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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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:

						September 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					$	116,668					$	0					$	116,668
Mortgage-backed securities: residential						0						423,067						0						423,067
State and municipal securities						0						473,823						3,091						476,914
Total securities available-for-sale						0						1,013,558						3,091						1,016,649
Mortgage banking derivative						0						137						0						137
Interest rate swap derivative						0						20,399						0						20,399
Total assets						$	0					$	1,034,094					$	3,091					$	1,037,185
Liabilities:
Mortgage banking derivative						$	0					$	2					$	0					$	2
Interest rate swap derivative						0						20,400						0						20,400
Total liabilities						$	0					$	20,402					$	0					$	20,402

						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:

						September 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					$	28,318					$	28,318
Non-working capital loans						0						0						2,986						2,986
Commercial real estate and multi-family residential loans:
Owner occupied loans						0						0						467						467
Agri-business and agricultural loans:
Loans secured by farmland						0						0						69						69
Total collateral dependent loans						0						0						31,840						31,840
Other real estate owned						0						0						384						384
Total assets						$	0					$	0					$	32,224					$	32,224

						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 September 30, 2024:

(dollars in thousands)						Fair Value						Valuation Methodology						Unobservable Inputs						Average						Range of Inputs
Collateral dependent loans:
Commercial and industrial						$	31,304					Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						74		%				35%-99%
Collateral dependent loans:
Commercial real estate and multi-family residential loans						467						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						68		%
Collateral dependent loans:
Agri-business and agricultural						69						Collateral based measurements						Discount to reflect current market conditions and ultimate collectability						13		%
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.

						September 30, 2024
						Carrying Value						Estimated Fair Value
(dollars in thousands)												Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and cash equivalents						$	160,190					$	160,190					$	0					$	0					$	160,190
Securities available-for-sale						1,016,649						0						1,013,558						3,091						1,016,649
Securities held-to-maturity						131,157						0						118,861						0						118,861
Real estate mortgages held-for-sale						3,148						0						3,210						0						3,210
Loans, net						4,998,363						0						0						4,913,027						4,913,027
Mortgage banking derivative						137						0						137						0						137
Interest rate swap derivative						20,399						0						20,399						0						20,399
Federal Reserve and Federal Home Loan Bank Stock						21,420						N/A						N/A						N/A						N/A
Accrued interest receivable						28,471						0						7,819						20,652						28,471
Financial Liabilities:
Certificates of deposit						$	1,002,913					$	0					$	1,001,063					$	0					$	1,001,063
All other deposits						4,834,400						4,834,400						0						0						4,834,400
Federal Funds purchased						30,000						0						30,000						0						30,000
Mortgage banking derivative						2						0						2						0						2
Interest rate swap derivative						20,400						0						20,400						0						20,400
Standby letters of credit						262						0						0						262						262
Accrued interest payable						14,784						471						14,313						0						14,784

						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

No definition available.

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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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- 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/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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