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FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The tables below present the balances of assets measured at fair value on a recurring basis:
|  | September 30, 2022
|  | Fair Value Measurements Using |  | Assets at Fair Value
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,968 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,968 |
U.S. government sponsored agency securities |  | 0 |  |  | 131,255 |  |  | 0 |  |  | 131,255 |
Mortgage-backed securities: residential |  | 0 |  |  | 504,756 |  |  | 0 |  |  | 504,756 |
State and municipal securities |  | 0 |  |  | 550,888 |  |  | 3,319 |  |  | 554,207 |
Total securities |  | 1,968 |  |  | 1,186,899 |  |  | 3,319 |  |  | 1,192,186 |
Mortgage banking derivative |  | 0 |  |  | 83 |  |  | 0 |  |  | 83 |
Interest rate swap derivative |  | 0 |  |  | 38,909 |  |  | 0 |  |  | 38,909 |
Total assets |  | $ | 1,968 |  |  | $ | 1,225,891 |  |  | $ | 3,319 |  |  | $ | 1,231,178 |
Liabilities: |  |  |  |  |  |  |  |
Mortgage banking derivative |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest rate swap derivative |  | 0 |  |  | 38,910 |  |  | 0 |  |  | 38,910 |
Total liabilities |  | $ | 0 |  |  | $ | 38,910 |  |  | $ | 0 |  |  | $ | 38,910 |
|  | 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 present the balances of assets measured at fair value on a nonrecurring basis:
|  | September 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 |  |  | $ | 275 |  |  | $ | 275 |
Non-working capital loans |  | 0 |  |  | 0 |  |  | 3,006 |  |  | 3,006 |
Commercial real estate and multi-family residential loans: |  |  |  |  |  |  |  |
Owner occupied loans |  | 0 |  |  | 0 |  |  | 498 |  |  | 498 |
Agri-business and agricultural loans: |  |  |  |  |  |  |  |
Loans secured by farmland |  | 0 |  |  | 0 |  |  | 42 |  |  | 42 |
Total collateral dependent loans |  | 0 |  |  | 0 |  |  | 3,821 |  |  | 3,821 |
Other real estate owned |  | 0 |  |  | 0 |  |  | 196 |  |  | 196 |
Total assets |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,017 |  |  | $ | 4,017 |
|  | 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 September 30, 2022:
(dollars in thousands) |  | Fair Value |  | Valuation Methodology |  | Unobservable Inputs |  | Average |  | Range of Inputs
Collateral dependent loans: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 3,281 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 72 | % |  | 63%-99%
Collateral dependent loans: |  |  |  |  |  |  |  |  |  |
Commercial real estate and multi-family residential loans |  | 498 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 54 | % |  | 37%-71%
Collateral dependent loans: |  |  |  |  |  |  |  |  |  |
Agribusiness and agricultural |  | 42 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 71 | % |  | 71%
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 that are not financial instruments are not included.
|  | September 30, 2022
|  | Carrying Value |  | Estimated Fair Value
(dollars in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 204,802 |  |  | $ | 203,588 |  |  | $ | 1,214 |  |  | $ | 0 |  |  | $ | 204,802 |
Securities available-for-sale |  | 1,192,186 |  |  | 1,968 |  |  | 1,186,899 |  |  | 3,319 |  |  | 1,192,186 |
Securities held-to-maturity |  | 127,820 |  |  | 0 |  |  | 103,326 |  |  | 0 |  |  | 103,326 |
Real estate mortgages held-for-sale |  | 1,097 |  |  | 0 |  |  | 1,117 |  |  | 0 |  |  | 1,117 |
Loans, net |  | 4,422,596 |  |  | 0 |  |  | 0 |  |  | 4,246,842 |  |  | 4,246,842 |
Mortgage banking derivative |  | 83 |  |  | 0 |  |  | 83 |  |  | 0 |  |  | 83 |
Interest rate swap derivative |  | 38,909 |  |  | 0 |  |  | 38,909 |  |  | 0 |  |  | 38,909 |
Federal Reserve and Federal Home Loan Bank Stock |  | 12,840 |  |  | N/A |  | N/A |  | N/A |  | N/A
Accrued interest receivable |  | 22,822 |  |  | 0 |  |  | 9,201 |  |  | 13,621 |  |  | 22,822 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 750,304 |  |  | 0 |  |  | 751,974 |  |  | 0 |  |  | 751,974 |
All other deposits |  | 4,913,829 |  |  | 4,913,829 |  |  | 0 |  |  | 0 |  |  | 4,913,829 |
Mortgage banking derivative |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Interest rate swap derivative |  | 38,910 |  |  | 0 |  |  | 38,910 |  |  | 0 |  |  | 38,910 |
Standby letters of credit |  | 234 |  |  | 0 |  |  | 0 |  |  | 234 |  |  | 234 |
Accrued interest payable |  | 2,200 |  |  | 184 |  |  | 2,016 |  |  | 0 |  |  | 2,200 |
|  | 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 |

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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. + References No definition available. + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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