Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value, Assets Measured on Recurring Basis

The tables below present the recorded amount of assets as of March 31, 2023 and December 31, 2022 measured at fair value on a recurring basis.


(dollars in thousands)	March 31, 2023
Description of Asset	Fair Value		Level 1		Level 2		Level 3
AFS securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	114,031	$	—	$	114,031	$	—
CMOs	158,728		—		158,728		—
U.S. Agency	12,685		—		12,685		—
Asset-backed securities issued by Others:
Residential CMOs	11,999		—		11,999		—
Student Loan Trust ABSs	44,934		—		44,934		—

Municipal bonds	82,892		—		82,892		—
Corporate bonds	4,363		—		4,363		—
U.S. government obligations	34,317		—		34,317		—
Total AFS securities	$	463,949	$	—	$	463,949	$	—

Equity securities carried at fair value through income
CRA investment fund	$	4,380	$	—	$	4,380	$	—

Non-marketable equity securities
Other equity securities	$	207	$	—	$	207	$	—


(dollars in thousands)	December 31, 2022
Description of Asset	Fair Value		Level 1		Level 2		Level 3
AFS securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	113,670	$	—	$	113,670	$	—
CMOs	159,413		—		159,413		—
U.S. Agency	12,356		—		12,356		—
Asset-backed securities issued by others:
Residential CMOs	12,206		—		12,206		—
Student Loan Trust ABSs	47,312		—		47,312		—

Municipal bonds	79,618		—		79,618		—

U.S. government obligations	33,767		—		33,767		—
Total AFS securities	$	462,746	$	—	$	462,746	$	—

Equity securities carried at fair value through income
CRA investment fund	$	4,286	$	—	$	4,286	$	—

Non-marketable equity securities
Other equity securities	$	207	$	—	$	207	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis as of March 31, 2023 are included in the tables below.


(dollars in thousands)	March 31, 2023
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Individually assessed loans with an allowances
Commercial real estate	$	948	$	—	$	—	$	948
Commercial loans	—		—		—		—
Commercial equipment	—		—		—		—
Total individually assessed loans with an allowances	$	948	$	—	$	—	$	948

Unobservable Inputs Used In Level 3 Fair Value Measurements

The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at March 31, 2023. There were no Level 3 recurring assets or liabilities at December 31, 2022.

March 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

(dollars in thousands)

Description of Asset

Individually assessed loans with an allowances

948

Third party appraisals and in-house equipment evaluations of fair value

Management discount for equipment type and current market conditions

0% - 50% - 100%