FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE DISCLOSURES [Abstract]

Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis

The following table summarizes fair value measurements as of the dates indicated below (dollars in thousands):

	Level 1		Level 2			Level 3		Total
December 31, 2023
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
State and municipal	$	—	$	180,575		$	—	$	180,575
Residential mortgage-backed securities		—		300,704			—		300,704
Commercial mortgage-backed securities		—		41,748			—		41,748
Commercial collateralized mortgage obligations		—		71,930			—		71,930
Asset-backed and other amortizing securities		—		17,040			—		17,040
Other securities		—		10,765			—		10,765
Loans held for sale (mandatory)		—		6,615			—		6,615
Mortgage servicing rights		—		—			26,569		26,569
Asset derivatives		—		17,230			—		17,230
Liability derivatives		—		(432	)		—		(432	)
Assets measured at fair value on a non-recurring basis:
Loans held for investment		—		—			1,482		1,482

	Level 1		Level 2			Level 3		Total
December 31, 2022
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
State and municipal	$	—	$	225,055		$	—	$	225,055
Residential mortgage-backed securities		—		328,845			—		328,845
Commercial mortgage-backed securities		—		41,967			—		41,967
Commercial collateralized mortgage obligations		—		75,638			—		75,638
Asset-backed and other amortizing securities		—		19,094			—		19,094
Other securities		—		11,112			—		11,112
Loans held for sale (mandatory)		—		10,038			—		10,038
Mortgage servicing rights		—		—			27,474		27,474
Asset derivatives		—		21,162			—		21,162
Liability derivatives		—		(128	)		—		(128	)
Assets measured at fair value on a non-recurring basis:
Loans held for investment		—		—			4,821		4,821

Quantitative Information about Recurring ad Non-Recurring Level 3 Fair Value Measurements

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31 (dollars in thousands):

	Fair Value		Valuation Techniques	Unobservable Inputs	Range of Discounts
December 31, 2023
Non-recurring
Loans held for investment	$	1,482	Third party appraisals or inspections	Collateral discounts and selling costs		20%-100	%
Recurring:
Mortgage servicing rights		26,569	Discounted cash flows	Constant prepayment rate		7.46	%
				Discount rate		10.66	%
December 31, 2022
Non-recurring
Loans held for investment	$	4,821	Third party appraisals or inspections	Collateral discounts and selling costs		20%-100	%
Recurring:
Mortgage servicing rights		27,474	Discounted cash flows	Constant prepayment rate		7.47	%
				Discount rate		9.15	%

Estimated Fair Values, and Related Carrying Amounts of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments that are not previously disclosed in the recurring fair values section are as follows as of December 31 (dollars in thousands):

	Carrying Amount		Level 1		Level 2		Level 3		Total
December 31, 2023
Financial assets:
Cash and cash equivalents	$	330,158	$	330,158	$	—	$	—	$	330,158
Loans held for investment, net		2,971,797		—		—		2,848,536		2,848,536
Loans held for sale (best efforts)		7,884		—		7,977		—		7,977
Accrued interest receivable		20,881		—		20,881		—		20,881
Financial liabilities:
Deposits		3,626,153		—		3,625,321		—		3,625,321
Accrued interest payable		5,057		—		5,057		—		5,057
Junior subordinated deferrable interest debentures		46,393		—		33,098		—		33,098
Subordinated debt		63,775		—		57,497		—		57,497

	Carrying Amount		Level 1		Level 2		Level 3		Total
December 31, 2022
Financial assets:
Cash and cash equivalents	$	234,883	$	234,883	$	—	$	—	$	234,883
Loans held for investment, net		2,708,793		—		—		2,662,609		2,662,609
Loans held for sale (best efforts)		20,365		—		20,745		—		20,745
Accrued interest receivable		16,432		—		16,432		—		16,432
Financial liabilities:
Deposits		3,406,430		—		3,405,222		—		3,405,222
Accrued interest payable		2,836		—		2,836		—		2,836
Junior subordinated deferrable interest debentures		46,393		—		34,606		—		34,606
Subordinated debt		75,961		—		70,835		—		70,835