XML 47 R34.htm IDEA: XBRL DOCUMENT v3.24.3
FAIR VALUE DISCLOSURES (Tables)
 9 Months Ended
Sep. 30, 2024
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
  
September 30, 2024
                        
Assets (liabilities) measured at fair value on a recurring basis:
                        
Securities available for sale:
                        
State and municipal
  
$
—
    
$
180,924
    
$
—
    
$
180,924
  
Residential mortgage-backed securities
    
—
      
287,745
      
—
      
287,745
  
Commercial mortgage-backed securities
     —       42,295       —       42,295  
Commercial collateralized mortgage obligations
    
—
      
68,885
      
—
      
68,885
  
Asset-backed and other amortizing securities
    
—
      
15,855
      
—
      
15,855
  
Other securities
    
—
      
11,185
      
—
      
11,185
  
Loans held for sale (mandatory)
    
—
      
9,490
      
—
      
9,490
  
Mortgage servicing rights
    
—
      
—
      
24,573
      
24,573
  
Asset derivatives
    
—
      
13,600
      
—
      
13,600
  
Liability derivatives
    
—
      
(102
)
    
—
      
(102
)
                                 
Assets measured at fair value on a non-recurring basis:
                                
Loans held for investment
    
—
      
—
      
20,905
      
20,905
  
                                 
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
  
Quantitative Information about Recurring and Non-Recurring Level 3 Fair Value Measurements
The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at the dates indicated (dollars in thousands):

   
Fair
Value
  
Valuation
Techniques
  
Unobservable
Inputs
  
Range of
Discounts
  
September 30, 2024
                  
Non-recurring:
                  
Loans held for investment
  
$
20,905
  
Third party appraisals or inspections
  
Collateral discounts and selling costs
    
20
%
Recurring:
                      
Mortgage servicing rights
    
24,573
  
Discounted cash flows
  
Constant prepayment rate
    
8.60
%
                                  
Discount rate
    
10.17
%
                       
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
%
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 (dollars in thousands):

 
Carrying
Amount
    
Level 1
    
Level 2
    
Level 3
    
Total
Fair Value
  
                               
September 30, 2024
                              
Financial assets:
                              
Cash and cash equivalents
  
$
471,167
    
$
471,167
    
$
—
    
$
—
    
$
471,167
  
Loans held for investment, net
    
2,994,489
      
—
      
—
      
2,903,905
      
2,903,905
  
Loans held for sale (best efforts)
     1,899       —       1,945       —       1,945  
Accrued interest receivable
    
19,155
      
—
      
19,155
      
—
      
19,155
  
Financial liabilities:
                                        
Deposits
    
3,719,360
      
—
      
3,719,388
      
—
      
3,719,388
  
Accrued interest payable
    
4,603
      
—
      
4,603
      
—
      
4,603
  
Junior subordinated deferrable interest debentures
    
46,393
      
—
      
33,740
      
—
      
33,740
  
Subordinated debt
    
63,914
      
—
      
59,174
      
—
      
59,174
  

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