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Fair Value Disclosures (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

75,275

$

$

75,275

$

U.S. Government-sponsored enterprises (GSEs)

48,949

48,949

Municipal securities

 

18,018

 

 

18,018

 

Other debt securities

 

35,939

 

 

35,939

 

Mortgage-backed securities (GSEs)

 

296,166

 

 

296,166

 

Total securities available-for-sale

474,347

474,347

Derivative financial instruments and interest rate swap agreements

12,949

12,949

Total assets at fair value

$

487,296

$

$

487,296

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

13,907

$

$

13,907

$

December 31, 2023:

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury

$

76,033

$

$

76,033

$

U.S. Government-sponsored enterprises (GSEs)

48,093

48,093

Municipal securities

 

18,276

 

 

18,276

 

Other debt securities

 

33,069

 

 

33,069

 

Mortgage-backed securities (GSEs)

 

232,939

 

 

232,939

 

Total securities available-for-sale

408,410

408,410

Derivative financial instruments and interest rate swap agreements

12,821

12,821

Total assets at fair value

$

421,231

$

$

421,231

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative financial instruments and interest rate swap agreements

$

14,807

$

$

14,807

$

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, 2024:

 

  

 

  

 

  

 

  

Collateral dependent loans

$

653

$

$

$

653

Other real estate owned

 

179

 

 

 

179

December 31, 2023:

 

  

 

  

 

  

 

  

Collateral dependent loans

$

1,295

$

$

$

1,295

Other real estate owned

 

279

 

 

 

279

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, 2024:

Collateral dependent loans

$

653

 

Appraisal

 

Appraisal discounts

 

79

%

Other real estate owned

 

179

 

Appraisal

 

Appraisal discounts

 

35

%

December 31, 2023:

Collateral dependent loans

$

1,295

 

Appraisal

 

Appraisal discounts

 

73

%

Other real estate owned

 

279

 

Appraisal

 

Appraisal discounts

 

33

%

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, 2024:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

477,941

 

$

477,941

 

$

 

$

$

477,941

Securities available-for-sale

 

474,347

 

 

474,347

 

 

474,347

Securities held-to-maturity

180,169

161,213

161,213

Other investments

 

13,718

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,448,213

 

 

 

3,295,376

 

3,295,376

Derivative financial instruments and interest rate swap agreements

12,949

12,949

12,949

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

907,254

 

 

907,254

 

 

907,254

Interest-bearing demand deposits

 

996,298

 

 

996,298

 

 

996,298

Money market and savings deposits

 

1,952,410

 

 

1,952,410

 

 

1,952,410

Time deposits

 

538,159

 

 

534,548

 

 

534,548

Borrowings

9,849

9,849

9,849

Subordinated debt

 

42,120

 

 

 

39,903

 

39,903

Derivative financial instruments and interest rate swap agreements

 

13,907

 

 

13,907

 

 

13,907

December 31, 2023:

    

    

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

352,271

 

$

352,271

 

$

 

$

$

352,271

Securities available-for-sale

 

408,410

 

 

408,410

 

 

408,410

Securities held-to-maturity

281,236

262,538

262,538

Other investments

 

13,662

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,413,814

 

 

 

3,308,980

 

3,308,980

Derivative financial instruments and interest rate swap agreements

12,821

12,821

12,821

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

898,044

 

 

898,044

 

 

898,044

Interest-bearing demand deposits

 

1,006,915

 

 

1,006,915

 

 

1,006,915

Money market and savings deposits

 

1,812,427

 

 

1,812,427

 

 

1,812,427

Time deposits

 

550,468

 

 

548,397

 

 

548,397

Borrowings

13,078

13,078

13,078

Subordinated debt

 

42,099

 

 

 

39,822

 

39,822

Derivative financial instruments and interest rate swap agreements

 

14,807

 

 

14,807

 

 

14,807