Schedule of Assets Measured at Fair Value on a Recurring Basis |
The tables below present the balances of assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | | Fair Value Measurements Using | | Assets at Fair Value | (dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | U.S. Treasury securities | | $ | 3,352 | | | $ | 0 | | | $ | 0 | | | $ | 3,352 | | U.S. government sponsored agency securities | | 0 | | | 127,995 | | | 0 | | | 127,995 | | Mortgage-backed securities: residential | | 0 | | | 484,462 | | | 0 | | | 484,462 | | | | | | | | | | | State and municipal securities | | 0 | | | 490,437 | | | 2,035 | | | 492,472 | | Total securities available-for-sale | | 3,352 | | | 1,102,894 | | | 2,035 | | | 1,108,281 | | Mortgage banking derivative | | 0 | | | 47 | | | 0 | | | 47 | | Interest rate swap derivative | | 0 | | | 30,011 | | | 0 | | | 30,011 | | Total assets | | $ | 3,352 | | | $ | 1,132,952 | | | $ | 2,035 | | | $ | 1,138,339 | | | | | | | | | | | Liabilities: | | | | | | | | | Mortgage banking derivative | | $ | 0 | | | $ | 4 | | | $ | 0 | | | $ | 4 | | Interest rate swap derivative | | 0 | | | 30,013 | | | 0 | | | 30,013 | | Total liabilities | | $ | 0 | | | $ | 30,017 | | | $ | 0 | | | $ | 30,017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Fair Value Measurements Using | | Assets at Fair Value | (dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | U.S. Treasury securities | | $ | 3,034 | | | $ | 0 | | | $ | 0 | | | $ | 3,034 | | U.S. government sponsored agency securities | | 0 | | | 126,961 | | | 0 | | | 126,961 | | Mortgage-backed securities: residential | | 0 | | | 492,308 | | | 0 | | | 492,308 | | | | | | | | | | | State and municipal securities | | 0 | | | 561,150 | | | 2,075 | | | 563,225 | | Total securities available-for-sale | | 3,034 | | | 1,180,419 | | | 2,075 | | | 1,185,528 | | Mortgage banking derivative | | 0 | | | 43 | | | 0 | | | 43 | | Interest rate swap derivative | | 0 | | | 36,920 | | | 0 | | | 36,920 | | Total assets | | $ | 3,034 | | | $ | 1,217,382 | | | $ | 2,075 | | | $ | 1,222,491 | | | | | | | | | | | Liabilities: | | | | | | | | | Mortgage banking derivative | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | Interest rate swap derivative | | 0 | | | 36,921 | | | 0 | | | 36,921 | | Total liabilities | | $ | 0 | | | $ | 36,921 | | | $ | 0 | | | $ | 36,921 | |
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Schedule of Assets Measured at Fair Value on a Nonrecurring Basis |
The tables below present the balances of assets measured at fair value on a nonrecurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | | Fair Value Measurements Using | | Assets at Fair Value | (dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | Collateral dependent loans: | | | | | | | | | Commercial and industrial loans: | | | | | | | | | Working capital lines of credit loans | | $ | 0 | | | $ | 0 | | | $ | 2,858 | | | $ | 2,858 | | Non-working capital loans | | 0 | | | 0 | | | 2,559 | | | 2,559 | | Commercial real estate and multi-family residential loans: | | | | | | | | | Owner occupied loans | | 0 | | | 0 | | | 429 | | | 429 | | | | | | | | | | | Agri-business and agricultural loans: | | | | | | | | | Loans secured by farmland | | 0 | | | 0 | | | 33 | | | 33 | | | | | | | | | | | | | | | | | | | | Total collateral dependent loans | | 0 | | | 0 | | | 5,879 | | | 5,879 | | Other real estate owned | | 0 | | | 0 | | | 100 | | | 100 | | Total assets | | $ | 0 | | | $ | 0 | | | $ | 5,979 | | | $ | 5,979 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Fair Value Measurements Using | | Assets at Fair Value | (dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | Collateral dependent loans: | | | | | | | | | Commercial and industrial loans: | | | | | | | | | Working capital lines of credit loans | | $ | 0 | | | $ | 0 | | | $ | 3,178 | | | $ | 3,178 | | Non-working capital loans | | 0 | | | 0 | | | 8,354 | | | 8,354 | | Commercial real estate and multi-family residential loans: | | | | | | | | | Owner occupied loans | | 0 | | | 0 | | | 425 | | | 425 | | Agri-business and agricultural loans: | | | | | | | | | Loans secured by farmland | | 0 | | | 0 | | | 35 | | | 35 | | | | | | | | | | | | | | | | | | | | Total collateral dependent loans | | 0 | | | 0 | | | 11,992 | | | 11,992 | | Other real estate owned | | 0 | | | 0 | | | 100 | | | 100 | | Total assets | | $ | 0 | | | $ | 0 | | | $ | 12,092 | | | $ | 12,092 | |
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Schedule of Fair Values and the Related Carrying Values of Financial Instruments |
The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items that are not financial instruments are not included. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | | Carrying Value | | Estimated Fair Value | (dollars in thousands) | | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 153,521 | | | $ | 152,800 | | | $ | 721 | | | $ | 0 | | | $ | 153,521 | | Securities available-for-sale | | 1,108,281 | | | 3,352 | | | 1,102,894 | | | 2,035 | | | 1,108,281 | | Securities held-to-maturity | | 128,651 | | | 0 | | | 115,533 | | | 0 | | | 115,533 | | Real estate mortgages held-for-sale | | 508 | | | 0 | | | 518 | | | 0 | | | 518 | | Loans, net | | 4,683,713 | | | 0 | | | 0 | | | 4,505,890 | | | 4,505,890 | | Mortgage banking derivative | | 47 | | | 0 | | | 47 | | | 0 | | | 47 | | Interest rate swap derivative | | 30,011 | | | 0 | | | 30,011 | | | 0 | | | 30,011 | | Federal Reserve and Federal Home Loan Bank Stock | | 15,795 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 26,883 | | | 0 | | | 8,532 | | | 18,351 | | | 26,883 | | Financial Liabilities: | | | | | | | | | | | Certificates of deposit | | 764,163 | | | 0 | | | 762,852 | | | 0 | | | 762,852 | | All other deposits | | 4,753,565 | | | 4,753,565 | | | 0 | | | 0 | | | 4,753,565 | | | | | | | | | | | | | Mortgage banking derivative | | 4 | | | 0 | | | 4 | | | 0 | | | 4 | | Interest rate swap derivative | | 30,013 | | | 0 | | | 30,013 | | | 0 | | | 30,013 | | Standby letters of credit | | 216 | | | 0 | | | 0 | | | 216 | | | 216 | | Accrued interest payable | | 5,425 | | | 420 | | | 5,005 | | | 0 | | | 5,425 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Carrying Value | | Estimated Fair Value | (dollars in thousands) | | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 130,282 | | | $ | 129,069 | | | $ | 1,213 | | | $ | 0 | | | $ | 130,282 | | Securities available-for-sale | | 1,185,528 | | | 3,034 | | | 1,180,419 | | | 2,075 | | | 1,185,528 | | Securities held-to-maturity | | 128,242 | | | 0 | | | 111,029 | | | 0 | | | 111,029 | | Real estate mortgages held-for-sale | | 357 | | | 0 | | | 372 | | | 0 | | | 372 | | Loans, net | | 4,637,790 | | | 0 | | | 0 | | | 4,454,678 | | | 4,454,678 | | Mortgage banking derivative | | 43 | | | 0 | | | 43 | | | 0 | | | 43 | | Interest rate swap derivative | | 36,920 | | | 0 | | | 36,920 | | | 0 | | | 36,920 | | Federal Reserve and Federal Home Loan Bank Stock | | 15,795 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 27,994 | | | 0 | | | 9,598 | | | 18,396 | | | 27,994 | | Financial Liabilities: | | | | | | | | | | | Certificates of deposit | | 626,186 | | | 0 | | | 621,206 | | | 0 | | | 621,206 | | All other deposits | | 4,834,434 | | | 4,834,434 | | | 0 | | | 0 | | | 4,834,434 | | Federal Funds purchased | | 22,000 | | | 22,000 | | | 0 | | | 0 | | | 22,000 | | Federal Home Loan Bank advances | | 275,000 | | | 275,000 | | | 0 | | | 0 | | | 275,000 | | | | | | | | | | | | | Interest rate swap derivative | | 36,921 | | | 0 | | | 36,921 | | | 0 | | | 36,921 | | Standby letters of credit | | 249 | | | 0 | | | 0 | | | 249 | | | 249 | | Accrued interest payable | | 3,186 | | | 486 | | | 2,700 | | | 0 | | | 3,186 | |
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