XML 32 R23.htm IDEA: XBRL DOCUMENT v3.22.2
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2022
FAIR VALUE  
Schedule of assets measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

 

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

    

June 30, 2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Residential government-sponsored mortgage-backed securities

​

$

116,082

​

$

—

​

$

116,082

​

$

—

Obligations of states and political subdivisions

​

 

31,050

​

 

—

​

 

31,050

​

 

—

Corporate securities

​

 

15,652

​

 

—

​

 

15,652

​

 

—

Collateralized loan obligations

​

 

4,823

​

 

—

​

 

4,823

​

 

—

Residential government-sponsored collateralized mortgage obligations

​

 

20,254

​

 

—

​

 

20,254

​

 

—

Government-sponsored agency securities

​

 

15,506

​

 

—

​

 

15,506

​

 

—

Agency commercial mortgage-backed securities

​

 

46,772

​

 

—

​

 

46,772

​

 

—

SBA pool securities

​

 

7,041

​

 

—

​

 

7,041

​

 

—

​

 

​

257,180

 

​

—

 

​

257,180

 

​

—

Loans held for sale

​

​

16,096

​

 

—

​

 

16,096

​

 

—

Derivative assets

​

​

863

​

 

—

​

 

839

​

 

24

Total assets

​

$

274,139

​

$

—

​

$

274,115

​

$

24

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

103

​

$

—

​

$

100

​

$

3

Total liabilities

​

$

103

​

$

—

​

$

100

​

$

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

 

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

    

December 31, 2021

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

 

​

  

 

​

  

 

​

  

 

​

  

Residential government-sponsored mortgage-backed securities

​

$

122,610

​

$

—

​

$

122,610

​

$

—

Obligations of states and political subdivisions

​

 

31,231

​

 

—

​

 

31,231

​

 

—

Corporate securities

​

 

13,685

​

 

—

​

 

13,685

​

 

—

Collateralized loan obligations

​

 

5,010

​

 

—

​

 

5,010

​

 

—

Residential government-sponsored collateralized mortgage obligations

​

 

19,807

​

 

—

​

 

19,807

​

 

—

Government-sponsored agency securities

​

 

17,488

​

 

—

​

 

17,488

​

 

—

Agency commercial mortgage-backed securities

​

 

52,667

​

 

—

​

 

52,667

​

 

—

SBA pool securities

​

 

8,834

​

 

—

​

 

8,834

​

 

—

Total assets

​

$

271,332

​

$

—

​

$

271,332

​

$

—

Schedule present the additional information about the assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs

The following tables present additional information about the assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

​

For the six months ended

​

​

June 30, 2022

June 30, 2021

​

​

June 30, 2022

​

​

June 30, 2021

Derivative assets:

​

​

​

​

​

​

​

​

​

​

​

Interest Rate Lock Commitments

​

​

​

​

​

​

​

​

​

​

​

Balance at beginning of the period

$

—

​

$

—

​

$

—

​

$

—

Acquired

​

14

​

​

​

​

​

14

​

​

​

Gain included in net income

​

10

​

​

—

​

​

10

​

​

—

Purchases

​

—

​

​

—

​

​

—

​

​

—

Sales

​

—

​

​

—

​

​

—

​

​

—

Issues

​

—

​

​

—

​

​

—

​

​

—

Settlements

​

—

​

​

—

​

​

—

​

​

—

Transfers in/out of Level 3

​

—

​

​

—

​

​

—

​

​

—

Balance at end of the period

$

24

​

$

—

​

$

24

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

​

For the six months ended

​

​

June 30, 2022

June 30, 2021

​

​

June 30, 2022

​

​

June 30, 2021

Derivative liabilities:

​

​

​

​

​

​

​

​

​

​

​

Interest Rate Lock Commitments

​

​

​

​

​

​

​

​

​

​

​

Balance at beginning of the period

$

—

​

$

—

​

$

—

​

$

—

Acquired

​

44

​

​

​

​

​

44

​

​

​

Loss included in net income

​

(41)

​

​

—

​

​

(41)

​

​

—

Purchases

​

—

​

​

—

​

​

—

​

​

—

Sales

​

—

​

​

—

​

​

—

​

​

—

Issues

​

—

​

​

—

​

​

—

​

​

—

Settlements

​

—

​

​

—

​

​

—

​

​

—

Transfers in/out of Level 3

​

—

​

​

—

​

​

—

​

​

—

Balance at end of the period

$

3

​

$

—

​

$

3

​

$

—

Schedule of assets measured at fair value on non recurring basis

Assets measured at fair value on a non-recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

 

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

    

June 30, 2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

Collateral dependent loans

​

$

32,992

​

$

—

​

$

—

 

$

32,992

Assets held for sale

​

​

3,127

​

​

—

​

​

—

​

​

3,127

Other real estate owned:

​

 

​

​

 

​

​

 

  

 

​

​

Construction and land development

​

​

266

​

​

—

​

​

—

 

​

266

Residential 1-4 family

​

 

775

​

 

—

​

 

—

 

​

775

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

​

​

​

Significant

​

​

​

​

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

Total at

​

Identical Assets

​

Inputs

​

Inputs

(dollars in thousands)

    

December 31, 2021

    

(Level 1)

    

(Level 2)

    

(Level 3)

Collateral dependent loans

​

$

44,331

​

$

—

​

$

—

 

$

44,331

Other real estate owned:

​

 

​

​

 

​

​

 

  

 

​

​

Construction and land development

​

 

266

​

 

—

​

 

—

 

​

266

Residential 1-4 family

​

 

897

​

 

—

​

 

—

 

​

897

Schedule of estimated fair values and fair value hierarchy levels of financial instruments

The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

​

December 31, 2021

​

    

Fair Value

    

Carrying

    

Fair 

    

Carrying

    

Fair 

​

​

Hierarchy Level

​

Amount

​

Value

​

Amount

​

Value

Financial assets:

 

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

 

Level 1

​

$

70,721

​

$

70,721

​

$

530,167

​

$

530,167

Securities available-for-sale

 

Level 2

​

 

257,180

​

 

257,180

​

 

271,332

​

 

271,332

Securities held-to-maturity

 

Level 2

​

 

14,978

​

 

14,322

​

 

22,940

​

 

23,364

Stock in Federal Reserve Bank and Federal Home Loan Bank

 

Level 2

​

 

12,940

​

 

12,940

​

 

15,521

​

 

15,521

Net loans

 

Level 3

​

 

2,598,588

​

 

2,486,645

​

 

2,310,881

​

 

2,278,456

Loans held for sale

 

Level 2

​

 

16,096

​

​

16,096

​

​

—

​

​

—

Accrued interest receivable

 

Level 2

​

 

10,000

​

 

10,000

​

 

13,028

​

 

13,028

Derivative assets

 

Level 2 and 3

​

 

863

​

 

863

​

 

—

​

 

—

Financial liabilities:

 

  

​

 

​

​

 

​

​

 

​

​

 

​

Demand deposits and NOW accounts

 

Level 2

​

$

1,330,418

​

$

1,330,418

​

$

1,380,020

​

$

1,380,020

Money market and savings accounts

 

Level 2

​

 

1,023,164

​

 

1,023,164

​

 

1,022,621

​

 

1,022,621

Time deposits

 

Level 3

​

 

329,223

​

 

330,876

​

 

360,575

​

 

362,902

Securities sold under agreements to repurchase

 

Level 1

​

 

10,020

​

 

10,020

​

 

9,962

​

 

9,962

FHLB advances

 

Level 1

​

 

25,000

​

 

25,000

​

 

100,000

​

 

100,000

Junior subordinated debt

 

Level 2

​

 

9,757

​

 

9,836

​

 

9,731

​

 

10,367

Senior subordinated notes

 

Level 2

​

 

85,413

​

 

86,635

​

 

85,297

​

 

91,141

Accrued interest payable

 

Level 2

​

 

1,715

​

 

1,715

​

 

1,864

​

 

1,864

Derivative liabilities

 

Level 2 and 3

​

 

103

​

 

103

​

 

—

​

 

—