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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair value of assets and liabilities |
Schedule of Recurring Level III Assets | The following table represents recurring Level III assets:
(Dollars in thousands) |  | Interest Rate Lock Commitments |  | Municipal Securities |  |  |  | Total
Balance at December 31, 2020 |  | $ | — |  |  | $ | 43,679 |  |  |  |  | $ | 43,679 |
Purchase of securities |  | — |  |  | 3,862 |  |  |  |  | 3,862 |
Maturities/calls |  | — |  |  | (5,214) |  |  |  |  | (5,214) |
Unrealized gain (loss) included in other comprehensive income |  | — |  |  | (564) |  |  |  |  | (564) |
Balance at December 31, 2021 |  | $ | — |  |  | $ | 41,763 |  |  |  |  | $ | 41,763 |
Balance at December 31, 2019 |  | $ | 1,660 |  |  | $ | 37,259 |  |  |  |  | $ | 38,919 |
Realized and unrealized income (loss) included in earnings |  | (1,660) |  |  | 3 |  |  |  |  | (1,657) |
Purchase of securities |  | — |  |  | 22,228 |  |  |  |  | 22,228 |
Maturities/calls |  | — |  |  | (15,778) |  |  |  |  | (15,778) |
Unrealized gain (loss) included in other comprehensive income |  | — |  |  | (33) |  |  |  |  | (33) |
Balance at December 31, 2020 |  | $ | — |  |  | $ | 43,679 |  |  |  |  | $ | 43,679 |
Quantitative Information About the Level III Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value | The following tables presents quantitative information about the Level III significant unobservable inputs for assets and liabilities measured at fair value at December 31, 2021 and 2020:
|  | Quantitative Information about Level III Fair Value Measurements
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
December 31, 2021 |  |  |  |  |  |  |  |
Nonrecurring measurements: |  |  |  |  |  |  |  |
Impaired loans |  | $ | 21,980 |  |  | Appraisal of collateral 1 |  | Appraisal adjustments 2 |  | 10% - 20%
|  |  |  |  |  | Liquidation expense 2 |  | 5% - 10%
Other real estate owned |  | $ | 2,330 |  |  | Appraisal of collateral 1 |  | Appraisal adjustments 2 |  | 10% - 20%
|  |  |  |  |  | Liquidation expense 2 |  | 5% - 10%
Other debt securities |  | $ | 7,500 |  |  | Net asset value |  | Cost minus impairment |  | —%
Equity securities |  | $ | 32,155 |  |  | Net asset value |  | Cost minus impairment |  | —%
Recurring measurements: |  |  |  |  |  |  |  |
Municipal securities 5 |  | $ | 41,763 |  |  | Appraisal of bond 3 |  | Bond appraisal adjustment 4 |  | 1% - 20%
|  | Quantitative Information about Level III Fair Value Measurements
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
December 31, 2020 |  |  |  |  |  |  |  |
Nonrecurring measurements: |  |  |  |  |  |  |  |
Impaired loans |  | $ | 14,098 |  |  | Appraisal of collateral 1 |  | Appraisal adjustments 2 |  | 20% - 62%
|  |  |  |  |  | Liquidation expense 2 |  | 5% - 10%
Other real estate owned |  | $ | 5,730 |  |  | Appraisal of collateral 1 |  | Appraisal adjustments 2 |  | 20% - 30%
|  |  |  |  |  | Liquidation expense 2 |  | 5% - 10%
Other debt securities |  | $ | 7,500 |  |  | Net asset value |  | Cost minus impairment |  | —%
Equity securities |  | $ | 27,113 |  |  | Net asset value |  | Cost minus impairment |  | —%
Recurring measurements: |  |  |  |  |  |  |  |
Municipal securities 5 |  | $ | 43,679 |  |  | Appraisal of bond 3 |  | Bond appraisal adjustment 4 |  | 5% - 15%
1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level III inputs which are not identifiable. 2 Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted-average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. 3 Fair value determined through independent analysis of liquidity, rating, yield and duration. 4 Appraisals may be adjusted for qualitative factors, such as local economic conditions, liquidity, marketability and legal structure. 5 Municipal securities classified as Level III instruments are comprised of TIF bonds related to certain local municipal securities.
Recurring |
Fair value of assets and liabilities |
Financial Assets and Liabilities Measured at Fair Value | The following tables present the assets reported on the consolidated statements of financial condition at their fair value on a recurring basis as of December 31, 2021 and 2020 by level within the fair value hierarchy:
|  | December 31, 2021
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets: |  |  |  |  |  |  |  |
United States government agency securities |  | $ | — |  |  | $ | 40,437 |  |  | $ | — |  |  | $ | 40,437 |
United States sponsored mortgage-backed securities |  | — |  |  | 76,108 |  |  | — |  |  | 76,108 |
United States treasury securities |  | — |  |  | 110,389 |  |  | — |  |  | 110,389 |
Municipal securities |  | — |  |  | 133,249 |  |  | 41,763 |  |  | 175,012 |
Corporate debt securities |  | — |  |  | 11,142 |  |  | — |  |  | 11,142 |
Other debt securities |  | — |  |  | 7,500 |  |  | — |  |  | 7,500 |
Other securities |  | — |  |  | 878 |  |  | — |  |  | 878 |
Equity securities |  | 247 |  |  | — |  |  | — |  |  | 247 |
Interest rate swap |  | — |  |  | 6,702 |  |  | — |  |  | 6,702 |
Fair value hedge |  | — |  |  | 1,552 |  |  | — |  |  | 1,552 |
Bank-owned life insurance |  | — |  |  | 42,257 |  |  | — |  |  | 42,257 |
Liabilities: |  |  |  |  |  |  |  |
Interest rate swap |  | — |  |  | 6,702 |  |  | — |  |  | 6,702 |
Fair value hedge |  | — |  |  | 807 |  |  | — |  |  | 807 |
|  | December 31, 2020
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets: |  |  |  |  |  |  |  |
United States government agency securities |  | $ | — |  |  | $ | 56,992 |  |  | $ | — |  |  | $ | 56,992 |
United States sponsored mortgage-backed securities |  | — |  |  | 95,769 |  |  | — |  |  | 95,769 |
United States treasury securities |  | — |  |  | 3,123 |  |  | — |  |  | 3,123 |
Municipal securities |  | — |  |  | 188,208 |  |  | 43,679 |  |  | 231,887 |
Corporate debt securities |  | — |  |  | 17,548 |  |  | — |  |  | 17,548 |
Other securities |  | — |  |  | 18,476 |  |  | — |  |  | 18,476 |
Equity securities |  | 472 |  |  | — |  |  | — |  |  | 472 |
Loans held-for-sale |  | — |  |  | 1,062 |  |  | — |  |  | 1,062 |
Interest rate swap |  | — |  |  | 13,822 |  |  | — |  |  | 13,822 |
Fair value hedge |  | — |  |  | 2,215 |  |  | — |  |  | 2,215 |
Liabilities: |  |  |  |  |  |  |  |
Interest rate swap |  | — |  |  | 13,822 |  |  | — |  |  | 13,822 |
Fair value hedge |  | — |  |  | 2,141 |  |  | — |  |  | 2,141 |
Non-recurring |
Fair value of assets and liabilities |
Financial Assets and Liabilities Measured at Fair Value | Assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 are included in the table below:
|  | December 31, 2021
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Impaired loans |  | $ | — |  |  | $ | — |  |  | $ | 21,980 |  |  | $ | 21,980 |
Other real estate owned |  | — |  |  | — |  |  | 2,330 |  |  | 2,330 |
Other debt securities |  | — |  |  | — |  |  | 7,500 |  |  | 7,500 |
Equity securities |  | — |  |  | — |  |  | 32,155 |  |  | 32,155 |
|  | December 31, 2020
(Dollars in thousands) |  | Level I |  | Level II |  | Level III |  | Total
Impaired loans |  | $ | — |  |  | $ | — |  |  | $ | 14,098 |  |  | $ | 14,098 |
Other real estate owned |  | — |  |  | — |  |  | 5,730 |  |  | 5,730 |
Other debt securities |  | — |  |  | — |  |  | 7,500 |  |  | 7,500 |
Equity securities |  | — |  |  | — |  |  | 27,113 |  |  | 27,113 |

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