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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Note 9 – Fair Value of Financial Instruments

The following table presents the carrying values and estimated fair values of our financial instruments as of the periods shown:


(Dollars in thousands)	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
June 30, 2023
Financial Assets:
Cash and cash equivalents	$	455,835	$	455,835	$	455,835	$	—	$	—

Securities available-for-sale	329,137		329,137		—		294,719		34,418
Equity securities	41,082		41,082		4,837		—		36,245
Loans held-for-sale	7,009		7,009		—		7,009		—
Loans receivable, net	2,282,093		2,158,860		—		—		2,158,860
Servicing rights	1,911		1,972		—		—		1,972
Interest rate swap	9,372		9,372		—		9,372		—
Fair value hedge	219		219		—		219		—
Accrued interest receivable	16,102		16,102		—		2,391		13,711
FHLB Stock	2,168		2,168		—		2,168		—
Bank-owned life insurance	43,746		43,746		—		43,746		—
Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	$	2,958,939	$	2,623,395	$	—	$	2,623,395	$	—
Repurchase agreements	4,798		4,798		—		4,798		—

Interest rate swap	8,429		8,429		—		8,429		—
Accrued interest payable	1,809		1,809		—		1,809		—

Senior term loan	8,835		8,667		—		8,667		—
Subordinated debt	73,414		63,539		—		63,539		—

December 31, 2022
Financial assets:
Cash and cash equivalents	$	40,280	$	40,280	$	40,280	$	—	$	—
Securities available-for-sale	379,814		379,814		—		344,471		35,343
Equity securities	38,744		38,744		5,382		—		33,362
Loans held-for-sale	23,126		24,898		—		24,898		—
Loans receivable, net	2,348,808		2,285,427		—		—		2,285,427
Servicing rights	1,616		1,634		—		—		1,634
Interest rate swap	8,427		8,427		—		8,427		—
Accrued interest receivable	12,617		12,617		—		2,778		9,839
Bank-owned life insurance	43,239		43,239		—		43,239		—
FHLB Stock	9,966		9,966		—		9,966		—
Embedded derivative	787		787		—		—		787

Financial liabilities:
Deposits	$	2,570,482	$	2,226,037	$	—	$	2,226,037	$	—
Repurchase agreements	10,037		10,037		—		10,037		—
Fair value hedge	572		572		—		572		—
Interest rate swap	8,427		8,427		—		8,427		—
Accrued interest payable	2,558		2,558		—		2,558		—
FHLB and other borrowings	102,333		102,006		—		102,006		—
Senior term loan	9,765		9,765		—		9,765		—
Subordinated debt	73,286		64,330		—		64,330		—