XML 47 R35.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.
(in thousands) Description of Financial Instruments | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Measurement Categories: Changes in Fair Value Recorded In 1
December 31, 2021 |  |  |  |  |
Securities available for sale: |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 759,576 |  | $ | — |  | $ | 759,576 |  | $ | — |  | OCI
SBA-backed securities | $ | 33,478 |  | $ | — |  | $ | 33,478 |  | $ | — |  | OCI
Debentures of government sponsored agencies | $ | 188,527 |  | $ | — |  | $ | 188,527 |  | $ | — |  | OCI
U.S. Treasury securities | $ | 11,630 |  | $ | 11,630 |  | $ | — |  | $ | — |  | OCI
Obligations of state and political subdivisions | $ | 134,000 |  | $ | — |  | $ | 134,000 |  | $ | — |  | OCI
Corporate bonds | $ | 38,495 |  | $ | — |  | $ | 38,495 |  | $ | — |  | OCI
Asset-backed securities | $ | 1,862 |  | $ | — |  | $ | 1,862 |  | $ | — |  | OCI
Derivative financial liabilities (interest rate contracts) | $ | 1,085 |  | $ | — |  | $ | 1,085 |  | $ | — |  | NI
December 31, 2020 |  |  |  |  |
Securities available for sale: |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 228,651 |  | $ | — |  | $ | 228,651 |  | $ | — |  | OCI
SBA-backed securities | $ | 32,862 |  | $ | — |  | $ | 32,862 |  | $ | — |  | OCI
Debentures of government sponsored agencies | $ | 20,186 |  | $ | — |  | $ | 20,186 |  | $ | — |  | OCI
Obligations of state and political subdivisions | $ | 110,652 |  | $ | — |  | $ | 110,652 |  | $ | — |  | OCI
Derivative financial liabilities (interest rate contracts) | $ | 1,912 |  | $ | — |  | $ | 1,912 |  | $ | — |  | NI
1Other comprehensive income ("OCI") or net income ("NI").
Schedule of Fair Value Assets Measured on Non-recurring Basis | The following table presents the carrying value of assets measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of December 31, 2021 and December 31, 2020.
(in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
December 31, 2021 |  |  |  |
Other real estate owned | $ | 800 |  | $ | — |  | $ | — |  | $ | 800 |
December 31, 2020 |  |  |  |
Other real estate owned | $ | — |  | $ | — |  | $ | — |  | $ | — |
Fair Value, by Balance Sheet Grouping | The table below is a summary of fair value estimates for financial instruments as of December 31, 2021 and 2020, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as BOLI and non-maturity deposit liabilities. Additionally, we held shares of FHLB stock and Visa Inc. Class B common stock, both recorded at cost, as there was no impairment or changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer as of December 31, 2021 and 2020. See further discussion on values within Note 2, Investment Securities, above.
| December 31, 2021 |  | December 31, 2020
(in thousands) | Carrying Amounts | Fair Value | Fair Value Hierarchy |  | Carrying Amounts | Fair Value | Fair Value Hierarchy
Financial assets (recorded at amortized cost) |  |  |  |  |  |
Cash and cash equivalents | $ | 347,641 |  | $ | 347,641 |  | Level 1 |  | $ | 200,320 |  | $ | 200,320 |  | Level 1
Investment securities held-to-maturity | 342,222 |  | 342,755 |  | Level 2 |  | 109,036 |  | 115,185 |  | Level 2
Loans, net of allowance for credit losses | 2,232,622 |  | 2,234,430 |  | Level 3 |  | 2,065,682 |  | 2,089,192 |  | Level 3
Interest receivable | 11,889 |  | 11,889 |  | Level 2 |  | 10,922 |  | 10,922 |  | Level 2
Financial liabilities (recorded at amortized cost) |  |  |  |  |  |
Time deposits | 150,235 |  | 150,475 |  | Level 2 |  | 97,433 |  | 97,769 |  | Level 2
Subordinated debenture | — |  | — |  | Level 3 |  | 2,777 |  | 3,115 |  | Level 3
Interest payable | 81 |  | 81 |  | Level 2 |  | 97 |  | 97 |  | Level 2

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration