Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 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	$	128,854	$	-	$	128,854	$	-
State and political subdivisions		26		-		26		-
Mortgage backed securities and collateralized mortgage obligations - residential		227,078		-		227,078		-
Corporate bonds		53,341		-		53,341		-
Small Business Administration- guaranteed participation securities		16,260		-		16,260		-
Other securities		682		-		682		-
Total securities available for sale	$	426,241	$	-	$	426,241	$	-

	Fair Value Measurements at
	December 31, 2023 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	$	118,668	$	-	$	118,668	$	-
State and political subdivisions		26		-		26		-
Mortgage backed securities and collateralized mortgage obligations - residential		237,677		-		237,677		-
Corporate bonds		78,052		-		78,052		-
Small Business Administration- guaranteed participation securities		17,186		-		17,186		-
Other securities		680		-		680		-
Total securities available for sale	$	452,289	$	-	$	452,289	$	-

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, 2024 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

$

2,334

$

-

$

-

$

2,334

Sales comparison approach

Adjustments for differences between comparable sales

1% - 1% (1

%)

Fair Value Measurements at

December 31, 2023 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

$

194

$

-

$

-

$

194

Sales comparison approach

Adjustments for differences between comparable sales

0% - 39% (20

%)

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 March 31, 2024 and December 31, 2023 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		March 31, 2024 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	609,683		609,683		-		-		609,683
Securities available for sale		426,241		-		426,241		-		426,241
Held to maturity securities		6,206		-		6,108		-		6,108
Federal Home Loan Bank stock		6,203		N/A		N/A		N/A		N/A
Net loans		4,956,286		-		-		4,432,000		4,432,000
Accrued interest receivable		14,460		799		2,073		11,588		14,460
Financial liabilities:
Demand deposits		742,997		742,997		-		-		742,997
Interest bearing deposits		4,612,172		2,708,264		1,886,696		-		4,594,960
Short-term borrowings		94,374		-		94,374		-		94,374
Accrued interest payable		3,900		248		3,652		-		3,900

(dollars in thousands)			Fair Value Measurements at
	Carrying		December 31, 2023 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	578,004		578,004		-		-		578,004
Securities available for sale		452,289		-		452,289		-		452,289
Held to maturity securities		6,458		-		6,396		-		6,396
Federal Reserve Bank and Federal
Home Loan Bank stock		6,203		N/A		N/A		N/A		N/A
Net loans		4,954,301		-		-		4,422,027		4,422,027
Accrued interest receivable		13,683		234		1,920		11,529		13,683
Financial liabilities:
Demand deposits		754,532		754,532		-		-		754,532
Interest bearing deposits		4,596,245		2,760,221		1,819,789		-		4,580,010
Short-term borrowings		88,990		-		88,990		-		88,990
Accrued interest payable		3,612		256		3,356		-		3,612