XML 29 R20.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value  
Schedule of assets and liabilities measured at fair value

September 30, 2023

Fair Value Measurements Using

Significant Unobservable Inputs (Level 3)

(Dollar amounts in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. Government agencies

$

$

89,933

$

$

89,933

Mortgage Backed Securities-residential

 

 

556,690

 

 

556,690

Mortgage Backed Securities-commercial

 

 

7,284

 

 

7,284

Collateralized mortgage obligations

 

 

180,956

 

 

180,956

State and municipal

 

 

351,373

 

1,180

 

352,553

Municipal taxable

 

 

32,628

 

 

32,628

U.S. Treasury

 

 

2,151

 

 

2,151

Collateralized debt obligations

 

 

 

3,024

 

3,024

TOTAL

$

$

1,221,015

$

4,204

$

1,225,219

Derivative Assets

3,608

 

  

 

  

Derivative Liabilities

 

(3,608)

 

  

 

  

    

December 31, 2022

Fair Value Measurements Using

Significant Unobservable Inputs (Level 3)

(Dollar amounts in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. Government agencies

$

$

98,473

$

$

98,473

Mortgage Backed Securities-residential

620,248

620,248

Mortgage Backed Securities-commercial

 

 

9,677

 

 

9,677

Collateralized mortgage obligations

 

 

203,485

 

 

203,485

State and municipal

 

 

358,608

 

1,545

 

360,153

Municipal taxable

 

 

32,515

 

 

32,515

U.S. Treasury

 

 

2,944

 

 

2,944

Collateralized debt obligations

 

 

 

2,986

 

2,986

TOTAL

$

$

1,325,950

$

4,531

$

1,330,481

Derivative Assets

2,838

 

  

 

  

Derivative Liabilities

 

(2,838)

 

  

 

  

Schedule of fair value measurements using significant unobservable inputs

    

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 

Three Months Ended

September 30, 2023

    

State and 

    

    

municipal 

Collateralized 

(Dollar amounts in thousands)

    

obligations

    

debt obligations

    

Total

Beginning balance, July 1

$

1,180

$

2,941

$

4,121

Total realized/unrealized gains or losses

 

 

  

Included in earnings

 

 

 

Included in other comprehensive income

 

 

83

 

83

Transfers

 

 

 

Settlements

 

 

 

Ending balance, September 30

$

1,180

$

3,024

$

4,204

    

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 

Nine Months Ended

September 30, 2023

    

State and 

    

    

municipal 

Collateralized 

(Dollar amounts in thousands)

    

obligations

    

debt obligations

    

Total

Beginning balance, January 1

$

1,545

$

2,986

$

4,531

Total realized/unrealized gains or losses

 

 

  

Included in earnings

 

 

 

Included in other comprehensive income

 

 

38

 

38

Transfers

 

 

 

Settlements

 

(365)

 

 

(365)

Ending balance, September 30

$

1,180

$

3,024

$

4,204

    

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 

Year Ended

December 31, 2022

State and 

municipal 

Collateralized 

(Dollar amounts in thousands)

    

obligations

    

debt obligations

Total

Beginning balance, January 1

$

1,895

$

3,359

$

5,254

Total realized/unrealized gains or losses

 

  

 

  

  

Included in earnings

 

 

Included in other comprehensive income

 

 

(373)

(373)

Purchases

 

 

Settlements

 

(350)

 

(350)

Ending balance, December 31

$

1,545

$

2,986

$

4,531

Quantitative information about recurring and non-recurring Level 3

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at September 30, 2023.

(Dollar amounts in thousands)

    

Fair Value

    

Valuation Technique(s)

    

Unobservable Input(s)

    

Range

    

State and municipal obligations

$

1,180

 

Discounted cash flow

 

Discount rate

 

4.04%-4.44

%

Collateralized debt obligations

$

3,024

 

Discounted cash flow

 

Discount rate

 

7.22

%

Collateral dependent loans

$

1,812

 

Discounted cash flow

 

Discount rate for age of appraisal and market conditions

 

0.00%-50.00

%

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2022.

(Dollar amounts in thousands)

    

Fair Value

    

Valuation Technique(s)

    

Unobservable Input(s)

    

Range

 

State and municipal obligations

$

1,545

 

Discounted cash flow

 

Discount rate

 

3.73%-4.44

%

Collateralized debt obligations

$

2,986

 

Discounted cash flow

 

Discount rate

 

5.34

%

Collateral dependent loans

4,477

 

Discounted cash flow

 

Discount rate for age of appraisal and market conditions

 

0.00%-50.00

%

Schedule of carrying amount and estimated fair value of financial instruments

    

September 30, 2023

Carrying

Fair Value

(Dollar amounts in thousands)

    

Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash and due from banks

$

74,668

$

25,257

$

49,411

$

$

74,668

Federal funds sold

688

688

688

Securities available-for-sale

 

1,225,219

 

 

1,221,015

 

4,204

 

1,225,219

Restricted stock

 

15,398

 

n/a

 

n/a

 

n/a

 

n/a

Loans, net

 

3,078,592

 

 

 

2,901,310

 

2,901,310

Accrued interest receivable

 

22,546

 

 

6,837

 

15,709

 

22,546

Deposits

 

(4,040,995)

 

 

(4,035,772)

 

 

(4,035,772)

Short-term borrowings

 

(132,734)

 

 

(132,734)

 

 

(132,734)

Other borrowings

 

(84,578)

 

 

(84,614)

 

 

(84,614)

Accrued interest payable

 

(1,929)

 

 

(1,929)

 

 

(1,929)

    

December 31, 2022

Carrying

Fair Value

(Dollar amounts in thousands)

    

Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash and due from banks

$

222,517

$

29,400

$

193,117

$

$

222,517

Federal funds sold

9,374

9,374

9,374

Securities available-for-sale

 

1,330,481

 

 

1,325,950

 

4,531

 

1,330,481

Restricted stock

 

15,378

 

n/a

 

n/a

 

n/a

 

n/a

Loans, net

 

3,027,659

 

 

 

2,930,680

 

2,930,680

Accrued interest receivable

 

21,288

 

 

5,529

 

15,759

 

21,288

Deposits

 

(4,368,871)

 

 

(4,369,402)

 

 

(4,369,402)

Short-term borrowings

 

(70,875)

 

 

(70,875)

 

 

(70,875)

Other borrowings

 

(9,589)

 

 

(8,788)

 

 

(8,788)

Accrued interest payable

 

(483)

 

 

(483)

 

 

(483)