| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:
|
Fair Value Measurements at
|
|
| |
March 31, 2025 Using:
|
|
| |
|
|
|
|
Significant |
|
|
|
| |
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
| |
|
|
Active Markets for |
|
Observable |
|
Unobservable |
|
| |
Carrying |
|
Identical Assets |
|
Inputs |
|
Inputs |
|
|
(dollars in thousands)
|
Value
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored enterprises
|
|
$
|
65,942
|
|
|
$
|
-
|
|
|
$
|
65,942
|
|
|
$
|
-
|
|
|
State and political subdivisions
|
|
|
18
|
|
|
|
-
|
|
|
|
18
|
|
|
|
-
|
|
|
Mortgage backed securities and collateralized
mortgage obligations - residential
|
|
|
219,333
|
|
|
|
-
|
|
|
|
219,333
|
|
|
|
-
|
|
|
Corporate bonds
|
|
|
24,779
|
|
|
|
-
|
|
|
|
24,779
|
|
|
|
-
|
|
|
Small Business Administration- guaranteed
participation securities
|
|
|
13,683
|
|
|
|
-
|
|
|
|
13,683
|
|
|
|
-
|
|
|
Other securities
|
|
|
698
|
|
|
|
-
|
|
|
|
698
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$
|
324,453
|
|
|
$
|
-
|
|
|
$
|
324,453
|
|
|
$
|
-
|
|
|
Fair Value Measurements at
|
|
| |
December 31, 2024 Using:
|
|
| |
|
|
|
|
Significant |
|
|
|
| |
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
| |
|
|
Active Markets for |
|
Observable |
|
Unobservable |
|
| |
Carrying |
|
Identical Assets |
|
Inputs |
|
Inputs |
|
|
(dollars in thousands)
|
Value
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
| |
|
|
|
|
|
|
|
|
|
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored enterprises
|
|
$
|
85,617
|
|
|
$
|
-
|
|
|
$
|
85,617
|
|
|
$
|
-
|
|
|
State and political subdivisions
|
|
|
18
|
|
|
|
-
|
|
|
|
18
|
|
|
|
-
|
|
|
Mortgage backed securities and collateralized
mortgage obligations - residential
|
|
|
213,128
|
|
|
|
-
|
|
|
|
213,128
|
|
|
|
-
|
|
|
Corporate bonds
|
|
|
44,581
|
|
|
|
-
|
|
|
|
44,581
|
|
|
|
-
|
|
|
Small Business Administration- guaranteed
participation securities
|
|
|
14,141
|
|
|
|
- |
|
|
|
14,141
|
|
|
|
-
|
|
|
Other securities
|
|
|
700
|
|
|
|
-
|
|
|
|
700
|
|
|
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale
|
|
$
|
358,185
|
|
|
$
|
-
|
|
|
$
|
358,185
|
|
|
$
|
-
|
|
|
| Carrying Amounts and Estimated Fair Values of Financial Instruments |
In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of
financial instruments, at March 31, 2025 and December 31, 2024 are as follows:
|
(dollars in thousands)
|
|
|
|
|
Fair Value Measurements at
|
|
| |
|
Carrying
|
|
|
March 31, 2025 Using:
|
|
| |
|
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
756,137
|
|
|
|
756,137
|
|
|
|
-
|
|
|
|
-
|
|
|
|
756,137
|
|
|
Securities available for sale
|
|
|
324,453
|
|
|
|
- |
|
|
|
324,453
|
|
|
|
-
|
|
|
|
324,453
|
|
|
Held to maturity securities
|
|
|
5,090
|
|
|
|
-
|
|
|
|
5,081
|
|
|
|
-
|
|
|
|
5,081
|
|
|
Federal Home Loan Bank stock
|
|
|
6,507
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Net loans
|
|
|
5,065,531
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,607,167
|
|
|
|
4,607,167
|
|
|
Accrued interest receivable
|
|
|
14,005
|
|
|
|
830
|
|
|
|
1,203
|
|
|
|
11,972
|
|
|
|
14,005
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
793,306
|
|
|
|
793,306
|
|
|
|
-
|
|
|
|
-
|
|
|
|
793,306
|
|
|
Interest bearing deposits
|
|
|
4,703,364
|
|
|
|
2,641,788
|
|
|
|
2,050,803
|
|
|
|
-
|
|
|
|
4,692,591
|
|
|
Short-term borrowings
|
|
|
82,275
|
|
|
|
-
|
|
|
|
82,275
|
|
|
|
-
|
|
|
|
82,275
|
|
|
Accrued interest payable
|
|
|
3,665
|
|
|
|
223
|
|
|
|
3,442
|
|
|
|
-
|
|
|
|
3,665
|
|
|
(dollars in thousands)
|
|
|
|
|
Fair Value Measurements at
|
|
| |
|
Carrying
|
|
|
December 31, 2024 Using:
|
|
| |
|
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
641,812
|
|
|
|
641,812
|
|
|
|
-
|
|
|
|
-
|
|
|
|
641,812
|
|
|
Securities available for sale
|
|
|
358,185
|
|
|
|
-
|
|
|
|
358,185
|
|
|
|
-
|
|
|
|
358,185
|
|
|
Held to maturity securities
|
|
|
5,365
|
|
|
|
-
|
|
|
|
5,306
|
|
|
|
-
|
|
|
|
5,306
|
|
|
Federal Home Loan Bank stock
|
|
|
6,507
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Net loans
|
|
|
5,047,810
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,589,822
|
|
|
|
4,589,822
|
|
|
Accrued interest receivable
|
|
|
13,194
|
|
|
|
271
|
|
|
|
1,317
|
|
|
|
11,606
|
|
|
|
13,194
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
762,101
|
|
|
|
762,101
|
|
|
|
-
|
|
|
|
-
|
|
|
|
762,101
|
|
|
Interest bearing deposits
|
|
|
4,628,882
|
|
|
|
2,579,123
|
|
|
|
2,038,200
|
|
|
|
-
|
|
|
|
4,617,323
|
|
|
Short-term borrowings
|
|
|
84,781
|
|
|
|
-
|
|
|
|
84,781
|
|
|
|
-
|
|
|
|
84,781
|
|
|
Accrued interest payable
|
|
|
3,817
|
|
|
|
216
|
|
|
|
3,601
|
|
|
|
-
|
|
|
|
3,817
|
|
|