XML 45 R33.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022.
(dollars in thousands)Quoted Prices
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Other Unobservable Inputs
(Level 3)
Total Fair Value
September 30, 2023
Assets:
Investment securities available-for-sale:
U.S treasury bonds$— $47,050 $— $47,050 
U. S. agency securities— 656,277 — 656,277 
Residential mortgage-backed securities— 714,148 — 714,148 
Commercial mortgage-backed securities— 48,004 — 48,004 
Municipal bonds— 7,802 — 7,802 
Corporate bonds— 1,664 — 1,664 
Interest rate product— 41,787 — 41,787 
Credit risk participation agreements— — 
Total assets measured at fair value on a recurring basis$— $1,516,733 $— $1,516,733 
Liabilities:
Interest rate product$— $41,637 $— $41,637 
Total liabilities measured at fair value on a recurring basis$— $41,637 $— $41,637 
December 31, 2022
Assets:
Investment securities available-for-sale:
U.S. treasury bonds$— $46,327 $— $46,327 
U. S. agency securities— 669,728 — 669,728 
Residential mortgage-backed securities— 820,503 — 820,503 
Commercial mortgage-backed securities— 50,213 — 50,213 
Municipal bonds— 10,087 — 10,087 
Corporate bonds— 1,808 — 1,808 
Loans held for sale— 6,734 — 6,734 
Interest rate product— 31,039 — 31,039 
Mortgage banking derivatives— — 93 93 
Total assets measured at fair value on a recurring basis$— $1,636,439 $93 $1,636,532 
Liabilities:
Credit risk participation agreements$— $$— $
Interest rate product— 30,065 — 30,065 
Total liabilities measured at fair value on a recurring basis$— $30,067 $— $30,067 
Schedule of the Reconciliation of Activity for Assets and Liabilities Measured at Fair Value Based on Significant Other Unobservable Inputs
The following is a reconciliation of activity for assets measured at fair value based on Significant Other Unobservable Inputs (Level 3):
(dollars in thousands)Investment Securities Available-for-Sale
Assets:  
Beginning balance at January 1, 2022
$10,000 
Reclassified to investment securities held-to-maturity(10,000)
Ending balance at December 31, 2022
$— 
Schedule of Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Loans Held for Sale Measured at Fair Value
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of December 31, 2022:
(dollars in thousands)Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2022
Loans held for sale$6,734 $6,775 $(41)
Schedule of Assets Measured at Fair Value on Nonrecurring Basis
Assets measured at fair value on a nonrecurring basis are included in the table below:
(dollars in thousands)Quoted Prices
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Other Unobservable Inputs
(Level 3)
Total Fair Value
September 30, 2023        
Individually assessed loans:
Commercial$— $— $2,583 $2,583 
Income producing - commercial real estate— — 23,738 23,738 
Owner occupied - commercial real estate— — 19,929 19,929 
Real estate mortgage - residential— — 1,638 1,638 
Construction - commercial and residential
— — 39,896 39,896 
Home equity— — 245 245 
Other real estate owned— — 1,487 1,487 
Total assets measured at fair value on a nonrecurring basis as of September 30, 2023$— $— $89,516 $89,516 
December 31, 2022
Individually assessed loans:
Commercial$— $— $1,790 $1,790 
Income producing - commercial real estate— — 3,131 3,131 
Owner occupied - commercial real estate— — 19,187 19,187 
Real estate mortgage - residential— — 1,404 1,404 
Consumer— — 
Other real estate owned— — 1,962 1,962 
Total assets measured at fair value on a nonrecurring basis as of December 31, 2022$— $— $27,477 $27,477 
Schedule of Estimated Fair Values of Financial Instruments
The estimated fair value of the Company's financial instruments at September 30, 2023 and December 31, 2022 are as follows:
Fair Value Measurements
(dollars in thousands)Carrying ValueFair ValueQuoted Prices
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Other Unobservable Inputs
(Level 3)
September 30, 2023
Assets
Cash and due from banks$8,625 $8,625 $8,625 $— $— 
Federal funds sold13,611 13,611 — 13,611 — 
Interest bearing deposits with other banks235,819 235,819 — 235,819 — 
Investment securities available-for-sale1,474,945 1,474,945 — 1,474,945 — 
Investment securities held-to-maturity1,032,485 872,710 — 872,710 — 
Federal Reserve and Federal Home Loan Bank stock25,689 N/A— — — 
Loans7,916,391 7,635,283 — — 7,635,283 
Bank owned life insurance112,234 112,234 — 112,234 — 
Annuity investment13,088 13,088 — 13,088 — 
Interest rate product41,787 41,787 — 41,787 — 
Credit risk participation agreement— — 
Accrued interest receivable53,361 53,361 53,361 — — 
Liabilities
Noninterest bearing deposits$2,072,665 $2,072,665 $— $2,072,665 $— 
Interest bearing deposits4,062,552 4,062,552 — 4,062,552 — 
Time deposits2,241,089 2,225,503 — 2,225,503 — 
Customer repurchase agreements25,689 25,689 — 25,689 — 
Borrowings1,369,888 1,367,912 — 1,367,912 — 
Interest rate product41,637 41,637 — 41,637 — 
Accrued interest payable38,642 38,642 38,642 — — 
December 31, 2022
Assets
Cash and due from banks$12,655 $12,655 $12,655 $— $— 
Federal funds sold33,927 33,927 — 33,927 — 
Interest bearing deposits with other banks265,272 265,272 — 265,272 — 
Investment securities available-for-sale1,598,666 1,598,666 — 1,598,666 — 
Investment securities held-to-maturity1,093,374 967,940 — 967,940 — 
Federal Reserve and Federal Home Loan Bank stock65,067 N/A— — — 
Loans held for sale6,734 6,734 — 6,734 — 
Loans7,635,632 7,492,283 — — 7,492,283 
Bank owned life insurance110,998 110,998 — 110,998 — 
Annuity investment13,869 13,869 — 13,869 — 
Mortgage banking derivatives93 93 — — 93 
Interest rate product31,039 31,039 — 31,039 — 
Accrued interest receivable51,390 51,390 51,390 — — 
Liabilities
Noninterest bearing deposits$3,150,751 $3,150,751 $— $3,150,751 $— 
Interest bearing deposits4,778,932 4,778,932 — 4,778,932 — 
Time deposits783,499 777,757 — 777,757 — 
Customer repurchase agreements35,100 35,100 — 35,100 — 
Borrowings1,044,795 1,043,083 — 1,043,083 — 
Credit risk participation agreements— — 
Interest rate product30,065 30,065 — 30,065 — 
Accrued interest payable25,911 25,911 25,911 — —