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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE MEASUREMENTS

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

Level 1

Level 2

Level 3

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

​

​

​

​

​

​

​

​

Obligations of US Government-sponsored enterprises

​

$

—

​

$

1,650

​

$

—

​

$

1,650

Mortgage-backed securities:

​

​

​

​

​

US Government-sponsored enterprises

​

​

—

​

​

182,171

​

​

—

​

​

182,171

US Government agency

​

—

​

86,307

​

—

​

86,307

Private label

​

—

​

45,731

​

—

​

45,731

Obligations of states and political subdivisions thereof

​

—

​

106,402

​

—

​

106,402

Corporate bonds

​

—

​

90,667

​

—

​

90,667

Loans held for sale

​

​

—

​

​

3,897

​

​

—

​

​

3,897

Derivative assets

​

—

​

22,775

​

161

​

22,936

Derivative liabilities

​

—

​

(20,005)

​

—

​

(20,005)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

Level 1

Level 2

Level 3

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

​

​

​

​

​

​

​

Obligations of US Government-sponsored enterprises

​

$

—

​

$

1,992

​

$

—

​

$

1,992

Mortgage-backed securities:

​

​

​

​

​

US Government-sponsored enterprises

​

​

—

​

​

193,282

​

​

—

​

​

193,282

US Government agency

​

—

​

74,213

​

—

​

74,213

Private label

​

—

​

59,051

​

—

​

59,051

Obligations of states and political subdivisions thereof

​

—

​

110,168

​

—

​

110,168

Corporate bonds

​

—

​

95,868

​

—

​

95,868

Loans held for sale

​

​

—

​

​

2,189

​

​

—

​

​

2,189

Derivative assets

​

—

​

21,775

​

63

​

21,838

Derivative liabilities

​

—

​

(18,587)

​

(20)

​

(18,607)

​

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

​

​	​	​	​	​	​	​
​	​	Assets (Liabilities)
​	​	Interest Rate Lock		​	Forward
(in thousands)		Commitments			Commitments
Three Months Ended June 30, 2024	​		​	​		​
Balance at beginning of period	​	$	56	​	$	(16)
Realized gain recognized in non-interest income	​		90	​		31
Balance at end of period	​	$	146	​	$	15
​	​	​	​	​	​	​
Three Months Ended June 30, 2023	​		​	​		​
Balance at beginning of period	​	$	8	​	$	—
Realized gain (loss) recognized in non-interest income	​		28	​		49
Balance at end of period	​	$	36	​	$	49
​	​	​	​	​	​	​
Six Months Ended June 30, 2024	​			​
Balance at beginning of period	​	$	63	​	$	(20)
Realized gain recognized in non-interest income	​		83	​		35
Balance at end of period	​	$	146	​	$	15
​	​	​	​	​	​	​
Six Months Ended June 30, 2023	​			​
Balance at beginning of period	​	$	—	​	$	—
Realized loss recognized in non-interest income	​		36	​		49
Balance at end of period	​	$	36	​	$	49

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

​

​	​	​	​	​	​	​
​	​	Assets (Liabilities)
​	​	Interest Rate Lock		​	Forward
(in thousands)		Commitments			Commitments
Three Months Ended June 30, 2024	​		​	​		​
Balance at beginning of period	​	$	56	​	$	(16)
Realized gain recognized in non-interest income	​		90	​		31
Balance at end of period	​	$	146	​	$	15
​	​	​	​	​	​	​
Three Months Ended June 30, 2023	​		​	​		​
Balance at beginning of period	​	$	8	​	$	—
Realized gain (loss) recognized in non-interest income	​		28	​		49
Balance at end of period	​	$	36	​	$	49
​	​	​	​	​	​	​
Six Months Ended June 30, 2024	​			​
Balance at beginning of period	​	$	63	​	$	(20)
Realized gain recognized in non-interest income	​		83	​		35
Balance at end of period	​	$	146	​	$	15
​	​	​	​	​	​	​
Six Months Ended June 30, 2023	​			​
Balance at beginning of period	​	$	—	​	$	—
Realized loss recognized in non-interest income	​		36	​		49
Balance at end of period	​	$	36	​	$	49

Schedule of Quantitative Information, Valuation, Recurring

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Fair Value		​	​	​	​	​	​	​	​
(in thousands,	​	June 30,		​	Valuation	​	Unobservable	​	Unobservable		​
except ratios)		2024			Techniques		Inputs		Input Value
Assets (Liabilities)	​		​	​		​		​		​
Interest Rate Lock Commitment		$	146	​	Pull-through Rate Analysis		Closing Ratio		​	93	%
​	​		​	​	Pricing Model	​	Origination Costs, per loan	​	$	1.7	​
​	​	​	​	​	Discount Cash Flows	​	Mortgage Servicing Asset	​	​	1.0	%
​	​	​	​	​	​		​	​	​	​	​
Forward Commitments	​		15	​	Quoted prices for similar loans in active markets		Freddie Mac pricing system	​		$100 to $102.8	​
Total	​	$	161	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​		Fair Value		​	​		​		Significant
​	​	December 31,		​	Valuation	​	Unobservable	​	Unobservable		​
(in thousands, except ratios)		2023		​	Techniques		Inputs		Input Value		​
Assets (Liabilities)	​		​	​		​		​		​
Interest Rate Lock Commitment		$	63	​	Pull-through Rate Analysis		Closing Ratio		​	95	%
​	​		​	​	Pricing Model	​	Origination Costs, per loan	​	$	1.7	​
​	​	​	​	​	Discount Cash Flows	​	Mortgage Servicing Asset	​	​	1.0	%
​	​	​	​	​	​		​	​	​	​	​
Forward Commitments	​		(20)	​	Quoted prices for similar loans in active markets		Freddie Mac pricing system	​		$100.9 to $103.3	​
Total	​	$	43	​	​	​	​	​	​	​	​

Summary of Applicable Non-Recurring Fair Value Measurements

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	Fair Value
​	​	​	​	​	​	​	​	​		​	Measurement Date as of
​	​	Jun 30, 2024		​	Dec 31, 2023		​	June 30, 2024		​	June 30, 2024
​	​	Level 3		​	Level 3		​	Total		​	Level 3
(in thousands)		Inputs			Inputs			Gains (Losses)			Inputs
Assets	​		​	​		​	​		​	​
Individually evaluated loans	​	$	2,629	​	$	3,500	​	$	(871)	​	June 2024
Capitalized servicing rights	​		6,994	​	​	6,764		​	230		June 2024
Premises held for sale	​		252	​	​	1,154		​	(902)		June 2024
Total	​	$	9,875	​	$	11,418	​	$	(1,543)

Schedule of Quantitative Information, Valuation, Non-recurring

​

​	​	​	​	​	​	​	​	​	​	​	​
(in thousands, except ratios)		Fair Value June 30, 2024			Valuation Techniques		Unobservable Inputs		Range (Weighted Average)(a)
Assets		​						​	​		​
Individually evaluated loans	​	$	1,752		Fair value of collateral-appraised value		Loss severity	​	​	10% to 40%	​
​	​	​	​	​	​		Appraised value	​	​	$215 to $680	​
​	​	​	​	​	​	​	​	​	​	​	​
Individually evaluated loans	​		877		Discount cash flow		Discount rate		​	3.25% to 4.99%	​
​	​	​	​	​	​		Cash flows	​	​	$317 to $510	​
​	​	​	​	​	​	​	​	​	​	​	​
Capitalized servicing rights	​		6,994		Discounted cash flow		Constant prepayment rate		​	6.83%	​
​	​		​				Discount rate		​	10.06%	​
​	​	​	​	​	​	​	​	​	​	​	​
Premises held for sale	​		252		Fair value of asset less selling costs		Appraised value	​	​	$265	​
​	​		​				Selling Costs		​	5%	​
Total	​	$	9,875						​		​

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

​

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​	​	​	​	​		​
(in thousands, except ratios)		Fair Value December 31, 2023			Valuation Techniques		Unobservable Inputs		Range (Weighted Average)(a)		​
Assets		​						​	​		​
Individually evaluated loans	​	$	2,437		Fair value of collateral-appraised value		Loss severity	​	​	10% to 43%	​
​	​	​	​	​	​		Appraised value	​	​	$80 to $965	​
​	​	​	​	​	​	​	​	​	​	​	​
Individually evaluated loans	​		1,063		Discount cash flow		Discount rate		​	3.25% to 7.13%	​
​	​	​	​	​	​		Cash flows	​	​	$2 to $520	​
​	​	​	​	​	​	​	​	​	​	​	​
Capitalized servicing rights	​		6,764		Discounted cash flow		Constant prepayment rate		​	7.20%	​
​	​		​				Discount rate		​	10.06%	​
​	​	​	​	​	​	​	​	​	​	​	​
Premises held for sale	​		1,154		Fair value of asset less selling costs		Appraised value	​	​	$1,223	​
​	​		​				Selling Costs		​	6%	​
Total	​	$	11,418						​		​

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

Amount

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

Cash and cash equivalents

​

$

101,836

​

$

101,836

​

$

101,836

​

$

—

​

$

—

Securities available for sale

​

512,928

​

512,928

​

—

​

512,928

​

—

FHLB stock

​

14,755

​

14,755

​

—

​

14,755

​

—

Loans held for sale

​

​

3,897

​

​

3,897

​

​

—

​

​

3,897

​

​

—

Net loans

​

3,035,326

​

2,869,157

​

—

​

—

​

2,869,157

Accrued interest receivable

​

4,958

​

4,958

​

—

​

4,958

​

—

Cash surrender value of bank-owned life insurance policies

​

81,221

​

81,221

​

—

​

81,221

​

—

Derivative assets

​

22,936

​

22,936

​

—

​

22,775

​

161

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

Non-maturity deposits

​

$

2,339,323

​

$

2,184,194

​

$

—

​

$

2,184,194

​

$

—

Time deposits

​

​

801,143

​

​

793,797

​

​

—

​

​

793,797

​

​

—

Securities sold under agreements to repurchase

​

​

74,775

​

​

74,775

​

​

—

​

​

74,775

​

​

—

FRB advances

​

​

65,000

​

​

65,000

​

​

—

​

​

65,000

​

​

—

FHLB advances

​

254,574

​

254,393

​

—

​

254,393

​

—

Subordinated borrowings

​

60,541

​

68,573

​

—

​

68,573

​

—

Derivative liabilities

​

20,005

​

20,005

​

—

​

20,005

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

Amount

Value

Level 1

Level 2

Level 3

Financial Assets

​

​

​

​

​

Cash and cash equivalents

​

$

94,842

​

$

94,842

​

$

94,842

​

$

—

​

$

—

Securities available for sale

​

534,574

​

534,574

​

—

​

534,574

​

—

FHLB stock

​

14,834

​

14,834

​

—

​

14,834

​

—

Loans held for sale

​

​

2,189

​

​

2,189

​

​

—

​

​

2,189

​

​

—

Net loans

​

2,970,907

​

2,832,173

​

—

​

—

​

2,832,173

Accrued interest receivable

​

4,921

​

4,921

​

—

​

4,921

​

—

Cash surrender value of bank-owned life insurance policies

​

80,037

​

80,037

​

—

​

80,037

​

—

Derivative assets

​

21,838

​

21,838

​

—

​

21,775

​

63

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

​

​

​

​

Non-maturity deposits

​

$

2,482,012

​

$

2,325,307

​

$

—

​

$

2,325,307

​

$

—

Time deposits

​

​

658,482

​

​

651,855

​

​

—

​

​

651,855

​

​

—

Securities sold under agreements to repurchase

​

​

8,465

​

​

8,465

​

​

—

​

​

8,465

​

​

—

FRB advances

​

​

30,000

​

​

30,000

​

​

—

​

​

30,000

​

​

—

FHLB advances

​

232,579

​

232,375

​

—

​

232,375

​

—

Subordinated borrowings

​

60,422

​

67,635

​

—

​

67,635

​

—

Derivative liabilities

​

15,607

​

15,607

​

—

​

15,587

​

20

​

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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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

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