Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.20.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

 

 

Level 1

 

Level 2

 

Level 3

 

Total Fair

(Dollars in Thousands)

Inputs

 

Inputs

 

Inputs

 

Value

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Treasury

$

160,767

 

$

-

 

$

-

 

$

160,767

 

U.S. Government Agency

 

-

 

 

166,517

 

 

-

 

 

166,517

 

States and Political Subdivisions

 

-

 

 

5,573

 

 

-

 

 

5,573

 

Mortgage-Backed Securities

 

-

 

 

545

 

 

-

 

 

545

 

Equity Securities

 

-

 

 

7,778

 

 

-

 

 

7,778

 

Loans Held for Sale

 

-

 

 

76,610

 

 

-

 

 

76,610

 

Mortgage Banking Derivative Asset

 

-

 

 

-

 

 

5,342

 

 

5,342

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Derivative Liability

 

-

 

 

963

 

 

-

 

 

963

 

Interest Rate Swap Derivative Liability

 

-

 

 

108

 

 

-

 

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Treasury

$

232,778

 

$

-

 

$

-

 

$

232,778

 

U.S. Government Agency

 

-

 

 

156,078

 

 

-

 

 

156,078

 

States and Political Subdivisions

 

-

 

 

6,319

 

 

-

 

 

6,319

 

Mortgage-Backed Securities

 

-

 

 

773

 

 

-

 

 

773

 

Equity Securities

 

-

 

 

7,653

 

 

-

 

 

7,653

Schedule of financial instruments with estimated fair values

 

 

June 30, 2020

 

 

Carrying

 

Level 1

 

Level 2

 

Level 3

(Dollars in Thousands)

 

Value

 

Inputs

 

Inputs

 

Inputs

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

75,155

 

$

75,155

 

$

-

 

$

-

Short-Term Investments

 

 

513,273

 

 

513,273

 

 

-

 

 

-

Investment Securities, Available for Sale

 

 

341,180

 

 

160,767

 

 

180,413

 

 

-

Investment Securities, Held to Maturity

 

 

232,178

 

 

20,136

 

 

218,363

 

 

-

Equity Securities(1)

 

 

3,588

 

 

-

 

 

3,588

 

 

-

Loans Held for Sale

 

 

76,610

 

 

-

 

 

76,610

 

 

-

Loans, Net of Allowance for Credit Losses

 

 

1,999,720

 

 

-

 

 

-

 

 

2,006,877

Mortgage Banking Derivative Asset

 

 

5,342

 

 

-

 

 

-

 

 

5,342

Mortgage Servicing Rights

 

 

2,862

 

 

-

 

 

-

 

 

2,827

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,954,996

 

$

-

 

$

3,063,239

 

$

-

Short-Term Borrowings

 

 

63,958

 

 

-

 

 

63,958

 

 

-

Subordinated Notes Payable

 

 

52,887

 

 

-

 

 

41,835

 

 

-

Long-Term Borrowings

 

 

5,583

 

 

-

 

 

5,763

 

 

-

Mortgage Banking Derivative Liability

 

 

963

 

 

-

 

 

963

 

 

-

Interest Rate Swap Derivative Liability

 

 

108

 

 

-

 

 

108

 

 

-

 

 

December 31, 2019

 

 

Carrying

 

Level 1

 

Level 2

 

Level 3

(Dollars in Thousands)

 

Value

 

Inputs

 

Inputs

 

Inputs

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

60,087

 

$

60,087

 

$

-

 

$

-

Short-Term Investments

 

 

318,336

 

 

318,336

 

 

-

 

 

-

Investment Securities, Available for Sale

 

 

403,601

 

 

232,778

 

 

170,823

 

 

-

Investment Securities, Held to Maturity

 

 

239,539

 

 

20,042

 

 

221,387

 

 

-

Loans Held for Sale

 

 

9,509

 

 

-

 

 

9,509

 

 

-

Equity Securities(1)

 

 

3,591

 

 

-

 

 

3,591

 

 

-

Loans, Net of Allowance for Credit Losses

 

 

1,822,024

 

 

-

 

 

-

 

 

1,804,930

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,645,454

 

$

-

 

$

2,644,430

 

$

-

Short-Term Borrowings

 

 

6,404

 

 

-

 

 

6,404

 

 

-

Subordinated Notes Payable

 

 

52,887

 

 

-

 

 

40,280

 

 

-

Long-Term Borrowings

 

 

6,514

 

 

-

 

 

6,623

 

 

-

(1) Not readily marketable securities - reflected in other assets.