Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value

The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

March 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	529,593	$	529,593	$	-	$	-	$	529,593
Held-to-maturity securities		849,994		-		649,419		56,490		705,909
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,358,560		-		-		3,207,754		3,207,754
Bank-owned life insurance		66,076		66,076		-		-		66,076
Financial Liabilities:
Total deposits	$	4,539,162	$	-	$	4,153,033	$	377,969	$	4,531,002
Subordinated debentures		10,310		-		12,830		-		12,830

December 31, 2022			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	588,257	$	588,257	$	-	$	-	$	588,257
Held-to-maturity securities		844,953		-		645,859		42,534		688,393
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,445,476		-		-		3,335,042		3,335,042
Bank-owned life insurance		73,038		73,038		-		-		73,038
Financial Liabilities:
Total deposits	$	4,759,269	$	-	$	4,427,869	$	323,572	$	4,751,441
Subordinated debentures		10,310		-		12,211		-		12,211

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

The following tables presents 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.

March 31, 2023			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	4,112	$	-	$	4,112	$	-	$	4,112
Mortgage-backed securities		103,697		-		103,697		-		103,697
Collateralized mortgage obligations		607		-		607		-		607
Corporate securities		9,711		-		9,711		-		9,711
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral Dependent loans	$	14,065	$	-	$	-	$	14,065	$	14,065
Other real estate owned		873		-		-		873		873

December 31, 2022			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Treasury notes	$	4,964	$	4,964	$	-	$	-	$	4,964
U.S. Government-sponsored securities		4,427		-		4,427		-		4,427
Mortgage-backed securities		132,528		-		132,528		-		132,528
Collateralized mortgage obligations		1,054		-		1,054		-		1,054
Corporate securities		9,581		-		9,581		-		9,581
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral Dependent loans	$	14,473	$	-	$	-	$	14,473	$	14,473
Other real estate owned		873		-		-		873		873