Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 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	$	62,059	$	-	$	62,059	$	-
State and political subdivisions		41		-		41		-
Mortgage backed securities and collateralized mortgage obligations - residential		244,045		-		244,045		-
Corporate bonds		74,089		-		74,089		-
Small Business Administration- guaranteed participation securities		28,086		-		28,086		-
Other securities		671		-		671		-
Total securities available for sale	$	408,991	$	-	$	408,991	$	-

	Fair Value Measurements at
	December 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)
Securities available for sale:
U.S. government sponsored enterprises	$	59,179	$	-	$	59,179	$	-
State and political subdivisions		41		-		41		-
Mortgage backed securities and collateralized mortgage obligations - residential		270,798		-		270,798		-
Corporate bonds		45,337		-		45,337		-
Small Business Administration- guaranteed participation securities		31,674		-		31,674		-
Other securities		684		-		684		-
Total securities available for sale	$	407,713	$	-	$	407,713	$	-

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, 2022 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	$	269	$	-	$	-	$	269	Sales comparison approach	Adjustments for differences between comparable sales		1% - 20% (7	%)
Loans individually evaluated		-		-		-		-	Sales comparison	Adjustments for differences between comparable sales		N/A

	Fair Value Measurements at
	December 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	$	362	$	-	$	-	$	362	Sales comparison approach	Adjustments for differences between comparable sales		1% - 14% (6	%)
Impaired loans:
Real estate mortgage -1 to 4 family		-		-		-		-	Sales comparison	Adjustments for differences between comparable sales		N/A

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, 2022 and December 31, 2021 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		March 31, 2022 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,272,548		1,272,548		-		-		1,272,548
Securities available for sale		408,991		-		408,991		-		408,991
Held to maturity securities		9,183		-		9,550		-		9,550
Federal Home Loan Bank stock		5,604		N/A		N/A		N/A		N/A
Net loans		4,418,176		-		-		4,443,718		4,443,718
Accrued interest receivable		8,897		107		1,073		7,717		8,897
Financial liabilities:
Demand deposits		835,281		835,281		-		-		835,281
Interest bearing deposits		4,514,735		3,574,520		933,385		-		4,507,905
Short-term borrowings		248,371		-		248,371		-		248,371
Accrued interest payable		131		36		95		-		131

(dollars in thousands)			Fair Value Measurements at
	Carrying		December 31, 2021 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,219,470		1,219,470		-		-		1,219,470
Securities available for sale		407,713		-		407,713		-		407,713
Held to maturity securities		9,923		-		10,695		-		10,695
Federal Reserve Bank and Federal
Home Loan Bank stock		5,604		N/A		N/A		N/A		N/A
Net loans		4,394,512		-		-		4,451,031		4,451,031
Accrued interest receivable		9,099		10		1,235		7,854		9,099
Financial liabilities:
Demand deposits		794,878		794,878		-		-		794,878
Interest bearing deposits		4,473,251		3,477,937		993,676		-		4,471,613
Short-term borrowings		244,686		-		244,686		-		244,686
Accrued interest payable		163		34		129		-		163