| 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities
|
|
$
|
205,263
|
|
|
$
|
—
|
|
|
$
|
205,263
|
|
|
$
|
—
|
|
|
U.S. Agency MBS and CMOs
|
|
|
95,212
|
|
|
|
—
|
|
|
|
95,212
|
|
|
|
—
|
|
|
Tax-exempt state and municipal bonds
|
|
|
38,205
|
|
|
|
—
|
|
|
|
38,205
|
|
|
|
—
|
|
|
Taxable state and municipal bonds
|
|
|
100,935
|
|
|
|
—
|
|
|
|
100,935
|
|
|
|
—
|
|
|
Corporate bonds and other debt securities
|
|
|
14,113
|
|
|
|
—
|
|
|
|
14,113
|
|
|
|
—
|
|
|
Other equity securities
|
|
|
1,297
|
|
|
|
—
|
|
|
|
1,297
|
|
|
|
—
|
|
|
Loans held for sale
|
|
|
234
|
|
|
|
—
|
|
|
|
234
|
|
|
|
—
|
|
|
Interest rate swaps
|
|
|
6,920
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,920
|
|
|
Interest rate swaps
|
|
|
(6,920
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,920
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Interest rate swaps
|
|
|
(3,277
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,277
|
)
|
|
| 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, 2022 and December 31, 2021 (dollars in thousands):
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
|
|
Level in
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
Level 1
|
|
$
|
33,205
|
|
|
$
|
33,205
|
|
|
$
|
23,669
|
|
|
$
|
23,669
|
|
Federal funds sold and other short-term investments
|
Level 1
|
|
|
733,347
|
|
|
|
733,347
|
|
|
|
1,128,119
|
|
|
|
1,128,119
|
|
|
Securities held to maturity
|
Level 3
|
|
|
349,481
|
|
|
|
330,882
|
|
|
|
137,003
|
|
|
|
139,272
|
|
|
FHLB stock
|
Level 3
|
|
|
10,211
|
|
|
|
10,211
|
|
|
|
11,558
|
|
|
|
11,558
|
|
|
Loans, net
|
Level 2
|
|
|
1,123,488
|
|
|
|
1,094,345
|
|
|
|
1,090,201
|
|
|
|
1,106,324
|
|
|
Bank owned life insurance
|
Level 3
|
|
|
53,193
|
|
|
|
53,193
|
|
|
|
52,468
|
|
|
|
52,468
|
|
|
Accrued interest receivable
|
Level 2
|
|
|
7,202
|
|
|
|
7,202
|
|
|
|
4,088
|
|
|
|
4,088
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
Level 2
|
|
|
(2,556,197
|
)
|
|
|
(2,556,011
|
)
|
|
|
(2,577,958
|
)
|
|
|
(2,577,885
|
)
|
|
Other borrowed funds
|
Level 2
|
|
|
(30,000
|
)
|
|
|
(28,950
|
)
|
|
|
(85,000
|
)
|
|
|
(86,322
|
)
|
|
Accrued interest payable
|
Level 2 |
|
|
(41
|
)
|
|
|
(41
|
)
|
|
|
(72
|
)
|
|
|
(72
|
)
|
|
Off-balance sheet credit-related items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|