v3.21.2

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
FAIR VALUE MEASUREMENTS |
Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Level
(dollars in thousands) | ​ | Total | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
September 30, 2021: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Investment securities available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency mortgage-backed securities | ​ | $ | 757,942 | ​ | $ | — | ​ | $ | 757,942 | ​ | $ | —
Beneficial interest – FHLMC securitizations | ​ |  | 13,145 | ​ |  | — | ​ |  | — | ​ |  | 13,145
Corporate bonds | ​ |  | 116,911 | ​ |  | — | ​ |  | 116,911 | ​ |  | —
Other | ​ |  | 3,650 | ​ |  | 497 | ​ |  | 3,153 | ​ |  | —
Investment in equity securities | ​ |  | 540 | ​ |  | 540 | ​ |  | — | ​ |  | —
Total assets at fair value on a recurring basis | ​ | $ | 892,188 | ​ | $ | 1,037 | ​ | $ | 878,006 | ​ | $ | 13,145
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Agency mortgage-backed securities | ​ | $ | 723,995 | ​ | $ | — | ​ | $ | 723,995 | ​ | $ | —
Beneficial interest – FHLMC securitizations | ​ |  | 23,463 | ​ |  | — | ​ |  | — | ​ |  | 23,463
Corporate bonds | ​ |  | 58,358 | ​ |  | — | ​ |  | 58,358 | ​ |  | —
Other | ​ |  | 1,610 | ​ |  | 503 | ​ |  | 1,107 | ​ |  | —
Investment in equity securities | ​ |  | 338 | ​ |  | 338 | ​ |  | — | ​ |  | —
Total assets at fair value on a recurring basis | ​ | $ | 807,764 | ​ | $ | 841 | ​ | $ | 783,460 | ​ | $ | 23,463
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments are as follows as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Fair Value Measurement Level
(dollars in thousands) | ​ | Value | ​ | 1 | ​ | 2 | ​ | 3 | ​ | Total
September 30, 2021: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 783,376 | ​ | $ | 783,376 | ​ | $ | — | ​ | $ | — | ​ | $ | 783,376
Securities AFS, net | ​ |  | 891,648 | ​ |  | 497 | ​ |  | 878,006 | ​ |  | 13,145 | ​ |  | 891,648
Loans held for sale | ​ |  | 501,433 | ​ |  | — | ​ |  | 506,547 | ​ |  | — | ​ |  | 506,547
Loans, net | ​ |  | 5,287,974 | ​ |  | — | ​ |  | — | ​ |  | 5,342,001 | ​ |  | 5,342,001
Investment in FHLB stock | ​ |  | 17,250 | ​ |  | — | ​ |  | 17,250 | ​ |  | — | ​ |  | 17,250
Investment in equity securities | ​ |  | 540 | ​ |  | 540 | ​ |  | — | ​ |  | — | ​ |  | 540
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits | ​ | $ | 6,844,978 | ​ | $ | 6,231,505 | ​ | $ | 619,516 | ​ | $ | — | ​ | $ | 6,851,021
Borrowings | ​ |  | 12,500 | ​ |  | — | ​ |  | — | ​ |  | 12,500 | ​ |  | 12,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cash and cash equivalents | ​ | $ | 629,707 | ​ | $ | 629,707 | ​ | $ | — | ​ | $ | — | ​ | $ | 629,707
Securities AFS, net | ​ |  | 807,426 | ​ |  | 503 | ​ |  | 783,460 | ​ |  | 23,463 | ​ |  | 807,426
Loans held for sale | ​ |  | 505,404 | ​ |  | — | ​ |  | 510,638 | ​ |  | — | ​ |  | 510,638
Loans, net | ​ |  | 4,779,599 | ​ |  | — | ​ |  | — | ​ |  | 4,829,258 | ​ |  | 4,829,258
Investment in FHLB stock | ​ |  | 17,250 | ​ |  | — | ​ |  | 17,250 | ​ |  | — | ​ |  | 17,250
Investment in equity securities | ​ |  | 338 | ​ |  | 338 | ​ |  | — | ​ |  | — | ​ |  | 338
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Deposits | ​ | $ | 5,913,433 | ​ | $ | 4,934,537 | ​ | $ | 978,897 | ​ | $ | — | ​ | $ | 5,913,434
Borrowings | ​ |  | 269,000 | ​ |  | — | ​ |  | 255,000 | ​ |  | 14,000 | ​ |  | 269,000

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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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