Disclosures about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Disclosures about Fair Value of Financial Instruments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following list presents the assets and liabilities recognized in the accompanying Condensed Consolidated Balance Sheets

measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at

March 31, 2022 and December 31, 2021:

Fair Value Description

Valuation

Hierarchy

Level

Where Fair

Value Balance

Can Be Found

Available-for-

Sale Securities and

CRA Equity Security

Where quoted market prices are available in an active market, securities are

classified within Level 1 of the valuation hierarchy. If quoted market prices

are not available, then fair values are estimated by using quoted prices of

securities with similar characteristics or independent asset pricing services

and pricing models, the inputs of which are market-based or independently

sourced market parameters, including, but not limited to, yield curves,

interest rates, volatilities, prepayments, defaults, cumulative loss projections

and cash flows. 

Level 2

Note 3:

Securities 

Derivatives

Fair value of the interest rate swaps is obtained from independent pricing

services based on quoted market prices for similar derivative contracts.

Level 2

Note 5:

Derivatives and

Hedging

Fair Value Measurements, Nonrecurring

The following tables present assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in

which the fair value measurements fall at March 31, 2022 and December 31, 2021:

March 31, 2022

Fair Value Measurements Using

Fair Value

Quoted Prices in Active

Markets for Identical Assets

(Level 1)

Significant Other

Observable Inputs

(Level 2)

Unobservable

Inputs

(Level 3)

(Dollars in thousands)

Collateral-dependent loans

$

22,902

$

-

$

-

$

22,902

Foreclosed assets held-for-sale

$

973

$

-

$

-

$

973

December 31, 2021

Fair Value Measurements Using

Fair Value

Quoted Prices in Active

Markets for Identical Assets

(Level 1)

Significant Other

Observable Inputs

(Level 2)

Unobservable

Inputs

(Level 3)

(Dollars in thousands)

Collateral-dependent impaired loans

$

38,046

$

-

$

-

$

38,046

Foreclosed assets held-for-sale

$

1,148

$

-

$

-

$

1,148

Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value

measurements at March 31, 2022 and December 31, 2021:

March 31, 2022

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

4

%

-

100

%

Collateral dependent loans

22,902

(

8

)%

$

Market comparable

properties

Marketability

discount

Foreclosed assets held-for-sale

973

(

10

)%

December 31, 2021

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

7

%

-

100

%

Collateral-dependent impaired loans

38,046

(

26

)%

$

Market comparable

properties

Marketability

discount

Foreclosed assets held-for-sale

1,148

(

10

)%

Fair Value, by Balance Sheet Grouping

The following tables present the estimated fair values of the Company’s financial instruments at March 31, 2022 and

December 31, 2021:

March 31, 2022

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Total

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

276,927

$

276,927

$

-

$

-

$

276,927

Available-for-sale securities

722,778

-

722,778

-

722,778

Loans, net of allowance for credit losses

4,294,337

-

-

4,284,841

4,284,841

Restricted equity securities

10,526

-

-

10,526

10,526

Interest receivable

16,933

-

16,933

-

16,933

Equity securities

3,222

-

2,112

1,110

3,222

Derivative assets

5,947

-

5,947

-

5,947

$

5,330,670

$

276,927

$

747,770

$

4,296,477

$

5,321,174

Financial Liabilities

Deposits

$

4,621,680

$

1,110,284

$

-

$

3,369,350

$

4,479,634

Federal Home Loan Bank advances

226,600

-

226,388

-

226,388

Other borrowings

1,022

-

2,230

-

2,230

Interest payable

1,196

-

1,196

-

1,196

Derivative liabilities

3,862

-

3,862

-

3,862

$

4,854,360

$

1,110,284

$

233,676

$

3,369,350

$

4,713,310

December 31, 2021

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Total

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

482,727

$

482,727

$

-

$

-

$

482,727

Available-for-sale securities

745,969

-

745,969

-

745,969

Loans, net of allowance for loan losses

4,197,838

-

-

4,178,268

4,178,268

Restricted equity securities

11,927

-

-

11,927

11,927

Interest receivable

16,023

-

16,023

-

16,023

Equity securities

2,642

-

2,209

433

2,642

Derivative assets

11,308

-

11,308

-

11,308

$

5,468,434

$

482,727

$

775,509

$

4,190,628

$

5,448,864

Financial Liabilities

Deposits

$

4,683,597

$

1,163,224

$

-

$

3,482,218

$

4,645,442

Federal Home Loan Bank advances

236,600

-

241,981

-

241,981

Other borrowings

1,009

-

2,318

-

2,318

Interest payable

1,336

-

1,336

-

1,336

Derivative liabilities

11,887

-

11,887

-

11,887

$

4,934,429

$

1,163,224

$

257,522

$

3,482,218

$

4,902,964