XML 31 R20.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Values of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Values of Financial Instruments [Abstract]  
Fair Values of Financial Instruments Fair Values of Financial Instruments
Most of our assets and liabilities are considered financial instruments. Many of these financial instruments lack an available trading market and it is our general practice and intent to hold the majority of our financial instruments to maturity. Significant estimates and assumptions were used to determine the fair value of financial instruments. These estimates are subjective in nature, involving uncertainties and matters of judgment, and therefore, fair values may not be a precise estimate. Changes in assumptions could significantly affect the estimates.
Estimated fair values have been determined using available data and methodologies that are considered suitable for each category of financial instrument. For instruments with adjustable interest rates which reprice frequently and without significant credit risk, it is presumed that estimated fair values approximate the recorded book balances.
The estimated recorded book balances and fair values follow:
Fair Value Using
Recorded
Book
Balance		Fair ValueQuoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Un-
observable
Inputs
(Level 3)
(In thousands)
September 30, 2024
Assets
Cash and due from banks$61,503 $61,503 $61,503 $— $— 
Interest bearing deposits60,057 60,057 60,057 — — 
Securities available for sale588,950 588,950 — 588,950 — 
Securities held to maturity343,362 314,638 — 314,638 — 
Federal Home Loan Bank and Federal      
Reserve Bank Stock16,099 NANANANA
Net loans and loans held for sale3,898,872 3,732,864 — 14,029 3,718,835 
Accrued interest receivable18,809 18,809 134 5,339 13,336 
Derivative financial instruments38,774 38,774 — 38,774 — 
     
Liabilities     
Deposits with no stated maturity (1)$3,850,142 $3,850,142 $3,850,142 $— $— 
Deposits with stated maturity (1)776,733 775,042 — 775,042 — 
Other borrowings— — — — — 
Subordinated debt39,567 39,687 — 39,687 — 
Subordinated debentures39,779 39,733 — 39,733 — 
Accrued interest payable4,215 4,215 427 3,788 — 
Derivative financial instruments24,056 24,056 — 24,056 — 
     
December 31, 2023     
Assets     
Cash and due from banks$68,208 $68,208 $68,208 $— $— 
Interest bearing deposits101,573 101,573 101,573 — — 
Securities available for sale679,350 679,350 — 679,350 — 
Securities held to maturity353,988 318,606 — 318,606 — 
Federal Home Loan Bank and Federal      
Reserve Bank Stock16,821 NANANANA
Net loans and loans held for sale3,748,306 3,453,790 — 12,063 3,441,727 
Accrued interest receivable19,044 19,044 58 6,486 12,500 
Derivative financial instruments38,683 38,683 — 38,683 — 
Liabilities     
Deposits with no stated maturity (1)$3,704,808 $3,704,808 $3,704,808 $— $— 
Deposits with stated maturity (1)918,071 914,404 — 914,404 — 
Other borrowings50,026 49,831 — 49,831 — 
Subordinated debt39,510 40,352 — 40,352 — 
Subordinated debentures39,728 38,103 — 38,103 — 
Accrued interest payable6,534 6,534 482 6,052 — 
Derivative financial instruments21,835 21,835 — 21,835 — 
(1)
Deposits with no stated maturity include reciprocal deposits with a recorded book balance of $878.832 million and $723.014 million at September 30, 2024 and December 31, 2023, respectively. Deposits with a stated maturity include reciprocal deposits with a recorded book balance of $116.637 million and $109.006 million at September 30, 2024 and December 31, 2023, respectively.
The fair values for commitments to extend credit and standby letters of credit are estimated to approximate their aggregate book balance, which is nominal and therefore are not disclosed.
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the entire holdings of a particular financial instrument.
Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, the value of future earnings attributable to off-balance sheet activities and the value of assets and liabilities that are not considered financial instruments.
Fair value estimates for deposit accounts do not include the value of the core deposit intangible asset resulting from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market.