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Fair Value of Financial Instruments (Tables)

9 Months Ended

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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Schedule Of Impaired Loans, Including Valuation Allowance, Fair Value, Unobservable Inputs Reconciliation [Table Text Block]

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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 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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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