FAIR VALUE (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| FAIR VALUE [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
| |
|
Fair
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
December 31, 2022
|
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|
|
|
|
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|
|
|
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|
Available for sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
224,634
|
|
|
$
|
—
|
|
|
$
|
224,634
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
113,818
|
|
|
|
—
|
|
|
|
113,818
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
36,710
|
|
|
|
—
|
|
|
|
36,710
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
112,171
|
|
|
|
—
|
|
|
|
112,171
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
11,924
|
|
|
|
—
|
|
|
|
11,924
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,304
|
|
|
|
—
|
|
|
|
1,304
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
215
|
|
|
|
—
|
|
|
|
215
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
6,463
|
|
|
|
—
|
|
|
|
6,463
|
|
|
|
—
|
|
|
Total assets measured at fair value on recurring basis
|
|
$ |
507,239 |
|
|
$ |
— |
|
|
$ |
507,239 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
(6,463
|
)
|
|
|
—
|
|
|
|
(6,463
|
)
|
|
|
—
|
|
|
Total liabilities measured at fair value on recurring basis
|
|
$ |
(6,463 |
) |
|
$ |
— |
|
|
$ |
(6,463 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
December 31, 2021
|
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|
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|
|
|
|
|
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Available for sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
206,845
|
|
|
$
|
—
|
|
|
$
|
206,845
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
86,797
|
|
|
|
—
|
|
|
|
86,797
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
37,556
|
|
|
|
—
|
|
|
|
37,556
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
79,561
|
|
|
|
—
|
|
|
|
79,561
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
5,304
|
|
|
|
—
|
|
|
|
5,304
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,470
|
|
|
|
—
|
|
|
|
1,470
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
1,407
|
|
|
|
—
|
|
|
|
1,407
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
3,277
|
|
|
|
—
|
|
|
|
3,277
|
|
|
|
—
|
|
|
Total assets measured at fair value on recurring basis
|
|
$ |
422,217 |
|
|
$ |
— |
|
|
$ |
422,217 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
(3,277
|
)
|
|
|
—
|
|
|
|
(3,277
|
)
|
|
|
—
|
|
|
Total liabilities measured at fair value on recurring basis
|
|
$ |
(3,277 |
) |
|
$ |
— |
|
|
$ |
(3,277 |
) |
|
$ |
— |
|
|
| Assets Measured at Fair Value on a Non-Recurring Basis |
Assets measured at fair value on a non-recurring basis are summarized below (in thousands):
| |
|
Fair
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
328
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
328
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Impaired loans
|
|
$
|
2,903
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,903
|
|
|
| Quantitative Information about Level 3 Fair Value Measurements Measured on a Non-Recurring Basis |
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis were as follows at year end (dollars in thousands).
| |
|
Asset
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%)
|
|
December 31, 2022
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
328
|
|
Sales comparison approach
|
|
Adjustment for differences
between comparable sales
|
|
1.5 to 20.0
|
| |
|
|
|
|
Income approach
|
|
Capitalization rate
|
|
9.5 to 11.0
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Asset
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%)
|
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$
|
2,903
|
|
Sales comparison approach
|
|
Adjustment for differences
between comparable sales
|
|
1.5 to 20.0
|
| |
|
|
|
|
Income approach
|
|
Capitalization rate
|
|
9.5 to 11.0
|
|
| Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented |
The carrying amounts and estimated fair values of financial instruments, not previously presented, were as follows at year end (dollars in thousands).
| |
|
|
2022 |
|
|
2021 |
|
| |
Level in
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
Level 1
|
|
$ |
51,215 |
|
|
$
|
51,215
|
|
|
$
|
23,669
|
|
|
$
|
23,669
|
|
|
Federal funds sold and other short-term investments
|
Level 1
|
|
|
703,955 |
|
|
|
703,955
|
|
|
|
1,128,119
|
|
|
|
1,128,119
|
|
|
Securities held to maturity - U.S. Treasury
|
Level 2
|
|
|
251,307 |
|
|
|
237,630 |
|
|
|
— |
|
|
|
— |
|
|
Securities held to maturity - tax-exempt and muni
|
Level 3
|
|
|
97,458 |
|
|
|
95,020
|
|
|
|
137,003
|
|
|
|
139,272
|
|
|
FHLB stock
|
Level 3 |
|
|
10,211 |
|
|
|
10,211 |
|
|
|
11,558
|
|
|
|
11,558 |
|
|
Loans, net
|
Level 2
|
|
|
1,162,135 |
|
|
|
1,131,387
|
|
|
|
1,090,201
|
|
|
|
1,106,324
|
|
|
Bank owned life insurance
|
Level 3
|
|
|
53,345 |
|
|
|
53,345
|
|
|
|
52,468
|
|
|
|
52,468
|
|
|
Accrued interest receivable
|
Level 2
|
|
|
7,606 |
|
|
|
7,606
|
|
|
|
4,088
|
|
|
|
4,088
|
|
| |
|
|
|
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Financial liabilities
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
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|
Deposits
|
Level 2
|
|
|
(2,615,142 |
) |
|
|
(2,615,860
|
)
|
|
|
(2,577,958
|
)
|
|
|
(2,577,885
|
)
|
|
Other borrowed funds
|
Level 2
|
|
|
(30,000 |
) |
|
|
(28,666
|
)
|
|
|
(85,000
|
)
|
|
|
(86,322
|
)
|
|
Accrued interest payable
|
Level 2
|
|
|
(114 |
) |
|
|
(114
|
)
|
|
|
(72
|
)
|
|
|
(72
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments
|
|
|
|
— |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|