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Fair value estimates (Tables)

3 Months Ended

Mar. 31, 2024

Fair value of financial instruments

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, 2024		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	183,899		$	183,899		$			$
U.S. government-sponsored enterprises			2,036						2,036
State and municipals:
Taxable			56,913						56,913
Tax-exempt			66,559						66,559
Mortgage-backed securities:
U.S. government agencies			665						665
U.S. government-sponsored enterprises			80,598						80,598
Corporate debt securities			3,743						3,743
Common equity securities			91			91
Total investment securities		$	394,504		$	183,990		$	210,514		$
Interest rate swap-other assets		$	20,911					$	20,911
Interest rate swap-other liabilities		$	(20,483)					$	(20,483)


		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
(Dollars in thousands)					Identical Assets			Inputs			Inputs
December 31, 2023		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	184,057		$	184,057		$			$
U.S. government-sponsored enterprises			2,152						2,152
State and municipals:
Taxable			57,100						57,100
Tax-exempt			67,124						67,124
Mortgage-backed securities:
U.S. government agencies			724						724
U.S. government-sponsored enterprises			84,040						84,040
Corporate debt securities			3,730						3,730
Common equity securities			98			98
Total investment securities		$	399,025		$	184,155		$	214,870		$
Interest rate swap-other assets		$	19,278					$	19,278
Interest rate swap-other liabilities		$	(18,808)					$	(18,808)

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, 2024

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

7,445

$

$

$

7,445

Other real estate owned

$

1,497

$

1,497

Fair Value Measurement Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

(Dollars in thousands)

Identical Assets

Inputs

Inputs

December 31, 2023

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

4,740

$

$

$

4,740

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, 2024		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	7,445		Appraisal of collateral		Appraisal adjustments		22.8% to 94.0% (59.2)%
							Liquidation expenses		3.0% to 6.0% (5.7)%
Other real estate owned		$	1,497		Appraisal of collateral		Appraisal adjustments		1.0% to 1.0% (1.0)%
							Liquidation expenses		3.0% to 6.0% (4.5)%


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)		Fair Value							Range
December 31, 2023		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	4,740		Appraisal of collateral		Appraisal adjustments		22.8% to 82.4% (63.6)%
							Liquidation expenses		3.0% to 6.0% (5.2)%

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, 2024		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	109,968		$	109,968		$	109,968		$			$
Investment securities:
Available for sale			394,413			394,413			183,899			210,514
Common equity securities			91			91			91
Held to maturity			83,306			69,989						69,989
Loans held for sale			300			300						300
Net loans			2,835,815			2,617,393									2,617,393
Accrued interest receivable			13,565			13,565						13,565
Mortgage servicing rights			861			1,727						1,727
Restricted equity securities (FHLB and other)			4,981			4,981						4,981
Other assets - interest rate swaps			20,911			20,911						20,911
Total		$	3,464,211		$	3,233,338
Financial liabilities:
Deposits		$	3,203,938		$	3,199,614		$			$	3,199,614		$
Short-term borrowings			20,260			20,260						20,260
Long-term debt			25,000			24,756						24,756
Subordinated debt			33,000			32,176						32,176
Accrued interest payable			5,327			5,327						5,327
Other liabilities - interest rate swaps			20,483			20,483						20,483
Total		$	3,308,008		$	3,302,616


								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, 2023		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	187,365		$	187,365		$	187,365		$			$
Investment securities:
Available for sale			398,927			398,927			184,057			214,870
Common equity securities			98			98			98
Held to maturity			84,851			71,698						71,698
Loans held for sale			250			250
Net loans			2,828,002			2,593,151									2,593,151
Accrued interest receivable			12,734			12,734						12,734
Mortgage servicing rights			870			1,745						1,745
Restricted equity securities (FHLB and other)			5,180			5,180						5,180
Other assets - interest rate swaps			19,278			19,278						19,278
Total		$	3,537,555		$	3,290,426
Financial liabilities:
Deposits		$	3,279,037		$	3,274,774		$			$	3,274,774		$
Short-term borrowings			17,590			17,590						17,590
Long-term debt			25,000			24,924						24,924
Subordinated debt			33,000			45,504						45,504
Accrued interest payable			5,765			5,765						5,765
Other liabilities - interest rate swaps			18,808			18,808						18,808
Total		$	3,379,200		$	3,387,365