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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2024
FAIR VALUES OF FINANCIAL INSTRUMENTS  
Schedule of assets and liabilities measured at fair value

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).

December 31, 2024

Fair Value Measurements Using

Significant Unobservable Inputs (Level 3)

(Dollar amounts in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. Government agencies

$

$

78,982

$

$

78,982

Mortgage Backed Securities-residential

 

 

541,320

 

 

541,320

Mortgage Backed Securities-commercial

 

 

13,661

 

 

13,661

Collateralized mortgage obligations

 

 

163,026

 

 

163,026

State and municipal

 

 

359,523

 

805

 

360,328

Municipal taxable

 

 

35,777

 

 

35,777

U.S. Treasury

 

 

 

 

Collateralized debt obligations

 

 

 

2,896

 

2,896

TOTAL

$

$

1,192,289

$

3,701

$

1,195,990

Derivative Assets

3,060

 

  

 

  

Derivative Liabilities

 

(3,060)

 

  

 

  

    

December 31, 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

$

$

91,440

$

$

91,440

Mortgage Backed Securities-residential

569,885

 

569,885

Mortgage Backed Securities-commercial

 

 

7,483

 

 

7,483

Collateralized mortgage obligations

 

 

180,829

 

 

180,829

State and municipal

 

 

369,631

 

1,180

 

370,811

Municipal taxable

 

 

34,285

 

 

34,285

U.S. Treasury

 

 

1,402

 

 

1,402

Collateralized debt obligations

 

 

 

3,002

 

3,002

TOTAL

$

$

1,254,955

$

4,182

$

1,259,137

Derivative Assets

2,878

 

  

 

  

Derivative Liabilities

 

(2,878)

 

  

 

  

Schedule of financial instruments having fair value measurements using significant unobservable inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the twelve months ended December 31, 2024 and 2023.

    

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 

Year Ended

December 31, 2024

    

State and 

    

    

municipal 

Collateralized 

(Dollar amounts in thousands)

    

obligations

    

debt obligations

    

Total

Beginning balance, January 1

$

1,180

$

3,002

$

4,182

Total realized/unrealized gains or losses

 

 

  

Included in earnings

 

 

 

Included in other comprehensive income

 

 

(106)

 

(106)

Transfers

 

 

 

Settlements

 

(375)

 

 

(375)

Ending balance, December 31

$

805

$

2,896

$

3,701

    

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 

Year Ended

December 31, 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

 

 

16

16

Purchases

 

 

Settlements

 

(365)

 

(365)

Ending balance, December 31

$

1,180

$

3,002

$

4,182

Schedule of quantitative information about recurring and non-recurring Level 3

The following tables present quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2024 and 2023.

(Dollar amounts in thousands)

    

Fair Value

    

Valuation Technique(s)

    

Unobservable Input(s)

    

Range

    

State and municipal obligations

$

805

 

Discounted cash flow

 

Discount rate

 

4.24%-4.44

%

Collateralized debt obligations

$

2,896

 

Discounted cash flow

 

Discount rate

 

6.62

%

Collateral dependent loans

$

3,099

 

Discounted cash flow

 

Discount rate for age of appraisal and market conditions

 

20.00%-100.00

%

(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

$

3,002

 

Discounted cash flow

 

Discount rate

 

7.36

%

Collateral dependent loans

11,306

 

Discounted cash flow

 

Discount rate for age of appraisal and market conditions

 

0.00%-100.00

%

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial assets and liabilities are presented in the tables below and were determined based on the above assumptions:

    

December 31, 2024

Carrying

Fair Value

(Dollar amounts in thousands)

    

Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash and due from banks

$

93,526

$

35,889

$

57,637

$

$

93,526

Federal funds sold

820

820

820

Securities available-for-sale

 

1,195,990

 

 

1,192,289

 

3,701

 

1,195,990

Restricted stock

 

17,555

 

n/a

 

n/a

 

n/a

 

n/a

Loans, net

 

3,790,409

 

 

 

3,717,843

 

3,717,843

Accrued interest receivable

 

26,934

 

 

6,543

 

20,391

 

26,934

Deposits

 

(4,718,914)

 

 

(4,723,356)

 

 

(4,723,356)

Short-term borrowings

 

(187,057)

 

 

(187,057)

 

 

(187,057)

Other borrowings

 

(28,120)

 

 

(29,693)

 

 

(29,693)

Accrued interest payable

 

(3,799)

 

 

(3,799)

 

 

(3,799)

    

December 31, 2023

Carrying

Fair Value

(Dollar amounts in thousands)

    

Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash and due from banks

$

76,759

$

25,467

$

51,292

$

$

76,759

Federal funds sold

282

282

282

Securities available-for-sale

 

1,259,137

 

 

1,254,955

 

4,182

 

1,259,137

Restricted stock

 

15,364

 

n/a

 

n/a

 

n/a

 

n/a

Loans, net

 

3,128,054

 

 

 

3,025,621

 

3,025,621

Accrued interest receivable

 

24,877

 

 

6,755

 

18,122

 

24,877

Deposits

 

(4,090,068)

 

 

(4,094,552)

 

 

(4,094,552)

Short-term borrowings

 

(67,221)

 

 

(67,221)

 

 

(67,221)

Other borrowings

 

(108,577)

 

 

(108,496)

 

 

(108,496)

Accrued interest payable

 

(2,588)

 

 

(2,588)

 

 

(2,588)