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Fair value estimates (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2023		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	179,104		$	179,104		$			$
U.S. government-sponsored enterprises			2,201						2,201
State and municipals:
Taxable			56,362						56,362
Tax-exempt			66,864						66,864
Mortgage-backed securities:
U.S. government agencies			849						849
U.S. government-sponsored enterprises			86,871						86,871
Corporate debt securities			3,575						3,575
Common equity securities			92			92
Total investment securities		$	395,918		$	179,196		$	216,722		$
Interest rate floor-other assets		$	283					$	283
Interest rate swap-other assets		$	21,523					$	21,523
Interest rate floor-other liabilities		$	(237)					$	(237)
Interest rate swap-other liabilities		$	(20,930)					$	(20,930)


		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

June 30, 2023

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

1,926

$

$

$

1,926

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
June 30, 2023		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	1,926		Appraisal of collateral		Appraisal adjustments		22.8% to 77.0% (67.9)%
							Liquidation expenses		3.0% to 6.0% (4.7)%


		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
June 30, 2023		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	136,688		$	136,688		$	136,688		$			$
Investment securities:
Available-for-sale			395,826			395,826			179,104			216,722
Common equity securities			92			92			92
Held-to-maturity			88,211			74,013						74,013
Net loans			2,820,020			2,617,233									2,617,233
Accrued interest receivable			11,406			11,406						11,406
Mortgage servicing rights			896			1,727						1,727
Restricted equity securities (FHLB and other)			4,538			4,538						4,538
Interest rate floor			283			283						283
Interest rate swaps			21,523			21,523						21,523
Total		$	3,479,483		$	3,263,329
Financial liabilities:
Deposits		$	3,229,481		$	3,221,730		$			$	3,221,730		$
Short-term borrowings			19,530			19,530						19,530
Long-term debt			25,000			24,676						24,676
Subordinated debentures			33,000			31,944						31,944
Accrued interest payable			4,701			4,701						4,701
Interest rate floor			237			237						237
Interest rate swaps			20,930			20,930						20,930
Total		$	3,332,879		$	3,323,748


								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
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