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Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2020 and 2019 (in thousands):

						Fair Value Measurements Using:
						Quoted Prices in				Significant				Significant
						Active Markets				Other				Unobservable
						for Identical				Observable				Inputs
		Fair Value				Assets (Level 1)				Inputs (Level 2)				(Level 3)
December 31, 2020
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	127,069			$	—			$	127,069			$	—
Obligations of states and political subdivisions			249,844				—				249,050				794
Mortgage-backed securities			491,348				—				491,348				—
Other securities			10,979				—				10,979				—
Total available-for-sale securities			879,240				—				878,446				794
Equity securities			218				218				193				—
Derivative assets: interest rate swaps			1,399				—				1,399				—
Total assets		$	880,857			$	218			$	880,038			$	794
Derivative liabilities: interest swaps		$	2,892			$	—			$	2,892			$	—
December 31, 2019
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	107,320			$	—			$	107,320			$	—
Obligations of states and political subdivisions			178,433				—				177,460				973
Mortgage-backed securities			396,126				—				396,126				—
Other securities			3,757				—				3,757				—
Total available-for-sale securities			685,636				—				684,663				973
Equity securities			412				219				193				0
Total assets		$	686,048			$	219			$	684,856			$	973
Derivative liabilities: interest swaps		$	325			$	—			$	325			$	—

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2020 and 2019 is summarized as follows (in thousands):

		Obligations of State and Political
		Subdivisions
		December 31, 2020				December 31, 2019
Beginning balance		$	973			$	967
Transfers into Level 3			—				—
Transfers out of Level 3			—				—
Total gains or losses
Included in net income			5				6
Included in other comprehensive income (loss)			—				—
Purchases, issuances, sales and settlements
Purchases			—				—
Issuances			—				—
Sales			—				—
Settlements			(184	)			—
Ending balance		$	794			$	973
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—			$	—

Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2020 and 2019 (in thousands):

		Fair Value Measurements Using
						Quoted Prices
						in Active				Significant				Significant
						Markets for				Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
December 31, 2020
Impaired loans (collateral dependent)		$	14,876			$	—			$	—			$	14,876
Foreclosed assets held for sale			290				—				—				290
Mortgage servicing rights			516				—				—				517
December 31, 2019
Impaired loans (collateral dependent)		$	12,727			$	—			$	—			$	12,727
Foreclosed assets held for sale			935				—				—				935
Mortgage servicing rights			1,444				—				—				1,444

Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2020.

		Fair Value				Valuation
		(in thousands)				Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans (collateral dependent)		$	14,876			Third party valuations		Discount to reflect realizable value		0% - 40%		(20%)
Foreclosed assets held for sale			290			Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		(35%)
Mortgage servicing rights			517			Third party valuations		PSA standard prepayment model rate		242 - 441		(384)

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2019.

		Fair Value				Valuation
		(in thousands)				Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans (collateral dependent)		$	12,727			Third party valuations		Discount to reflect realizable value		0% - 40%		(20%)
Foreclosed assets held for sale			935			Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		(35%)
Mortgage servicing rights			1,444			Third party valuations		PSA standard prepayment model rate		152 - 437		(189)

Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at December 31, 2020 and 2019 (in thousands):

		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
December 31, 2020
Financial Assets
Cash and due from banks		$	415,973			$	415,973			$	415,973			$	—			$	—
Federal funds sold			1,308				1,308				1,308				—				—
Certificates of deposit investments			2,695				2,695				—				2,695				—
Available-for-sale securities			879,240				879,240				0				878,446				794
Held-to-maturity securities			5,016				5,119				—				5,119				—
Equity securities			218				218				218				—				—
Loans held for sale			1,924				1,924				—				1,924				—
Loans net of allowance for credit losses			3,094,585				3,056,344				—				—				3,056,344
Interest receivable			19,287				19,287				—				19,287				—
Federal Reserve Bank stock			9,401				9,401				—				9,401				—
Federal Home Loan Bank stock			5,450				5,450				—				5,450				—
Financial Liabilities
Deposits			3,692,784				3,697,105				—				3,215,715				481,390
Securities sold under agreements to repurchase			206,937				206,945				—				206,945				—
Interest payable			2,345				2,345				—				2,345				—
Federal Home Loan Bank borrowings			93,969				96,669				—				96,669				—
Other borrowings			—				—				—				—				—
Subordinated debentures			94,253				94,253				—				94,253				—
Junior subordinated debentures			19,027				14,604				—				14,604				—
December 31, 2019
Financial Assets
Cash and due from banks		$	84,154			$	84,154			$	84,154			$	—			$	—
Federal funds sold			926				926				926				—				—
Certificates of deposit investments			4,625				4,625				—				4,625				—
Available-for-sale securities			685,636				685,636				—				684,856				780
Held-to-maturity securities			69,542				69,572				—				69,572				—
Equity securities			412				412				219				—				193
Loans held for sale			1,820				1,820				—				1,820				—
Loans net of allowance for loan losses			2,666,616				2,622,053				—				—				2,622,053
Interest receivable			15,577				15,577				—				15,577				—
Federal Reserve Bank stock			9,401				9,401				—				9,401				—
Federal Home Loan Bank stock			4,105				4,105				—				4,105				—
Financial Liabilities
Deposits			2,917,336				2,924,144				—				2,332,866				591,278
Securities sold under agreements to repurchase			208,109				208,016				—				208,016				—
Interest payable			2,261				2,261				—				2,261				—
Federal Home Loan Bank borrowings			113,895				114,510				—				114,510				—
Other borrowings			5,000				5,000				5,000				—				—
Junior subordinated debentures			18,858				15,596				—				15,596				—

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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