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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020.
|  |  |  | September 30, 2021 Fair Value Measurements Using
(in thousands) |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored agencies |  | $ | 52,455 |  |  | $ | — |  |  | $ | 52,455 |  |  | $ | — |
Municipal securities |  | 77,450 |  |  | — |  |  | 77,450 |  |  | — |
Agency mortgage-backed securities |  | 429,885 |  |  | — |  |  | 429,885 |  |  | — |
Private label mortgage-backed securities |  | 20,235 |  |  |  |  | 20,235 |  |  | — |
Asset-backed securities |  | 5,005 |  |  | — |  |  | 5,005 |  |  | — |
Corporate securities |  | 48,977 |  |  | — |  |  | 48,977 |  |  | — |
Total available-for-sale securities |  | 634,007 |  |  | — |  |  | 634,007 |  |  | — |
Loans held-for-sale (mandatory pricing agreements) |  | 19,181 |  |  | — |  |  | 19,181 |  |  | — |
Servicing asset |  | 4,412 |  |  | — |  |  | — |  |  | 4,412 |
Interest rate swap agreements |  | (18,710) |  |  | — |  |  | (18,710) |  |  | — |
Forward contracts |  | 458 |  |  | 458 |  |  | — |  |  | — |
IRLCs |  | 840 |  |  | — |  |  | — |  |  | 840 |
|  |  |  | December 31, 2020 Fair Value Measurements Using
(in thousands) |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored agencies |  | $ | 60,545 |  |  | $ | — |  |  | $ | 60,545 |  |  | $ | — |
Municipal securities |  | 82,489 |  |  | — |  |  | 82,489 |  |  | — |
Agency mortgage-backed securities |  | 243,921 |  |  | — |  |  | 243,921 |  |  | — |
Private label mortgage-backed securities |  | 58,116 |  |  | — |  |  | 58,116 |  |  | — |
Asset-backed securities |  | 4,961 |  |  | — |  |  | 4,961 |  |  | — |
Corporate securities |  | 47,596 |  |  | — |  |  | 47,596 |  |  | — |
Total available-for-sale securities |  | 497,628 |  |  | — |  |  | 497,628 |  |  | — |
Loans held-for-sale (mandatory pricing agreements) |  | 26,341 |  |  | — |  |  | 26,341 |  |  | — |
Servicing asset |  | 3,569 |  |  | — |  |  | — |  |  | 3,569 |
Interest rate swap agreements |  | (29,750) |  |  | — |  |  | (29,750) |  |  | — |
Forward contracts |  | (640) |  |  | (640) |  |  | — |  |  | — |
IRLCs |  | 3,361 |  |  | — |  |  | — |  |  | 3,361 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables reconcile the beginning and ending balances of recurring fair value measurements recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs for the three and nine months ended September 30, 2021 and 2020.
|  |  |  | Three Months Ended
(in thousands) |  |  |  | Servicing Asset |  | Interest Rate Lock Commitments
Balance, July 1, 2021 |  |  |  | $ | 4,120 |  |  | $ | 818 |
Total realized gains |  |  |  |  |  |
Additions |  |  |  | 566 |  |  | — |
Paydowns |  |  |  | (176) |  |  | — |
Change in fair value |  |  |  | (98) |  |  | 22 |
Balance, September 30, 2021 |  |  |  | 4,412 |  |  | 840 |
Balance as of July 1, 2020 |  |  |  | $ | 2,522 |  |  | $ | 282 |
Total realized gains |  |  |  |  |  |
Additions |  |  |  | 399 |  |  | — |
Paydowns |  |  |  | (103) |  |  | — |
Change in fair value |  |  |  | — |  |  | 2,834 |
Balance, September 30, 2020 |  |  |  | $ | 2,818 |  |  | $ | 3,116 |
|  |  |  | Nine Months Ended
(in thousands) |  |  |  | Servicing Asset |  | Interest Rate Lock Commitments
Balance, January 1, 2021 |  |  |  | $ | 3,569 |  |  | $ | 3,361 |
Total realized gains |  |  |  |  |  |
Additions |  |  |  | 1,512 |  |  | — |
Paydowns |  |  |  | (500) |  |  | — |
Change in fair value |  |  |  | (169) |  |  | (2,521) |
Balance, September 30, 2021 |  |  |  | 4,412 |  |  | 840 |
Balance as of January 1, 2020 |  |  |  | $ | 2,481 |  |  | $ | 910 |
Total realized gains |  |  |  |  |  |
Additions |  |  |  | 709 |  |  | — |
Paydowns |  |  |  | (372) |  |  | — |
Change in fair value |  |  |  | — |  |  | 2,206 |
Balance, September 30, 2020 |  |  |  | $ | 2,818 |  |  | $ | 3,116 |
Schedule Of Impaired Loans, Including Valuation Allowance, Fair Value, Unobservable Inputs Reconciliation | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurement falls at September 30, 2021 and December 31, 2020.
|  |  |  | September 30, 2021
(in thousands) |  |  |  | Fair Value Measurements Using
|  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Impaired loans |  | $ | 3,747 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,747 |
|  |  |  | December 31, 2020
(in thousands) |  |  |  | Fair Value Measurements Using
|  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Impaired loans |  | $ | 4,026 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,026 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.
(dollars in thousands) |  | Fair Value at September 30, 2021 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range |  | Weighted-Average Range
Impaired loans |  | $ | 3,747 |  |  | Fair value of collateral |  | Discount for type of property and current market conditions |  | 10% |  | 10%
IRLCs |  | 840 |  |  | Discounted cash flow |  | Loan closing rates |  | 51% - 100% |  | 90%
Servicing asset |  | 4,412 |  |  | Discounted cash flow |  | Prepayment speeds Discount rate |  | 0% - 25% 10% |  | 12.8% 10%
(dollars in thousands) |  | Fair Value at December 31, 2020 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range |  | Weighted-Average Range
Impaired loans |  | $ | 4,026 |  |  | Fair value of collateral |  | Discount for type of property and current market conditions |  | 10% |  | 10%
IRLCs |  | 3,361 |  |  | Discounted cash flow |  | Loan closing rates |  | 44% - 100% |  | 87%
Servicing asset |  | 3,569 |  |  | Discounted cash flow |  | Prepayment speeds Discount rate |  | 0% - 25% 10% |  | 12.1% 10%
Fair Value, by Balance Sheet Grouping | The following tables present the carrying value and estimated fair value of all financial assets and liabilities at September 30, 2021 and December 31, 2020.
|  | September 30, 2021 Fair Value Measurements Using
(in thousands) |  | Carrying Amount |  | Fair Value |  | Quoted Prices In Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  | $ | 407,515 |  |  | $ | 407,515 |  |  | $ | 407,515 |  |  | $ | — |  |  | $ | — |
Securities held-to-maturity |  | 62,129 |  |  | 64,337 |  |  | — |  |  | 64,337 |  |  | — |
Loans held-for-sale (best efforts pricing agreements) |  | 24,789 |  |  | 24,789 |  |  | — |  |  | 24,789 |  |  | — |
Net loans |  | 2,908,148 |  |  | 2,969,845 |  |  | — |  |  | — |  |  | 2,969,845 |
Accrued interest receivable |  | 14,866 |  |  | 14,866 |  |  | 14,866 |  |  | — |  |  | — |
Federal Home Loan Bank of Indianapolis stock |  | 25,650 |  |  | 25,650 |  |  | — |  |  | 25,650 |  |  | — |
Deposits |  | 3,224,595 |  |  | 3,244,427 |  |  | 1,857,794 |  |  | — |  |  | 1,386,633 |
Advances from Federal Home Loan Bank |  | 514,920 |  |  | 532,605 |  |  | — |  |  | 532,605 |  |  | — |
Subordinated debt |  | 104,156 |  |  | 110,114 |  |  | 39,960 |  |  | 70,154 |  |  | — |
Accrued interest payable |  | 1,568 |  |  | 1,568 |  |  | 1,568 |  |  | — |  |  | — |
|  | December 31, 2020 Fair Value Measurements Using
(in thousands) |  | Carrying Amount |  | Fair Value |  | Quoted Prices In Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  | $ | 419,806 |  |  | $ | 419,806 |  |  | $ | 419,806 |  |  | $ | — |  |  | $ | — |
Securities held-to-maturity |  | 68,223 |  |  | 69,452 |  |  | — |  |  | 69,452 |  |  | — |
Loans held-for-sale (best efforts pricing agreements) |  | 13,243 |  |  | 13,243 |  |  | — |  |  | 13,243 |  |  | — |
Net loans |  | 3,029,747 |  |  | 3,084,375 |  |  | — |  |  | — |  |  | 3,084,375 |
Accrued interest receivable |  | 17,416 |  |  | 17,416 |  |  | 17,416 |  |  | — |  |  | — |
Federal Home Loan Bank of Indianapolis stock |  | 25,650 |  |  | 25,650 |  |  | — |  |  | 25,650 |  |  | — |
Deposits |  | 3,270,885 |  |  | 3,307,038 |  |  | 1,679,164 |  |  | — |  |  | 1,627,874 |
Advances from Federal Home Loan Bank |  | 514,916 |  |  | 541,945 |  |  | — |  |  | 541,945 |  |  | — |
Subordinated debt |  | 79,603 |  |  | 83,682 |  |  | 63,325 |  |  | 20,357 |  |  | — |
Accrued interest payable |  | 1,439 |  |  | 1,439 |  |  | 1,439 |  |  | — |  |  | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -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://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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