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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

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)
June 30, 2021
Financial assets:
Cash and due from banks			$	116,009					$	116,009					$	116,009					$	—					$	—
Interest-bearing deposits in other banks			224,469						224,469						224,469						—						—
Investment securities			1,408,918						1,408,918						1,578						1,398,430						8,910
Loans held for sale			5,361						5,361						—						5,361						—
Net loans			4,999,537						4,882,130						—						—						4,882,130
Accrued interest receivable			19,014						19,014						19,014						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,203,806						2,203,806						2,203,806						—						—
Interest-bearing demand and savings and money market			3,390,225						3,390,225						3,390,225						—						—
Time			803,128						802,904						—						—						802,904
Long-term debt			105,495						90,309						—						—						90,309
Accrued interest payable (included in other liabilities)			1,142						1,142						1,142						—						—

																					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)
June 30, 2021
Derivatives:
Interest rate lock commitments			$	779					$	14					$	14					$	—					$	14					$	—
Forward sale commitments			4,945						(14)						(14)						—						(14)						—
Risk participation agreement			37,647						(22)						(22)						—						—						(22)
Off-balance sheet financial instruments:
Commitments to extend credit			1,308,203						—						1,620						—						1,620						—
Standby letters of credit and financial guarantees written			11,456						—						172						—						172						—

															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, 2020
Financial assets:
Cash and due from banks			$	97,546					$	97,546					$	97,546					$	—					$	—
Interest-bearing deposits in other banks			6,521						6,521						6,521						—						—
Investment securities			1,183,960						1,183,960						1,351						1,170,283						12,326
Loans held for sale			16,687						16,687						—						16,687						—
Net loans			4,880,844						4,795,776						—						—						4,795,776
Accrued interest receivable			20,224						20,224						20,224						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,790,269						1,790,269						1,790,269						—						—
Interest-bearing demand and savings and money market			3,106,931						3,106,931						3,106,931						—						—
Time			898,918						899,562						—						—						899,562
Short-term borrowings			22,000						22,000						—						22,000						—
Long-term debt			105,385						92,488						—						—						92,488
Accrued interest payable (included in other liabilities)			1,727						1,727						1,727						—						—

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 June 30, 2021 and December 31, 2020:

									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)
June 30, 2021
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	196,764					$	—					$	188,794					$	7,970
Corporate securities			46,678						—						46,678						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			39,734						—						39,734						—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities			984,678						—						984,678						—
Commercial - U.S. Government agencies and sponsored entities			81,466						—						81,466						—
Residential - Non-government agencies			15,446						—						14,506						940
Commercial - Non-government agencies			42,574						—						42,574						—
Total available-for-sale securities			1,407,340						—						1,398,430						8,910
Equity securities			1,578						1,578						—						—
Derivatives: Interest rate lock, forward sale commitments and risk participation agreements			(22)						—						—						(22)
Total			$	1,408,896					$	1,578					$	1,398,430					$	8,888

									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, 2020
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	168,766					$	—					$	157,429					$	11,337
Corporate securities			48,008						—						48,008						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			33,145						—						33,145						—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities			778,826						—						778,826						—
Commercial - U.S. Government agencies and sponsored entities			87,469						—						87,469						—
Residential - Non-government agencies			23,423						—						22,434						989
Commercial - Non-government agencies			42,972						—						42,972						—
Total available-for-sale securities			1,182,609						—						1,170,283						12,326
Equity securities			1,351						1,351						—						—
Derivatives: Interest rate lock, forward sale commitments and risk participation agreements			(145)						—						(97)						(48)
Total			$	1,183,815					$	1,351					$	1,170,186					$	12,278

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

For the six months ended June 30, 2021 and 2020, 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, 2020			$	11,337					$	989					$	12,326
Principal payments received			(2,734)						(11)						(2,745)
Unrealized net loss included in other comprehensive income			(633)						(38)						(671)
Balance at June 30, 2021			$	7,970					$	940					$	8,910
Balance at December 31, 2019			$	11,255					$	—					$	11,255
Principal payments received			(212)						—						(212)
Unrealized net gain included in other comprehensive income			628						—						628
Balance at June 30, 2020			$	11,671					$	—					$	11,671

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 June 30, 2021 and December 31, 2020:

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)

June 30, 2021

Other real estate (1)

$

—

$

—

$

—

$

—

December 31, 2020

Other real estate (1)

$

—

$

—

$

—

$

—

(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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
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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
-Section 50
-Paragraph 2
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