XML 35 R26.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value Disclosures and Reporting and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and estimated fair values of financial instruments

Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted:

Fair Value of Financial Instruments

(dollars in thousands, unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

​

​

​

​

​

Fair Value Measurements

​

    

Carrying
Amount

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

Financial assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

161,875

​

$

161,875

​

$

—

​

$

—

​

$

161,875

Investment securities available-for-sale

​

​

864,178

​

​

—

​

​

817,639

​

​

46,539

​

​

864,178

Investment securities held-to-maturity

​

​

161,399

​

​

—

​

​

147,147

​

​

—

​

​

147,147

Loans and leases, net held for investment

​

​

1,980,317

​

​

—

​

​

—

​

​

1,960,923

​

​

1,960,923

Collateral dependent loans

​

​

18,462

​

​

—

​

​

18,462

​

​

—

​

​

18,462

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

​

2,850,999

​

​

1,120,413

​

​

1,727,383

​

​

—

​

​

2,847,796

Repurchase agreements

​

​

118,014

​

​

—

​

​

118,014

​

​

—

​

​

118,014

Long-term debt

​

​

49,173

​

​

—

​

​

44,890

​

​

—

​

​

44,890

Subordinated debentures

​

​

35,392

​

​

—

​

​

33,683

​

​

—

​

​

33,683

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

​

​

​

Fair Value Measurements

​

    

Carrying
Amount

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

Financial assets:

​

​

​

​

​

​

Cash and cash equivalents

​

$

257,528

​

$

257,528

​

$

—

​

$

—

​

$

257,528

Investment securities available for sale

​

​

973,314

​

​

—

​

​

750,077

​

​

223,237

​

​

973,314

Loans and leases, net held for investment

​

​

1,973,207

​

​

—

​

​

—

​

​

1,960,966

​

​

1,960,966

Collateral dependent loans

​

​

398

​

​

—

​

​

221

​

​

177

​

​

398

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

​

2,781,572

​

​

1,084,544

​

​

1,696,124

​

​

—

​

​

2,780,668

Repurchase agreements

​

​

106,937

​

​

—

​

​

106,937

​

​

—

​

​

106,937

Short term borrowings

​

​

49,141

​

​

—

​

​

49,118

​

​

—

​

​

49,118

Subordinated debentures

​

​

35,302

​

​

—

​

​

33,281

​

​

—

​

​

33,281

Schedule of assets reported at fair value on a recurring basis

Assets reported at fair value on a recurring basis are summarized below:

Fair Value Measurements – Recurring

(dollars in thousands, unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2022, using

​

​

​

​

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

    

Realized
Gain/(Loss)
(Level 3)

Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

—

​

$

981

​

$

—

​

$

981

​

$

—

Mortgage-backed securities

​

​

—

​

​

181,446

​

​

—

​

​

181,446

​

​

—

State and political subdivisions

​

​

—

​

​

254,888

​

​

—

​

​

254,888

​

​

—

Corporate bonds

​

​

—

​

​

—

​

​

46,539

​

​

46,539

​

​

—

Collateralized loan obligations

​

​

—

​

​

380,324

​

​

—

​

​

380,324

​

​

—

Total available-for-sale securities

​

$

—

​

$

817,639

​

$

46,539

​

$

864,178

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2021, using

​

​

​

​

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

    

Realized
Gain/(Loss)
(Level 3)

Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

—

​

$

1,574

​

$

—

​

$

1,574

​

$

—

Mortgage-backed securities

​

​

—

​

​

306,727

​

​

—

​

​

306,727

​

​

—

State and political subdivisions

​

​

—

​

​

304,268

​

​

—

​

​

304,268

​

​

—

Corporate bonds

​

​

—

​

​

999

​

​

27,530

​

​

28,529

​

​

—

Collateralized loan obligations

​

​

—

​

​

136,509

​

​

195,707

​

​

332,216

​

​

—

Total available-for-sale securities

​

$

—

​

$

750,077

​

$

223,237

​

$

973,314

​

$

—

Reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements - Level 3 Recurring

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands, unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Collateralized Loan Obligations

    

Corporate Bonds

​

​

2022

​

2021

​

2022

​

2021

Balance of recurring Level 3 assets at January 1,

​

$

195,707

​

$

—

​

$

27,530

​

$

—

Purchases

​

​

—

​

​

—

​

​

19,009

​

​

—

Transfers out of Level 3

​

​

(195,707)

​

​

—

​

​

—

​

​

—

Balance of recurring Level 3 assets at June 30,

​

$

—

​

$

—

​

$

46,539

​

$

—

Schedule of assets reported at fair value on a nonrecurring basis

Assets reported at fair value on a nonrecurring basis are summarized below:

Fair Value Measurements – Nonrecurring

(dollars in thousands, unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2022, using

​

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable Inputs
(Level 2)

    

Significant
Unobservable Inputs
(Level 3)

    

Total

Collateral dependent loans

​

​

​

​

​

​

​

​

​

​

​

​

Real estate:

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family residential construction

​

$

—

​

$

—

​

$

—

​

$

—

Other construction/land

​

​

—

​

​

—

​

​

—

​

​

—

1-4 family - closed-end

​

​

—

​

​

—

​

​

—

​

​

—

Equity lines

​

​

—

​

​

—

​

​

—

​

​

—

Multi-family residential

​

​

—

​

​

—

​

​

—

​

​

—

Commercial real estate - owner occupied

​

​

—

​

​

51

​

​

—

​

​

51

Commercial real estate - non-owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

Farmland

​

​

—

​

​

18,411

​

​

—

​

​

18,411

Total real estate

​

​

—

​

​

18,462

​

​

—

​

​

18,462

Agricultural

​

​

—

​

​

—

​

​

—

​

​

—

Commercial and industrial

​

​

—

​

​

—

​

​

—

​

​

—

Consumer loans

​

​

—

​

​

—

​

​

—

​

​

—

Total collateral dependent loans

​

$

—

​

$

18,462

​

$

—

​

$

18,462

Foreclosed assets

​

$

—

​

$

2

​

$

—

​

$

2

Total assets measured on a nonrecurring basis

​

$

—

​

$

18,464

​

$

—

​

$

18,464

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2021, using

​

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable Inputs
(Level 2)

    

Significant
Unobservable Inputs
(Level 3)

    

Total

Collateral dependent loans

​

​

​

​

​

​

​

​

​

​

​

​

Real estate:

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family residential construction

​

$

—

​

$

—

​

$

—

​

$

—

Other construction/land

​

​

—

​

​

—

​

​

—

​

​

—

1-4 family - closed-end

​

​

—

​

​

—

​

​

—

​

​

—

Equity lines

​

​

—

​

​

161

​

​

—

​

​

161

Multi-family residential

​

​

—

​

​

—

​

​

—

​

​

—

Commercial real estate - owner occupied

​

​

—

​

​

60

​

​

—

​

​

60

Commercial real estate - non-owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

Farmland

​

​

—

​

​

—

​

​

—

​

​

—

Total real estate

​

​

—

​

​

221

​

​

—

​

​

221

Agricultural

​

​

—

​

​

—

​

​

—

​

​

—

Commercial and industrial

​

​

—

​

​

—

​

​

177

​

​

177

Consumer loans

​

​

—

​

​

—

​

​

—

​

​

—

Total collateral dependent loans

​

$

—

​

$

221

​

$

177

​

$

398

Foreclosed assets

​

$

—

​

$

93

​

$

—

​

$

93

Total assets measured on a nonrecurring basis

​

$

—

​

$

314

​

$

177

​

$

491