XML 44 R32.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value Disclosures (Tables)
3 Months Ended
Mar. 31, 2025
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, 2025:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

77,143

$

$

77,143

$

U.S. Government-sponsored enterprises (GSEs)

38,087

38,087

Municipal securities

 

21,773

 

 

21,773

 

Other debt securities

 

39,670

 

 

39,670

 

Mortgage-backed securities (GSEs)

 

322,772

 

 

322,772

 

Total securities available-for-sale

499,445

499,445

Derivative financial instruments and interest rate swap agreements

12,081

12,081

Total assets at fair value

$

511,526

$

$

511,526

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

12,711

$

$

12,711

$

December 31, 2024:

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury

$

76,226

$

$

76,226

$

U.S. Government-sponsored enterprises (GSEs)

39,188

39,188

Municipal securities

 

17,690

 

 

17,690

 

Other debt securities

 

39,435

 

 

39,435

 

Mortgage-backed securities (GSEs)

 

309,789

 

 

309,789

 

Total securities available-for-sale

482,328

482,328

Derivative financial instruments and interest rate swap agreements

12,135

12,135

Total assets at fair value

$

494,463

$

$

494,463

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative financial instruments and interest rate swap agreements

$

13,198

$

$

13,198

$

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, 2025:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

760

$

$

$

760

Other real estate owned

 

144

 

 

 

144

December 31, 2024:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

1,813

$

$

$

1,813

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, 2025:

Collateral-dependent loans

$

760

 

Appraisal

 

Appraisal discounts

 

42

%

Other real estate owned

 

144

 

Appraisal

 

Appraisal discounts

 

10

%

December 31, 2024:

Collateral-dependent loans

$

1,813

 

Appraisal

 

Appraisal discounts

 

68

%

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, 2025:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

422,984

 

$

422,984

 

$

 

$

$

422,984

Securities available-for-sale

 

499,445

 

 

499,445

 

 

499,445

Securities held-to-maturity

125,576

108,561

108,561

Other investments

 

14,371

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,957,875

 

 

 

3,861,402

 

3,861,402

Derivative financial instruments and interest rate swap agreements

12,081

12,081

12,081

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

884,294

 

 

884,294

 

 

884,294

Interest-bearing demand deposits

 

885,063

 

 

885,063

 

 

885,063

Money market and savings deposits

 

2,131,828

 

 

2,131,828

 

 

2,131,828

Time deposits

 

907,474

 

 

908,490

 

 

908,490

Borrowings

7,610

7,610

7,610

Subordinated debt

 

39,705

 

 

 

38,374

 

38,374

Derivative financial instruments and interest rate swap agreements

 

12,711

 

 

12,711

 

 

12,711

December 31, 2024:

    

    

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

387,570

 

$

387,570

 

$

 

$

$

387,570

Securities available-for-sale

 

482,328

 

 

482,328

 

 

482,328

Securities held-to-maturity

126,659

108,080

108,080

Other investments

 

14,740

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,874,913

 

 

 

3,768,452

 

3,768,452

Derivative financial instruments and interest rate swap agreements

12,135

12,135

12,135

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

965,552

 

 

965,552

 

 

965,552

Interest-bearing demand deposits

 

836,731

 

 

836,731

 

 

836,731

Money market and savings deposits

 

2,039,560

 

 

2,039,560

 

 

2,039,560

Time deposits

 

844,640

 

 

844,694

 

 

844,694

Borrowings

8,135

8,135

8,135

Subordinated debt

 

39,684

 

 

 

38,043

 

38,043

Derivative financial instruments and interest rate swap agreements

 

13,198

 

 

13,198

 

 

13,198