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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of carrying amount and estimated fair value of financial instruments

															Fair Value Measurement Using
(dollars in thousands)			Carrying Amount						Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2020
Financial assets:
Cash and due from banks			$	89,665					$	89,665					$	89,665					$	—					$	—
Interest-bearing deposits in other banks			5,489						5,489						5,489						—						—
Investment securities			1,167,523						1,167,523						1,204						1,153,791						12,528
Loans held for sale			23,962						23,962						—						23,962						—
Net loans			4,950,084						4,844,662						—						—						4,844,662
Accrued interest receivable			21,478						21,478						21,478						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,762,476						1,762,476						1,762,476						—						—
Interest-bearing demand and savings and money market			2,995,227						2,995,227						2,995,227						—						—
Time			921,226						922,223						—						—						922,223
Short-term borrowings			206,000						206,000						—						206,000						—
Long-term debt			101,547						90,690						—						—						90,690
Accrued interest payable (included in other liabilities)			1,608						1,608						1,608						—						—

																					Fair Value Measurement Using
(dollars in thousands)			Notional Amount						Carrying Amount						Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2020
Derivatives:
Interest rate lock commitments			$	2,927					$	111					$	111					$	—					$	111					$	—
Forward sale commitments			19,341						(73)						(73)						—						(73)						—
Risk participation agreement			28,800						(54)						(54)						—						—						(54)
Off-balance sheet financial instruments:
Commitments to extend credit			1,195,510						1,368						1,368						—						1,368						—
Standby letters of credit and financial guarantees written			10,842						163						163						—						163						—

															Fair Value Measurement Using
(dollars in thousands)			Carrying Amount						Estimated 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, 2019
Financial assets:
Cash and due from banks			$	78,418					$	78,418					$	78,418					$	—					$	—
Interest-bearing deposits in other banks			24,554						24,554						24,554						—						—
Investment securities			1,128,110						1,128,110						1,127						1,115,728						11,255
Loans held for sale			9,083						9,083						—						9,083						—
Net loans			4,401,569						4,392,477						—						—						4,392,477
Accrued interest receivable			16,500						16,500						16,500						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,450,532						1,450,532						1,450,532						—						—
Interest-bearing demand and savings and money market			2,643,038						2,643,038						2,643,038						—						—
Time			1,026,453						1,023,362						—						—						1,023,362
Short-term borrowings			150,000						150,000						—						150,000						—
Long-term debt			101,547						97,827						—						97,827						—
Accrued interest payable (included in other liabilities)			4,288						4,288						4,288						—						—

Schedule of balances of assets and liabilities measured at fair value on a recurring basis

The following tables present the fair value of assets and liabilities measured on a recurring basis as of September 30, 2020 and December 31, 2019:

									Fair Value at Reporting Date Using
(dollars in thousands)			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2020
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	168,589					$	—					$	157,055					$	11,534
Corporate securities			50,558						—						50,558						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			34,944						—						34,944						—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities			763,326						—						763,326						—
Commercial - U.S. Government agencies and sponsored entities			73,786						—						73,786						—
Residential - Non-government agencies			28,676						—						27,682						994
Commercial - Non-government agencies			46,440						—						46,440						—
Total available-for-sale securities			1,166,319						—						1,153,791						12,528
Equity securities			1,204						1,204						—						—
Derivatives: Interest rate lock and forward sale commitments			(16)						—						38						(54)
Total			$	1,167,507					$	1,204					$	1,153,829					$	12,474

									Fair Value at Reporting Date Using
(dollars in thousands)			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, 2019
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	122,018					$	—					$	110,763					$	11,255
Corporate securities			30,529						—						30,529						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			40,381						—						40,381						—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities			677,822						—						677,822						—
Commercial - U.S. Government agencies and sponsored entities			81,225						—						81,225						—
Residential - Non-government agencies			37,191						—						37,191						—
Commercial - Non-government agencies			137,817						—						137,817						—
Total available-for-sale securities			1,126,983						—						1,115,728						11,255
Equity securities			1,127						1,127						—						—
Derivatives: Interest rate lock and forward sale commitments			(20)						—						(20)						—
Total			$	1,128,090					$	1,127					$	1,115,708					$	11,255

Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis

For the nine months ended September 30, 2020 and 2019, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

			Available-For-Sale Debt Securities:
(dollars in thousands)			States and Political Subdivisions						Residential - Non-Government Agencies						Total
Balance at December 31, 2019			$	11,255					$	—					$	11,255
Principal payments received			(319)						—						(319)
Unrealized net gain included in other comprehensive income			598						—						598
Purchases			—						994						994
Balance at September 30, 2020			$	11,534					$	994					$	12,528
Balance at December 31, 2018			$	11,169					$	—					$	11,169
Principal payments received			(285)						—						(285)
Unrealized net gain included in other comprehensive income			618						—						618
Purchases			—						—						—
Balance at September 30, 2019			$	11,502					$	—					$	11,502

Schedule of level of valuation assumptions used to determine the fair value of assets measured on a nonrecurring basis

the level of valuation assumptions used to determine the respective fair values as of September 30, 2020 and December 31, 2019:

									Fair Value Measurements Using
(dollars in thousands)			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2020
Other real estate (1)			$	128					$	—					$	128					$	—
December 31, 2019
Other real estate (1)			$	164					$	—					$	164					$	—

(1)Represents other real estate that is carried at fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral.

X

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) whether recognized or not in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition and the measurements of those instruments, assets and liabilities. Such disclosures about the financial instruments, assets and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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

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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/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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