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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022
						Fair Value Measurements Using																		Assets at Fair Value
(dollars in thousands)						Level 1						Level 2						Level 3
Assets:
U.S. Treasury securities						$	2,234					$	0					$	0					$	2,234
U.S. government sponsored agency securities						0						142,261						0						142,261
Mortgage-backed securities: residential						0						558,122						0						558,122
State and municipal securities						0						594,363						3,600						597,963
Total securities available-for-sale						2,234						1,294,746						3,600						1,300,580
Mortgage banking derivative						0						168						0						168
Interest rate swap derivative						0						26,370						0						26,370
Total assets						$	2,234					$	1,321,284					$	3,600					$	1,327,118
Liabilities:
Mortgage banking derivative						$	0					$	5					$	0					$	5
Interest rate swap derivative						0						26,372						0						26,372
Total liabilities						$	0					$	26,377					$	0					$	26,377

						December 31, 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						143,452						0						143,452
Mortgage-backed securities: residential						0						486,676						0						486,676
Mortgage-backed securities: commercial						0						523						0						523
State and municipal securities						0						764,964						2,043						767,007
Total securities available-for-sale						900						1,395,615						2,043						1,398,558
Mortgage banking derivative						0						398						0						398
Interest rate swap derivative						0						14,309						0						14,309
Total assets						$	900					$	1,410,322					$	2,043					$	1,413,265
Liabilities:
Mortgage banking derivative						$	0					$	2					$	0					$	2
Interest rate swap derivative						0						14,329						0						14,329
Total liabilities						$	0					$	14,331					$	0					$	14,331

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, 2022
						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					$	303					$	303
Non-working capital loans						0						0						3,614						3,614
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						466						466
Agri-business and agricultural loans:
Loans secured by farmland						0						0						45						45
Total collateral dependent loans						0						0						4,428						4,428
Other real estate owned						0						0						196						196
Total assets						$	0					$	0					$	4,624					$	4,624

						December 31, 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					$	247					$	247
Non-working capital loans						0						0						5,095						5,095
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						791						791
Agri-business and agricultural loans:
Loans secured by farmland						0						0						231						231
Total collateral dependent loans						0						0						6,364						6,364
Other real estate owned						0						0						196						196
Total assets						$	0					$	0					$	6,560					$	6,560

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, 2022:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	3,917					Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						70		%				31%-99%
Collateral dependent loans:
Commercial real estate and multi-family residential loans						466						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						69		%				69%
Collateral dependent loans:
Agribusiness and agricultural						45						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						69		%				69%
Other real estate owned						196						Appraisals						Discount to reflect current market conditions and ultimate collectability						38		%

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, 2021:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	5,342					Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						65		%				22%-99%
Collateral dependent loans:
Commercial real estate and multi-family residential loans						791						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						51		%				34%-68%
Collateral dependent loans:
Agribusiness and agricultural						231						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						35		%				3%-68%
Other real estate owned						196						Appraisals						Discount to reflect current market conditions and ultimate collectability						38		%

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, 2022
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	169,515					$	168,054					$	1,461					$	0					$	169,515
Securities available-for-sale						1,300,580						2,234						1,294,746						3,600						1,300,580
Securities held-to-maturity						127,411						0						113,350						0						113,350
Real estate mortgages held-for-sale						2,646						0						2,704						0						2,704
Loans, net						4,357,176						0						0						4,219,490						4,219,490
Mortgage banking derivative						168						0						168						0						168
Interest rate swap derivative						26,370						0						26,370						0						26,370
Federal Reserve and Federal Home Loan Bank Stock						12,840						N/A						N/A						N/A						N/A
Accrued interest receivable						20,733						0						9,692						11,041						20,733
Financial Liabilities:
Certificates of deposit						761,914						0						764,731						0						764,731
All other deposits						4,859,670						4,859,670						0						0						4,859,670
Mortgage banking derivative						5						0						5						0						5
Interest rate swap derivative						26,372						0						26,372						0						26,372
Standby letters of credit						144						0						0						144						144
Accrued interest payable						1,948						80						1,868						0						1,948

						December 31, 2021
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	683,240					$	681,286					$	1,954					$	0					$	683,240
Securities available-for-sale						1,398,558						900						1,395,615						2,043						1,398,558
Real estate mortgages held-for-sale						7,470						0						7,634						0						7,634
Loans, net						4,220,068						0						0						4,144,000						4,144,000
Mortgage banking derivative						398						0						398						0						398
Interest rate swap derivative						14,309						0						14,309						0						14,309
Federal Reserve and Federal Home Loan Bank Stock						13,772						N/A						N/A						N/A						N/A
Accrued interest receivable						17,674						0						7,689						9,985						17,674
Financial Liabilities:
Certificates of deposit						829,518						0						833,617						0						833,617
All other deposits						4,905,889						4,905,889						0						0						4,905,889
Federal Home Loan Bank advances						75,000						0						66,118						0						66,118
Mortgage banking derivative						2						0						2						0						2
Interest rate swap derivative						14,329						0						14,329						0						14,329
Standby letters of credit						272						0						0						272						272
Accrued interest payable						2,619						84						2,535						0						2,619

X

- 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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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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