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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

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)
March 31, 2022
Financial assets:
Cash and due from banks			$	83,947					$	83,947					$	83,947					$	—					$	—
Interest-bearing deposits in other banks			118,183						118,183						118,183						—						—
Investment securities			1,528,989						1,528,985						—						1,520,904						8,081
Loans held for sale			4,677						4,677						—						4,677						—
Loans, net of ACL			5,110,083						4,688,605						—						—						4,688,605
Accrued interest receivable			16,423						16,423						16,423						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,269,562						2,269,562						2,269,562						—						—
Interest-bearing demand and savings and money market			3,630,931						3,630,931						3,630,931						—						—
Time			698,538						692,253						—						—						692,253
Long-term debt			105,677						91,117						—						—						91,117
Accrued interest payable (included in other liabilities)			1,807						1,807						1,807						—						—

																					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)
March 31, 2022
Derivatives:
Interest rate lock commitments			$	899					$	(2)					$	(2)					$	—					$	(2)					$	—
Forward sale commitments			5,669						146						146						—						146						—
Risk participation agreements			37,426						—						—						—						—						—
Back-to-back swap agreements:
Assets			32,919						1,624						1,624						—						—						1,624
Liabilities			32,919						(1,624)						(1,624)						—						—						(1,624)
Interest rate swap			115,545						(50)						(50)						—						—						(50)
Off-balance sheet financial instruments:
Commitments to extend credit			1,308,724						—						1,402						—						1,402						—
Standby letters of credit and financial guarantees written			6,058						—						91						—						91						—

															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, 2021
Financial assets:
Cash and due from banks			$	81,506					$	81,506					$	81,506					$	—					$	—
Interest-bearing deposits in other banks			247,401						247,401						247,401						—						—
Investment securities			1,631,699						1,631,699						—						1,623,080						8,619
Loans held for sale			3,531						3,531						—						3,531						—
Loans, net of ACL			5,033,552						4,741,379						—						—						4,741,379
Accrued interest receivable			16,709						16,709						16,709						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,291,246						2,291,246						2,291,246						—						—
Interest-bearing demand and savings and money market			3,641,180						3,641,180						3,641,180						—						—
Time			706,732						704,645						—						—						704,645
Long-term debt			105,616						94,588						—						—						94,588
Accrued interest payable (included in other liabilities)			1,122						1,122						1,122						—						—

																					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)
December 31, 2021
Derivatives:
Forward sale commitments			3,525						1						1						—						1						—
Risk participation agreements			37,531						(16)						(16)						—						—						(16)
Back-to-back swap agreements:
Assets			33,112						435						435						—						—						435
Liabilities			33,112						(435)						(435)						—						—						(435)
Off-balance sheet financial instruments:
Commitments to extend credit			1,266,596						—						1,347						—						1,347						—
Standby letters of credit and financial guarantees written			6,634						—						100						—						100						—

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 March 31, 2022 and December 31, 2021:

									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)
March 31, 2022
Held-to-maturity:
Debt securities:
States and political subdivisions			41,729						—						41,729						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			287,774						—						287,774						—
Total held-to-maturity securities			329,503						—						329,503						—
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	164,181					$	—					$	156,952					$	7,229
Corporate securities			33,054						—						33,054						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			32,171						—						32,171						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			858,198						—						858,198						—
Residential - Non-government agencies			10,908						—						10,056						852
Commercial - U.S. Government-sponsored entities			59,358						—						59,358						—
Commercial - Non-government agencies			41,612						—						41,612						—
Total available-for-sale securities			1,199,482						—						1,191,401						8,081
Derivatives: Interest rate lock, forward sale commitments, risk participation agreements, back-to-back swap agreements, and interest rate swap agreements			94						—						144						(50)
Total			$	1,529,079					$	—					$	1,521,048					$	8,031

									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, 2021
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	236,828					$	—					$	229,147					$	7,681
Corporate securities			40,646						—						40,646						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			35,334						—						35,334						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			1,198,816						—						1,198,816						—
Residential - Non-government agencies			12,213						—						11,275						938
Commercial - U.S. Government-sponsored entities			65,849						—						65,849						—
Commercial - Non-government agencies			42,013						—						42,013						—
Total available-for-sale securities			1,631,699						—						1,623,080						8,619
Derivatives: Interest rate lock, forward sale commitments, risk participation agreements, back-to-back swap agreements, and interest rate swap agreements			(15)						—						1						(16)
Total			$	1,631,684					$	—					$	1,623,081					$	8,603

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

For the three months ended March 31, 2022 and 2021, 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, 2021			$	7,681					$	938					$	8,619
Principal payments received			(55)						(5)						(60)
Unrealized net loss included in other comprehensive income			(397)						(81)						(478)
Balance at March 31, 2022			$	7,229					$	852					$	8,081
Balance at December 31, 2020			$	11,337					$	989					$	12,326
Principal payments received			(1,973)						(5)						(1,978)
Unrealized net loss included in other comprehensive income			(673)						(79)						(752)
Balance at March 31, 2021			$	8,691					$	905					$	9,596

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.

+ References

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- Definition

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
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

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
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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