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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2024

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:

						June 30, 2024
						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					$	113,697					$	0					$	113,697
Mortgage-backed securities: residential						0						419,230						0						419,230
State and municipal securities						0						457,424						2,706						460,130
Total securities available-for-sale						0						990,351						2,706						993,057
Visa class c shares						1,653						0						0						1,653
Mortgage banking derivative						0						99						0						99
Interest rate swap derivative						0						29,995						0						29,995
Total assets						$	1,653					$	1,020,445					$	2,706					$	1,024,804
Liabilities:
Interest rate swap derivative						$	0					$	29,995					$	0					$	29,995
Total liabilities						$	0					$	29,995					$	0					$	29,995

						December 31, 2023
						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					$	119,479					$	0					$	119,479
Mortgage-backed securities: residential						0						447,842						0						447,842
State and municipal securities						0						482,127						2,280						484,407
Total securities available-for-sale						0						1,049,448						2,280						1,051,728
Mortgage banking derivative						0						47						0						47
Interest rate swap derivative						0						27,189						0						27,189
Total assets						$	0					$	1,076,684					$	2,280					$	1,078,964
Liabilities:
Mortgage banking derivative						$	0					$	11					$	0					$	11
Interest rate swap derivative						0						27,190						0						27,190
Total liabilities						$	0					$	27,201					$	0					$	27,201

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:

						June 30, 2024
						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					$	33,309					$	33,309
Non-working capital loans						0						0						4,254						4,254
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						477						477
Agri-business and agricultural loans:
Loans secured by farmland						0						0						28						28
Total collateral dependent loans						0						0						38,068						38,068
Other real estate owned						0						0						384						384
Total assets						$	0					$	0					$	38,452					$	38,452

						December 31, 2023
						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					$	1,263					$	1,263
Non-working capital loans						0						0						3,374						3,374
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						682						682
Agri-business and agricultural loans:
Loans secured by farmland						0						0						31						31
Total collateral dependent loans						0						0						5,350						5,350
Other real estate owned						0						0						384						384
Total assets						$	0					$	0					$	5,734					$	5,734

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, 2024:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	37,563					Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						65		%				10%-99%
Collateral dependent loans:
Commercial real estate and multi-family residential loans						477						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						67		%
Collateral dependent loans:
Agri-business and agricultural						28						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						67		%
Other real estate owned						384						Appraisals						Discount to reflect current market conditions and ultimate collectability						36		%

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, 2023:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	4,637					Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						64		%				9%-99%
Collateral dependent loans:
Commercial real estate and multi-family residential loans						682						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						37		%				9%-69%
Collateral dependent loans:
Agri-business and agricultural						31						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						69		%
Other real estate owned						384						Appraisals						Discount to reflect current market conditions and ultimate collectability						36		%

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.

						June 30, 2024
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	121,177					$	121,177					$	0					$	0					$	121,177
Securities available-for-sale						993,057						0						990,351						2,706						993,057
Securities held-to-maturity						130,746						0						113,997						0						113,997
Real estate mortgages held-for-sale						399						0						409						0						409
Visa class c shares						1,653						1,653						0						0						1,653
Loans, net						4,971,630						0						0						4,842,857						4,842,857
Mortgage banking derivative						99						0						99						0						99
Interest rate swap derivative						29,995						0						29,995						0						29,995
Federal Reserve and Federal Home Loan Bank Stock						21,420						N/A						N/A						N/A						N/A
Accrued interest receivable						30,681						0						8,294						22,387						30,681
Financial Liabilities:
Certificates of deposit						$	992,560					$	0					$	985,114					$	0					$	985,114
All other deposits						4,770,977						4,770,977						0						0						4,770,977
Federal Home Loan Bank advances						55,000						55,000						0						0						55,000
Interest rate swap derivative						29,995						0						29,995						0						29,995
Standby letters of credit						171						0						0						171						171
Accrued interest payable						15,354						798						14,556						0						15,354

						December 31, 2023
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	151,824					$	151,824					$	0					$	0					$	151,824
Securities available-for-sale						1,051,728						0						1,049,448						2,280						1,051,728
Securities held-to-maturity						129,918						0						119,215						0						119,215
Real estate mortgages held-for-sale						1,158						0						1,158						0						1,158
Loans, net						4,844,562						0						0						4,694,532						4,694,532
Mortgage banking derivative						47						0						47						0						47
Interest rate swap derivative						27,189						0						27,189						0						27,189
Federal Reserve and Federal Home Loan Bank Stock						21,420						N/A						N/A						N/A						N/A
Accrued interest receivable						30,011						0						8,558						21,453						30,011
Financial Liabilities:
Certificates of deposit						$	1,016,821					$	0					$	1,010,172					$	0					$	1,010,172
All other deposits						4,703,704						4,703,704						0						0						4,703,704
Federal Home Loan Bank advances						50,000						50,000						0						0						50,000
Mortgage banking derivative						11						0						11						0						11
Interest rate swap derivative						27,190						0						27,190						0						27,190
Standby letters of credit						289						0						0						289						289
Accrued interest payable						20,893						753						20,140						0						20,893

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.

+ References

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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