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Fair value estimates (Tables)

9 Months Ended

Sep. 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
September 30, 2023		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	179,146		$	179,146		$			$
U.S. government-sponsored enterprises			2,038						2,038
State and municipals:
Taxable			53,987						53,987
Tax-exempt			61,798						61,798
Mortgage-backed securities:
U.S. government agencies			749						749
U.S. government-sponsored enterprises			80,892						80,892
Corporate debt securities			3,617						3,617
Common equity securities			92			92
Total investment securities		$	382,319		$	179,238		$	203,081		$
Interest rate floor-other assets		$	772					$	772
Interest rate swap-other assets		$	26,153					$	26,153
Interest rate swap-other liabilities		$	(25,366)					$	(25,366)


		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

September 30, 2023

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

3,495

$

$

$

3,495

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
September 30, 2023		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	3,495		Appraisal of collateral		Appraisal adjustments		22.8% to 77.0% (60.7)%
							Liquidation expenses		3.0% to 6.0% (5.5)%


		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
September 30, 2023		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	254,535		$	254,535		$	254,535		$			$
Investment securities:
Available-for-sale			382,227			382,227			179,146			203,081
Common equity securities			92			92			92
Held-to-maturity			86,246			68,808						68,808
Net loans			2,847,959			2,622,689									2,622,689
Accrued interest receivable			12,769			12,769						12,769
Mortgage servicing rights			885			1,706						1,706
Restricted equity securities (FHLB and other)			5,664			5,664						5,664
Interest rate floor			772			772						772
Interest rate swaps			26,153			26,153						26,153
Total		$	3,617,302		$	3,375,415
Financial liabilities:
Deposits		$	3,365,083		$	3,358,194		$			$	3,358,194		$
Short-term borrowings			27,020			27,020						27,020
Long-term debt			25,000			24,598						24,598
Subordinated debentures			33,000			31,858						31,858
Accrued interest payable			4,777			4,777						4,777
Interest rate swaps			25,366			25,366						25,366
Total		$	3,480,246		$	3,471,814


								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