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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
SignificantSignificant
OtherOther
ObservableUnobservable
Quoted PricesInputsInputsTotal
(dollars in thousands)(Level 1)(Level 2)(Level 3)(Fair Value)
June 30, 2021
Assets:
Investment securities available-for-sale: 
U. S. agency securities$— $357,311 $— $357,311 
Residential mortgage backed securities— 1,146,322 — 1,146,322 
Municipal bonds— 100,277 — 100,277 
Corporate bonds— 75,422 1,500 76,922 
Loans held for sale— 55,949 — 55,949 
Interest rate caps— 5,437 — 5,437 
Mortgage banking derivatives— — 1,179 1,179 
Total assets measured at fair value on a recurring basis as of June 30, 2021$— $1,740,718 $2,679 $1,743,397 
Liabilities:
Interest rate swap derivatives$— $— $— $— 
Derivative liability— 74 — 74 
Interest rate caps— 5,615 — 5,615 
Total liabilities measured at fair value on a recurring basis as of June 30, 2021$— $5,689 $— $5,689 
December 31, 2020
Assets:
Investment securities available-for-sale:
U. S. agency securities$— $181,921 $— $181,921 
Residential mortgage backed securities— 825,001 — 825,001 
Municipal bonds— 108,113 — 108,113 
Corporate bonds— 34,350 1,500 35,850 
Loans held for sale— 88,205 — 88,205 
Interest rate caps— 3,413 — 3,413 
Mortgage banking derivatives— — 5,213 5,213 
Total assets measured at fair value on a recurring basis as of December 31, 2020$— $1,241,003 $6,713 $1,247,716 
Liabilities:
Interest rate swap derivatives$— $516 $— $516 
Derivative liability— 118 — 118 
Interest rate caps— 3,574 — 3,574 
Total liabilities measured at fair value on a recurring basis as of December 31, 2020$— $4,208 $— $4,208 
Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value
The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of June 30, 2021 and December 31, 2020.
June 30, 2021
Aggregate Unpaid
(dollars in thousands)Fair ValuePrincipal BalanceDifference
Loans held for sale$55,949 $55,140 $809 
December 31, 2020
Aggregate Unpaid
(dollars in thousands)Fair ValuePrincipal BalanceDifference
Loans held for sale$88,205 $86,551 $1,654 
Schedule of the reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3)
The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):
InvestmentMortgage Banking
(dollars in thousands)SecuritiesDerivativesTotal
Assets:      
Beginning balance at January 1, 2021$1,500 $5,213 $6,713 
Realized gain (loss) included in earnings— (4,034)(4,034)
Ending balance at June 30, 2021$1,500 $1,179 $2,679 
Liabilities:
Beginning balance at January 1, 2021$— $— $— 
Ending balance at June 30, 2021$— $— $— 
InvestmentMortgage Banking
(dollars in thousands)SecuritiesDerivativesTotal
Assets:      
Beginning balance at January 1, 2020$10,931 $280 $11,211 
Realized (loss) gain included in earnings— 4,933 4,933 
Migrated to level 2 valuation(9,233)— (9,233)
Reclass fair value asset to cost method(198)— (198)
Ending balance at December 31, 2020$1,500 $5,213 $6,713 
Liabilities:
Beginning balance at January 1, 2020$— $66 $66 
Realized gain included in earnings— (66)(66)
Ending balance at December 31, 2020$— $— $— 
Fair value measurement inputs and valuation techniques For Level 3 assets measured at fair value on a recurring or nonrecurring basis as of June 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
June 30, 2021December 31, 2020
(dollars in thousands)Valuation TechniqueDescriptionRange
Weighted Average (1)
Fair Value
Weighted Average (1)
Fair Value
Mortgage banking derivativesPricing ModelPull Through Rate
83.4% - 91.9%
85.59 %$1,179 79.14 %$5,213 
(1) Unobservable inputs for mortgage banking derivatives were weighted by loan amount.
Schedule of assets measured at fair value on nonrecurring basis Assets measured at fair value on a nonrecurring basis are included in the table below:
SignificantSignificant
OtherOther
ObservableUnobservable
Quoted PricesInputsInputsTotal
(dollars in thousands)(Level 1)(Level 2)(Level 3)(Fair Value)
June 30, 2021        
Commercial$— $— $11,030 $11,030 
Income producing - commercial real estate— — 25,611 25,611 
Owner occupied - commercial real estate— — 6,622 6,622 
Real estate mortgage - residential— — 1,368 1,368 
Construction - commercial and residential— — 3,659 3,659 
Home equity— — 392 392 
Other consumer— — — — 
Other real estate owned— — 4,987 4,987 
Total assets measured at fair value on a nonrecurring basis as of June 30, 2021$— $— $53,669 $53,669 
SignificantSignificant
OtherOther
ObservableUnobservable
Quoted PricesInputsInputsTotal
(dollars in thousands)(Level 1)(Level 2)(Level 3)(Fair Value)
December 31, 2020        
        
Commercial$— $— $9,285 $9,285 
Income producing - commercial real estate— — 21,638 21,638 
Owner occupied - commercial real estate— — 21,930 21,930 
Real estate mortgage - residential— — 2,602 2,602 
Construction - commercial and residential— — 103 103 
Home equity— — 416 416 
Other real estate owned— — 4,987 4,987 
Total assets measured at fair value on a nonrecurring basis as of December 31, 2020$— $— $60,961 $60,961 
Schedule of estimated fair values of financial instruments The estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020 are as follows:
Fair Value Measurements
Quoted Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Carrying
(dollars in thousands)ValueFair Value
June 30, 2021
Assets
Cash and due from banks$9,290 $9,290 $9,290 $— $— 
Federal funds sold20,346 20,346 — 20,346 — 
Interest bearing deposits with other banks1,566,586 1,566,586 — 1,566,586 — 
Investment securities1,681,031 1,681,031 — 1,679,531 1,500 
Accrued interest receivable43,488 43,488 — 43,488 — 
Loans held for sale55,949 55,949 — 55,949 — 
Loans7,166,998 7,109,844 — — 7,109,844 
Bank owned life insurance107,516 107,516 — 107,516 — 
Annuity investment14,155 14,155 — 14,155 — 
Mortgage banking derivatives1,179 1,179 — — 1,179 
Interest rate caps5,437 5,437 — 5,437 — 
Liabilities
Noninterest bearing deposits2,641,636 2,641,636 — 2,641,636 — 
Interest bearing deposits5,599,389 5,599,389 — 5,599,389 — 
Time deposits778,022 790,249 — 790,249 — 
Customer repurchase agreements19,651 19,651 — 19,651 — 
Borrowings518,273 525,986 — 525,986 — 
Interest rate swap derivatives— — — — — 
Credit risk participation agreement74 74 — 74 — 
Interest rate caps5,615 5,615 — 5,615 — 
December 31, 2020
Assets
Cash and due from banks$8,435 $8,435 $8,435 $— $— 
Federal funds sold28,200 28,200 — 28,200 
Interest bearing deposits with other banks1,752,420 1,752,420 — 1,752,420 
Investment securities1,150,885 1,150,885 — 1,149,385 1,500 
Accrued interest receivable46,040 46,040 — 40,104 — 
Loans held for sale88,205 88,205 — 88,205 — 
Loans7,650,633 7,608,687 — — 7,608,687 
Bank owned life insurance76,729 76,729 — 76,729 — 
Annuity investment14,468 14,468 — 14,468 — 
Mortgage banking derivative5,213 5,213 — — 5,213 
Interest rate caps3,413 3,413 — 3,413 — 
Liabilities
Noninterest bearing deposits2,809,334 2,809,334 — 2,809,334 — 
Interest bearing deposits756,923 756,923 — 756,923 — 
Time deposits977,760 993,500 — 993,500 — 
Customer repurchase agreements26,726 26,726 — 26,726 — 
Borrowings568,077 575,435 — 575,435 — 
Interest rate swap derivatives516 516 — 516 — 
Credit risk participation agreements118 118 — 118 — 
Interest rate caps3,574 3,574 — 3,574 —