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Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value for the dates indicated:

(In thousands)						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Data (Level 2)						Company Determined Fair Value (Level 3)
December 31, 2021
Financial assets:
Trading securities						$	4,428					$	4,428					$	—					$	—
AFS debt securities:
Obligations of U.S. government-sponsored enterprises						8,344						—						8,344						—
Obligations of states and political subdivisions						117,478						—						117,478						—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						1,000,257						—						1,000,257						—
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						358,849						—						358,849						—
Subordinated corporate bonds						22,558						—						22,558						—
Loans held for sale						5,815						—						5,815						—
Customer loan swaps						19,297						—						19,297						—
Interest rate contracts						5,589						—						5,589						—
Fixed rate mortgage interest rate lock commitments						371						—						371						—
Forward delivery commitments						86						—						86						—
Financial liabilities:
Trading securities						$	4,428					$	4,428					$	—					$	—
Customer loan swaps						19,485						—						19,485						—
Interest rate contracts						7,872						—						7,872						—
Fixed rate mortgage interest rate lock commitments						91						—						91						—
Forward delivery commitments						6						—						6						—
December 31, 2020
Financial assets:
Trading securities						$	4,161					$	4,161					$	—					$	—
AFS debt securities:
Obligations of states and political subdivisions						127,120						—						127,120						—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						566,618						—						566,618						—
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						410,454						—						410,454						—
Subordinated corporate bonds						11,621						—						11,621						—
Loans held for sale						41,557						—						41,557						—
Customer loan swaps						39,627						—						39,627						—
Interest rate contracts						5,731						—						5,731						—
Fixed rate mortgage interest rate lock commitments						608						—						608						—
Forward delivery commitments						311						—						311						—
Financial liabilities:
Trading securities						$	4,161					$	4,161					$	—					$	—
Customer loan swaps						39,627						—						39,627						—
Interest rate contracts						11,625						—						11,625						—
Fixed rate mortgage interest rate lock commitments						248						—						248						—
Forward delivery commitments						196						—						196						—

Summary of Assets Measured at Fair Value on Non Recurring Basis

The table below highlights financial and non-financial assets measured and reported at fair value on a non-recurring basis for the dates indicated:

(In thousands)						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Data (Level 2)						Company Determined Fair Value (Level 3)
December 31, 2021
Financial assets:
Collateral-dependent loans						$	73					$	—					$	—					$	73
December 31, 2020
Financial assets
Servicing Assets						$	1,010					$	—					$	—					$	1,010
Non-financial assets:
OREO						$	236					$	—					$	—					$	236

Valuation Methodology and Unobservable Inputs for Level Three Assets Measured at Fair Value on Non Recurring Basis

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis for the dates indicated:

(Dollars in thousands)

Fair Value

Valuation Methodology

Unobservable input

Discount

December 31, 2021

Collateral-dependent loans:

Specifically reserved

$

73

Market approach appraisal of collateral

Estimated selling costs

11%

December 31, 2020

Servicing assets

$

1,010

Discounted cash flow

Weighted-average constant prepayment rate

19%

Weighted average discount rate

10%

OREO

$

236

Market approach appraisal of collateral

Management adjustment of appraisal

5%

Estimated selling costs

11%

Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:

(In thousands)						Carrying Amount						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Prices (Level 2)						Company Determined Market Prices (Level 3)
December 31, 2021
Financial Assets
HTM debt securities						$	1,291					$	1,380					$	—					$	1,380					$	—
Commercial real estate loans(1)(2)						1,474,087						1,435,794						—						—						1,435,794
Commercial loans(2)						359,512						356,463						—						—						356,463
SBA PPP loans(2)						35,934						37,133						—						—						37,133
Residential real estate loans(2)						1,300,314						1,297,592						—						—						1,297,592
Home equity loans(2)						208,934						205,920						—						—						208,934
Consumer loans(2)						19,437						17,551						—						—						17,551
Servicing assets						2,471						3,310						—						—						3,310
Financial liabilities:
Time deposits						$	409,668					$	409,264					$	—					$	409,264					$	—
Short-term borrowings						211,608						211,586						—						211,586						—
Long-term borrowings						—						—						—						—						—
Subordinated debentures						44,331						33,248						—						33,248						—
December 31, 2020
Financial assets:
HTM debt securities						$	1,297					$	1,411					$	—					$	1,411					$	—
Commercial real estate loans(1)(2)						1,344,860						1,307,132						—						—						1,307,132
Commercial loans(2)						374,791						372,194						—						—						372,194
SBA PPP loans(2)						135,026						137,209						—						—						137,209
Residential real estate loans(2)						1,051,324						1,066,991						—						—						1,066,991
Home equity loans(2)						255,957						253,276						—						—						253,276
Consumer loans(2)						19,999						18,102						—						—						18,102
Servicing assets						2,196						1,437						—						—						1,437
Financial liabilities:
Time deposits						$	457,694					$	460,278					$	—					$	460,278					$	—
Short-term borrowings						162,439						162,420						—						162,420						—
Long-term borrowings						25,000						25,442						—						25,442						—
Subordinated debentures						58,331						46,475						—						46,475						—

(1) Commercial real estate loans includes non-owner-occupied and owner-occupied properties.

(2) The presented carrying amount is net of the allocated ACL on loans.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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