| 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
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
68,872
|
|
|
$
|
—
|
|
|
$
|
68,872
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
64,509
|
|
|
|
—
|
|
|
|
64,509
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
40,008
|
|
|
|
—
|
|
|
|
40,008
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
64,593
|
|
|
|
—
|
|
|
|
64,593
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
3,493
|
|
|
|
—
|
|
|
|
3,493
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,484
|
|
|
|
—
|
|
|
|
1,484
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
2,635
|
|
|
|
—
|
|
|
|
2,635
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
3,446
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,446
|
|
|
Interest rate swaps
|
|
|
(3,446
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,446
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
64,110
|
|
|
$
|
—
|
|
|
$
|
64,110
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
64,983
|
|
|
|
—
|
|
|
|
64,983
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
45,642
|
|
|
|
—
|
|
|
|
45,642
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
57,177
|
|
|
|
—
|
|
|
|
57,177
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
4,920
|
|
|
|
—
|
|
|
|
4,920
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,513
|
|
|
|
—
|
|
|
|
1,513
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
5,422
|
|
|
|
—
|
|
|
|
5,422
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
4,217
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,217
|
|
|
Interest rate swaps
|
|
|
(4,217
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,217
|
)
|
|
| 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 September 30, 2021 and December 31, 2020
(dollars in thousands):
|
Level in |
|
September 30, 2021 |
|
|
December 31, 2020 |
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
Level 1
|
|
$
|
30,413
|
|
|
$
|
30,413
|
|
|
$
|
31,480
|
|
|
$
|
31,480
|
|
|
Cash equivalents
|
Level 2
|
|
|
1,239,525
|
|
|
|
1,239,525
|
|
|
|
752,256
|
|
|
|
752,256
|
|
|
Securities held to maturity
|
Level 3
|
|
|
137,569
|
|
|
|
140,412
|
|
|
|
79,468
|
|
|
|
83,246
|
|
|
FHLB stock
|
|
|
|
11,558
|
|
|
NA
|
|
|
|
11,558
|
|
|
NA
|
|
|
Loans, net
|
Level 2
|
|
|
1,119,287
|
|
|
|
1,140,169
|
|
|
|
1,407,236
|
|
|
|
1,448,874
|
|
|
Bank owned life insurance
|
Level 3
|
|
|
52,781
|
|
|
|
52,781
|
|
|
|
42,516
|
|
|
|
42,516
|
|
|
Accrued interest receivable
|
Level 2
|
|
|
4,005
|
|
|
|
4,005
|
|
|
|
5,625
|
|
|
|
5,625
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
Level 2
|
|
|
(2,553,175
|
)
|
|
|
(2,553,148
|
)
|
|
|
(2,298,587
|
)
|
|
|
(2,298,867
|
)
|
|
Other borrowed funds
|
Level 2
|
|
|
(85,000
|
)
|
|
|
(86,973
|
)
|
|
|
(70,000
|
)
|
|
|
(73,010
|
)
|
|
Long-term debt
|
Level 2
|
|
|
—
|
|
|
|
—
|
|
|
|
(20,619
|
)
|
|
|
(18,011
|
)
|
|
Accrued interest payable
|
Level 2
|
|
|
(72
|
)
|
|
|
(72
|
)
|
|
|
(242
|
)
|
|
|
(242
|
)
|
|
Off-balance sheet credit-related items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|