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Fair Value Measurement and Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2023 and during 2022, the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
March 31, 2023Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
(in thousands)
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies$155,661 $192,758 $— $348,419 
Mortgage-backed securities, residential— 308,183 — 308,183 
Collateralized mortgage obligations, residential— 151,718 — 151,718 
Mortgage-backed securities, multifamily— 788 — 788 
Collateralized mortgage obligations, multifamily— 46,422 — 46,422 
Asset-backed securities— 49,249 — 49,249 
Obligations of states and political subdivisions— 21,290 — 21,290 
Corporate bonds— 103,058 — 103,058 
Total investment securities, available for sale155,661 873,466 — 1,029,127 
Equity securities— 17,496 — 17,496 
Derivative assets— 80,725 — 80,725 
Total Assets$155,661 $971,687 $— $1,127,348 
Liabilities:
Derivative liabilities$— $80,725 $— $80,725 
Total Liabilities$— $80,725 $— $80,725 
December 31, 2022Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
(in thousands)
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies$162,438 $193,201 $— $355,639 
Mortgage-backed securities, residential— 310,613 — 310,613 
Collateralized mortgage obligations, residential— 154,058 — 154,058 
Mortgage-backed securities, multifamily— 785 — 785 
Collateralized mortgage obligations, multifamily— 46,333 — 46,333 
Asset-backed securities— 52,395 — 52,395 
Obligations of states and political subdivisions— 21,122 — 21,122 
Corporate bonds— 113,367 — 113,367 
Total investment securities, available for sale162,438 891,874 — 1,054,312 
Equity securities— 17,283 — 17,283 
Derivative assets— 97,848 — 97,848 
Total Assets$162,438 $1,007,005 $— $1,169,443 
Liabilities:
Derivative liabilities$— $97,848 $— $97,848 
Total Liabilities$— $97,848 $— $97,848 
Fair Value of Assets Measured on Non-recurring Basis
The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
(in thousands)(Level 1)(Level 2)(Level 3)Total
Fair Value
March 31, 2023
Assets:
Individually evaluated loans$— $— $2,484 $2,484 
December 31, 2022
Assets:
Individually evaluated loans$— $— $4,489 $4,489 
Carrying Values and Fair Values of Company's Financial Instruments
The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of March 31, 2023 and December 31, 2022:
March 31, 2023Carrying
Value
Fair
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Financial Assets:
Investment securities, held to maturity
U.S. government agencies$10,968 $10,356 $— $10,356 $— 
Mortgage-backed securities, residential354,514 301,794 — 301,794 — 
Collateralized mortgage obligations, residential12,813 10,488 — 10,488 — 
Mortgage-backed securities, multifamily5,071 4,406 — 4,406 — 
Obligations of states and political subdivisions516,244 433,206 — 433,206 — 
Corporate bonds2,888 2,470 — 2,470 — 
Total investment securities, held to maturity$902,498 $762,720 $— $762,720 $— 
Federal Home Loan Bank and other membership bank stocks45,806 45,806 — 45,806 — 
Loans, net7,881,150 7,544,311 — — 7,544,311 
Financial Liabilities:
Certificates of deposit1,620,312 1,593,446 — 1,593,446 — 
Other borrowings25,000 23,291 — 23,291 — 
Subordinated debentures194,376 147,970 — — 147,970 
December 31, 2021Carrying
Value
Fair
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Financial Assets:
Investment securities, held to maturity
U.S. government agencies$11,099 $10,385 $— $10,385 $— 
Mortgage-backed securities, residential360,683 302,612 — 302,612 — 
Collateralized mortgage obligations, residential13,026 10,456 — 10,456 — 
Mortgage-backed securities, multifamily5,094 4,347 — 4,347 — 
Obligations of states and political subdivisions530,506 430,108 — 428,635 1,473 
Corporate bonds2,900 2,547 — 2,547 — 
Total investment securities, held to maturity923,308 760,455 — 758,982 1,473 
Federal Home Loan Bank and other membership bank stocks42,483 42,483 — 42,483 — 
Loans, net7,795,786 7,561,997 — — 7,561,997 
Financial Liabilities:
Certificates of deposit1,208,177 1,174,230 — 1,174,230 — 
Other borrowings25,000 23,001 — 23,001 — 
Subordinated debentures194,264 160,933 — — 160,933