Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 March 31, 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)
March 31, 2024
Available for Sale:
U.S. Treasury Securities	$	16,216	$	-	$	16,216	$	-
U.S. Government Agency Securities	9,377		-		9,377		-
Corporate Securities	44,173		-		36,186		7,987
Mortgage-Backed Securities	511,617		-		511,617		-
Municipal Securities	291,520		-		265,213		26,307
Loans Held for Sale	77		-		77		-
Total	$	872,980	$	-	$	838,686	$	34,294
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

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 March 31, 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	19		(3,398)
Purchases	-		9,938
Sales	-		-
Maturities, Prepayments, and Calls	-		(1,080)
Transfers Into Level 3	-		-
Transfers Out of Level 3	-		-
Balance at March 31, 2024	$	7,987	$	26,307

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 March 31, 2024.

	Estimated		Valuation	Unobservable	Range of
	Fair Value		Technique	Inputs	Discounts
	(Dollars in thousands)
March 31, 2024
Corporate Securities	$	7,987	Present Value of Expected Future Cash Flow Model	Liquidity Premium	2	%
Municipal Securities	26,307		Present Value of Expected Future Cash Flow Model	Liquidity Premium	1	%

Fair Value Measurements, Nonrecurring

	Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
March 31, 2024
Assets:
Individually Evaluated Loans	$	8,564	$	-	$	-	$	8,564
Other Nonperforming Assets	1,339		-		-		1,339
Total	$	9,903	$	-	$	-	$	9,903
December 31, 2023
Assets:
Individually Evaluated Loans	$	4,750	$	-	$	-	$	4,750
Other Nonperforming Assets	1,685		-		-		1,685
Total	$	6,435	$	-	$	-	$	6,435

Fair Value, by Balance Sheet Grouping

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

	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
March 31, 2024
Financial Assets:
Cash and Short-Term Investments	$	397,198	$	397,198	$	397,198	$	-	$	-
Securities	872,903		872,903		-		838,609		34,294
Loans Held for Sale	77		77		-		77		-
Loans - Net	5,047,674		4,933,670		-		-		4,933,670
Cash Value of BOLI	100,056		100,056		-		100,056		-
Other Equity Securities	34,940		34,940		-		-		34,940
Total	$	6,452,848	$	6,338,844	$	397,198	$	938,742	$	5,002,904
Financial Liabilities:
Deposits	$	5,572,750	$	5,567,623	$	-	$	-	$	5,567,623
Borrowings	430,346		408,524		-		408,524		-
Total	$	6,003,096	$	5,976,147	$	-	$	408,524	$	5,567,623

	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