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Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value  
Schedule Of Fair Value Assets And Liabilities On Recurring Basis

 

 

March 31,

 

 

December 31,

 

Assets: (market approach)

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Level 1

 

 

 

 

 

 

U.S. Government securities

 

$35,847,330

 

 

$39,263,249

 

 

 

 

 

 

 

 

 

 

Level 2

 

 

 

 

 

 

 

 

U.S. GSE debt securities

 

$10,734,981

 

 

$10,827,574

 

Taxable Municipal securities

 

 

249,123

 

 

 

246,965

 

Tax-exempt Municipal securities

 

 

10,367,970

 

 

 

10,473,785

 

Agency MBS

 

 

111,180,881

 

 

 

115,862,799

 

ABS and OAS

 

 

2,177,553

 

 

 

2,347,621

 

CMO

 

 

9,320,220

 

 

 

10,737,596

 

Other investments

 

 

699,000

 

 

 

946,430

 

Level 2 Total

 

$144,729,728

 

 

$151,442,770

 

 

 

 

 

 

 

 

 

 

Grand Total

 

$180,577,058

 

 

$190,706,019

 

Schedule Of Fair Value Assets And Liabilities Non-recurring Basis

 

 

March 31,

 

 

December 31,

 

Level 2

 

2024

 

 

2023

 

Assets: (market approach)

 

 

 

 

 

 

Individually analyzed loans, net of related allowance

 

$877,419

 

 

$709,487

 

Loans held-for-sale

 

 

441,000

 

 

 

0

 

MSRs (1)

 

 

764,737

 

 

 

787,013

 

Schedule Of Estimated Fair Values Of Financial Instruments

March 31, 2024

 

 

 

 

Fair

 

 

Fair

 

 

Fair

 

 

Fair

 

 

 

Carrying

 

 

Value

 

 

Value

 

 

Value

 

 

Value

 

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in Thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$15,916

 

 

$15,916

 

 

$0

 

 

$0

 

 

$15,916

 

Debt securities AFS

 

 

180,577

 

 

 

35,847

 

 

 

144,730

 

 

 

0

 

 

 

180,577

 

Restricted equity securities

 

 

1,977

 

 

 

0

 

 

 

1,977

 

 

 

0

 

 

 

1,977

 

Loans and loans held-for-sale, net of ACL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & industrial

 

 

127,796

 

 

 

0

 

 

 

877

 

 

 

123,575

 

 

 

124,452

 

Purchased

 

 

10,171

 

 

 

0

 

 

 

0

 

 

 

9,675

 

 

 

9,675

 

Commercial real estate

 

 

420,120

 

 

 

0

 

 

 

0

 

 

 

393,997

 

 

 

393,997

 

Municipal

 

 

56,787

 

 

 

0

 

 

 

0

 

 

 

54,491

 

 

 

54,491

 

Residential real estate - 1st lien

 

 

208,433

 

 

 

0

 

 

 

0

 

 

 

191,231

 

 

 

191,231

 

Residential real estate - Jr lien

 

 

31,096

 

 

 

0

 

 

 

0

 

 

 

30,618

 

 

 

30,618

 

Consumer

 

 

2,952

 

 

 

0

 

 

 

0

 

 

 

2,968

 

 

 

2,968

 

MSRs (1)

 

 

765

 

 

 

0

 

 

 

1,262

 

 

 

0

 

 

 

1,262

 

Accrued interest receivable

 

 

4,853

 

 

 

0

 

 

 

4,853

 

 

 

0

 

 

 

4,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other deposits

 

 

883,755

 

 

 

0

 

 

 

881,882

 

 

 

0

 

 

 

881,882

 

Overnight borrowings

 

 

6,600

 

 

 

0

 

 

 

6,600

 

 

 

0

 

 

 

6,600

 

Short-term advances

 

 

72,500

 

 

 

0

 

 

 

72,291

 

 

 

0

 

 

 

72,291

 

Long-term advances

 

 

6,100

 

 

 

0

 

 

 

5,896

 

 

 

0

 

 

 

5,896

 

Repurchase agreements

 

 

27,166

 

 

 

0

 

 

 

27,166

 

 

 

0

 

 

 

27,166

 

Operating lease obligations

 

 

395

 

 

 

0

 

 

 

395

 

 

 

0

 

 

 

395

 

Finance lease obligations

 

 

3,369

 

 

 

0

 

 

 

3,369

 

 

 

0

 

 

 

3,369

 

Subordinated debentures

 

 

12,887

 

 

 

0

 

 

 

12,715

 

 

 

0

 

 

 

12,715

 

Accrued interest payable

 

 

1,283

 

 

 

0

 

 

 

1,283

 

 

 

0

 

 

 

1,283

 

December 31, 2023

 

 

 

 

Fair

 

 

Fair

 

 

Fair

 

 

Fair

 

 

 

Carrying

 

 

Value

 

 

Value

 

 

Value

 

 

Value

 

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in Thousands)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$20,435

 

 

$20,435

 

 

$0

 

 

$0

 

 

$20,435

 

Debt securities AFS

 

 

190,706

 

 

 

39,263

 

 

 

151,443

 

 

 

0

 

 

 

190,706

 

Restricted equity securities

 

 

1,642

 

 

 

0

 

 

 

1,642

 

 

 

0

 

 

 

1,642

 

Loans and loans held-for-sale, net of ACL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & industrial

 

 

120,589

 

 

 

0

 

 

 

709

 

 

 

116,287

 

 

 

116,996

 

Purchased

 

 

10,532

 

 

 

0

 

 

 

0

 

 

 

10,055

 

 

 

10,055

 

Commercial real estate

 

 

409,332

 

 

 

0

 

 

 

0

 

 

 

382,045

 

 

 

382,045

 

Municipal

 

 

54,331

 

 

 

0

 

 

 

0

 

 

 

51,791

 

 

 

51,791

 

Residential real estate – 1st lien

 

 

206,849

 

 

 

0

 

 

 

0

 

 

 

188,650

 

 

 

188,650

 

Residential real estate – Jr lien

 

 

31,238

 

 

 

0

 

 

 

0

 

 

 

30,745

 

 

 

30,745

 

Consumer

 

 

3,289

 

 

 

0

 

 

 

0

 

 

 

3,295

 

 

 

3,295

 

MSRs (1)

 

 

787

 

 

 

0

 

 

 

1,262

 

 

 

0

 

 

 

1,262

 

Accrued interest receivable

 

 

4,247

 

 

 

0

 

 

 

4,247

 

 

 

0

 

 

 

4,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other deposits

 

 

896,968

 

 

 

0

 

 

 

894,823

 

 

 

0

 

 

 

894,823

 

Overnight borrowings

 

 

9,000

 

 

 

0

 

 

 

9,000

 

 

 

0

 

 

 

9,000

 

Short-term advances

 

 

44,500

 

 

 

0

 

 

 

44,484

 

 

 

0

 

 

 

44,484

 

Long-term advances

 

 

1,100

 

 

 

0

 

 

 

931

 

 

 

0

 

 

 

931

 

Repurchase agreements

 

 

36,256

 

 

 

0

 

 

 

36,256

 

 

 

0

 

 

 

36,256

 

Operating lease obligations

 

 

443

 

 

 

0

 

 

 

443

 

 

 

0

 

 

 

443

 

Finance lease obligations

 

 

3,425

 

 

 

0

 

 

 

3,425

 

 

 

0

 

 

 

3,425

 

Subordinated debentures

 

 

12,887

 

 

 

0

 

 

 

12,719

 

 

 

0

 

 

 

12,719

 

Accrued interest payable

 

 

1,082

 

 

 

0

 

 

 

1,082

 

 

 

0

 

 

 

1,082