Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the carrying value and estimated fair values of the Company’s financial assets and liabilities on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

September 30, 2022			Fair Value
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	882,883	$	882,883	$	-	$	-	$	882,883
Investment securities available-for-sale		177,454		4,941		172,513		-		177,454
Investment securities held-to-maturity		852,272		-		663,285		42,416		705,701
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,260,245		-		-		3,203,611		3,203,611
Bank-owned life insurance		72,566		72,566		-		-		72,566
Financial Liabilities:
Total deposits	$	4,909,257	$	-	$	4,548,873	$	352,319	$	4,901,192
Subordinated debentures		10,310		-		9,707		-		9,707

December 31, 2021			Fair Value
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	715,460	$	715,460	$	-	$	-	$	715,460
Investment securities available-for-sale		270,454		10,214		260,240		-		270,454
Investment securities held-to-maturity		737,052		-		681,588		44,446		726,034
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,176,170		-		-		3,179,857		3,179,857
Bank-owned life insurance		71,411		71,411		-		-		71,411
Financial Liabilities:
Total deposits	$	4,640,152	$	-	$	4,247,666	$	391,732	$	4,639,398
Subordinated debentures		10,310		-		6,890		-		6,890

Assets Measured at Fair Value on a Recurring and Non-recurring Basis

The following tables present information about the Bank’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value for the periods indicated.

September 30, 2022			Fair Value
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Investment securities available-for-sale
U.S. Treasury notes	$	4,941	$	4,941	$	-	$	-	$	4,941
U.S. Government-sponsored securities		4,698		-		4,698		-		4,698
Mortgage-backed securities		156,453		-		156,453		-		156,453
Collateralized mortgage obligations		1,458		-		1,458		-		1,458
Corporate securities		9,594		-		9,594		-		9,594
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Other real estate	$	873	$	-	$	-	$	873	$	873

December 31, 2021			Fair Value
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Investment securities available-for-sale
U.S. Treasury notes	$	10,089	$	10,089	$	-	$	-	$	10,089
U.S. Government-sponsored securities		6,374		-		6,374		-		6,374
Mortgage-backed securities		251,120		-		251,120		-		251,120
Collateralized mortgage obligations		2,436		-		2,436		-		2,436
Other		435		125		310		-		435
Fair valued on a non-recurring basis:
Individually evaluated loans	$	2,562	$	-	$	-	$	2,562	$	2,562
Other real estate		873		-		-		873		873