0001127371-22-000140.txt : 20220804 0001127371-22-000140.hdr.sgml : 20220804 20220803191322 ACCESSION NUMBER: 0001127371-22-000140 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220804 DATE AS OF CHANGE: 20220803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL VALLEY COMMUNITY BANCORP CENTRAL INDEX KEY: 0001127371 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770539125 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31977 FILM NUMBER: 221134156 BUSINESS ADDRESS: STREET 1: 7100 N. FINANCIAL DRIVE, #101 CITY: FRESNO STATE: CA ZIP: 93720 BUSINESS PHONE: 559-323-3433 MAIL ADDRESS: STREET 1: 7100 N. FINANCIAL DRIVE, #101 CITY: FRESNO STATE: CA ZIP: 93720 10-Q 1 cvcy-20220630.htm 10-Q CVCY 6 30 2022 cvcy-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
(Mark One)
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED June 30, 2022
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM                        TO
 
COMMISSION FILE NUMBER: 000-31977
 
CENTRAL VALLEY COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
 
California 77-0539125
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
7100 N. Financial Dr., Suite 101, Fresno, California
 93720
(Address of principal executive offices) (Zip code)
 
Registrant’s telephone number (559) 298-1775

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, no par valueCVCYNASDAQ Capital Market
(Title of Each Class)(Trading Symbol)(Name of Each Exchange on which Registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
  ☐
 
Accelerated filer
☐
Non-accelerated filer
  ☒
 
Small reporting company
 ☒
Emerging growth company
☐
 
1

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No  ☒
As of August 2, 2022 there were 11,719,246 shares of the registrant’s common stock outstanding.

2


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
 
2022 QUARTERLY REPORT ON FORM 10-Q
 
TABLE OF CONTENTS
 
 

2

PART 1: FINANCIAL INFORMATION
 

ITEM 1: FINANCIAL STATEMENTS

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
 (Unaudited)
(In thousands, except share amounts)June 30, 2022December 31, 2021
  
ASSETS  
Cash and due from banks$26,579 $29,412 
Interest-earning deposits in other banks654 134,055 
Total cash and cash equivalents27,233 163,467 
Available-for-sale investment securities710,481 1,109,208 
Held-to-maturity investment securities 305,902 — 
Equity securities 6,832 7,416 
Loans, less allowance for credit losses of $9,873 at June 30, 2022 and $9,600 at December 31, 20211,126,091 1,029,511 
Bank premises and equipment, net8,060 8,380 
Bank-owned life insurance40,040 39,553 
Federal Home Loan Bank stock6,169 5,595 
Goodwill53,777 53,777 
Core deposit intangibles242 522 
Accrued interest receivable and other assets68,765 32,710 
Total assets$2,353,592 $2,450,139 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Non-interest bearing$931,157 $963,584 
Interest bearing1,174,840 1,159,213 
Total deposits2,105,997 2,122,797 
Short-term borrowings9,324 — 
Subordinated debentures39,526 39,454 
Accrued interest payable and other liabilities28,492 40,043 
Total liabilities2,183,339 2,202,294 
Commitments and contingencies (Note 8)
Shareholders’ equity:  
Preferred stock, no par value; 10,000,000 shares authorized, none issued and outstanding
— — 
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 11,717,146 at June 30, 2022 and 11,916,651 at December 31, 202160,975 66,820 
Retained earnings183,197 173,393 
Accumulated other comprehensive (loss) income, net of tax(73,919)7,632 
Total shareholders’ equity170,253 247,845 
Total liabilities and shareholders’ equity$2,353,592 $2,450,139 
 
See notes to unaudited consolidated financial statements.
3


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
(In thousands, except share and per-share amounts) 2022202120222021
INTEREST INCOME:  
Interest and fees on loans$12,883 $13,556 $25,044 $27,321 
Interest on deposits in other banks52 29 109 61 
Interest and dividends on investment securities:
Taxable5,651 3,361 10,175 6,094 
Exempt from Federal income taxes1,879 1,409 3,319 2,726 
Total interest income20,465 18,355 38,647 36,202 
INTEREST EXPENSE:  
Interest on deposits231 252 483 520 
Interest on subordinated debentures and borrowings424 22 757 46 
Total interest expense655 274 1,240 566 
Net interest income before provision for credit losses19,810 18,081 37,407 35,636 
(REVERSAL OF) PROVISION FOR CREDIT LOSSES— (1,500)— (3,300)
Net interest income after provision for credit losses19,810 19,581 37,407 38,936 
NON-INTEREST INCOME:  
Service charges544 467 1,083 899 
Appreciation in cash surrender value of bank-owned life insurance
245 176 487 349 
Interchange fees478 471 920 841 
Net realized losses on sales and calls of investment securities (969)(79)(763)(79)
Federal Home Loan Bank dividends82 83 167 153 
Loan placement fees268 510 567 1,167 
Other income122 449 143 746 
Total non-interest income770 2,077 2,604 4,076 
NON-INTEREST EXPENSES:  
Salaries and employee benefits7,057 6,979 14,001 13,917 
Occupancy and equipment1,344 1,201 2,506 2,314 
Professional services464 475 838 831 
Data processing548 625 1,089 1,242 
Regulatory assessments194 172 416 333 
ATM/Debit card expenses217 191 412 416 
Information technology828 611 1,586 1,170 
Directors’ expenses48 113 93 154 
Advertising138 128 278 257 
Internet banking expense48 84 69 208 
Amortization of core deposit intangibles140 173 280 347 
Other1,057 878 1,960 1,829 
Total non-interest expenses12,083 11,630 23,528 23,018 
Income before provision for income taxes8,497 10,028 16,483 19,994 
Provision for income taxes 1,955 2,465 3,855 4,952 
Net income$6,542 $7,563 $12,628 $15,042 
Earnings per common share:  
Basic earnings per share$0.56 $0.61 $1.08 $1.20 
Weighted average common shares used in basic computation11,665,074 12,498,809 11,746,795 12,497,217 
Diluted earnings per share$0.56 $0.60 $1.07 $1.20 
Weighted average common shares used in diluted computation11,685,850 12,548,044 11,778,127 12,548,101 
Cash dividend per common share$0.12 $0.12 $0.24 $0.23 
 
See notes to unaudited consolidated financial statements.
4


CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
(In thousands)2022202120222021
Net income$6,542 $7,563 $12,628 15,042 
Other Comprehensive (Loss) Income:
Unrealized losses on securities:
Unrealized holding (losses) gains arising during the period(36,332)10,729 (116,931)(2,892)
Reclassification of net losses included in net income969 79 763 79 
Amortization of net unrealized losses transferred 394 — 394 — 
Other comprehensive (loss) income, before tax(34,969)10,808 (115,774)(2,813)
Tax effect10,337 (3,196)34,223 831 
Total other comprehensive (loss) income(24,632)7,612 (81,551)(1,982)
Comprehensive (loss) income$(18,090)$15,175 $(68,923)$13,060 

See notes to unaudited consolidated financial statements.
5

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
THREE MONTHS ENDED JUNE 30, 2022 AND 2021
 Common Stock Accumulated
Other
Comprehensive Income (Loss)
(Net of Taxes)		Total Shareholders’ Equity
   Retained Earnings
(In thousands, except share amounts)SharesAmount
Balance, March 31, 202112,524,609 $79,732 $156,851 $5,262 $241,845 
Net income— — 7,563 — 7,563 
Other comprehensive income— — — 7,612 7,612 
Restricted stock granted net of forfeitures
20,967 — — — — 
Stock issued under employee stock purchase plan
3,292 54 — — 54 
Stock-based compensation expense
— 109 — — 109 
Cash dividend
— — (1,504)— (1,504)
Stock options exercised
19,900 212 — — 212 
Repurchase and retirement of common stock
(239,679)(4,842)— — (4,842)
Balance, June 30, 202112,329,089 $75,265 $162,910 $12,874 $251,049 
Balance, March 31, 202211,752,623 $62,893 $178,054 $(49,287)$191,660 
Net income
— — 6,542 — 6,542 
Other comprehensive loss— — — (24,632)(24,632)
Restricted stock granted net of forfeitures
37,781 — — — — 
Stock issued under employee stock purchase plan
3,550 54 — — 54 
Stock awarded to employees300 6 — — 6 
Stock-based compensation expense
— 84 — — 84 
Cash dividend
— — (1,399)— (1,399)
Stock options exercised
27,780 266 — — 266 
Repurchase and retirement of common stock
(104,888)(2,328)— — (2,328)
Balance, June 30, 202211,717,146 $60,975 $183,197 $(73,919)$170,253 






















6

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
SIX MONTHS ENDED JUNE 30, 2022 AND 2021
Common StockRetained EarningsAccumulated
Other
Comprehensive Income (Loss)
(Net of Taxes)		Total Shareholders’ Equity
(In thousands, except share amounts)SharesAmount
Balance, January 1, 202112,509,848 $79,416 $150,749 $14,856 245,021 
Net income— — 15,042 — 15,042 
Other comprehensive loss— — — (1,982)(1,982)
Stock issued under employee stock purchase plan
7,671 110 — — 110 
Stock awarded to employees10,529 158 — — 158 
Restricted stock granted net of forfeitures
20,720 — — — — 
Stock-based compensation expense
— 210 — — 210 
Cash dividend
— — (2,881)— (2,881)
Repurchase and retirement of common stock
(239,679)(4,842)— — (4,842)
Stock options exercised
20,000 213 — — 213 
Balance, June 30, 202112,329,089 $75,265 $162,910 $12,874 $251,049 
Balance, January 1, 202211,916,651 $66,820 $173,393 $7,632 $247,845 
Net income
— — 12,628 — 12,628 
Other comprehensive loss— — — (81,551)(81,551)
Restricted stock granted net of forfeitures
42,399 — — — — 
Stock issued under employee stock purchase plan
6,556 110 — — 110 
Stock awarded to employees13,446 279 — — 279 
Stock-based compensation expense
— 181 — — 181 
Cash dividend
— — (2,824)— (2,824)
Stock options exercised
38,855 399 — — 399 
Repurchase and retirement of common stock
(300,761)(6,814)— — (6,814)
Balance, June 30, 202211,717,146 $60,975 $183,197 $(73,919)$170,253 

See notes to unaudited consolidated financial statements.
7

CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 For the Six Months
Ended June 30,
(In thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$12,628 $15,042 
Adjustments to reconcile net income to net cash provided by operating activities: 
Net decrease in deferred loan fees405 1,222 
Depreciation403 467 
Accretion(770)(693)
Amortization4,915 3,578 
Stock-based compensation181 210 
(Reversal of) provision for credit losses— (3,300)
Net realized losses on sales and calls of available-for-sale investment securities763 79 
Net gain on disposal of premises and equipment— (8)
Net change in equity securities584 112 
Increase in bank-owned life insurance, net of expenses(487)(349)
Net increase in accrued interest receivable and other assets(1,263)(3,767)
Net (decrease) increase in accrued interest payable and other liabilities(11,271)14,199 
(Provision) benefit for deferred income taxes(564)983 
Net cash provided by operating activities5,524 27,775 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of available-for-sale investment securities(301,699)(271,930)
Proceeds from sales or calls of available-for-sale investment securities235,370 590 
Proceeds from maturity and principal repayments of available-for-sale investment securities37,974 23,660 
Proceeds from maturity and principal repayments of held-to-maturity investment securities845 — 
Net (increase) decrease in loans(96,985)32,004 
Purchases of premises and equipment(84)(704)
Purchases of bank-owned life insurance— (10,000)
FHLB stock purchased(574)— 
Proceeds from sale of premises and equipment— 9 
Net cash used in investing activities(125,153)(226,371)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net (decrease) increase in demand, interest bearing and savings deposits(14,300)256,426 
Net decrease in time deposits(2,500)(42)
Proceeds from short-term borrowings from Federal Home Loan Bank
1,158,602 — 
Repayments of short-term borrowings to Federal Home Loan Bank(1,149,278)— 
Purchase and retirement of common stock(6,814)(4,842)
Proceeds from stock issued under employee stock purchase plan
110 110 
Proceeds from exercise of stock options399 213 
Cash dividend payments on common stock(2,824)(2,881)
Net cash (used in) provided by financing activities(16,605)248,984 
(Decrease) increase in cash and cash equivalents(136,234)50,388 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD163,467 70,278 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$27,233 $120,666 
 
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 For the Six Months
Ended June 30,
(In thousands)20222021
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:  
Cash paid during the period for:
  
Interest$1,159 $576 
Income taxes$4,914 $6,105 
Operating cash flows from operating leases$1,108 $1,124 
Non-cash investing and financing activities:  
Transfer of securities from available-for-sale to held-to-maturity$331,230 $— 
Transfer of unrealized loss on securities from available-for-sale to held-to-maturity$(25,328)$— 
See notes to unaudited consolidated financial statements.
9

Note 1.  Basis of Presentation
 
The interim unaudited condensed consolidated financial statements of Central Valley Community Bancorp and subsidiary have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). These interim condensed consolidated financial statements include the accounts of Central Valley Community Bancorp and its wholly owned subsidiary Central Valley Community Bank (the Bank) (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation.  Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted. The Company believes that the disclosures are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2021 Annual Report to Shareholders on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2022, and the results of its operations and its cash flows for the six month interim periods ended June 30, 2022 and 2021 have been included. The results of operations for interim periods are not necessarily indicative of results for the full year.
     The preparation of these interim unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
     Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment, and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank.

Impact of New Financial Accounting Standards:

FASB Accounting Standards Update (ASU) 2016-13 - Measurement of Credit Losses on Financial Instruments (Subtopic 326): Financial Instruments - Credit Losses, commonly referred to as “CECL,” was issued June 2016. The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the contractual term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity (“HTM”) debt securities. Under the provisions of the update, credit losses recognized on available for sale (“AFS”) debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans, with credit deterioration since origination, so that reserves are established at the date of acquisition for purchased loans. Under current GAAP a purchased loan’s contractual balance is adjusted to fair value through a credit discount and no reserve is recorded on the purchased loan upon acquisition. Since under CECL, reserves will be established for purchased loans at the time of acquisition, the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL require organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. The FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. On August 15, 2019, the FASB issued a proposed Accounting Standards Update (ASU), “Financial Instruments -Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” that would provide private entities and certain small public companies additional time to implement the standards on CECL, leases, and hedging. The final ASU extends the effective date for SEC filers, such as the Company, that are classified as smaller reporting companies to January 1, 2023.

    The Company has formed an internal task force that is responsible for oversight of the Company’s implementation strategy for compliance with provisions of the new standard. The Company has also established a project management governance process to manage the implementation across affected disciplines. An external provider specializing in community bank loss driver and CECL reserving model design as well as other related consulting services has been retained, and we have begun to evaluate potential CECL modeling alternatives. As part of this process, the Company has determined potential loan pool segmentation and sub-segmentation under CECL, as well as begun to evaluate the key economic loss drivers for each segment. Further, the Company has begun developing internal controls around the CECL process, data, calculations and implementation. The Company presently plans to generate and evaluate model scenarios under CECL in tandem with its current reserving processes for interim and annual reporting periods during the third quarter of 2022 due to the fact the
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Company elected to delay implementation of the CECL process as allowed by FASB. While the Company is currently unable to reasonably estimate the impact of adopting this new guidance, management expects the impact of adoption will be significantly influenced by the composition and quality of the Company’s loans as well as the economic conditions as of the date of adoption. The Company also anticipates changes to the processes and procedures for calculating the reserve for credit losses and continues to evaluate the potential impact on our consolidated financial statements.

    FASB Accounting Standards Update (ASU) 2020-04 - Reference Rate Reform (Subtopic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, was issued March 2020. This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is in the process of evaluating the provisions of this ASU and its effects on our consolidated financial statements. The Company believes the adoption of this guidance on activities subsequent to June 30, 2022 through December 31, 2022 will not have a material impact on the consolidated financial statements.

FASB Accounting Standards Update (ASU) 2022-02 - Financial Instruments-Credit Losses (Subtopic 326). Troubled Debt Restructurings and Vintage Disclosures, was issued March 2022. The amendments in this update eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, for public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. The guidance is effective for the Corporation upon the adoption of ASU 2016-13, January 1, 2023. The Company is currently assessing the impact of ASU 2022-02 on its disclosures and control structure; however, the Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

    In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (“the agencies”) issued a revised interagency statement encouraging financial institutions to work with customers affected by the COVID-19 pandemic and providing additional information regarding loan modifications. The revised interagency statement clarifies the interaction between the interagency statement issued on March 22, 2020 and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. Section 4013 allows financial institutions to suspend the requirements to classify certain loan modifications troubled debt restructurings (“TDRs”). The revised statement also provides supervisory interpretations on past due and nonaccrual regulatory reporting of loan modification programs and regulatory capital. Section 4013 and the interagency guidance were applied by the Company to loan modifications made related to the COVID-19 pandemic as eligible and appropriate. The application of the guidance reduced the number of TDRs that were reported. In December 2020, the Consolidated Appropriations Act, 2021 was signed into law. Section 541 of this legislation, “Extension of Temporary Relief From Troubled Debt Restructurings and Insurer Clarification,” extended Section 4013 of the CARES Act to the earlier of January 1, 2022 or 60 days after the termination of the national emergency declared relating to COVID-19. This relief ended on January 1, 2022.
Future TDRs are indeterminable and will depend on future developments, which are highly uncertain and cannot be predicted, including the economic recovery, market volatility and other actions taken by governmental authorities and other third parties as a result of the pandemic.


Note 2.  Fair Value Measurements
 
Fair Value Hierarchy
 
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 — Quoted market prices (unadjusted) for identical instruments traded in active markets that the entity has the ability to access as of the measurement date.

11

Level 2 —Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, we report the transfer at the beginning of the reporting period.
    The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):
 June 30, 2022
Carrying
Amount		Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial assets:    
Cash and due from banks$26,579 $26,579 $— $— $26,579 
Interest-earning deposits in other banks654