FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

The Company’s estimated fair values of financial instruments are presented in the following tables.


September 30, 2022	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	464,502	$	464,502	$	—	$	464,502	$	—

Equity securities carried at fair value through income	4,254		4,254		—		4,254		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	1,226		1,226		—		1,226		—

Net loans receivable	1,722,461		1,654,640		—		—		1,654,640
Accrued interest receivable	6,791		6,791		—		6,791		—
Investment in BOLI	39,583		39,583		—		39,583		—


Liabilities
Savings, NOW and money market accounts	$	1,834,158	$	1,834,158	$	—	$	1,834,158	$	—
Time deposits	292,399		292,034		—		292,034		—


TRUPs	12,000		10,159		—		10,159		—
Subordinated notes	19,552		18,610		—		18,610		—

See the Company’s methodologies disclosed in Note 21 of the Company’s 2021 Form 10-K for the fair value methodologies used as of December 31, 2021:


December 31, 2021	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	497,839	$	497,839	$	—	$	497,839	$	—

Equity securities carried at fair value through income	4,772		4,772		—		4,772		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	1,472		1,472		—		1,472		—

Net loans receivable	1,586,791		1,578,032		—		—		1,578,032
Accrued interest receivable	5,588		5,588		—		5,588		—
Investment in BOLI	38,932		38,932		—		38,932		—
Mortgage ranking derivatives	28		28		—		—		28

Liabilities
Savings, NOW and money market accounts	$	1,728,743	$	1,728,743	$	—	$	1,728,743	$	—
Time deposits	327,421		328,083		—		328,083		—

Long-term debt	12,231		12,391		—		12,391		—
TRUPs	12,000		11,589		—		11,589		—
Subordinated notes	19,510		20,979		—		20,979		—