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Disclosures about fair value of assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Text Block [Abstract]

Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

			December 31, 2022
			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies			$	267,179					$	—					$	267,179					$	—
State and municipal			433,544						—						433,544						—
Federal agency collateralized mortgage obligations			31,215						—						31,215						—
Federal agency mortgage–backed pools			190,656						—						190,656						—
Corporate notes			74,964						—						74,964						—
Total available for sale securities			997,558						—						997,558						—
Interest rate swap agreements asset			44,595						—						44,595						—
Commitments to originate mortgage loans			284						—						284						—
Interest rate swap agreements liability			(42,619)						—						(42,619)						—
Mortgage loan contracts			(50)						—						(50)						—

			December 31, 2021
			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies			$	116,979					$	—					$	116,979					$	—
State and municipal			639,746						—						519,282						120,464
Federal agency collateralized mortgage obligations			61,577						—						61,577						—
Federal agency mortgage–backed pools			257,691						—						257,691						—
Corporate notes			84,819						—						79,787						5,032
Total available for sale securities			1,160,812						—						1,035,316						125,496
Interest rate swap agreements asset			14,419						—						14,419						—
Commitments to originate mortgage loans			1,037						—						1,037						—
Interest rate swap agreements liability			(18,092)						—						(18,092)						—
Mortgage loan contracts			(238)						—						(238)						—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable Level 3 inputs for the year ended December 31, 2022.

			Available for Sale Securities
			Years Ended December 31
			2022						2021
Beginning balance			$	125,496					$	—
Transfer to Level 2			(125,496)						—
Included in other comprehensive income			—						(134)
Purchases, issuances and settlements			—						125,630
Principal payments			—						—
Ending balance			$	—					$	125,496

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
December 31, 2022
Collateral dependent loans			$	8,091					$	—					$	—					$	8,091
December 31, 2021
Collateral dependent loans			$	15,176					$	—					$	—					$	15,176
Mortgage servicing rights			15,186						—						—						15,186

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2022 and 2021.

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral dependent loans

$

8,091

Collateral based measurement

Discount to reflect current market conditions and ultimate collectability

0.0%–100.0% (13.3%)

December 31, 2021

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

State and municipal securities

$

120,464

Grid pricing

Maturity date, Weighted average coupon

1 month–16 years, 2.05%

Corporate securities

5,032

Grid pricing

Maturity date, Weighted average coupon

9 years–17 years, 3.97%

Collateral dependent loans

$

15,176

Collateral based measurement

Discount to reflect current market conditions and ultimate collectability

0.0%–54.0% (4.8%)

Mortgage servicing rights

15,186

Discounted cash flows

Discount rate, Constant prepayment rate, Probability of default

8.0%–8.0% (8.0%), 8.4%–14.6% (11.6%), 0.0%–2.0%(0.4%)

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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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
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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