  | Discount rate |  |  |  | 11.1 | % | 11.1 | %
(1) | There were no discounts taken on the collateral that comprises the balance of foreclosed assets as of December 31, 2023.
​
Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 545,772 | ​ | $ | 545,772 | ​ | $ | — | ​ | $ | — | ​ | $ | 545,772
Investment securities held-to-maturity | ​ | ​ | 291,932 | ​ | ​ | — | ​ | ​ | 249,807 | ​ | ​ | — | ​ | ​ | 249,807
Loans, net | ​ |  | 2,762,891 | ​ |  | — | ​ |  | — | ​ |  | 2,623,566 | ​ |  | 2,623,566
Accrued interest receivable | ​ |  | 16,149 | ​ |  | 16,149 | ​ |  | — | ​ |  | — | ​ |  | 16,149
Bank-owned life insurance | ​ |  | 33,396 | ​ |  | — | ​ |  | 33,396 | ​ |  | — | ​ |  | 33,396
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 692,500 | ​ | $ | — | ​ | $ | 692,500 | ​ | $ | — | ​ | $ | 692,500
Interest-bearing deposits | ​ |  | 2,135,740 | ​ |  | — | ​ |  | 2,135,740 | ​ |  | — | ​ |  | 2,135,740
Time deposits | ​ |  | 456,729 | ​ |  | — | ​ |  | 454,272 | ​ |  | — | ​ |  | 454,272
Short-term borrowings | ​ |  | 555,000 | ​ |  | 555,000 | ​ |  | — | ​ |  | — | ​ |  | 555,000
Long-term debt | ​ |  | 58,985 | ​ |  | — | ​ |  | 57,983 | ​ |  | — | ​ |  | 57,983
Accrued interest payable | ​ |  | 11,304 | ​ |  | 11,304 | ​ |  | — | ​ |  | — | ​ |  | 11,304
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Carrying | ​ | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 129,893 | ​ | $ | 129,893 | ​ | $ | — | ​ | $ | — | ​ | $ | 129,893
Investment securities held-to-maturity | ​ | ​ | 299,728 | ​ | ​ | — | ​ | ​ | 258,617 | ​ | ​ | — | ​ | ​ | 258,617
Loans, net | ​ |  | 2,723,740 | ​ |  | — | ​ |  | — | ​ |  | 2,590,535 | ​ |  | 2,590,535
Accrued interest receivable | ​ |  | 15,700 | ​ |  | 15,700 | ​ |  | — | ​ |  | — | ​ |  | 15,700
Bank-owned life insurance | ​ |  | 33,236 | ​ |  | — | ​ |  | 33,236 | ​ |  | — | ​ |  | 33,236
Financial Liabilities | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Noninterest-bearing deposits | ​ | $ | 728,082 | ​ | $ | — | ​ | $ | 728,082 | ​ | $ | — | ​ | $ | 728,082
Interest-bearing deposits | ​ |  | 1,955,967 | ​ |  | — | ​ |  | 1,955,967 | ​ |  | — | ​ |  | 1,955,967
Time deposits | ​ |  | 411,562 | ​ |  | — | ​ |  | 408,910 | ​ |  | — | ​ |  | 408,910
Short-term borrowings | ​ |  | 314,170 | ​ |  | 314,170 | ​ |  | — | ​ |  | — | ​ |  | 314,170
Long-term debt | ​ |  | 58,956 | ​ |  | — | ​ |  | 57,437 | ​ |  | — | ​ |  | 57,437
Accrued interest payable | ​ |  | 6,826 | ​ |  | 6,826 | ​ |  | — | ​ |  | — | ​ |  | 6,826
​

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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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