XML 57 R46.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value of Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value of Assets and Liabilities  
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

June 30, 2022

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Available-for-sale

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasury and government agencies

​

$

—

​

$

3,709

​

$

—

​

$

3,709

Mortgage backed securities

​

 

  

​

 

  

​

 

  

​

 

  

Residential agency

​

 

—

​

 

652,507

​

 

—

​

 

652,507

Commercial

​

 

—

​

 

76,130

​

 

—

​

 

76,130

Asset backed securities

​

 

—

​

 

40

​

 

—

​

 

40

Corporate bonds

​

 

—

​

 

66,411

​

 

—

​

 

66,411

Total available-for-sale investment securities

​

$

—

​

$

798,797

​

$

—

​

$

798,797

Other assets

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

—

​

$

7,180

​

$

—

​

$

7,180

Other liabilities

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

—

​

$

4,851

​

$

—

​

$

4,851

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

(dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Available-for-sale

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasury and government agencies

​

$

—

​

$

5,103

​

$

—

​

$

5,103

Mortgage backed securities

​

 

  

​

 

  

​

 

  

​

 

  

Residential agency

​

 

—

​

 

707,157

​

 

—

​

 

707,157

Commercial

​

 

—

​

 

90,913

​

 

—

​

 

90,913

Asset backed securities

​

 

—

​

 

54

​

 

—

​

 

54

Corporate bonds

​

 

—

​

 

50,422

​

 

—

​

 

50,422

Total available-for-sale investment securities

​

$

—

​

$

853,649

​

$

—

​

$

853,649

Other assets

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

—

​

$

3,397

​

$

—

​

$

3,397

Other liabilities

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

—

​

$

1,368

​

$

—

​

$

1,368

Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

(dollars in thousands)

    

Level 2

    

Level 3

    

Total

    

Impairment

Loans held for sale

​

$

54,363

​

$

—

​

$

54,363

​

$

—

Impaired loans

​

 

—

​

 

3,854

​

 

3,854

​

 

858

Foreclosed assets

​

 

—

​

 

860

​

 

860

​

 

—

Servicing rights

​

 

—

​

 

2,064

​

 

2,064

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

(dollars in thousands)

    

Level 2

    

Level 3

    

Total

    

Impairment

Loans held for sale

​

$

46,490

​

$

—

​

$

46,490

​

$

—

Impaired loans

​

 

—

​

 

2,469

​

 

2,469

​

 

283

Foreclosed assets

​

 

—

​

 

885

​

 

885

​

 

—

Servicing rights

​

 

—

​

 

1,880

​

 

1,880

​

 

—

Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

Weighted

​

Asset Type

    

Valuation Technique

    

Unobservable Input

Fair Value

    

Range

    

Average

  

Impaired loans

 

Appraisal value

 

Property specific adjustment

$

3,854

 

N/A

​

N/A

 

Foreclosed assets

 

Appraisal value

 

Property specific adjustment

 

860

 

N/A

 

N/A

 

Servicing rights

 

Discounted cash flows

 

Prepayment speed assumptions

 

2,064

 

109-155

 

119

 

​

 

  

 

Discount rate

 

  

 

10.0

%  

10.0

% 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

Weighted

 

Asset Type

    

Valuation Technique

    

Unobservable Input

Fair Value

    

Range

    

Average

 

Impaired loans

 

Appraisal value

 

Property specific adjustment

$

2,469

 

N/A

 

N/A

​

Foreclosed assets

 

Appraisal value

 

Property specific adjustment

 

885

 

N/A

 

N/A

​

Servicing rights

 

Discounted cash flows

 

Prepayment speed assumptions

 

1,880

 

161-327

 

237

​

​

 

  

 

Discount rate

 

  

 

9.5

%  

9.5

%

​

Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

​

​

Carrying

​

Estimated Fair Value

(dollars in thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial Assets

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

37,043

​

$

37,043

​

$

—

​

$

—

​

$

37,043

Investment securities held-to-maturity

​

​

331,741

​

​

—

​

​

293,949

​

​

—

​

​

293,949

Loans, net

​

 

1,858,870

​

 

—

​

 

—

​

 

1,848,251

​

 

1,848,251

Accrued interest receivable

​

 

9,155

​

 

9,155

​

 

—

​

 

—

​

 

9,155

Bank-owned life insurance

​

 

33,564

​

 

—

​

 

33,564

​

 

—

​

 

33,564

Financial Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Noninterest-bearing deposits

​

$

764,808

​

$

—

​

$

764,808

​

$

—

​

$

764,808

Interest-bearing deposits

​

 

1,654,291

​

 

—

​

 

1,654,291

​

 

—

​

 

1,654,291

Time deposits

​

 

200,451

​

 

—

​

 

—

​

 

198,278

​

 

198,278

Short-term borrowings

​

 

242,350

​

 

242,350

​

 

—

​

 

—

​

 

242,350

Long-term debt

​

 

58,870

​

 

—

​

 

86,271

​

 

—

​

 

86,271

Accrued interest payable

​

 

802

​

 

802

​

 

—

​

 

—

​

 

802

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

Carrying

​

Estimated Fair Value

(dollars in thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial Assets

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

242,311

​

$

242,311

​

$

—

​

$

—

​

$

242,311

Investment securities held-to-maturity

​

​

352,061

​

​

—

​

​

349,677

​

​

—

​

​

349,677

Loans, net

​

 

1,726,448

​

 

—

​

 

—

​

 

1,760,784

​

 

1,760,784

Accrued interest receivable

​

 

8,537

​

 

8,537

​

 

—

​

 

—

​

 

8,537

Bank-owned life insurance

​

 

33,156

​

 

—

​

 

33,156

​

 

—

​

 

33,156

Financial Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Noninterest-bearing deposits

​

$

938,840

​

$

—

​

$

938,840

​

$

—

​

$

938,840

Interest-bearing deposits

​

 

1,748,799

​

 

—

​

 

1,748,799

​

 

—

​

 

1,748,799

Time deposits

​

 

232,912

​

 

—

​

 

—

​

 

232,970

​

 

232,970

Long-term debt

​

 

58,933

​

 

—

​

 

57,772

​

 

—

​

 

57,772

Accrued interest payable

​

 

1,674

​

 

1,674

​

 

—

​

 

—

​

 

1,674