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Fair Value of Financial Instruments

9 Months Ended

Sep. 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)
September 30, 2023
Financial Assets:
Cash and cash equivalents	$	587,100	$	587,100	$	587,100	$	—	$	—

Securities available-for-sale	311,537		311,537		98,100		188,797		24,640
Equity securities	40,835		40,835		4,647		—		36,188
Loans held-for-sale	7,603		7,603		—		7,603		—
Loans receivable, net	2,246,157		2,139,689		—		—		2,124,865
Servicing rights	1,736		1,753		—		—		1,753
Interest rate swaps	12,974		12,974		—		12,974		—
Fair value hedge	204		204		—		204		—
Accrued interest receivable	15,630		15,630		—		2,190		13,440
FHLB Stock	2,122		2,122		—		2,122		—
Bank-owned life insurance	44,109		44,109		—		44,109		—
Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	$	3,038,889	$	2,670,272	$	—	$	2,670,272	$	—
Repurchase agreements	4,502		4,502		—		4,502		—

Interest rate swaps	10,609		10,609		—		10,609		—
Accrued interest payable	2,123		2,123		—		2,123		—

Senior term loan	8,473		8,363		—		8,363		—
Subordinated debt	73,478		56,417		—		56,417		—

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 swaps	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 swaps	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		—