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Fair value estimates (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	180,007		$	180,007		$			$
U.S. government-sponsored enterprises			2,032						2,032
State and municipals:
Taxable			56,837						56,837
Tax-exempt			65,004						65,004
Mortgage-backed securities:
U.S. government agencies			604						604
U.S. government-sponsored enterprises			77,028						77,028
Corporate debt securities			3,728						3,728
Common equity securities			78			78
Total investment securities		$	385,318		$	180,085		$	205,233		$
Interest rate swap-other assets		$	20,958					$	20,958
Interest rate swap-other liabilities		$	(20,538)					$	(20,538)


		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

June 30, 2024

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

6,851

$

$

$

6,851

Other real estate owned

$

1,152

$

1,152

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
June 30, 2024		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	6,851		Appraisal of collateral		Appraisal adjustments		22.8% to 94.0% (67.5)%
							Liquidation expenses		3.0% to 6.0% (5.6)%
Other real estate owned		$	1,152		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
June 30, 2024		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	49,956		$	49,956		$	49,956		$			$
Investment securities:
Available for sale			385,240			385,240			180,007			205,233
Common equity securities			78			78			78
Held to maturity			81,598			68,224						68,224
Loans held for sale
Net loans			2,846,430			2,646,017									2,646,017
Accrued interest receivable			13,326			13,326						13,326
Mortgage servicing rights			852			1,709						1,709
Restricted equity securities (FHLB and other)			7,736			7,736						7,736
Other assets - interest rate swaps			20,958			20,958						20,958
Total		$	3,406,174		$	3,193,244
Financial liabilities:
Deposits		$	3,064,959		$	3,059,952		$			$	3,059,952		$
Short-term borrowings			104,250			104,254						104,254
Long-term debt			25,000			24,761						24,761
Subordinated debt			33,000			43,284						43,284
Accrued interest payable			5,507			5,507						5,507
Other liabilities - interest rate swaps			20,538			20,538						20,538
Total		$	3,253,254		$	3,258,296


								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