0001127371-22-000167.txt : 20221102 0001127371-22-000167.hdr.sgml : 20221102 20221102132911 ACCESSION NUMBER: 0001127371-22-000167 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221102 DATE AS OF CHANGE: 20221102 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: 221353223 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-20220930.htm 10-Q cvcy-20220930
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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 September 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 valueCVCY
NASDAQ 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 October 31, 2022 there were 11,732,011 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)September 30, 2022December 31, 2021
  
ASSETS  
Cash and due from banks$32,535 $29,412 
Interest-earning deposits in other banks9,043 134,055 
Total cash and cash equivalents41,578 163,467 
Available-for-sale investment securities668,300 1,109,208 
Held-to-maturity investment securities 305,482 — 
Equity securities6,544 7,416 
Loans, less allowance for credit losses of $10,366 at September 30, 2022 and $9,600 at December 31, 20211,214,904 1,029,511 
Bank premises and equipment, net7,909 8,380 
Bank-owned life insurance40,289 39,553 
Federal Home Loan Bank stock6,169 5,595 
Goodwill53,777 53,777 
Core deposit intangibles102 522 
Accrued interest receivable and other assets80,644 32,710 
Total assets$2,425,698 $2,450,139 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Non-interest bearing$1,044,678 $963,584 
Interest bearing1,094,466 1,159,213 
Total deposits2,139,144 2,122,797 
Short-term borrowings25,000 — 
Senior debt and subordinated debentures69,563 39,454 
Accrued interest payable and other liabilities33,177 40,043 
Total liabilities2,266,884 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: 11,732,011 at September 30, 2022 and 11,916,651 at December 31, 202161,262 66,820 
Retained earnings188,174 173,393 
Accumulated other comprehensive (loss) income, net of tax(90,622)7,632 
Total shareholders’ equity158,814 247,845 
Total liabilities and shareholders’ equity$2,425,698 $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 September 30,		For the Nine Months
Ended September 30,
(In thousands, except share and per-share amounts) 2022202120222021
INTEREST INCOME:  
Interest and fees on loans$14,708 $13,208 $39,752 $40,529 
Interest on deposits in other banks48 28 157 89 
Interest and dividends on investment securities:
Taxable4,411 3,844 14,586 9,938 
Exempt from Federal income taxes1,825 1,417 5,144 4,143 
Total interest income20,992 18,497 59,639 54,699 
INTEREST EXPENSE:  
Interest on deposits231 263 714 783 
Interest on subordinated debentures and borrowings597 24 1,354 70 
Total interest expense828 287 2,068 853 
Net interest income before provision for credit losses20,164 18,210 57,571 53,846 
PROVISION FOR (REVERSAL OF) CREDIT LOSSES500 (500)500 (3,800)
Net interest income after provision for credit losses19,664 18,710 57,071 57,646 
NON-INTEREST INCOME:  
Service charges475 487 1,558 1,386 
Appreciation in cash surrender value of bank-owned life insurance
249 247 736 596 
Interchange fees432 472 1,352 1,313 
Net realized (losses) gains on sales and calls of investment securities (14)117 (777)38 
Federal Home Loan Bank dividends91 84 258 237 
Loan placement fees155 467 722 1,634 
Other income92 274 235 1,020 
Total non-interest income1,480 2,148 4,084 6,224 
NON-INTEREST EXPENSES:  
Salaries and employee benefits7,500 7,091 21,501 21,008 
Occupancy and equipment1,363 1,224 3,869 3,538 
Professional services613 507 1,451 1,338 
Data processing560 599 1,649 1,841 
Regulatory assessments224 219 640 552 
ATM/Debit card expenses176 199 588 615 
Information technology879 891 2,465 2,061 
Directors’ expenses91 152 184 306 
Advertising138 129 416 386 
Internet banking expense29 54 98 262 
Amortization of core deposit intangibles139 174 419 521 
Other1,086 823 3,046 2,652 
Total non-interest expenses12,798 12,062 36,326 35,080 
Income before provision for income taxes8,346 8,796 24,829 28,790 
Provision for income taxes 1,962 2,275 5,817 7,227 
Net income$6,384 $6,521 $19,012 $21,563 
Earnings per common share:  
Basic earnings per share$0.55 $0.54 $1.62 $1.75 
Weighted average common shares used in basic computation11,678,532 12,007,689 11,723,790 12,332,248 
Diluted earnings per share$0.55 $0.54 $1.62 $1.74 
Weighted average common shares used in diluted computation11,689,323 12,044,896 11,748,693 12,378,591 
Cash dividend per common share$0.12 $0.12 $0.36 $0.35 
 
See notes to unaudited consolidated financial statements.
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CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
(In thousands)2022202120222021
Net income$6,384 $6,521 $19,012 21,563 
Other Comprehensive (Loss) Income:
Unrealized losses on securities:
Unrealized holding losses arising during the period(24,378)(3,552)(141,308)(6,444)
Reclassification of net losses (gains) included in net income14 (117)777 (38)
Amortization of net unrealized losses transferred 651 — 1,045 — 
Other comprehensive loss, before tax(23,713)(3,669)(139,486)(6,482)
Tax effect7,010 1,085 41,232 1,916 
Total other comprehensive loss (16,703)(2,584)(98,254)(4,566)
Comprehensive (loss) income$(10,319)$3,937 $(79,242)$16,997 

See notes to unaudited consolidated financial statements.
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CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
THREE MONTHS ENDED SEPTEMBER 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, June 30, 202112,329,089 $75,265 $162,910 $12,874 $251,049 
Net income— — 6,521 — 6,521 
Other comprehensive loss— — — (2,584)(2,584)
Stock issued under employee stock purchase plan
2,470 48 — — 48 
Stock-based compensation expense
— 100 — — 100 
Cash dividend
— — (1,438)— (1,438)
Stock options exercised
1,285 10 — — 10 
Repurchase and retirement of common stock
(344,940)(7,158)— — (7,158)
Balance, September 30, 202111,987,904 $68,265 $167,993 $10,290 $246,548 
Balance, June 30, 202211,717,146 $60,975 $183,197 $(73,919)$170,253 
Net income
— — 6,384 — 6,384 
Other comprehensive loss— — — (16,703)(16,703)
Stock issued under employee stock purchase plan
3,515 53 — — 53 
Stock-based compensation expense
— 143 — — 143 
Cash dividend
— — (1,407)— (1,407)
Stock options exercised
11,350 91 — — 91 
Balance, September 30, 202211,732,011 $61,262 $188,174 $(90,622)$158,814 





















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CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
NINE MONTHS ENDED SEPTEMBER 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— — 21,563 — 21,563 
Other comprehensive loss— — — (4,566)(4,566)
Stock issued under employee stock purchase plan
10,141 159 — — 159 
Stock awarded to employees10,529 158 — — 158 
Restricted stock granted net of forfeitures
20,720 — — — — 
Stock-based compensation expense
— 310 — — 310 
Cash dividend
— — (4,319)— (4,319)
Repurchase and retirement of common stock
(584,619)(12,000)— — (12,000)
Stock options exercised
21,285 222 — — 222 
Balance, September 30, 202111,987,904 $68,265 $167,993 $10,290 $246,548 
Balance, January 1, 202211,916,651 $66,820 $173,393 $7,632 $247,845 
Net income
— — 19,012 — 19,012 
Other comprehensive loss— — — (98,254)(98,254)
Restricted stock granted net of forfeitures
42,399 — — — — 
Stock issued under employee stock purchase plan
10,071 164 — — 164 
Stock awarded to employees13,446 279 — — 279 
Stock-based compensation expense
— 324 — — 324 
Cash dividend
— — (4,231)— (4,231)
Stock options exercised
50,205 489 — — 489 
Repurchase and retirement of common stock
(300,761)(6,814)— — (6,814)
Balance, September 30, 202211,732,011 $61,262 $188,174 $(90,622)$158,814 

See notes to unaudited consolidated financial statements.
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CENTRAL VALLEY COMMUNITY BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 For the Nine Months
Ended September 30,
(In thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$19,012 $21,563 
Adjustments to reconcile net income to net cash provided by operating activities: 
Net (increase) decrease in deferred loan fees(419)2,203 
Depreciation586 688 
Accretion(892)(1,050)
Amortization7,201 5,752 
Stock-based compensation324 310 
Provision for (reversal of) credit losses500 (3,800)
Net realized losses (gains) on sales and calls of available-for-sale investment securities777 (38)
Net gain on disposal of premises and equipment— (8)
Net change in equity securities872 148 
Increase in bank-owned life insurance, net of expenses(736)(596)
Net increase in accrued interest receivable and other assets(6,033)(1,878)
Net (decrease) increase in accrued interest payable and other liabilities(6,586)7,529 
(Provision) benefit for deferred income taxes(662)1,256 
Net cash provided by operating activities13,944 32,079 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of available-for-sale investment securities(301,699)(410,308)
Proceeds from sales or calls of available-for-sale investment securities235,645 10,760 
Proceeds from maturity and principal repayments of available-for-sale investment securities54,691 38,727 
Proceeds from maturity and principal repayments of held-to-maturity investment securities738 — 
Net (increase) decrease in loans(185,474)17,593 
Purchases of premises and equipment(115)(889)
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(196,788)(354,108)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net increase in demand, interest bearing and savings deposits30,257 335,370 
Net (decrease) increase in time deposits(13,910)12 
Proceeds from short-term borrowings from Federal Home Loan Bank
2,090,326 — 
Repayments of short-term borrowings to Federal Home Loan Bank(2,065,326)— 
Proceeds of issuance of senior debt30,000 — 
Purchase and retirement of common stock(6,814)(12,000)
Proceeds from stock issued under employee stock purchase plan
164 159 
Proceeds from exercise of stock options489 222 
Cash dividend payments on common stock(4,231)(4,319)
Net cash provided by financing activities60,955 319,444 
Decrease in cash and cash equivalents(121,889)(2,585)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD163,467 70,278 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$41,578 $67,693 
 
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 For the Nine Months
Ended September 30,
(In thousands)20222021
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:  
Cash paid during the period for:
  
Interest$1,525 $866 
Income taxes$5,614 $6,755 
Operating cash flows from operating leases$1,653 $1,688 
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.
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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 September 30, 2022, and the results of its operations and its cash flows for the nine month interim periods ended September 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 weighted average life 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 bank loss driver and CECL reserving model design as well as other related consulting services has been retained. 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 fourth quarter of 2022 due to the fact the Company elected to delay implementation of the CECL process as allowed by FASB. While the
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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 September 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.

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.
11


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):
 September 30, 2022
Carrying
Amount		Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial assets:    
Cash and due from banks$32,535 $32,535 $— $— $32,535 
Interest-earning deposits in other banks9,043 9,043 — — 9,043 
Available-for-sale debt securities668,300 — 668,300