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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of assets measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis are summarized below:

Fair Value Measurements Using

Significant

 

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Total at

Identical Assets

Inputs

Inputs

(dollars in thousands)

    

March 31, 2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

Available-for-sale securities

 

  

 

  

 

  

 

  

Residential government-sponsored mortgage-backed securities

$

120,750

$

$

120,750

$

Obligations of states and political subdivisions

 

33,036

 

 

33,036

 

Corporate securities

 

16,123

 

 

16,123

 

Collateralized loan obligations

 

4,978

 

 

4,978

 

Residential government-sponsored collateralized mortgage obligations

 

22,568

 

 

22,568

 

Government-sponsored agency securities

 

16,253

 

 

16,253

 

Agency commercial mortgage-backed securities

 

50,115

 

 

50,115

 

SBA pool securities

 

7,803

 

 

7,803

 

Total

$

271,626

$

$

271,626

$

Fair Value Measurements Using

Significant

 

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Total at

Identical Assets

Inputs

Inputs

(dollars in thousands)

    

December 31, 2021

    

(Level 1)

    

(Level 2)

    

(Level 3)

Available-for-sale securities

 

  

 

  

 

  

 

  

Residential government-sponsored mortgage-backed securities

$

122,610

$

$

122,610

$

Obligations of states and political subdivisions

 

31,231

 

 

31,231

 

Corporate securities

 

13,685

 

 

13,685

 

Collateralized loan obligations

 

5,010

 

 

5,010

 

Residential government-sponsored collateralized mortgage obligations

 

19,807

 

 

19,807

 

Government-sponsored agency securities

 

17,488

 

 

17,488

 

Agency commercial mortgage-backed securities

 

52,667

 

 

52,667

 

SBA pool securities

 

8,834

 

 

8,834

 

Total

$

271,332

$

$

271,332

$

Schedule of assets measured at fair value on non recurring basis

Assets measured at fair value on a non-recurring basis are summarized below:

Fair Value Measurements Using

Significant

 

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Total at

Identical Assets

Inputs

Inputs

(dollars in thousands)

    

March 31, 2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

Collateral dependent loans

$

30,868

$

$

 

$

30,868

Other real estate owned:

 

 

 

  

 

Construction and land development

266

 

266

Residential 1-4 family

 

775

 

 

 

775

Fair Value Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Total at

Identical Assets

Inputs

Inputs

(dollars in thousands)

    

December 31, 2021

    

(Level 1)

    

(Level 2)

    

(Level 3)

Collateral dependent loans

$

44,331

$

$

 

$

44,331

Other real estate owned:

 

 

 

  

 

Construction and land development

 

266

 

 

 

266

Residential 1-4 family

 

897

 

 

 

897

Schedule of estimated fair values and fair value hierarchy levels of financial instruments

The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated:

March 31, 2022

December 31, 2021

    

Fair Value

    

Carrying

    

Fair 

    

Carrying

    

Fair 

Hierarchy Level

Amount

Value

Amount

Value

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

 

Level 1

$

298,230

$

298,230

$

530,167

$

530,167

Securities available-for-sale

 

Level 2

 

271,626

 

271,626

 

271,332

 

271,332

Securities held-to-maturity

 

Level 2

 

16,138

 

15,927

 

22,940

 

23,364

Stock in Federal Reserve Bank and Federal Home Loan Bank

 

Level 2

 

11,927

 

11,927

 

15,521

 

15,521

Net loans

 

Level 3

 

2,364,290

 

2,320,024

 

2,310,881

 

2,278,456

Financial liabilities:

 

  

 

 

 

 

Demand deposits and NOW accounts

 

Level 2

$

1,289,917

$

1,289,917

$

1,380,020

$

1,380,020

Money market and savings accounts

 

Level 2

 

1,056,871

 

1,056,871

 

1,022,621

 

1,022,621

Time deposits

 

Level 3

 

339,456

 

340,949

 

360,575

 

362,902

Securities sold under agreements to repurchase

 

Level 1

 

11,231

 

11,231

 

9,962

 

9,962

FHLB advances

 

Level 1

 

 

 

100,000

 

100,000

Junior subordinated debt

 

Level 2

 

9,743

 

10,692

 

9,731

 

10,367

Senior subordinated notes

 

Level 2

 

85,356

 

89,522

 

85,297

 

91,141