Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Financial Instruments [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

	Fair Value Measurements at
	March 31, 2021 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. government sponsored enterprises	$	74,465	$	-	$	74,465	$	-
State and political subdivisions		48		-		48		-
Mortgage backed securities and collateralized mortgage obligations - residential		348,317		-		348,317		-
Corporate bonds		64,839		-		64,839		-
Small Business Administration- guaranteed participation securities		39,232		-		39,232		-
Other securities		686		-		686		-
Total securities available for sale	$	527,587	$	-	$	527,587	$	-

	Fair Value Measurements at
	December 31, 2020 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Securities available for sale:
U.S. government sponsored enterprises	$	19,968	$	-	$	19,968	$	-
State and political subdivisions		103		-		103		-
Mortgage backed securities and collateralized mortgage obligations - residential		316,158		-		316,158		-
Corporate bonds		59,939		-		59,939		-
Small Business Administration- guaranteed participation securities		42,217		-		42,217		-
Other securities		686		-		686		-
Total securities available for sale	$	439,071	$	-	$	439,071	$	-

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

	Fair Value Measurements at
	March 31, 2021 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation  technique	Unobservable  inputs	Range (Weighted Average)
Other real estate owned	$	420	$	-	$	-	$	420	Sales comparison approach	Adjustments for differences between comparable sales		1% - 7% (2	%)
Impaired loans:
Real estate mortgage -1 to 4 family		-		-		-		-	Sales comparison	Adjustments for differences between comparable sales		N/A

	Fair Value Measurements at
	December 31, 2020 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)
Other real estate owned	$	541	$	-	$	-	$	541	Sales comparison approach	Adjustments for differences between comparable sales		1% - 7% (2	%)
Impaired loans:
Real estate mortgage -1 to 4 family		211		-		-		211	Sales comparison	Adjustments for differences between comparable sales		11% - 12% (12	%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values (represents exit price) of financial instruments, at March 31, 2021 and December 31, 2020 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		March 31, 2021 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,140,373		1,140,373		-		-		1,140,373
Securities available for sale		527,587		-		527,587		-		527,587
Held to maturity securities		12,729		-		13,891		-		13,891
Federal Home Loan Bank stock		5,506		N/A		N/A		N/A		N/A
Net loans		4,219,181		-		-		4,301,999		4,301,999
Accrued interest receivable		9,639		21		1,368		8,250		9,639
Financial liabilities:
Demand deposits		718,343		718,343		-		-		718,343
Interest bearing deposits		4,454,579		3,223,316		1,232,604		-		4,455,920
Short-term borrowings		229,950		-		229,950		-		229,950
Accrued interest payable		310		45		265		-		310

(dollars in thousands)			Fair Value Measurements at
	Carrying		December 31, 2020 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,107,099		1,107,099		-		-		1,107,099
Securities available for sale		439,071		-		439,071		-		439,071
Held to maturity securities		13,824		-		14,988		-		14,988
Federal Reserve Bank and Federal
Home Loan Bank stock		5,506		N/A		N/A		N/A		N/A
Net loans		4,194,875		-		-		4,287,585		4,287,585
Accrued interest receivable		10,031		39		1,458		8,534		10,031
Financial liabilities:
Demand deposits		652,756		652,756		-		-		652,756
Interest bearing deposits		4,384,437		3,088,064		1,298,375		-		4,386,439
Short-term borrowings		214,755		-		214,755		-		214,755
Accrued interest payable		474		68		406		-		474