| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):
| |
|
Fair
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
|
Significant Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
| |
|
Value
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
241,858
|
|
|
$
|
—
|
|
|
$
|
241,858
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
122,244
|
|
|
|
—
|
|
|
|
122,244
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
36,949
|
|
|
|
—
|
|
|
|
36,949
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
113,137
|
|
|
|
—
|
|
|
|
113,137
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
11,771
|
|
|
|
—
|
|
|
|
11,771
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,321
|
|
|
|
—
|
|
|
|
1,321
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
87
|
|
|
|
—
|
|
|
|
87
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
5,294
|
|
|
|
—
|
|
|
|
5,294
|
|
|
|
—
|
|
|
Total assets measured at fair value on recurring basis
|
|
$ |
532,661 |
|
|
$ |
— |
|
|
$ |
532,661 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
|
(5,294
|
)
|
|
|
—
|
|
|
|
(5,294
|
)
|
|
|
—
|
|
|
Total liabilities measured at fair value on recurring basis
|
|
$ |
(5,294 |
) |
|
$ |
— |
|
|
$ |
(5,294 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
$ |
— |
|
|
| 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 March 31, 2023 and December 31, 2022 (dollars in thousands):
|
Level in |
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
Level 1
|
|
$
|
29,402
|
|
|
$
|
29,402
|
|
|
$
|
51,215
|
|
|
$
|
51,215
|
|
Federal funds sold and other short-term investments
|
Level 1
|
|
|
391,336
|
|
|
|
391,336
|
|
|
|
703,955
|
|
|
|
703,955
|
|
|
Securities held to maturity - U.S. Treasury
|
Level 2 |
|
|
251,286 |
|
|
|
240,012 |
|
|
|
251,307 |
|
|
|
237,630 |
|
|
Securities held to maturity - tax-exempt and muni
|
Level 3
|
|
|
97,101
|
|
|
|
95,547
|
|
|
|
97,458
|
|
|
|
95,020
|
|
|
FHLB stock
|
Level 3
|
|
|
10,211
|
|
|
|
10,211
|
|
|
|
10,211
|
|
|
|
10,211
|
|
|
Loans, net
|
Level 2
|
|
|
1,203,818
|
|
|
|
1,185,925
|
|
|
|
1,162,135
|
|
|
|
1,131,387
|
|
|
Bank owned life insurance
|
Level 3
|
|
|
53,557
|
|
|
|
53,557
|
|
|
|
53,345
|
|
|
|
53,345
|
|
|
Accrued interest receivable
|
Level 2
|
|
|
8,782
|
|
|
|
8,782
|
|
|
|
7,606
|
|
|
|
7,606
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
Level 2
|
|
|
(2,330,895
|
)
|
|
|
(2,331,330
|
)
|
|
|
(2,615,142
|
)
|
|
|
(2,615,860
|
)
|
|
Other borrowed funds
|
Level 2
|
|
|
(30,000
|
)
|
|
|
(28,824
|
)
|
|
|
(30,000
|
)
|
|
|
(28,666
|
)
|
|
Accrued interest payable
|
Level 2 |
|
|
(228
|
)
|
|
|
(228
|
)
|
|
|
(114
|
)
|
|
|
(114
|
)
|
|
Off-balance sheet credit-related items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|