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Fair value estimates (Tables)

3 Months Ended

Mar. 31, 2023

Fair value estimates

Schedule of assets and liabilities measured at fair value on a recurring basis


		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
(Dollars in thousands)					Identical Assets			Inputs			Inputs
March 31, 2023		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	181,564		$	181,564		$			$
U.S. government-sponsored enterprises			16,431						16,431
State and municipals:
Taxable			57,204						57,204
Tax-exempt			68,574						68,574
Mortgage-backed securities:
U.S. government agencies			908						908
U.S. government-sponsored enterprises			89,833						89,833
Corporate debt securities			3,611						3,611
Common equity securities			81			81
Total investment securities		$	418,206		$	181,645		$	236,561		$
Interest rate floor-other assets		$	1					$	1
Interest rate swap-other assets		$	18,485					$	18,485
Interest rate floor-other liabilities			(1,980)						(1,980)
Interest rate swap-other liabilities		$	(17,914)					$	(17,914)


		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
(Dollars in thousands)					Identical Assets			Inputs			Inputs
December 31, 2022		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	180,297		$	180,297		$			$
U.S. government-sponsored enterprises			16,370						16,370
State and municipals:
Taxable			55,358						55,358
Tax-exempt			88,407						88,407
Mortgage-backed securities:
U.S. government agencies			942						942
U.S. government-sponsored enterprises			132,703						132,703
Corporate debt securities			3,626						3,626
Common equity securities			110			110
Total investment securities		$	477,813		$	180,407		$	297,406		$
Interest rate floor-other assets		$	1					$	1
Interest rate swap-other assets		$	21,794					$	21,794
Interest rate swap-other liabilities		$	(21,466)					$	(21,466)

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

Fair Value Measurement Using

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

(Dollars in thousands)

Identical Assets

Inputs

Inputs

March 31, 2023

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

1,680

$

$

$

1,680

Fair Value Measurement Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

(Dollars in thousands)

Identical Assets

Inputs

Inputs

December 31, 2022

Amount

(Level 1)

(Level 2)

(Level 3)

Impaired loans

$

220

$

$

$

220

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)		Fair Value							Range
March 31, 2023		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	1,680		Appraisal of collateral		Appraisal adjustments		22.8% to 77.0% (67.3)%
							Liquidation expenses		3.0% to 6.0% (5.2)%


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)		Fair Value							Range
December 31, 2022		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Impaired loans		$	220		Appraisal of collateral		Appraisal adjustments		21.6% to 97.0% (77.7)%
							Liquidation expenses		3.0% to 6.0% (4.9)%

Schedule of carrying and fair values of financial instruments


								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
(Dollars in thousands)		Carrying			Fair			Assets			Inputs			Inputs
March 31, 2023		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	140,583		$	140,583		$	140,583		$			$
Investment securities:
Available-for-sale			418,125			418,125			181,564			236,561
Common equity securities			81			81			81
Held-to-maturity			89,705			77,073						77,073
Loans held for sale
Net loans			2,792,599			2,629,921									2,629,921
Accrued interest receivable			11,678			11,678						11,678
Mortgage servicing rights			906			1,747						1,747
Restricted equity securities (FHLB and other)			4,887			4,887						4,887
Interest rate floor			1			1						1
Interest rate swaps			18,485			18,485						18,485
Total		$	3,477,050		$	3,302,580
Financial liabilities:
Deposits		$	3,235,967		$	3,229,495		$			$	3,229,495		$
Short-term borrowings			17,280			17,280						17,280
Long-term debt			25,000			24,982						24,982
Subordinated debentures			33,000			31,898						31,898
Accrued interest payable			2,304			2,304						2,304
Interest rate floor			1,980			1,980						1,980
Interest rate swaps			17,914			17,914						17,914
Total		$	3,333,445		$	3,325,853


								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
(Dollars in thousands)		Carrying			Fair			Assets			Inputs			Inputs
December 31, 2022		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	37,868		$	37,868		$	37,868		$			$
Investment securities:
Available-for-sale			477,703			477,703			180,297			294,706
Common equity securities			110			110			110
Held-to-maturity			91,179			76,563						76,563
Loans held for sale
Net loans			2,702,644			2,562,780									2,562,780
Accrued interest receivable			11,715			11,715						11,715
Mortgage servicing rights			914			1,762						1,762
Restricted equity securities (FHLB and other)			9,630			9,630						9,630
Interest rate floor			1			1						1
Interest rate swaps			21,794			21,794						21,794
Total		$	3,353,558		$	3,199,926
Financial liabilities:
Deposits		$	3,046,598		$	3,035,615		$			$	3,035,615		$
Short-term borrowings			114,930			114,743						114,743
Long-term debt			555			555						555
Subordinated debentures			33,000			53,998						53,998
Accrued interest payable			903			903						903
Interest rate swaps			21,466			21,466						21,466
Total		$	3,217,452		$	3,227,280