Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis |
The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021:
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Fair Value Measurements at |
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September 30, 2022 |
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Using |
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Balance as of |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Unobservable Inputs |
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September 30, 2022 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(in thousands) |
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Assets: |
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Securities available for sale |
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Obligations of U.S. government corporations and agencies |
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$ |
9,211 |
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$ |
— |
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$ |
9,211 |
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$ |
— |
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Mortgage-backed securities |
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131,542 |
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— |
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131,542 |
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— |
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Obligations of states and political subdivisions |
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6,619 |
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— |
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6,619 |
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— |
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Subordinated debt |
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4,381 |
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— |
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4,381 |
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— |
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Derivative: |
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Interest rate swaps |
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1,120 |
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— |
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1,120 |
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— |
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Total assets at fair value |
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$ |
152,873 |
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$ |
— |
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$ |
152,873 |
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$ |
— |
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Liabilities: |
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Interest rate swaps |
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$ |
1,120 |
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$ |
— |
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$ |
1,120 |
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$ |
— |
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Total liabilities at fair value |
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$ |
1,120 |
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$ |
— |
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$ |
1,120 |
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$ |
— |
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Fair Value Measurements at |
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December 31, 2021 |
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Balance as of |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Unobservable Inputs |
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December 31, 2021 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(in thousands) |
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Assets: |
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Securities available for sale |
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Obligations of U.S. government corporations and agencies |
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$ |
14,921 |
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$ |
— |
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$ |
14,921 |
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$ |
— |
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U.S. treasury notes |
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2,003 |
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— |
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2,003 |
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— |
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Mortgage-backed securities |
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151,012 |
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— |
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151,012 |
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— |
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Obligations of states and political subdivisions |
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21,877 |
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— |
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21,877 |
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— |
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Subordinated debt |
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2,508 |
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— |
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2,508 |
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— |
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Derivative: |
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Interest rate swap |
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58 |
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— |
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58 |
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— |
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Total assets at fair value |
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$ |
192,379 |
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$ |
— |
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$ |
192,379 |
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$ |
— |
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Liabilities: |
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Interest rate swap |
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$ |
58 |
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$ |
— |
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$ |
58 |
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$ |
— |
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Total liabilities at fair value |
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$ |
58 |
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$ |
— |
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$ |
58 |
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$ |
— |
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Company's Financial Instruments |
The carrying value and fair value of the Company’s financial instruments at September 30, 2022 and December 31, 2021 were as follows:
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Fair Value Measurements at |
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September 30, 2022 |
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Using |
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Carrying Value as of |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Unobservable Inputs |
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Fair Value as of |
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September 30, 2022 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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September 30, 2022 |
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(in thousands) |
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Financial assets: |
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Cash and short-term investments |
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$ |
35,935 |
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$ |
35,935 |
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$ |
— |
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$ |
— |
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$ |
35,935 |
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Securities |
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151,753 |
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— |
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151,753 |
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— |
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151,753 |
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Restricted Investments |
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4,608 |
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— |
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4,608 |
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— |
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4,608 |
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Loans held for sale |
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90 |
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90 |
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— |
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90 |
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Loans, net |
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1,191,099 |
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— |
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— |
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1,182,235 |
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1,182,235 |
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Bank owned life insurance |
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23,731 |
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— |
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23,731 |
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— |
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23,731 |
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Accrued interest receivable |
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3,079 |
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— |
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3,079 |
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— |
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3,079 |
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Interest rate swaps |
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1,120 |
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— |
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1,120 |
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— |
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1,120 |
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Financial liabilities: |
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Deposits |
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$ |
1,254,114 |
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$ |
— |
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$ |
1,254,480 |
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$ |
— |
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$ |
1,254,480 |
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Federal Home Loan Bank advances |
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75,000 |
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— |
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74,978 |
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— |
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74,978 |
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Subordinated debt, net of unamortized issuance costs |
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29,360 |
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— |
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29,352 |
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— |
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29,352 |
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Accrued interest payable |
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1,196 |
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— |
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1,196 |
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— |
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1,196 |
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Interest rate swaps |
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1,120 |
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— |
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1,120 |
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— |
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1,120 |
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Fair Value Measurements at |
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December 31, 2021 |
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Using |
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Carrying Value as of |
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Quoted Prices in Active Markets for Identical Assets |
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|
Significant Other Observable Inputs |
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|
Significant Unobservable Inputs |
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Fair Value as of |
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December 31, 2021 |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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December 31, 2021 |
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(in thousands) |
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Financial assets: |
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Cash and short-term investments |
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$ |
64,068 |
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$ |
64,068 |
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$ |
— |
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$ |
— |
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$ |
64,068 |
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Securities |
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192,321 |
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— |
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192,321 |
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— |
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192,321 |
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Restricted Investments |
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1,049 |
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— |
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1,049 |
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— |
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1,049 |
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Loans held for sale |
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|
876 |
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|
876 |
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— |
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|
876 |
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Loans, net |
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976,933 |
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— |
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— |
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969,612 |
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969,612 |
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Bank owned life insurance |
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23,236 |
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— |
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23,236 |
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— |
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23,236 |
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Accrued interest receivable |
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2,634 |
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— |
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2,634 |
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— |
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2,634 |
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Interest rate swap |
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|
58 |
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— |
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|
58 |
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— |
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|
58 |
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Financial liabilities: |
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Deposits |
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$ |
1,177,235 |
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$ |
— |
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$ |
1,177,582 |
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$ |
— |
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$ |
1,177,582 |
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Accrued interest payable |
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|
67 |
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— |
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|
67 |
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— |
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|
67 |
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Interest rate swap |
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|
58 |
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— |
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|
58 |
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— |
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|
58 |
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