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Fair Value of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value of Assets and Liabilities [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 are as follows (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)

December 31, 2022:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

223,653

$

$

223,653

$

U.S. Government-sponsored enterprises (GSEs)

1,575

1,575

Municipal securities

 

18,611

 

 

18,611

 

Other debt securities

 

30,551

 

 

30,551

 

Mortgage-backed securities (GSEs)

 

209,503

 

 

209,503

 

Total securities available-for-sale

483,893

483,893

Derivative financial instruments and interest rate swap agreements

11,834

11,834

Total assets at fair value

$

495,727

$

$

495,727

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

13,110

$

$

13,110

$

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 and interest rate swap agreements

$

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)

December 31, 2022:

 

  

 

  

 

  

 

  

Collateral dependent loans

$

1,536

$

$

$

1,536

Other real estate owned

 

915

 

 

 

915

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

December 31, 2022:

Collateral dependent loans

$

1,536

 

Appraisal

 

Appraisal discounts

 

25

%

Other real estate owned

 

915

 

Appraisal

 

Appraisal discounts

 

29

%

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

December 31, 2022:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

266,424

 

$

266,424

 

$

 

$

$

266,424

Securities available-for-sale

 

483,893

 

 

483,893

 

 

483,893

Securities held-to-maturity

285,949

260,613

260,613

Other investments

 

15,530

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,232,045

 

 

 

3,143,921

 

3,143,921

Derivative financial instruments and interest rate swap agreements

11,834

11,834

11,834

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

1,072,449

 

 

1,072,449

 

 

1,072,449

Interest-bearing demand deposits

 

965,911

 

 

965,911

 

 

965,911

Money market and savings deposits

 

1,583,481

 

 

1,583,481

 

 

1,583,481

Time deposits

 

455,259

 

 

451,899

 

 

451,899

Borrowings

41,860

41,860

41,860

Subordinated debt

 

42,015

 

 

 

40,439

 

40,439

Derivative financial instruments and interest rate swap agreements

 

13,110

 

 

13,110

 

 

13,110

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