XML 38 R27.htm IDEA: XBRL DOCUMENT v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
FAIR VALUE MEASUREMENTS  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

March 31, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available for sale securities:

  

  

  

Mortgage-backed securities:

 

  

 

  

 

  

 

  

US Government-sponsored enterprises

$

$

214,300

$

$

214,300

US Government agency

 

 

80,938

 

 

80,938

Private label

 

 

58,500

 

 

58,500

Obligations of states and political subdivisions thereof

 

 

111,165

 

 

111,165

Corporate bonds

 

 

92,137

 

 

92,137

Loans held for sale

463

463

Derivative assets

 

 

24,534

 

8

 

24,542

Derivative liabilities

 

 

(20,568)

 

 

(20,568)

December 31, 2022

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available for sale securities:

  

  

  

  

Mortgage-backed securities:

 

  

 

  

 

  

 

  

US Government-sponsored enterprises

$

$

215,027

$

$

215,027

US Government agency

 

 

82,266

 

 

82,266

Private label

 

 

60,154

 

 

60,154

Obligations of states and political subdivisions thereof

 

 

107,737

 

 

107,737

Corporate bonds

 

 

94,332

 

 

94,332

Loans held for sale

Derivative assets

 

 

30,039

 

 

30,039

Derivative liabilities

 

 

(25,228)

 

 

(25,228)

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

(in thousands)

    

Commitments

    

Commitments

Three Months Ended March 31, 2023

 

  

 

  

Balance at beginning of period

$

$

Realized loss recognized in non-interest income

 

8

 

Balance at end of period

$

8

$

Three Months Ended March 31, 2022

 

  

 

  

Balance at beginning of period

$

283

$

15

Realized gain recognized in non-interest income

 

(288)

 

186

Balance at end of period

$

(5)

$

201

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

(in thousands)

    

Commitments

    

Commitments

Three Months Ended March 31, 2023

 

  

 

  

Balance at beginning of period

$

$

Realized loss recognized in non-interest income

 

8

 

Balance at end of period

$

8

$

Three Months Ended March 31, 2022

 

  

 

  

Balance at beginning of period

$

283

$

15

Realized gain recognized in non-interest income

 

(288)

 

186

Balance at end of period

$

(5)

$

201

Schedule of Quantitative Information, Valuation, Recurring

Fair Value

(in thousands,

March 31, 

Valuation 

Unobservable 

Unobservable

except ratios)

    

2023

    

Techniques

    

Inputs

    

Input Value

 

Assets (Liabilities)

  

  

  

  

 

Interest Rate Lock Commitment

 

$

8

Pull-through Rate Analysis

 

Closing Ratio

 

76

%

 

Pricing Model

Origination Costs, per loan

$

1.7

Discount Cash Flows

Mortgage Servicing Asset

1.0

%

Total

$

8

Summary of Applicable Non-Recurring Fair Value Measurements

March 31, 2023

December 31, 2022

March 31, 2023

Fair Value Measurement Date as of March 31, 2023

Level 3

Level 3

Total

Level 3

(in thousands)

    

Inputs

    

Inputs

    

Gains (Losses)

    

Inputs

Assets

  

  

  

  

Individually evaluated loans

$

15,513

$

16,477

$

(964)

March 2023

Capitalized servicing rights

 

6,570

6,845

 

(275)

 

March 2023

Premises held for sale

 

252

252

 

 

March 2023

Total

$

22,335

$

23,574

$

(1,239)

 

  

Schedule of Quantitative Information, Valuation, Non-recurring

 

(in thousands, except ratios)

    

Fair Value March 31, 2023

    

Valuation Techniques

    

Unobservable Inputs

    

Range (Weighted Average)(a)

 

Assets

 

  

 

  

 

  

  

Individually evaluated loans

$

11,945

 

Fair value of collateral-appraised value

 

Loss severity

10% to 70%

 

Appraised value

$80 to $2,941

Individually evaluated loans

 

3,568

 

Discount cash flow

 

Discount rate

 

3.38% to 6.38%

 

Cash flows

$3 to $707

Capitalized servicing rights

 

6,570

 

Discounted cash flow

 

Constant prepayment rate

 

7.19%

 

  

 

  

 

Discount rate

 

9.54%

Premises held for sale

 

252

 

Fair value of asset less selling costs

 

Appraised value

$267

 

 

  

 

Selling Costs

 

6%

Total

$

22,335

 

  

 

  

 

  

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

(in thousands, except ratios)

    

Fair Value December 31, 2022

    

Valuation Techniques

    

Unobservable Inputs

    

Range (Weighted Average)(a)

Assets

Individually evaluated loans

$

13,587

 

Fair value of collateral-appraised value

 

Loss severity

1% to 40%

 

Appraised value

$80 to $3,859

Individually evaluated loans

 

2,890

 

Discount cash flow

 

Discount rate

 

3.63% to 6.38%

 

Cash flows

$100 to $539

Capitalized servicing rights

 

6,845

 

Discounted cash flow

 

Constant prepayment rate

 

7.29%

  

 

  

 

Discount rate

 

9.54%

Premises held for sale

 

252

 

Fair value of asset less selling costs

 

Appraised value

$267

 

  

 

Selling Costs

 

6%

Total

$

23,574

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.

Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

March 31, 2023

Carrying

Fair

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

82,702

$

82,702

$

82,702

$

$

Securities available for sale

 

557,040

 

557,040

 

 

557,040

 

FHLB stock

 

15,718

 

15,718

 

 

15,718

 

Loans held for sale

463

463

463

Net loans

 

2,917,398

 

2,789,397

 

 

 

2,789,397

Accrued interest receivable

 

4,747

 

4,747

 

 

4,747

 

Cash surrender value of bank-owned life insurance policies

 

78,436

 

8,436

 

 

8,436

 

Derivative assets

 

24,542

 

24,542

 

 

24,534

 

8

Financial Liabilities

 

  

 

  

 

  

 

  

 

  

Non-maturity deposits

$

2,649,568

$

2,306,918

$

$

2,306,918

$

Time deposits

404,246

395,594

395,594

Securities sold under agreements to repurchase

12,733

12,733

12,733

FHLB advances

 

325,511

 

325,334

 

 

325,334

 

Subordinated borrowings

 

60,330

 

66,981

 

 

66,981

 

Derivative liabilities

 

20,568

 

20,568

 

 

20,568

 

December 31, 2022

Carrying

Fair

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

92,295

$

92,295

$

92,295

$

$

Securities available for sale

 

559,516

 

559,516

 

 

559,516

 

FHLB stock

 

14,893

 

14,893

 

 

14,893

 

Loans held for sale

Net loans

 

2,902,690

 

2,774,863

 

 

 

2,774,863

Accrued interest receivable

 

4,257

 

4,257

 

 

4,257

 

Cash surrender value of bank-owned life insurance policies

 

81,197

 

81,197

 

 

81,197

 

Derivative assets

 

30,039

 

30,039

 

 

30,039

 

Financial Liabilities

 

  

 

  

 

  

 

  

 

  

Non-maturity deposits

$

2,719,992

$

2,309,555

$

$

2,309,555

$

Time deposits

323,439

315,180

315,180

Securities sold under agreements to repurchase

13,369

13,369

13,369

FHLB advances

 

320,588

 

320,244

 

 

320,244

 

Subordinated borrowings

 

60,289

 

66,846

 

 

66,846

 

Derivative liabilities

 

25,228

 

25,228

 

 

25,228