Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2022 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
(dollars in thousands)	Value		(Level 1)		(Level 2)		(Level 3)
U.S. government sponsored enterprises	$	102,779	$	-	$	102,779	$	-
State and political subdivisions		41		-		41		-
Mortgage backed securities and collateralized mortgage obligations - residential		261,242		-		261,242		-
Corporate bonds		81,002		-		81,002		-
Small Business Administration- guaranteed participation securities		22,498		-		22,498		-
Other securities		657		-		657		-
Total securities available for sale	$	468,219	$	-	$	468,219	$	-

	Fair Value Measurements at
	December 31, 2021 Using:
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
(dollars in thousands)	Value		(Level 1)		(Level 2)		(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

September 30, 2022 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

682

$

-

$

-

$

682

Sales comparison approach

Adjustments for differences between comparable sales

3% - 58% (31

%)

Loans individually evaluated

-

-

-

-

Sales comparison

Adjustments for differences between comparable sales

N/A

Fair Value Measurements at

December 31, 2021 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(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

In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at September 30, 2022 and December 31, 2021 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		September 30, 2022 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	841,264		841,264		-		-		841,264
Securities available for sale		468,219		-		468,219		-		468,219
Held to maturity securities		8,091		-		7,938		-		7,938
Federal Home Loan Bank stock		5,797		N/A		N/A		N/A		N/A
Net loans		4,583,974		-		-		4,304,560		4,304,560
Accrued interest receivable		10,936		616		1,648		8,672		10,936
Financial liabilities:
Demand deposits		859,829		859,829		-		-		859,829
Interest bearing deposits		4,422,025		3,467,673		925,461		-		4,393,134
Short-term borrowings		124,932		-		124,932		-		124,932
Accrued interest payable		162		38		124		-		162

(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