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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The tables below presents the balances of assets measured at fair value on a recurring basis:

						June 30, 2021
						Fair Value Measurements Using																		Assets at Fair Value
(dollars in thousands)						Level 1						Level 2						Level 3
Assets:
U.S. Treasury securities						$	900					$	0					$	0					$	900
U.S. government sponsored agency securities						0						90,372						0						90,372
Mortgage-backed securities: residential						0						446,978						0						446,978
Mortgage-backed securities: commercial						0						30,121						0						30,121
State and municipal securities						0						555,724						140						555,864
Total Securities						900						1,123,195						140						1,124,235
Mortgage banking derivative						0						620						0						620
Interest rate swap derivative						0						17,028						0						17,028
Total assets						$	900					$	1,140,843					$	140					$	1,141,883
Liabilities:
Mortgage banking derivative						$	0					$	22					$	0					$	22
Interest rate swap derivative						0						17,048						0						17,048
Total liabilities						$	0					$	17,070					$	0					$	17,070

						December 31, 2020
						Fair Value Measurements Using																		Assets at Fair Value
(dollars in thousands)						Level 1						Level 2						Level 3
Assets:
U.S. government sponsored agency securities						$	0					$	36,487					$	0					$	36,487
Mortgage-backed securities: residential						0						279,503						0						279,503
Mortgage-backed securities: commercial						0						36,881						0						36,881
State and municipal securities						0						381,834						140						381,974
Total Securities						0						734,705						140						734,845
Mortgage banking derivative						0						1,182						0						1,182
Interest rate swap derivative						0						21,764						0						21,764
Total assets						$	0					$	757,651					$	140					$	757,791
Liabilities:
Mortgage banking derivative						$	0					$	111					$	0					$	111
Interest rate swap derivative						0						21,794						0						21,794
Total liabilities						$	0					$	21,905					$	0					$	21,905

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

The tables below presents the balances of assets measured at fair value on a nonrecurring basis:

						June 30, 2021
						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					$	163					$	163
Non-working capital loans						0						0						4,670						4,670
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						760						760
Agri-business and agricultural loans:
Loans secured by farmland						0						0						47						47
Total collateral dependent loans						0						0						5,640						5,640
Other real estate owned						0						0						0						0
Total assets						$	0					$	0					$	5,640					$	5,640

						December 31, 2020
						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					$	178					$	178
Non-working capital loans						0						0						4,904						4,904
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						1,211						1,211
Agri-business and agricultural loans:
Loans secured by farmland						0						0						61						61
Consumer 1‑4 family mortgage loans:
Closed end first mortgage loans						0						0						411						411
Total collateral dependent loans						0						0						6,765						6,765
Other real estate owned						0						0						0						0
Total assets						$	0					$	0					$	6,765					$	6,765

Schedule of Fair Value Measured on Nonrecurring Basis Valuation Techniques

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2021:

(dollars in thousands)

Fair Value

Valuation Methodology

Unobservable Inputs

Average

Range of Inputs

Collateral dependent loans:

Commercial and industrial

$

4,833

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

56

%

22%-99%

Collateral dependent loans:

Commercial real estate

760

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

54

%

25%-70%

Collateral dependent loans:

Agribusiness and agricultural

47

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

68

%

N/A

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2020:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	5,082					Collateral basedmeasurements						Discount to reflect current market conditions and ultimate collectability						55		%				16%-100%
Collateral dependent loans:
Commercial real estate						1,211						Collateral basedmeasurements						Discount to reflect current market conditions and ultimate collectability						53		%				21%-74%
Collateral dependent loans:
Agribusiness and agricultural						61						Collateral basedmeasurements						Discount to reflect current market conditions and ultimate collectability						58		%				N/A
Collateral dependent loans:
Consumer 1-4 family mortgage						411						Collateral basedmeasurements						Discount to reflect current market conditions and ultimate collectability						11		%				10%-15%

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 which are not financial instruments are not included.

						June 30, 2021
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	572,810					$	571,098					$	1,712					$	0					$	572,810
Securities available-for-sale						1,124,235						900						1,123,195						140						1,124,235
Real estate mortgages held-for-sale						7,005						0						7,168						0						7,168
Loans, net						4,281,996						0						0						4,220,690						4,220,690
Mortgage banking derivative						620						0						620						0						620
Interest rate swap derivative						17,028						0						17,028						0						17,028
Federal Reserve and Federal Home Loan Bank Stock						13,772						N/A						N/A						N/A						N/A
Accrued interest receivable						17,056						0						5,350						11,706						17,056
Financial Liabilities:
Certificates of deposit						(959,338)						0						(965,188)						0						(965,188)
All other deposits						(4,435,326)						(4,435,326)						0						0						(4,435,326)
Federal Home Loan Bank advances						(75,000)						0						(67,002)						0						(67,002)
Mortgage banking derivative						(22)						0						(22)						0						(22)
Interest rate swap derivative						(17,048)						0						(17,048)						0						(17,048)
Standby letters of credit						(225)						0						0						(225)						(225)
Accrued interest payable						(3,871)						(69)						(3,802)						0						(3,871)

						December 31, 2020
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	249,927					$	247,228					$	2,699					$	0					$	249,927
Securities available-for-sale						734,845						0						734,705						140						734,845
Real estate mortgages held-for-sale						11,218						0						11,651						0						11,651
Loans, net						4,587,748						0						0						4,532,639						4,532,639
Mortgage banking derivative						1,182						0						1,182						0						1,182
Interest rate swap derivative						21,764						0						21,764						0						21,764
Federal Reserve and Federal Home Loan Bank Stock						13,772						N/A						N/A						N/A						N/A
Accrued interest receivable						18,761						0						3,801						14,960						18,761
Financial Liabilities:
Certificates of deposit						(1,024,819)						0						(1,033,095)						0						(1,033,095)
All other deposits						(4,011,986)						(4,011,986)						0						0						(4,011,986)
Miscellaneous borrowings						(10,500)						0						(10,500)						0						(10,500)
Federal Home Loan Bank advances						(75,000)						0						(68,967)						0						(68,967)
Mortgage banking derivative						(111)						0						(111)						0						(111)
Interest rate swap derivative						(21,794)						0						(21,794)						0						(21,794)
Standby letters of credit						(686)						0						0						(686)						(686)
Accrued interest payable						(5,959)						(66)						(5,893)						0						(5,959)

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a nonrecurring basis.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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