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Financial Instruments
 9 Months Ended
Sep. 30, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments Note 5 – Financial Instruments

Financial instruments as of the dates indicated were as follows:

 

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

(Dollars in thousands)

Carrying

 

 

Estimated

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

Amount

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

144,673

 

 

$

144,673

 

 

$

144,673

 

 

$

-

 

 

$

-

 

Equity securities at fair value

 

7,262

 

 

 

7,262

 

 

 

4,543

 

 

 

-

 

 

 

2,719

 

Securities available for sale

 

490,804

 

 

 

490,804

 

 

 

77,032

 

 

 

413,772

 

 

 

-

 

Securities held to maturity

 

414,743

 

 

 

334,625

 

 

 

-

 

 

 

322,107

 

 

 

12,518

 

Federal Home Loan Bank and Federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Bank stock

 

9,514

 

 

 

9,514

 

 

 

-

 

 

 

9,514

 

 

 

-

 

Loans held for sale

 

5,222

 

 

 

5,378

 

 

 

-

 

 

 

5,378

 

 

 

-

 

Loans, net

 

1,294,928

 

 

 

1,258,262

 

 

 

-

 

 

 

-

 

 

 

1,258,262

 

Accrued interest receivable

 

10,491

 

 

 

10,491

 

 

 

-

 

 

 

10,491

 

 

 

-

 

Interest rate lock commitments

 

60

 

 

 

60

 

 

 

-

 

 

 

60

 

 

 

-

 

Mortgage loan servicing rights

 

3,944

 

 

 

6,050

 

 

 

-

 

 

 

6,050

 

 

 

-

 

Interest rate derivative contracts

 

29,900

 

 

 

29,900

 

 

 

-

 

 

 

29,900

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

531,962

 

 

 

531,962

 

 

 

531,962

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

1,551,995

 

 

 

1,549,272

 

 

 

-

 

 

 

1,549,272

 

 

 

-

 

Brokered deposits

 

49,238

 

 

 

49,137

 

 

 

-

 

 

 

49,137

 

 

 

-

 

Borrowings

 

180,000

 

 

 

179,041

 

 

 

-

 

 

 

179,041

 

 

 

-

 

Subordinated debentures

 

35,446

 

 

 

30,751

 

 

 

-

 

 

 

30,751

 

 

 

-

 

Accrued interest payable

 

3,906

 

 

 

3,906

 

 

 

-

 

 

 

3,906

 

 

 

-

 

Interest rate derivative contracts

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

43,943

 

 

$

43,943

 

 

$

43,943

 

 

$

-

 

 

$

-

 

Equity securities at fair value

 

8,566

 

 

 

8,566

 

 

 

6,024

 

 

 

-

 

 

 

2,542

 

Securities available for sale

 

529,749

 

 

 

529,749

 

 

 

78,204

 

 

 

451,545

 

 

 

-

 

Securities held to maturity

 

425,906

 

 

 

353,901

 

 

 

-

 

 

 

338,583

 

 

 

15,318

 

Federal Home Loan Bank and Federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Bank stock

 

8,581

 

 

 

8,581

 

 

 

-

 

 

 

8,581

 

 

 

-

 

Loans held for sale

 

4,834

 

 

 

4,979

 

 

 

-

 

 

 

4,979

 

 

 

-

 

Core loans, net

 

1,182,163

 

 

 

1,123,198

 

 

 

-

 

 

 

-

 

 

 

1,123,198

 

Accrued interest receivable

 

8,949

 

 

 

8,949

 

 

 

-

 

 

 

8,949

 

 

 

-

 

Interest rate lock commitments

 

28

 

 

 

28

 

 

 

-

 

 

 

28

 

 

 

-

 

Mortgage loan servicing rights

 

4,322

 

 

 

5,855

 

 

 

-

 

 

 

5,855

 

 

 

-

 

Interest rate derivative contracts

 

9,204

 

 

 

9,204

 

 

 

-

 

 

 

9,204

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

599,579

 

 

 

599,579

 

 

 

599,579

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

1,518,424

 

 

 

1,514,294

 

 

 

-

 

 

 

1,514,294

 

 

 

-

 

Borrowings

 

50,000

 

 

 

50,000

 

 

 

-

 

 

 

50,000

 

 

 

-

 

Subordinated debentures

 

35,262

 

 

 

30,304

 

 

 

-

 

 

 

30,304

 

 

 

-

 

Accrued interest payable

 

610

 

 

 

610

 

 

 

-

 

 

 

610

 

 

 

-

 

Interest rate derivative contracts

 

5,823

 

 

 

5,823

 

 

 

-

 

 

 

5,823

 

 

 

-