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Fair Value Disclosures (Tables)
9 Months Ended
Sep. 30, 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)

September 30, 2024:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

77,911

$

$

77,911

$

U.S. Government-sponsored enterprises (GSEs)

42,566

42,566

Municipal securities

 

18,097

 

 

18,097

 

Other debt securities

 

40,232

 

 

40,232

 

Mortgage-backed securities (GSEs)

 

322,530

 

 

322,530

 

Total securities available-for-sale

501,336

501,336

Derivative financial instruments and interest rate swap agreements

12,387

12,387

Total assets at fair value

$

513,723

$

$

513,723

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

14,023

$

$

14,023

$

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)

September 30, 2024:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

656

$

$

$

656

Other real estate owned

 

 

 

 

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

September 30, 2024:

Collateral-dependent loans

$

656

 

Appraisal

 

Appraisal discounts

 

79

%

Other real estate owned

 

 

Appraisal

 

Appraisal discounts

 

%

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

September 30, 2024:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

192,914

 

$

192,914

 

$

 

$

$

192,914

Securities available-for-sale

 

501,336

 

 

501,336

 

 

501,336

Securities held-to-maturity

127,779

113,267

113,267

Other investments

 

20,352

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,687,673

 

 

 

3,564,572

 

3,564,572

Derivative financial instruments and interest rate swap agreements

12,387

12,387

12,387

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

863,949

 

 

863,949

 

 

863,949

Interest-bearing demand deposits

 

834,207

 

 

834,207

 

 

834,207

Money market and savings deposits

 

1,854,777

 

 

1,854,777

 

 

1,854,777

Time deposits

 

769,558

 

 

769,621

 

 

769,621

Borrowings

8,997

8,997

8,997

Subordinated debt

 

39,663

 

 

 

37,860

 

37,860

Derivative financial instruments and interest rate swap agreements

 

14,023

 

 

14,023

 

 

14,023

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