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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | Fair Value Measurements Using | | Assets at Fair Value | (dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | U.S. Treasury securities | | $ | 3,232 | | | $ | 0 | | | $ | 0 | | | $ | 3,232 | | U.S. government sponsored agency securities | | 0 | | | 122,086 | | | 0 | | | 122,086 | | Mortgage-backed securities: residential | | 0 | | | 462,033 | | | 0 | | | 462,033 | | | | | | | | | | | State and municipal securities | | 0 | | | 471,701 | | | 3,017 | | | 474,718 | | Total securities available-for-sale | | 3,232 | | | 1,055,820 | | | 3,017 | | | 1,062,069 | | Mortgage banking derivative | | 0 | | | 68 | | | 0 | | | 68 | | Interest rate swap derivative | | 0 | | | 35,660 | | | 0 | | | 35,660 | | Total assets | | $ | 3,232 | | | $ | 1,091,548 | | | $ | 3,017 | | | $ | 1,097,797 | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | | | Interest rate swap derivative | | 0 | | | 35,661 | | | 0 | | | 35,661 | | Total liabilities | | $ | 0 | | | $ | 35,661 | | | $ | 0 | | | $ | 35,661 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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: | | | | | | | | | | | | | | | | | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 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 | | | $ | 2,644 | | | $ | 2,644 | | Non-working capital loans | | 0 | | | 0 | | | 3,139 | | | 3,139 | | Commercial real estate and multi-family residential loans: | | | | | | | | | Owner occupied loans | | 0 | | | 0 | | | 326 | | | 326 | | | | | | | | | | | Agri-business and agricultural loans: | | | | | | | | | Loans secured by farmland | | 0 | | | 0 | | | 25 | | | 25 | | | | | | | | | | | | | | | | | | | | Total collateral dependent loans | | 0 | | | 0 | | | 6,134 | | | 6,134 | | Other real estate owned | | 0 | | | 0 | | | 384 | | | 384 | | Total assets | | $ | 0 | | | $ | 0 | | | $ | 6,518 | | | $ | 6,518 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | Carrying Value | | Estimated Fair Value | (dollars in thousands) | | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 173,137 | | | $ | 172,892 | | | $ | 245 | | | $ | 0 | | | $ | 173,137 | | Securities available-for-sale | | 1,062,069 | | | 3,232 | | | 1,055,820 | | | 3,017 | | | 1,062,069 | | Securities held-to-maturity | | 129,070 | | | 0 | | | 114,264 | | | 0 | | | 114,264 | | Real estate mortgages held-for-sale | | 1,298 | | | 0 | | | 1,342 | | | 0 | | | 1,342 | | Loans, net | | 4,790,202 | | | 0 | | | 0 | | | 4,606,769 | | | 4,606,769 | | Mortgage banking derivative | | 68 | | | 0 | | | 68 | | | 0 | | | 68 | | Interest rate swap derivative | | 35,660 | | | 0 | | | 35,660 | | | 0 | | | 35,660 | | Federal Reserve and Federal Home Loan Bank Stock | | 21,420 | | | N/A | | N/A | | N/A | | N/A | Accrued interest receivable | | 27,398 | | | 0 | | | 8,859 | | | 18,539 | | | 27,398 | | Financial Liabilities: | | | | | | | | | | | Certificates of deposit | | 822,797 | | | 0 | | | 824,292 | | | 0 | | | 824,292 | | All other deposits | | 4,600,262 | | | 4,600,262 | | | 0 | | | 0 | | | 4,600,262 | | Federal Home Loan Bank advances | | 400,000 | | | 400,003 | | | 0 | | | 0 | | | 400,003 | | | | | | | | | | | | | Interest rate swap derivative | | 35,661 | | | 0 | | | 35,661 | | | 0 | | | 35,661 | | Standby letters of credit | | 133 | | | 0 | | | 0 | | | 133 | | | 133 | | Accrued interest payable | | 9,833 | | | 441 | | | 9,392 | | | 0 | | | 9,833 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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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