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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
Financial assets:
Cash and due from banks			$	108,535					$	108,535					$	108,535					$	—					$	—
Interest-bearing deposits in other banks			90,247						90,247						90,247						—						—
Investment securities			1,345,784						1,286,488						—						1,279,183						7,305
Loans, net of ACL			5,494,298						5,075,864						—						—						5,075,864
Accrued interest receivable			20,473						20,473						20,473						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,028,087						2,028,087						2,028,087						—						—
Interest-bearing demand and savings and money market			3,571,588						3,571,588						3,571,588						—						—
Time			1,147,293						1,132,282						—						—						1,132,282
FHLB advances and other short-term borrowings			25,000						25,000						—						25,000						—
Long-term debt			155,920						138,077						—						—						138,077
Accrued interest payable (included in other liabilities)			7,688						7,688						7,688						—						—

																					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, 2023
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,382,978					$	—					$	1,365					$	—					$	1,365					$	—
Standby letters of credit and financial guarantees written			5,194						—						78						—						78						—
Derivatives:
Risk participation agreements			36,634						—						—						—						—						—
Back-to-back swap agreements:
Assets			32,136						3,636						3,636						—						—						3,636
Liabilities			(32,136)						(3,636)						(3,636)						—						—						(3,636)
Interest rate swap agreements			115,545						4,444						4,444						—						—						4,444

															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, 2022
Financial assets:
Cash and due from banks			$	97,150					$	97,150					$	97,150					$	—					$	—
Interest-bearing deposits in other banks			14,894						14,894						14,894						—						—
Investment securities			1,336,677						1,268,574						—						1,261,306						7,268
Loans held for sale			1,105						1,105						—						1,105						—
Loans, net of ACL			5,491,728						5,043,436						—						—						5,043,436
Accrued interest receivable			20,345						20,345						20,345						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,092,823						2,092,823						2,092,823						—						—
Interest-bearing demand and savings and money market			3,652,195						3,652,195						3,652,195						—						—
Time			991,205						975,086						—						—						975,086
Long-term debt			105,859						93,729						—						—						93,729
Accrued interest payable (included in other liabilities)			4,739						4,739						4,739						—						—

																					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, 2022
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,328,791					$	—					$	1,270					$	—					$	1,270					$	—
Standby letters of credit and financial guarantees written			5,367						—						80						—						80						—
Derivatives:
Forward sale commitments			1,110						8						8						—						8						—
Risk participation agreements			36,835						—						—						—						—						—
Back-to-back swap agreements:
Assets			32,335						4,611						4,611						—						—						4,611
Liabilities			(32,335)						(4,611)						(4,611)						—						—						(4,611)
Interest rate swap agreements			115,545						5,986						5,986						—						—						5,986

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, 2023 and December 31, 2022:

									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, 2023
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	139,521					$	—					$	132,927					$	6,594
Corporate securities			31,097						—						31,097						—
U.S. Treasury obligations and direct obligations of U.S. Government agencies			24,343						—						24,343						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			421,484						—						421,484						—
Residential - Non-government agencies			8,637						—						7,926						711
Commercial - U.S. Government-sponsored entities			45,800						—						45,800						—
Commercial - Non-government agencies			16,306						—						16,306						—
Total available-for-sale investment securities			687,188						—						679,883						7,305
Derivatives:
Interest rate swap agreements			4,444						—						—						4,444
Total derivatives			4,444						—						—						4,444
Total			$	691,632					$	—					$	679,883					$	11,749

									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, 2022
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	135,752					$	—					$	129,168					$	6,584
Corporate securities			30,211						—						30,211						—
U.S. Treasury obligations and direct obligations of U.S. Government agencies			25,715						—						25,715						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			423,803						—						423,803						—
Residential - Non-government agencies			8,662						—						7,978						684
Commercial - U.S. Government-sponsored entities			46,144						—						46,144						—
Commercial - Non-government agencies			1,507						—						1,507						—
Total available-for-sale investment securities			671,794						—						664,526						7,268
Derivatives:
Interest rate lock commitments			8						—						8						—
Interest rate swap agreements			5,986						—						—						5,986
Total derivatives			5,994						—						8						5,986
Total			$	677,788					$	—					$	664,534					$	13,254

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

For the three months ended March 31, 2023 and 2022, 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, 2022			$	6,584					$	684					$	7,268
Principal payments received			(56)						(6)						(62)
Unrealized net gain included in other comprehensive income			66						33						99
Balance at March 31, 2023			$	6,594					$	711					$	7,305
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

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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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