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Fair Value Disclosures (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Description

Fair Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2022:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

229,913

$

$

229,913

$

U.S. Government-sponsored enterprises (GSEs)

506

506

Municipal securities

 

55,241

 

 

55,241

 

Other debt securities

 

28,540

 

 

28,540

 

Mortgage-backed securities (GSEs)

 

226,283

 

 

226,283

 

Total securities available-for-sale

540,483

540,483

Interest rate swaps agreements for customer loans

1,334

1,334

Total assets at fair value

$

541,817

$

$

541,817

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

2,552

$

$

2,552

$

December 31, 2021:

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury

$

137,758

$

137,758

$

U.S. Government-sponsored enterprises (GSEs)

21,801

21,801

Municipal securities

 

67,820

 

 

67,820

 

Other debt securities

 

27,220

 

 

27,220

 

Mortgage-backed securities (GSEs)

 

227,854

 

 

227,854

 

Total securities available-for-sale

482,453

482,453

Interest rate swaps agreements for customer loans

1,326

1,326

Total assets at fair value

$

483,779

$

$

483,779

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative financial instruments

$

4,893

$

$

4,893

$

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Fair Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2022:

 

  

 

  

 

  

 

  

Collateral dependent loans

$

2,412

$

$

$

2,412

Other real estate owned

 

696

 

 

 

696

December 31, 2021:

 

  

 

  

 

  

 

  

Collateral dependent loans

$

2,280

$

$

$

2,280

Other real estate owned

 

367

 

 

 

367

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

    

    

    

    

Weighted

Valuation

Significant Other

Average of

Fair Value

Technique

Unobservable Input

Input

March 31, 2022:

Collateral dependent loans

$

2,412

 

Appraisal

 

Appraisal discounts

 

19

%

Other real estate owned

 

696

 

Appraisal

 

Appraisal discounts

 

21

%

December 31, 2021:

Collateral dependent loans

$

2,280

 

Appraisal

 

Appraisal discounts

 

25

%

Other real estate owned

 

367

 

Appraisal

 

Appraisal discounts

 

13

%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

Fair Value Measurements Using

    

Carrying

    

    

    

    

Estimated

Amount

Level 1

Level 2

Level 3

Fair Value

March 31, 2022:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

763,968

 

$

763,968

 

$

 

$

$

763,968

Securities available-for-sale

 

540,483

 

 

540,483

 

 

540,483

Securities held-to-maturity

289,532

277,734

277,734

Other investments

 

16,499

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

2,791,842

 

 

 

2,739,655

 

2,739,655

Interest rate swaps agreements for customer loans

1,334

1,334

1,334

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

1,093,933

 

 

1,093,933

 

 

1,093,933

Interest-bearing demand deposits

 

975,272

 

 

975,272

 

 

975,272

Money market and savings deposits

 

1,573,101

 

 

1,573,101

 

 

1,573,101

Time deposits

 

549,047

 

 

549,677

 

 

549,677

Borrowings

36,713

36,750

36,750

Subordinated debt

 

41,952

 

 

 

42,487

 

42,487

Derivative financial instruments and interest rate swap agreements

 

2,552

 

 

2,552

 

 

2,552

December 31, 2021:

    

    

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

1,045,077

 

$

1,045,077

 

$

 

$

$

1,045,077

Securities available-for-sale

 

482,453

 

 

482,453

 

 

482,453

Securities held-to-maturity

76,969

76,946

76,946

Other investments

 

16,494

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

2,679,148

 

 

 

2,676,181

 

2,676,181

Interest rate swaps agreements for customer loans

1,326

1,326

1,326

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

1,055,125

 

 

1,055,125

 

 

1,055,125

Interest-bearing demand deposits

 

899,158

 

 

899,158

 

 

899,158

Money market and savings deposits

 

1,493,007

 

 

1,493,007

 

 

1,493,007

Time deposits

 

574,648

 

 

576,598

 

 

576,598

Borrowings

87,585

88,082

88,082

Subordinated debt

 

41,930

 

 

 

43,374

 

43,374

Derivative financial instruments and interest rate swap agreements

 

4,893

 

 

4,893

 

 

4,893