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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis

September 30, 2022

Fair Value Measurements Classified as

Assets/Liabilities at

(Dollars in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets:

Securities available for sale

U.S. Treasury securities

$

—

$

58,590

$

—

$

58,590

U.S. government agencies and corporations

—

130,210

—

130,210

Mortgage-backed securities

—

181,225

—

181,225

Obligations of states and political subdivisions

—

106,767

—

106,767

Corporate and other debt securities

—

22,772

—

22,772

Total securities available for sale

—

499,564

—

499,564

Loans held for sale

—

33,541

—

33,541

Derivatives

IRLC

—

746

—

746

Interest rate swaps on loans

—

6,762

—

6,762

Cash flow hedges

—

2,031

—

2,031

Total assets

$

—

$

542,644

$

—

$

542,644

Liabilities:

Derivatives

Interest rate swaps on loans

$

—

$

6,762

$

—

$

6,762

Total liabilities

$

—

$

6,762

$

—

$

6,762


		December 31, 2021
		Fair Value Measurements Classified as									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	68,285		$	—		$	68,285
Mortgage-backed securities			—			190,349			—			190,349
Obligations of states and political subdivisions			—			92,666			—			92,666
Corporate and other debt securities			—			21,773			—			21,773
Total securities available for sale			—			373,073			—			373,073
Loans held for sale			—			82,295			—			82,295
Derivatives
IRLC			—			1,523			—			1,523
Interest rate swaps on loans			—			3,467			—			3,467
Total assets		$	—		$	460,358		$	—		$	460,358

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	3,467		$	—		$	3,467
Cash flow hedges			—			665			—			665
Forward sales of TBA securities			—			3			—			3
Total liabilities		$	—		$	4,135		$	—		$	4,135

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at September 30, 2022 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

100,697

$

99,448

$

698

$

—

$

100,146

Securities available for sale

499,564

—

499,564

—

499,564

Loans, net

1,526,322

—

—

1,494,271

1,494,271

Loans held for sale

33,541

—

33,541

—

33,541

Derivatives

IRLC

746

—

746

—

746

Interest rate swaps on loans

6,762

—

6,762

—

6,762

Cash flow hedges

2,031

—

2,031

—

2,031

Bank-owned life insurance

20,937

—

20,937

—

20,937

Accrued interest receivable

7,846

7,846

—

—

7,846

Financial liabilities:

Demand and savings deposits

1,632,360

1,632,360

—

—

1,632,360

Time deposits

387,337

—

385,545

—

385,545

Borrowings

86,992

—

76,609

—

76,609

Derivatives

Interest rate swaps on loans

6,762

—

6,762

—

6,762

Accrued interest payable

471

471

—

—

471


		Carrying			Fair Value Measurements at December 31, 2021 Classified as									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	269,487		$	267,745		$	1,235		$	—		$	268,980
Securities available for sale			373,073			—			373,073			—			373,073
Loans, net			1,369,903			—			—			1,379,564			1,379,564
Loans held for sale			82,295			—			82,295			—			82,295
Derivatives
IRLC			1,523			—			1,523			—			1,523
Interest rate swaps on loans			3,467			—			3,467			—			3,467
Bank-owned life insurance			20,597			—			20,597			—			20,597
Accrued interest receivable			6,810			6,810			—			—			6,810
Financial liabilities:
Demand and savings deposits			1,488,893			1,488,893			—			—			1,488,893
Time deposits			425,721			—			428,462			—			428,462
Borrowings			84,115			—			89,609			—			89,609
Derivatives
Cash flow hedges			665			—			665			—			665
Interest rate swaps on loans			3,467			—			3,467			—			3,467
Forward sales of TBA securities			3			—			3						3
Accrued interest payable			715			715			—			—			715