XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2023
Fair Value Measurements  
Fair Value of Financial Instruments

Note 18 Fair Value of Financial Instruments

​

The fair value of a financial instrument is the amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is determined based upon quoted market prices to the extent possible; however, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques that may be significantly impacted by the assumptions used, including the discount rate and estimates of future cash flows. Changes in any of these assumptions could significantly affect the fair value estimates. The fair value of the financial instruments listed below does not reflect a premium or discount that could result from offering all of the Company’s holdings of financial instruments at one time, nor does it reflect the underlying value of the Company, as ASC Topic 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies and are based on the exit price concept within ASC Topic 825 and applied to this disclosure on a prospective basis. Considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange.

​

The fair value of financial instruments at March 31, 2023 and December 31, 2022 are set forth below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Level in fair value

    

March 31, 2023

    

December 31, 2022

​

​

measurement 

​

Carrying

​

Estimated

​

Carrying

​

Estimated

​

​

hierarchy

​

amount

    

fair value

    

amount

    

fair value

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

 

Level 1

​

$

369,705

​

$

369,705

​

$

195,505

​

$

195,505

U.S. Treasury securities - AFS

​

Level 1

​

​

72,154

​

​

72,154

​

​

71,388

​

​

71,388

U.S. Treasury securities - HTM

​

Level 1

​

​

49,117

​

​

48,141

​

​

49,045

​

​

47,629

Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale

 

Level 2

​

 

222,209

​

 

222,209

​

 

226,131

​

 

226,131

Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale

 

Level 2

​

 

398,282

​

 

398,282

​

 

405,926

​

 

405,926

Municipal securities available-for-sale

​

Level 2

​

​

154

​

​

154

​

​

153

​

​

153

Corporate debt

​

Level 2

​

​

1,892

​

​

1,892

​

​

1,920

​

​

1,920

Other available-for-sale securities

 

Level 3

​

 

794

​

 

794

​

 

771

​

 

771

Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity

 

Level 2

​

 

331,996

​

 

295,246

​

 

339,815

​

 

298,816

Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity

 

Level 2

​

 

256,808

​

 

211,869

​

 

262,667

​

 

213,479

FHLB and FRB stock

​

Level 2

​

​

69,319

​

​

69,319

​

​

38,390

​

​

38,390

Loans receivable

 

Level 3

​

 

7,345,298

​

 

7,090,982

​

 

7,220,469

​

 

6,964,107

Loans held for sale

 

Level 2

​

 

24,594

​

 

24,594

​

 

22,767

​

 

22,767

Accrued interest receivable

 

Level 2

​

 

39,608

​

 

39,608

​

 

34,587

​

 

34,587

Interest rate swap derivatives

 

Level 2

​

 

34,088

​

 

34,088

​

 

45,046

​

 

45,046

Mortgage banking derivatives

​

Level 3

​

​

707

​

​

707

​

​

407

​

​

407

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposit transaction accounts

 

Level 2

​

 

6,603,191

​

 

6,603,191

​

 

6,999,226

​

 

6,999,226

Time deposits

 

Level 2

​

 

978,489

​

 

953,790

​

 

873,400

​

 

845,688

Securities sold under agreements to repurchase

 

Level 2

​

 

21,492

​

 

21,492

​

 

20,214

​

 

20,214

Long-term debt

​

Level 2

​

​

55,000

​

​

49,421

​

​

55,000

​

​

52,430

Federal Home Loan Bank advances

 

Level 2

​

 

1,000,000

​

 

1,000,000

​

 

385,000

​

 

385,000

Accrued interest payable

 

Level 2

​

 

6,498

​

 

6,498

​

 

3,201

​

 

3,201

Interest rate swap derivatives

​

Level 2

​

​

10,042

​

​

10,042

​

 

12,589

​

 

12,589

Mortgage banking derivatives

 

Level 3

​

 

318

​

 

318

​

​

278

​

​

278

​