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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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

The following tables present the balance of assets and liabilities measured on a recurring basis as of September 30, 2024, and December 31, 2023. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis.


	Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
September 30, 2024
Available for Sale:
U.S. Treasury Securities	$	16,766	$	-	$	16,766	$	-
U.S. Government Agency Securities	9,671		-		9,671		-
Corporate Securities	44,481		-		36,040		8,441
Mortgage-Backed Securities	560,066		-		560,066		-
Municipal Securities	285,107		-		259,881		25,226
Loans Held for Sale	—		-		—		-
Total	$	916,091	$	-	$	882,424	$	33,667


December 31, 2023
Available for Sale:
U.S. Treasury Securities	$	16,239	$	-	$	16,239	$	-
U.S. Government Agency Securities	9,410		-		9,410		-
Corporate Securities	43,839		-		35,871		7,968
Mortgage-Backed Securities	506,310		-		506,310		-
Municipal Securities	303,773		-		282,926		20,847
Loans Held for Sale	835		-		835		-
Total	$	880,406	$	-	$	851,591	$	28,815

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below provides a reconciliation for assets measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of September 30, 2024, and December 31, 2023.


	Corporate		Municipal
	Bonds		Securities
	(Dollars in thousands)
Balance at December 31, 2022	$	19,000	$	34,768
Realized Gains (Losses) Included in Net Income	-		-
Unrealized Losses Included in Other Comprehensive Loss	(1,532)		(2,228)
Purchases	-		-
Sales	-		-
Maturities, Prepayments, and Calls	-		(1,798)
Transfers Into Level 3	-		-
Transfers Out of Level 3	(9,500)		(9,895)
Balance at December 31, 2023	7,968		20,847
Realized Gains (Losses) Included in Net Income	-		-
Unrealized Gains (Losses) Included in Other Comprehensive Loss	473		(1,841)
Purchases	-		9,938
Sales	-		-
Maturities, Prepayments, and Calls	-		(3,718)
Transfers Into Level 3	-		-
Transfers Out of Level 3	-		-
Balance at June 30, 2024	$	8,441	$	25,226

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at September 30, 2024.

Estimated

Valuation

Unobservable

Range of

Fair Value

Technique

Inputs

Discounts

(Dollars in thousands)

September 30, 2024

Corporate Securities

8,441

Present Value of Expected Future Cash Flow Model

Liquidity Premium

Municipal Securities

25,226

Present Value of Expected Future Cash Flow Model

Liquidity Premium

Schedule of Fair Value Measurements, Nonrecurring


	Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
September 30, 2024
Assets:
Individually Evaluated Loans	$	11,499	$	-	$	-	$	11,499
Other Nonperforming Assets	1,787		-		-		1,787
Total	$	13,286	$	-	$	-	$	13,286

December 31, 2023
Assets:
Individually Evaluated Loans	$	4,750	$	-	$	-	$	4,750
Other Nonperforming Assets	1,685		-		-		1,685
Total	$	6,435	$	-	$	-	$	6,435

Schedule of Fair Value, by Balance Sheet Grouping

The estimated approximate fair values of the Bank’s financial instruments as of September 30, 2024, and December 31, 2023 are as follows:


	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
September 30, 2024
Financial Assets:
Cash and Short-Term Investments	$	383,179	$	383,179	$	383,179	$	-	$	-
Securities Purchased Under Agreements to Resell	25,879		25,879		-		25,879		-
Securities	916,091		916,091		-		882,424		33,667
Loans Held for Sale	-		-		-		-		-
Loans - Net	5,177,964		5,122,452		-		-		5,122,452
Cash Value of BOLI	101,362		101,362		-		101,362		-
Other Equity Securities	39,555		39,555		-		-		39,555
Total	$	6,644,030	$	6,588,518	$	383,179	$	1,009,665	$	5,195,674

Financial Liabilities:
Deposits	$	5,640,946	$	5,640,442	$	-	$	-	$	5,640,442
Borrowings	493,549		480,092		-		480,092		-
Total	$	6,134,495	$	6,120,534	$	-	$	480,092	$	5,640,442


	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
December 31, 2023
Financial Assets:
Cash and Short-Term Investments	$	377,244	$	377,244	$	377,244	$	-	$	-
Securities	879,571		879,571		-		850,756		28,815
Loans Held for Sale	835		835		-		835		-
Loans - Net	4,952,371		4,849,503		-		-		4,849,503
Cash Value of BOLI	96,478		96,478		-		96,478		-
Other Equity Securities	33,942		33,942		-		-		33,942
Total	$	6,340,441	$	6,237,573	$	377,244	$	948,069	$	4,912,260

Financial Liabilities:
Deposits	$	5,248,790	$	5,243,326	$	-	$	-	$	5,243,326
Borrowings	635,073		613,464		-		613,464		-
Total	$	5,883,863	$	5,856,790	$	-	$	613,464	$	5,243,326

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details