Disclosures about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Disclosures about Fair Value of Financial Instruments [Abstract]

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

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

September 30, 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

$

20,302

$

-

$

-

$

20,302

Foreclosed assets held-for-sale

$

1,588

$

-

$

-

$

1,588

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

September 30, 2022

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

-

%

-

100

%

Collateral dependent loans

20,302

(

21

)%

$

Market comparable

properties

Marketability

discount

Foreclosed assets held-for-sale

1,588

(

11

)%

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

September 30, 2022

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

309,135

$

309,135

$

-

$

-

Available-for-sale securities

656,527

-

656,527

-

Loans, net of allowance for credit losses

4,621,782

-

-

4,599,659

Restricted equity securities

9,277

-

-

9,277

Interest receivable

20,553

-

20,553

-

Equity securities

4,022

-

1,969

2,053

Derivative assets

11,430

-

11,430

-

$

5,632,726

$

309,135

$

690,479

$

4,610,989

Financial Liabilities

Deposits

$

4,987,515

$

1,113,934

$

-

$

3,731,781

Federal Home Loan Bank line of credit

67,749

-

67,749

-

Federal Home Loan Bank advances

137,600

-

130,684

-

Other borrowings

1,048

-

1,875

-

Interest payable

2,318

-

2,318

-

Derivative liabilities

18,322

-

18,322

-

$

5,214,552

$

1,113,934

$

220,948

$

3,731,781

December 31, 2021

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

482,727

$

482,727

$

-

$

-

Available-for-sale securities

745,969

-

745,969

-

Loans, net of allowance for loan losses

4,197,838

-

-

4,178,268

Restricted equity securities

11,927

-

-

11,927

Interest receivable

16,023

-

16,023

-

Equity securities

2,642

-

2,209

433

Derivative assets

11,308

-

11,308

-

$

5,468,434

$

482,727

$

775,509

$

4,190,628

Financial Liabilities

Deposits

$

4,683,597

$

1,163,224

$

-

$

3,482,218

Federal Home Loan Bank advances

236,600

-

241,981

-

Other borrowings

1,009

-

2,318

-

Interest payable

1,336

-

1,336

-

Derivative liabilities

11,887

-

11,887

-

$

4,934,429

$

1,163,224

$

257,522

$

3,482,218