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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 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)
September 30, 2021
Financial assets:
Cash and due from banks			$	108,669					$	108,669					$	108,669					$	—					$	—
Interest-bearing deposits in other banks			240,173						240,173						240,173						—						—
Investment securities			1,537,043						1,537,043						1,593						1,526,686						8,764
Loans held for sale			5,290						5,290						—						5,290						—
Net loans			4,971,210						4,880,971						—						—						4,880,971
Accrued interest receivable			17,110						17,110						17,110						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,195,404						2,195,404						2,195,404						—						—
Interest-bearing demand and savings and money market			3,669,594						3,669,594						3,669,594						—						—
Time			650,865						650,025						—						—						650,025
Long-term debt			105,556						94,288						—						—						94,288
Accrued interest payable (included in other liabilities)			1,708						1,708						1,708						—						—

																					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, 2021
Derivatives:
Interest rate lock commitments			$	16,412					$	114					$	114					$	—					$	114					$	—
Forward sale commitments			20,168						169						169						—						169						—
Risk participation agreements			37,590						(19)						(19)						—						—						(19)
Back-to-back swap agreements:
Assets			15,964						127						127						—						—						127
Liabilities			15,964						(127)						(127)						—						—						(127)
Off-balance sheet financial instruments:
Commitments to extend credit			1,364,784						—						1,653						—						1,653						—
Standby letters of credit and financial guarantees written			10,967						—						165						—						165						—

															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 September 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)
September 30, 2021
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	211,867					$	—					$	204,031					$	7,836
Corporate securities			41,250						—						41,250						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			37,789						—						37,789						—
Mortgage-backed securities:
Residential - U.S. Government sponsored entities			1,111,763						—						1,111,763						—
Commercial - U.S. Government agencies and sponsored entities			76,756						—						76,756						—
Residential - Non-government agencies			13,655						—						12,727						928
Commercial - Non-government agencies			42,370						—						42,370						—
Total available-for-sale securities			1,535,450						—						1,526,686						8,764
Equity securities			1,593						1,593						—						—
Derivatives: Interest rate lock, forward sale commitments, risk participation agreements and back-to-back swap agreements			264						—						283						(19)
Total			$	1,537,307					$	1,593					$	1,526,969					$	8,745

									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, risk participation agreements and back-to-back swap 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 nine months ended September 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			(2,787)						(16)						(2,803)
Unrealized net loss included in other comprehensive income			(714)						(45)						(759)
Balance at September 30, 2021			$	7,836					$	928					$	8,764
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

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

as of September 30, 2021 and December 31, 2020.

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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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.

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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

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