Disclosures about Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Disclosures about Fair Value of Financial Instruments [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

Fair Value Description

Valuation

Hierarchy

Level

Where Fair

Value Balance

Can Be Found

Available-for-

Sale Securities

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 2:

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 6:

Derivatives and

Hedging

Schedule of Fair Value Measurement of Assets on a Nonrecurring Basis

June 30, 2023

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

$

8,452

$

-

$

-

$

8,452

December 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 impaired loans

$

8,728

$

-

$

-

$

8,728

Foreclosed assets held-for-sale

$

1,745

$

-

$

-

$

1,745

Schedule of Nonrecurring Level 3 Fair Value Measurements

June 30, 2023

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

0

%

-

25

%

Collateral dependent loans

8,452

(

16

)%

December 31, 2022

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

0

%

-

100

%

Collateral dependent loans

8,728

(

13

)%

$

Market comparable

properties

Marketability

discount

10%

Foreclosed assets held-for-sale

1,745

(

10

)%

Schedule of Estimated Fair Value of Financial Instruments

June 30, 2023

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

342,497

$

342,497

$

-

$

-

Available-for-sale securities

743,900

-

743,900

-

Loans, net of allowance for credit losses

5,729,032

-

-

5,718,780

Restricted equity securities

13,060

-

-

13,060

Interest receivable

33,303

-

33,303

-

Equity securities

3,993

-

-

3,993

Derivative assets

10,626

-

10,626

-

Financial Liabilities

Deposits

$

6,100,067

$

928,098

$

-

$

5,142,980

Federal Home Loan Bank line of credit

167,164

-

167,164

-

Federal Home Loan Bank advances

95,544

-

88,189

-

Other borrowings

14,320

-

15,021

-

Interest payable

14,479

-

14,479

-

Derivative liabilities

18,141

-

18,141

-

December 31, 2022

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

300,138

$

300,138

$

-

$

-

Available-for-sale securities

769,641

-

686,901

-

Loans, net of allowance for loan losses

5,310,954

-

-

5,307,607

Restricted equity securities

12,536

-

-

12,536

Interest receivable

29,507

-

29,507

-

Equity securities

2,870

-

-

2,870

Derivative assets

11,038

-

11,038

-

Financial Liabilities

Deposits

$

5,651,308

$

1,400,260

$

-

$

4,142,673

Federal funds purchased and repurchase agreements

74,968

-

74,968

-

Federal Home Loan Bank advances

143,143

-

135,086

-

Other borrowings

35,457

-

36,529

-

Interest payable

5,713

-

5,713

-

Derivative liabilities

16,442

-

16,442

-