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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 March 31, 2022
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 100 | Novato | CA | | 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 class | Trading symbol | Name of each exchange on which registered |
Common stock, no par value and attached Share Purchase Rights | BMRC | The 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 April 30, 2022, there were 15,997,180 shares of common stock outstanding.
TABLE OF CONTENTS
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PART I | | |
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ITEM 1. | | |
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ITEM 2. | | |
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ITEM 3. | | |
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ITEM 4. | | |
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PART II | | |
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ITEM 1. | | |
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ITEM 1A. | | |
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ITEM 2. | | |
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ITEM 3. | | |
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ITEM 4. | | |
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ITEM 5. | | |
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ITEM 6. | | |
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PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
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BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
| | | | | | | | |
(in thousands, except share data; unaudited) | March 31, 2022 | December 31, 2021 |
Assets | | |
Cash, cash equivalents and restricted cash | $ | 170,901 | | $ | 347,641 | |
| | |
| | |
Investment securities | | |
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2022 and December 31, 2021) | 790,264 | | 342,222 | |
Available-for-sale, at fair value (net of zero allowance for credit losses at March 31, 2022 and December 31, 2021) | 955,457 | | 1,167,568 | |
Total investment securities | 1,745,721 | | 1,509,790 | |
Loans, at amortized cost | 2,201,854 | | 2,255,645 | |
Allowance for credit losses on loans | (22,547) | | (23,023) | |
Loans, net of allowance for credit losses on loans | 2,179,307 | | 2,232,622 | |
Goodwill | 72,754 | | 72,754 | |
Bank-owned life insurance | 61,536 | | 61,473 | |
Operating lease right-of-use assets | 23,544 | | 23,604 | |
Bank premises and equipment, net | 7,236 | | 7,558 | |
Core deposit intangible, net | 6,225 | | 6,605 | |
Other real estate owned | 800 | | 800 | |
Interest receivable and other assets | 62,400 | | 51,362 | |
Total assets | $ | 4,330,424 | | $ | 4,314,209 | |
| | |
Liabilities and Stockholders' Equity | | |
Liabilities | | |
Deposits | | |
Non-interest bearing | $ | 1,960,684 | | $ | 1,910,240 | |
Interest bearing | | |
Transaction accounts | 299,336 | | 290,813 | |
Savings accounts | 347,335 | | 340,959 | |
Money market accounts | 1,108,852 | | 1,116,303 | |
Time accounts | 145,135 | | 150,235 | |
Total deposits | 3,861,342 | | 3,808,550 | |
Borrowings and other obligations | 388 | | 419 | |
| | |
Operating lease liabilities | 25,351 | | 25,429 | |
Interest payable and other liabilities | 22,935 | | 29,443 | |
Total liabilities | 3,910,016 | | 3,863,841 | |
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 - 16,003,847 and 15,929,243 at March 31, 2022 and December 31, 2021, respectively | 213,204 | | 212,524 | |
Retained earnings | 246,511 | | 239,868 | |
Accumulated other comprehensive loss, net of taxes | (39,307) | | (2,024) | |
Total stockholders' equity | 420,408 | | 450,368 | |
Total liabilities and stockholders' equity | $ | 4,330,424 | | $ | 4,314,209 | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
| | |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME |
| | | | | | | | | | | | | | | |
| Three months ended | | | |
(in thousands, except per share amounts; unaudited) | March 31, 2022 | December 31, 2021 | March 31, 2021 | | | | |
Interest income | | | | | | | |
Interest and fees on loans | $ | 23,677 | | 25,495 | | $ | 20,661 | | | | | |
Interest on investment securities | 6,693 | | 5,625 | | 3,129 | | | | | |
Interest on federal funds sold and due from banks | 106 | | 125 | | 42 | | | | | |
Total interest income | 30,476 | | 31,245 | | 23,832 | | | | | |
Interest expense | | | | | | | |
Interest on interest-bearing transaction accounts | 56 | | 53 | | 39 | | | | | |
Interest on savings accounts | 29 | | 28 | | 19 | | | | | |
Interest on money market accounts | 478 | | 505 | | 286 | | | | | |
Interest on time accounts | 14 | | 25 | | 96 | | | | | |
Interest on borrowings and other obligations | 1 | | 1 | | — | | | | | |
Interest on subordinated debenture | — | | — | | 1,361 | | | | | |
Total interest expense | 578 | | 612 | | 1,801 | | | | | |
Net interest income | 29,898 | | 30,633 | | 22,031 | | | | | |
(Reversal of) provision for credit losses on loans | (485) | | 600 | | (2,929) | | | | | |
(Reversal of) provision for credit losses on unfunded loan commitments | (318) | | 210 | | (590) | | | | | |
Net interest income after (reversal of) provision for credit losses | 30,701 | | 29,823 | | 25,550 | | | | | |
Non-interest income | | | | | | | |
Wealth Management and Trust Services | 600 | | 607 | | 488 | | | | | |
Debit card interchange fees, net | 505 | | 544 | | 366 | | | | | |
Service charges on deposit accounts | 488 | | 531 | | 281 | | | | | |
Earnings on bank-owned life insurance, net | 413 | | 302 | | 257 | | | | | |
Dividends on Federal Home Loan Bank stock | 259 | | 255 | | 149 | | | | | |
Merchant interchange fees, net | 140 | | 175 | | 57 | | | | | |
Losses on sale of investment securities, net | — | | (17) | | — | | | | | |
Other income | 462 | | 322 | | 228 | | | | | |
Total non-interest income | 2,867 | | 2,719 | | 1,826 | | | | | |
Non-interest expense | | | | | | | |
Salaries and related benefits | 11,548 | | 10,716 | | 9,208 | | | | | |
Occupancy and equipment | 1,909 | | 1,929 | | 1,751 | | | | | |
Data processing | 1,277 | | 1,887 | | 819 | | | | | |
Professional services | 913 | | 653 | | 863 | | | | | |
Information technology | 478 | | 445 | | 313 | | | | | |
Depreciation and amortization | 452 | | 461 | | 459 | | | | | |
Amortization of core deposit intangible | 380 | | 393 | | 204 | | | | | |
Directors' expense | 311 | | 297 | | 175 | | | | | |
Federal Deposit Insurance Corporation insurance | 290 | | 292 | | 179 | | | | | |
Charitable contributions | 45 | | 90 | | 31 | | | | | |
Other expense | 1,772 | | 1,821 | | 1,410 | | | | | |
Total non-interest expense | 19,375 | | 18,984 | | 15,412 | | | | | |
Income before provision for income taxes | 14,193 | | 13,558 | | 11,964 | | | | | |
Provision for income taxes | 3,728 | | 3,844 | | 3,017 | | | | | |
Net income | $ | 10,465 | | $ | 9,714 | | $ | 8,947 | | | | | |
Net income per common share: | | | | | | | |
Basic | $ | 0.66 | | $ | 0.61 | | $ | 0.67 | | | | | |
Diluted | $ | 0.66 | | $ | 0.61 | | $ | 0.66 | | | | | |
Weighted average shares: | | | | | | | |
Basic | 15,876 | | 15,948 | | 13,363 | | | | | |
Diluted | 15,946 | | 16,027 | | 13,469 | | | | | |
Comprehensive income (loss): | | | | | | | |
Net income | $ | 10,465 | | $ | 9,714 | | $ | 8,947 | | | | | |
Other comprehensive income (loss): | | | | | | | |
Change in net unrealized (losses) gains on available-for-sale securities | (38,228) | | (12,723) | | (9,082) | | | | | |
Reclassification adjustment for losses on available-for-sale securities included in net income | — | | 17 | | — | | | | | |
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-maturity | 144 | | 108 | | 143 | | | | | |
Other comprehensive loss, before tax | (52,931) | | (12,598) | | (8,939) | | | | | |
Deferred tax benefit | (15,648) | | (3,726) | | (2,644) | | | | | |
Other comprehensive loss, net of tax | (37,283) | | (8,872) | | (6,295) | | | | | |
Total comprehensive (loss) income | $ | (26,818) | | $ | 842 | | $ | 2,652 | | | | | |
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 three months ended March 31, 2022 and 2021 |
| | | | | | | | | | | | | | | | | |
(in thousands, except share data; unaudited) | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income, Net of Taxes | Total |
Shares | Amount |
| Three months ended March 31, 2022 |
Balance at January 1, 2022 | 15,929,243 | | $ | 212,524 | | $ | 239,868 | | $ | (2,024) | | $ | 450,368 | |
Net income | — | | — | | 10,465 | | — | | 10,465 | |
Other comprehensive loss | — | | — | | — | | (37,283) | | (37,283) | |
| | | | | |
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings | 35,543 | | 739 | | — | | — | | 739 | |
| | | | | |
Stock issued under employee stock ownership plan | 12,000 | | 417 | | — | | — | | 417 | |
Restricted stock granted | 46,672 | | — | | — | | — | | — | |
Restricted stock surrendered for tax withholdings upon vesting | (836) | | (29) | | — | | — | | (29) | |
Restricted stock forfeited / cancelled | (649) | | — | | — | | — | | — | |
Stock-based compensation - stock options | — | | 86 | | — | | — | | 86 | |
Stock-based compensation - restricted stock | — | | 151 | | — | | — | | 151 | |
Cash dividends paid on common stock ($0.24 per share) | — | | — | | (3,822) | | — | | (3,822) | |
| | | | | |
Stock issued in payment of director fees | 5,149 | | 193 | | — | | — | | 193 | |
| | | | | |
Stock repurchased, including commissions | (23,275) | | (877) | | — | | — | | (877) | |
Balance at March 31, 2022 | 16,003,847 | | $ | 213,204 | | $ | 246,511 | | $ | (39,307) | | $ | 420,408 | |
| Three months ended March 31, 2021 |
Balance at January 1, 2021 | 13,500,453 | | $ | 125,905 | | $ | 219,747 | | $ | 12,601 | | $ | 358,253 | |
Net income | — | | — | | 8,947 | | — | | 8,947 | |
Other comprehensive loss | — | | — | | — | | (6,295) | | (6,295) | |
| | | | | |
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings | 17,180 | | 38 | | — | | — | | 38 | |
Stock issued under employee stock purchase plan | 778 | | 28 | | — | | — | | 28 | |
Stock issued under employee stock ownership plan | 9,000 | | 332 | | — | | — | | 332 | |
Restricted stock granted | 27,054 | | — | | — | | — | | — | |
Restricted stock surrendered for tax withholdings upon vesting | (3,961) | | (156) | | — | | — | | (156) | |
Restricted stock forfeited / cancelled | (3,848) | | — | | — | | — | | — | |
Stock-based compensation - stock options | — | | 172 | | — | | — | | 172 | |
Stock-based compensation - restricted stock | — | | 443 | | — | | — | | 443 | |
Cash dividends paid on common stock ($0.23 per share) | — | | — | | (3,094) | | — | | (3,094) | |
Stock purchased by directors under director stock plan | 519 | | 18 | | — | | — | | 18 | |
Stock issued in payment of director fees | 3,347 | | 117 | | — | | — | | 117 | |
| | | | | |
Stock repurchased, including commissions | (224,013) | | (8,511) | | — | | — | | (8,511) | |
Balance at March 31, 2021 | 13,326,509 | | $ | 118,386 | | $ | 225,600 | | $ | 6,306 | | $ | 350,292 | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
| | |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CASH FLOWS |
For the three months ended March 31, 2022 and 2021 |
| | | | | | | | |
(in thousands; unaudited) | March 31, 2022 | March 31, 2021 |
Cash Flows from Operating Activities: | | |
Net income | $ | 10,465 | | $ | 8,947 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
(Reversal of) provision for credit losses on loans | (485) | | (2,929) | |
(Reversal of) provision for credit losses on unfunded loan commitments | (318) | | (590) | |
| | |
Noncash contribution expense to employee stock ownership plan | 417 | | 332 | |
Noncash director compensation expense | 244 | | 162 | |
Stock-based compensation expense | 237 | | 615 | |
Amortization of core deposit intangible | 380 | | 204 | |
Amortization of investment security premiums, net of accretion of discounts | 2,497 | | 685 | |
Accretion of premiums (discounts) on acquired loans | 115 | | (33) | |
Accretion of discount on subordinated debenture | — | | 1,347 | |
Net change in deferred loan origination costs/fees | (1,591) | | 2,658 | |
| | |
| | |
Depreciation and amortization | 452 | | 459 | |
| | |
| | |
| | |
Earnings on bank-owned life insurance policies | (413) | | (257) | |
| | |
| | |
| | |
| | |
Net changes in interest receivable and other assets | 4,648 | | 2,901 | |
Net changes in interest payable and other liabilities | (5,169) | | (2,065) | |
Total adjustments | 1,014 | | 3,489 | |
Net cash provided by operating activities | 11,479 | | 12,436 | |
Cash Flows from Investing Activities: | | |
| | |
Purchase of held-to-maturity securities | (95,932) | | (41,607) | |
Purchase of available-for-sale securities | (243,459) | | (151,828) | |
| | |
Proceeds from paydowns/maturities of held-to-maturity securities | 5,067 | | 8,600 | |
Proceeds from paydowns/maturities of available-for-sale securities | 42,966 | | 16,060 | |
| | |
Loan principal collected, net of originations | 54,524 | | (36,543) | |
| | |
Cash receipts from bank-owned life insurance policies | 350 | | — | |
Purchase of premises and equipment | (130) | | (144) | |
| | |
| | |
| | |
Cash paid for low income housing tax credit investment | (4) | | (313) | |
Net cash used in investing activities | (236,618) | | (205,775) | |
Cash Flows from Financing Activities: | | |
Net increase in deposits | 52,792 | | 151,950 | |
Proceeds from stock options exercised | 739 | | 38 | |
| | |
Restricted stock surrendered for tax withholdings upon vesting | (29) | | (156) | |
Proceeds from stock issued under employee and director stock purchase plans | — | | 46 | |
Stock repurchased, including commissions | (1,250) | | (8,792) | |
Repayment of subordinated debenture including execution costs | — | | (4,126) | |
| | |
Repayment of finance lease obligations | (31) | | (28) | |
Cash dividends paid on common stock | (3,822) | | (3,094) | |
| | |
Net cash provided by financing activities | 48,399 | | 135,838 | |
Net decrease in cash, cash equivalents and restricted cash | (176,740) | | (57,501) | |
Cash, cash equivalents and restricted cash at beginning of period | 347,641 | | 200,320 | |
Cash, cash equivalents and restricted cash at end of period | $ | 170,901 | | $ | 142,819 | |
Supplemental disclosure of cash flow information: | | |
Cash paid in interest | $ | 588 | | $ | 492 | |
Cash paid in income taxes | $ | — | | $ | — | |
Supplemental disclosure of noncash investing and financing activities: | | |
| | |
Change in net unrealized gain or loss on available-for-sale securities | $ | (38,228) | | $ | (9,092) | |
| | |
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 | $ | 144 | | $ | 143 | |
Purchase of investment security not yet settled | $ | — | | $ | 10,000 | |
| | |
| | |
| | |
| | |
Stock issued to employee stock ownership plan | $ | 417 | | $ | 332 | |
Stock issued in payment of director fees | $ | 193 | | $ | 117 | |
Repurchase of stock not yet settled | $ | — | | $ | 132 | |
| | |
| | |
Restricted cash1 | $ | 930 | | $ | 1,930 | |
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).
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. Effective August 6, 2021 (the "merger date"), American River Bankshares ("AMRB") merged with and into Bank of Marin Bancorp ("Bancorp"), with Bank of Marin Bancorp surviving, followed thereafter at 12:05 AM on August 7, 2021, by the merger of American River Bank ("ARB") with and into Bank of Marin, with Bank of Marin (the "Bank") surviving, (collectively the "Merger"). The Merger was accounted for under ASC 805, Business Combinations. See Note 10, Merger, for further detail. 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. Certain items in prior financial statements were reclassified to conform to the current presentation, including the reclassification of the provision for credit losses on unfunded commitments in the second quarter of 2021 from non-interest expense to a separate line item under the provision for credit losses on loans in the consolidated statements of comprehensive income. This reclassification had no impact to net income or stockholders' equity.
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 2021 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, 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 ended | | |
(in thousands, except per share data) | March 31, 2022 | March 31, 2021 | | | |
Weighted average basic common shares outstanding | 15,876 | | 13,363 | | | | |
Potentially dilutive common shares related to: | | | | | |
Stock options | 52 | | 81 | | | | |
Unvested restricted stock awards | 18 | | 25 | | | | |
Weighted average diluted shares outstanding | 15,946 | | 13,469 | | | | |
Net income | $ | 10,465 | | $ | 8,947 | | | | |
Basic EPS | $ | 0.66 | | $ | 0.67 | | | | |
Diluted EPS | $ | 0.66 | | $ | 0.66 | | | | |
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS | 125 | | 80 | | | | |
Note 2: Recently Adopted and Issued Accounting Standards
Accounting Standards Not Yet Effective
In March 2020, the FASB issued 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. The amendments in this ASU may be elected as of March 12, 2020 through December 31, 2022. An entity may choose to elect the amendments in this update at an interim period subsequent to March 12, 2020 with adoption methods varying based on transaction type. We have not elected to apply amendments at this time and will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations.
In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The main amendments in this ASU are intended to clarify certain optional expedients and scope of derivative instruments. The amendments are elective and effective immediately upon issuance of this ASU. Amendments may be elected through December 31, 2022. As of March 31, 2022, we had four interest rate swap contracts with notional values totaling $12.8 million indexed to LIBOR that will either be subject to the fall-back index rate stipulated by the ISDA protocol or modified to other reference rates such as Prime or SOFR as mutually agreed by us and our counterparty. We have not elected to apply the amendments at this time and will continue to assess the applicability of this ASU to us as we monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations.
In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers (Topic 805). The amendments address diversity in accounting practices and requires acquiring companies to apply ASC 606, Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination, as opposed to other methods such as fair value. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination. The amendments are to be applied prospectively to business combinations occurring on or after December 15, 2022 and early adoption is permitted. In the event of a future business combination, we will assess the impact of the ASU on our financial condition and results of operations.
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminates the recognition measurement guidance for troubled debt restructured ("TDR") loans, and instead requires an entity to evaluate whether a modification represents a new loan or a continuation of an existing loan in accordance with ASC Topic 310-20, Receivables - Nonrefundable Fees and Other Costs. In addition, the amendment requires that an entity include in its vintage disclosures the current period-gross loan charge-offs by year of origination. The amendments are effective for years beginning after December 15, 2022, and should be applied prospectively, except that an entity has the option to apply a modified retrospective method for TDR loans, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. An entity may elect to early adopt each of the amendments separately. As such, we early adopted the current period charge-off disclosures in the first quarter of 2022 and intend to adopt the loan modification amendments when effective in the first quarter of 2023. Neither the early adoption of the amendments related to gross charge-off disclosures nor the future adoption of the TDR amendments had or will have a material impact on our financial condition or results of operations.
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 renames the "last-of-layer" method to the "portfolio layer" method and makes 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. The amendments are effective for years beginning after December 15, 2022. The adoption of the amendments will not impact our existing hedge accounting, disclosures, financial condition or 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.
| | | | | | | | | | | | | | | | | |
(in thousands) Description of Financial Instruments | Carrying Value | Quoted 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 |
March 31, 2022 | | | | | |
Securities available-for-sale: | | | | | |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 585,224 | | $ | — | | $ | 585,224 | | $ | — | | OCI |
SBA-backed securities | $ | 54,652 | | $ | — | | $ | 54,652 | | $ | — | | OCI |
Debentures of government sponsored agencies | $ | 143,297 | | $ | — | | $ | 143,297 | | $ | — | | OCI |
U.S. Treasury securities | $ | 10,973 | | $ | 10,973 | | $ | — | | $ | — | | OCI |
| | | | | |
Obligations of state and political subdivisions | $ | 124,690 | | $ | — | | $ | 124,690 | | $ | — | | OCI |
Corporate bonds | $ | 34,860 | | $ | — | | $ | 34,860 | | $ | — | | OCI |
Asset-backed securities | $ | 1,761 | | $ | — | | $ | 1,761 | | $ | — | | OCI |
Derivative financial assets (interest rate contracts) | $ | 42 | | $ | — | | $ | 42 | | $ | — | | NI |
Derivative financial liabilities (interest rate contracts) | $ | 370 | | $ | — | | $ | 370 | | $ | — | | NI |
December 31, 2021 | | | | | |
Securities available-for-sale: | | | | | |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 759,576 | | $ | — | | $ | 759,576 | | $ | — | | OCI |
SBA-backed securities | $ | 33,478 | | $ | — | | $ | 33,478 | | $ | — | | OCI |
Debentures of government sponsored agencies | $ | 188,527 | | $ | — | | $ | 188,527 | | $ | — | | OCI |
U.S. Treasury securities | $ | 11,630 | | $ | 11,630 | | $ | — | | $ | — | | OCI |
| | | | | |
Obligations of state and political subdivisions | $ | 134,000 | | $ | — | | $ | 134,000 | | $ | — | | OCI |
Corporate bonds | $ | 38,495 | | $ | — | | $ | 38,495 | | $ | — | | OCI |
Asset-backed securities | $ | 1,862 | | $ | — | | $ | 1,862 | | $ | — | | OCI |
| | | | | |
Derivative financial liabilities (interest rate contracts) | |