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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________
 
Commission File Number  001-33572
Bank of Marin Bancorp
(Exact name of Registrant as specified in its charter)
California 20-8859754
(State or other jurisdiction of incorporation or organization)   (IRS Employer Identification No.)
504 Redwood Blvd. Suite 100NovatoCA 94947
(Address of principal executive office) (Zip Code)
 
Registrant’s telephone number, including area code:  (415) 763-4520

Not Applicable
(Former name, former address and formal fiscal year, if changed since last report)
Securities registered pursuant to 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, no par valueBMRCThe Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                   No  
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.   
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No   

As of October 30, 2023, there were 16,139,321 shares of common stock outstanding.



TABLE OF CONTENTS
 
PART I
   
ITEM 1.
 
 
 
 
 
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
PART II
   
ITEM 1.
   
ITEM 1A.
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
ITEM 5.
   
ITEM 6.
   



Page-2

PART I       FINANCIAL INFORMATION
 
ITEM 1.  Financial Statements 
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION 
(in thousands, except share data; unaudited)September 30, 2023December 31, 2022
Assets  
Cash, cash equivalents and restricted cash$123,132 $45,424 
Investment securities: 
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at September 30, 2023 and December 31, 2022)
935,142 972,207 
Available-for-sale, at fair value (net of zero allowance for credit losses at September 30, 2023 and December 31, 2022)
658,815 802,096 
Total investment securities1,593,957 1,774,303 
Loans, at amortized cost2,086,942 2,092,546 
Allowance for credit losses on loans(24,260)(22,983)
Loans, net of allowance for credit losses on loans
2,062,682 2,069,563 
Goodwill72,754 72,754 
Bank-owned life insurance67,738 67,066 
Operating lease right-of-use assets21,589 24,821 
Bank premises and equipment, net8,174 8,134 
Core deposit intangible, net4,096 5,116 
Other real estate owned 455 
Interest receivable and other assets81,427 79,828 
Total assets$4,035,549 $4,147,464 
Liabilities and Stockholders' Equity  
Liabilities  
Deposits:  
Non-interest bearing$1,642,244 $1,839,114 
Interest bearing 
Transaction accounts221,128 287,651 
Savings accounts257,754 338,163 
Money market accounts1,090,181 989,390 
Time accounts232,377 119,030 
Total deposits3,443,684 3,573,348 
Short-term borrowings and other obligations120,335 112,439 
Operating lease liabilities24,040 26,639 
Interest payable and other liabilities28,872 22,946 
Total liabilities3,616,931 3,735,372 
Commitments and contingent liabilities (Note 8)
Stockholders' Equity  
Preferred stock, no par value,
    Authorized - 5,000,000 shares, none issued
  
Common stock, no par value,
Authorized - 30,000,000 shares; issued and outstanding - 16,139,321 and 16,029,138 at September 30, 2023 and December 31, 2022, respectively
217,202 215,057 
Retained earnings277,996 270,781 
Accumulated other comprehensive loss, net of taxes(76,580)(73,746)
Total stockholders' equity418,618 412,092 
Total liabilities and stockholders' equity$4,035,549 $4,147,464 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
Page-3

BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Three months endedNine months ended
(in thousands, except per share amounts; unaudited)September 30, 2023June 30, 2023September 30, 2022September 30, 2023September 30, 2022
Interest income   
Interest and fees on loans$24,704 $24,579 $23,357 $73,541 $70,368 
Interest on investment securities9,345 9,994 9,674 29,371 24,640 
Interest on federal funds sold and due from banks1,055 48 546 1,159 832 
Total interest income35,104 34,621 33,577 104,071 95,840 
Interest expense   
Interest on interest-bearing transaction accounts270 234 121 758 230 
Interest on savings accounts229 146 32 545 93 
Interest on money market accounts5,988 4,292 268 11,365 1,184 
Interest on time accounts1,555 946 128 2,724 209 
Interest on borrowings and other obligations2,593 4,873 1 10,182 2 
Total interest expense10,635 10,491 550 25,574 1,718 
Net interest income24,469 24,130 33,027 78,497 94,122 
Provision for (reversal of) credit losses on loans425 500 422 1,275 (63)
Reversal of credit losses on unfunded loan commitments (168) (342)(318)
Net interest income after provision for (reversal of) credit losses24,044 23,798 32,605 77,564 94,503 
Non-interest income 
Wealth Management and Trust Services515 559 507 1,585 1,737 
Service charges on deposit accounts508 520 535 1,561 1,488 
Debit card interchange fees, net456 555 502 1,458 1,538 
Earnings on bank-owned life insurance, net371 362 222 1,438 933 
Dividends on Federal Home Loan Bank stock324 290 251 916 759 
Merchant interchange fees, net117 127 141 377 430 
Gains (losses) on sale of investment securities, net14  (63)14 (63)
Other income293 326 628 923 1,496 
Total non-interest income2,598 2,739 2,723 8,272 8,318 
Non-interest expense 
Salaries and related benefits10,741 11,416 10,557 33,087 32,446 
Occupancy and equipment1,973 1,980 1,941 6,367 5,739 
Data processing1,009 922 1,093 2,976 3,569 
Professional services757 797 736 2,677 2,314 
Depreciation and amortization423 400 414 1,705 1,259 
Federal Deposit Insurance Corporation insurance469 666 300 1,424 886 
Information technology411 357 573 1,138 1,519 
Amortization of core deposit intangible335 340 370 1,020 1,124 
Directors' expense272 300 233 893 838 
Charitable contributions20 638 49 707 605 
Other real estate owned 44 350 48 355 
Other expense3,337 2,805 2,062 8,150 6,305 
Total non-interest expense19,747 20,665 18,678 60,192 56,959 
Income before provision for income taxes6,895 5,872 16,650 25,644 45,862 
Provision for income taxes1,600 1,321 4,476 6,359 12,157 
Net income$5,295 $4,551 $12,174 $19,285 $33,705 
Net income per common share:  
Basic$0.33 $0.28 $0.76 $1.21 $2.12 
Diluted$0.33 $0.28 $0.76 $1.20 $2.11 
Weighted average shares:   
Basic16,028 16,009 15,939 16,002 15,912 
Diluted16,036 16,016 15,974 16,017 15,959 
Comprehensive (loss) income:
Net income$5,295 $4,551 $12,174 $19,285 $33,705 
Other comprehensive (loss) income:
Change in net unrealized gains or losses on available-for-sale securities(13,792)(10,928)(31,816)(8,507)(97,094)
Reclassification adjustment for losses (gains) on available-for-sale securities included in net income2,793  63 2,793 63 
Reclassification adjustment for gains or losses for fair value hedge367   367  
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity    (14,847)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity411 451 510 1,325 1,126 
Other comprehensive (loss) income, before tax(10,221)(10,477)(31,243)(4,022)(110,752)
Deferred tax (benefit) expense (3,021)(3,097)(9,236)(1,188)(32,741)
Other comprehensive (loss) income, net of tax(7,200)(7,380)(22,007)(2,834)(78,011)
Total comprehensive (loss) income$(1,905)$(2,829)$(9,833)$16,451 $(44,306)
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the three months ended September 30, 2023 and 2022
(in thousands, except share data; unaudited)Common StockRetained
Earnings
Accumulated Other
Comprehensive (Loss) Income,
Net of Taxes
 Total
SharesAmount
Three months ended September 30, 2023
Balance at July 1, 202316,107,192 $216,589 $276,732 $(69,380)$423,941 
Net income— — 5,295 — 5,295 
Other comprehensive loss, net of tax— — — (7,200)(7,200)
Stock issued under employee stock purchase plan879 15 — — 15 
Stock issued under employee stock ownership plan5,800 120 — — 120 
Restricted stock granted12,550 — — — — 
Restricted stock forfeited / cancelled(850)— — — — 
Stock-based compensation - stock options— 21 — — 21 
Stock-based compensation - restricted stock— 209 — — 209 
Cash dividends paid on common stock ($0.25 per share)
— — (4,031)— (4,031)
Stock issued in payment of director fees13,750 248 — — 248 
Balance at September 30, 2023
16,139,321 $217,202 $277,996 $(76,580)$418,618 
Three months ended September 30, 2022
Balance at July 1, 202216,009,600 $213,864 $253,737 $(58,028)$409,573 
Net income— — 12,174 — 12,174 
Other comprehensive loss, net of tax— — — (22,007)(22,007)
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings363 — — —  
Stock issued under employee stock purchase plan574 16 — — 16 
Stock issued under employee stock ownership plan13,000 404 — — 404 
Stock-based compensation - stock options— 106 — — 106 
Stock-based compensation - restricted stock— 151 — — 151 
Cash dividends paid on common stock ($0.25 per share)
— — (4,004)— (4,004)
Stock purchased by directors under director stock plan515 16 — — 16 
Stock issued in payment of director fees4,996 163 — — 163 
Balance at September 30, 2022
16,029,048 $214,720 $261,907 $(80,035)$396,592 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the nine months ended September 30, 2023 and 2022
(in thousands, except share data; unaudited)Common StockRetained
Earnings
Accumulated Other
Comprehensive (Loss) Income,
Net of Taxes
 Total
SharesAmount
Nine months ended September 30, 2023
Balance at January 1, 2023
16,029,138 $215,057 $270,781 $(73,746)$412,092 
Net income— — 19,285 — 19,285 
Other comprehensive loss, net of tax
— — — (2,834)(2,834)
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings11,530 230 — — 230 
Stock issued under employee stock purchase plan2,035 36 — — 36 
Stock issued under employee stock ownership plan39,800 967 — — 967 
Restricted stock granted61,978 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(2,498)(70)— — (70)
Restricted stock forfeited / cancelled(21,024)— — — — 
Stock-based compensation - stock options— 159 — — 159 
Stock-based compensation - restricted stock— 425 — — 425 
Cash dividends paid on common stock ($0.75 per share)
— — (12,070)— (12,070)
Stock issued in payment of director fees18,362 398 — — 398 
Balance at September 30, 2023
16,139,321 $217,202 $277,996 $(76,580)$418,618 
Nine months ended September 30, 2022
Balance at January 1, 2022
15,929,243 $212,524 $239,868 $(2,024)$450,368 
Net income— — 33,705 — 33,705 
Other comprehensive loss, net of tax— — — (78,011)(78,011)
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings40,674 821 — — 821 
Stock issued under employee stock purchase plan1,510 46 — — 46 
Stock issued under employee stock ownership plan38,000 1,233 — — 1,233 
Restricted stock granted46,672 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(1,169)(40)— — (40)
Restricted stock forfeited / cancelled(13,267)— — — — 
Stock-based compensation - stock options— 221 — — 221 
Stock-based compensation - restricted stock— 421 — — 421 
Cash dividends paid on common stock ($0.73 per share)
— — (11,666)— (11,666)
Stock purchased by directors under director stock plan515 16 — — 16 
Stock issued in payment of director fees10,145 355 — — 355 
Stock repurchased, including commissions(23,275)(877)— — (877)
Balance at September 30, 2022
16,029,048 $214,720 $261,907 $(80,035)$396,592 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).

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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2023 and 2022
(in thousands; unaudited)20232022
Cash Flows from Operating Activities:  
Net income$19,285 $33,705 
Adjustments to reconcile net income to net cash provided by operating activities: 
Provision for (reversal of) credit losses on loans1,275 (63)
Reversal of credit losses on unfunded loan commitments(342)(318)
Noncash contribution expense to employee stock ownership plan967 1,233 
Noncash director compensation expense398 355 
Stock-based compensation expense584 642 
Amortization of core deposit intangible1,020 1,124 
Amortization of investment security premiums, net of accretion of discounts5,529 7,139 
(Accretion of discounts) amortization of premiums on acquired loans, net(461)143 
Net change in deferred loan origination costs/fees(800)(2,484)
Write-down of other real estate owned40 345 
(Gains) losses on sale of investment securities, net(14)63 
Depreciation and amortization1,705 1,259 
Earnings on bank-owned life insurance policies(1,438)(933)
Net changes in interest receivable and other assets196 2,230 
Net changes in interest payable and other liabilities6,928 (5,489)
Total adjustments15,587 5,246 
Net cash provided by operating activities34,872 38,951 
Cash Flows from Investing Activities:  
Purchase of held-to-maturity securities (293,720)
Purchase of available-for-sale securities (243,459)
Proceeds from sale of available-for-sale securities79,840 10,664 
Proceeds from paydowns/maturities of held-to-maturity securities 37,046 33,198 
Proceeds from paydowns/maturities of available-for-sale securities 50,749 112,793 
Proceeds from sale of Visa Inc. Class B restricted common stock2,807  
Decrease in loans receivable, net6,634 97,935 
Proceeds from bank-owned life insurance policies766 350 
Purchase of premises and equipment(1,737)(762)
Proceeds from sale of other real estate owned420  
Cash paid for low income housing tax credit investment(39)(30)
Net cash provided by (used in) investing activities176,486 (283,031)
Cash Flows from Financing Activities:  
Net (decrease) increase in deposits(129,664)94,160 
Proceeds from short-term borrowings, net8,000  
Repayment of finance lease obligations(112)(96)
Proceeds from stock options exercised230 821 
Restricted stock surrendered for tax withholdings upon vesting(70)(40)
Cash dividends paid on common stock(12,070)(11,666)
Stock repurchased, including commissions (1,250)
Proceeds from stock issued under employee and director stock purchase plans36 62 
Net cash (used in) provided by financing activities(133,650)81,991 
Net increase (decrease) in cash, cash equivalents and restricted cash77,708 (162,089)
Cash, cash equivalents and restricted cash at beginning of period45,424 347,641 
Cash, cash equivalents and restricted cash at end of period$123,132 185,552 
Supplemental disclosure of cash flow information:
Cash paid in interest$23,036 $1,716 
Cash paid in income taxes$ $11,075 
Supplemental disclosure of noncash investing and financing activities:  
Change in net unrealized gains or losses on available-for-sale securities$(8,140)$(97,094)
Securities transferred from available-for-sale to held-to-maturity, at fair value$ $357,482 
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity$1,325 $1,126 
Stock issued to employee stock ownership plan$967 $1,233 
Restricted cash1
$ $2,996 
1 Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. In response to the COVID-19 pandemic, the Federal Reserve reduced the reserve requirement ratios to zero percent effective March 26, 2020.

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
Note 1:  Basis of Presentation

The consolidated financial statements include the accounts of Bancorp, a bank holding company, and its wholly-owned bank subsidiary, Bank of Marin, a California state-chartered commercial bank. References to “we,” “our,” “us” mean Bancorp and the Bank that are consolidated for financial reporting purposes. The accompanying unaudited consolidated interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations.

Although we believe that the disclosures are adequate and the information presented is not misleading, we suggest that these interim financial statements be read in conjunction with the annual financial statements and the notes thereto included in our 2022 Annual Report on Form 10-K.  In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, which are necessary for a fair presentation of the consolidated financial position, the results of operations, changes in comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. All material intercompany transactions have been eliminated. The results of these interim periods may not be indicative of the results for the full year or for any other period.
 
The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic earnings per share (“EPS”) are calculated by dividing net income by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in the quarterly diluted EPS is computed using the average market prices during the three months included in the reporting period under the treasury stock method. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
Three months endedNine months ended
(in thousands, except per share data)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Weighted average basic common shares outstanding16,028 15,939 16,002 15,912 
Potentially dilutive common shares related to:
Stock options 22 5 33 
Unvested restricted stock awards8 13 10 14 
Weighted average diluted common shares outstanding16,036 15,974 16,017 15,959 
Net income$5,295 $12,174 $19,285 $33,705 
Basic EPS$0.33 $0.76 $1.21 $2.12 
Diluted EPS$0.33 $0.76 $1.20 $2.11 
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS362 237 368 213 

Note 2: Recently Adopted and Issued Accounting Standards

Accounting Standards Adopted in 2023

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminated the recognition measurement guidance for troubled debt restructured ("TDR") loans and instead enhanced disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. In addition, the amendment required that an entity include in its vintage disclosures the current period gross loan charge-offs by year of origination. We early adopted the current period charge-off disclosures in the first quarter of 2022. We adopted the loan modification provisions as
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of January 1, 2023 using a modified retrospective method. The cumulative-effect adjustment to retained earnings was considered immaterial. Refer to Note 5, Loans and Allowance for Credit Losses on Loans, for additional information.

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Among other things, the ASU renamed the "last-of-layer" method to the "portfolio layer" method and made fair value hedging more accessible for hedge accounting of interest rate risk for portfolios and financial assets. For example, the guidance permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby providing for consistency between accounting for similar hedges. We adopted the amendments on January 1, 2023, which had no effect on our existing hedge accounting, disclosures, financial condition or results of operations.

In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU are elective and provide optional guidance for a limited period of time to ease the potential burden of accounting for, or recognizing the effects of reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Topic 848 was further amended in January 2021 with ASU No. 2021-01, which provided additional guidance on certain optional expedients and scope of derivative instruments, and in December 2022 with ASU 2022-06, which extended the sunset date of Topic 848 to December 31, 2024 given the UK Financial Conduct Authority ("FCA") March 2021 announcement that the intended cessation date of certain tenors of USD LIBOR would be June 30, 2023. An entity may elect the amendments in these updates at an interim period with adoption methods varying based on transaction type. As of September 30, 2023, we had four interest rate swap contracts with notional values totaling $11.3 million that were indexed to LIBOR, which transitioned to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. The transition to SOFR did not have a material impact to either our financial condition or results of operations.
Accounting Standards Not Yet Effective
In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendment reduces diversity in practice by clarifying that a separate contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, this ASU provided amended examples to illustrate that a restriction that is a characteristic of the equity security, which market participants would take into account when pricing them, would be considered in measuring fair value. This ASU also introduces new disclosure requirements. The amendments are effective prospectively for years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements. As discussed in Note 4, Investment Securities, on July 13, 2023 we sold our remaining shares of Visa Inc. Class B restricted common stock. As a result of the sale, this update will not impact our financial condition, results of operations or disclosures.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. For public companies, the amendment requires entities to amortize leasehold improvements associated with common control lease arrangements over the useful life of the improvements to the common control group, as opposed to the shorter of the remaining lease term and the useful life of the improvements for all other operating leases. The amendments are effective for years beginning after December 15, 2023, and may be adopted either prospectively or retrospectively. Early adoption is permitted for both interim and annual financial statements. We currently do not have common control lease arrangements, and therefore do not anticipate that the amendments will impact our financial condition and results of operations.

In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low-income housing tax credit ("LIHTC") structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the consolidated statements of income as a component of income tax expense (benefit). The amendments will allow entities to elect to account for all other equity investments made primarily for the purpose of receiving income tax credits to using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits,
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when certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2023, and may be adopted either on a modified retrospective basis or retrospectively. Other than investments in LIHTC funds, as disclosed in Note 4, Investment Securities, we currently have no other equity investments made primarily for the purpose of receiving income tax credits, and therefore do not anticipate that the amendments will impact our financial condition and results of operations.

Note 3:  Fair Value of Assets and Liabilities
 
Fair Value Hierarchy and Fair Value Measurement
 
We group our assets and liabilities that are measured at fair value into three levels within the fair value hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
 
Level 1: Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.
 
Level 2: Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data.
 
Level 3: Valuations are based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Values are determined using pricing models and discounted cash flow models and may include significant management judgment and estimation.

Transfers between levels of the fair value hierarchy are recognized through our monthly and/or quarterly valuation process in the reporting period during which the event or circumstances that caused the transfer occurred. No such transfers occurred in the years presented.

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.

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(in thousands)  
Description of Financial Instruments
Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs 
(Level 3)
Measurement Categories: Changes in Fair Value Recorded In1
September 30, 2023    
Securities available-for-sale:    
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$384,933 $ $384,933 $ OCI
SBA-backed securities$28,223 $ $28,223 $ OCI
Debentures of government sponsored agencies$117,166 $ $117,166 $ OCI
U.S. Treasury securities$10,215 $10,215 $ $ OCI
Obligations of state and political subdivisions$83,722 $ $83,722 $ OCI
Corporate bonds$34,556 $ $34,556 $ OCI
Derivative financial assets (interest rate contracts - loans)$854 $ $854 $ NI
Derivative financial assets (interest rate contracts - AFS securities)$367 $ $367 $ NI
December 31, 2022
Securities available-for-sale:  
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$475,505 $ $475,505 $ OCI
SBA-backed securities$44,355 $ $44,355 $ OCI
Debentures of government sponsored agencies$135,106 $ $135,106 $ OCI
U.S. Treasury securities$10,269 $10,269 $ $ OCI
Obligations of state and political subdivisions$102,123 $ $102,123 $ OCI
Corporate bonds$33,276 $ $33,276 $ OCI
Asset-backed securities$1,462 $ $1,462 $ OCI
Derivative financial assets (interest rate contracts - loans)$602 $ $602 $ NI
 1 Other comprehensive income ("OCI") or net income ("NI").

Available-for-sale securities are recorded at fair value on a recurring basis. When available, quoted market prices (Level 1) are used to determine the fair value of available-for-sale securities. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, we obtain pricing information from a reputable third-party service provider, who may utilize valuation techniques that use current market-based or independently sourced parameters, such as bid/ask prices, dealer-quoted prices, interest rates, benchmark yield curves, prepayment speeds, probability of default, loss severity and credit spreads (Level 2).   Level 2 securities include asset-backed securities, obligations of state and political subdivisions, U.S. agencies or government-sponsored agencies' debt securities, mortgage-backed securities, government agency-issued, and corporate bonds. As of September 30, 2023 and December 31, 2022, there were no Level 3 securities.

Held-to-maturity securities may be subject to an allowance for credit losses as a result of our evaluation of expected losses due to credit quality factors. We did not record any credit loss expense on held-to-maturity securities during the nine months ended September 30, 2023 or September 30, 2022. Fair value of held-to-maturity securities is determined using the same techniques discussed above for available-for-sale securities.

On a recurring basis, derivative financial instruments are recorded at fair value, which is based on the income approach using observable Level 2 market inputs, reflecting market expectations of future interest rates as of the measurement date.  Standard valuation techniques are used to calculate the present value of the future expected cash flows assuming an orderly transaction. Valuation adjustments may be made to reflect both our own credit risk and the counterparties’ credit risk in determining the fair value of the derivatives. These unobservable inputs are not considered significant inputs to the fair value measurement overall. Level 2 inputs for the valuations are limited to observable market prices for Secured Overnight Financing Rate ("SOFR") and Overnight Index Swap ("OIS") rates (for the very short term), quoted prices for SOFR futures contracts, observable market prices for SOFR and OIS swap rates, and one-month and three-month SOFR basis spreads at commonly quoted intervals.   Mid-market pricing of the inputs is used as a practical expedient in the fair value measurements.  We project spot rates at reset days specified by each swap contract to determine future cash flows, then discount to present value using OIS curves as of the measurement date.  When the value of any collateral placed with counterparties is less than the interest rate derivative liability, a credit valuation adjustment ("CVA") is applied to reflect the credit risk we pose to counterparties.  We have used the spread between the Standard & Poor's BBB rated U.S. Bank Composite rate and
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SOFR for the closest maturity term corresponding to the duration of the swaps to derive the CVA. Because there is little to no counterparty risk, we did not incorporate credit adjustments from our assessment of the counterparty credit risk in determining fair value. Fo