Schedule of assets and liabilities measured at fair value on a recurring basis |
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | Fair Value Measurements Using | Measured at Fair Value on a Recurring Basis: | | Total | | Level 1 | | Level 2 | | Level 3 | September 30, 2021 | | | | | | | | | U.S. government agency securities | | $ | 174,826 | | | $ | — | | | $ | 174,826 | | | $ | — | | State, county and municipals | | 238,664 | | | — | | | 238,498 | | | 166 | | Mortgage-backed securities | | 197,290 | | | — | | | 197,290 | | | — | | Corporate debt securities | | 105,162 | | | — | | | 101,532 | | | 3,630 | | Securities AFS | | $ | 715,942 | | | $ | — | | | $ | 712,146 | | | $ | 3,796 | | Other investments (equity securities) | | $ | 8,077 | | | $ | 8,077 | | | $ | — | | | $ | — | | December 31, 2020 | | | | | | | | | U.S. government agency securities | | $ | 63,451 | | | $ | — | | | $ | 63,451 | | | $ | — | | State, county and municipals | | 231,868 | | | — | | | 231,868 | | | — | | Mortgage-backed securities | | 162,495 | | | — | | | 162,495 | | | — | | Corporate debt securities | | 81,523 | | | — | | | 78,393 | | | 3,130 | | Securities AFS | | $ | 539,337 | | | $ | — | | | $ | 536,207 | | | $ | 3,130 | | Other investments (equity securities) | | $ | 3,567 | | | $ | 3,567 | | | $ | — | | | $ | — | |
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Schedule of assets measured at fair value on a nonrecurring basis |
The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall. | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | Fair Value Measurements Using | Measured at Fair Value on a Nonrecurring Basis: | | Total | | Level 1 | | Level 2 | | Level 3 | September 30, 2021 | | | | | | | | | Collateral dependent loans | | $ | 11,459 | | | $ | — | | | $ | — | | | $ | 11,459 | | Other real estate owned (“OREO”) | | 4,469 | | | — | | | — | | | 4,469 | | MSR asset | | 11,963 | | | — | | | — | | | 11,963 | | December 31, 2020 | | | | | | | | | Collateral dependent loans | | $ | 7,633 | | | $ | — | | | $ | — | | | $ | 7,633 | | OREO | | 3,608 | | | — | | | — | | | 3,608 | | MSR asset | | 9,230 | | | — | | | — | | | 9,230 | |
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Schedule of estimated fair values of financial instruments |
The carrying amounts and estimated fair values of the Company’s financial instruments are shown below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2021 | (in thousands) | | Carrying Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 1,350,605 | | | $ | 1,350,605 | | | $ | 1,350,605 | | | $ | — | | | $ | — | | Certificates of deposit in other banks | | 24,079 | | | 26,653 | | | — | | | 26,653 | | | — | | Securities AFS | | 715,942 | | | 715,942 | | | — | | | 712,146 | | | 3,796 | | Securities HTM | | 49,063 | | | 48,946 | | | — | | | 48,946 | | | — | | Other investments, including equity securities | | 38,602 | | | 38,602 | | | 8,078 | | | 24,634 | | | 5,890 | | Loans held for sale | | 16,784 | | | 17,153 | | | — | | | 17,153 | | | — | | Loans, net | | 3,494,799 | | | 3,539,968 | | | — | | | — | | | 3,539,968 | | | | | | | | | | | | | MSR asset | | 11,963 | | | 14,482 | | | — | | | — | | | 14,482 | | Financial liabilities: | | | | | | | | | | | Deposits | | $ | 5,428,774 | | | $ | 5,459,453 | | | $ | — | | | $ | — | | | $ | 5,459,453 | | | | | | | | | | | | | Long-term borrowings | | 144,233 | | | 144,566 | | | — | | | 20,199 | | | 124,367 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | (in thousands) | | Carrying Amount | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 802,859 | | | $ | 802,859 | | | $ | 802,859 | | | $ | — | | | $ | — | | Certificates of deposit in other banks | | 29,521 | | | 31,053 | | | — | | | 31,053 | | | — | | Securities AFS | | 539,337 | | | 539,337 | | | — | | | 536,207 | | | 3,130 | | Other investments, including equity securities | | 27,619 | | | 27,619 | | | 3,567 | | | 20,155 | | | 3,897 | | Loans held for sale | | 21,450 | | | 22,329 | | | — | | | 22,329 | | | — | | Loans, net | | 2,756,928 | | | 2,834,452 | | | — | | | — | | | 2,834,452 | | | | | | | | | | | | | MSR asset | | 9,230 | | | 9,276 | | | — | | | — | | | 9,276 | | Financial liabilities: | | | | | | | | | | | Deposits | | $ | 3,910,399 | | | $ | 3,917,121 | | | $ | — | | | $ | — | | | $ | 3,917,121 | | Long-term borrowings | | 53,869 | | | 53,859 | | | — | | | 29,488 | | | 24,371 | |
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