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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2023
Financial assets:
Cash and due from financial institutions			$	129,071					$	129,071					$	129,071					$	—					$	—
Interest-bearing deposits in other financial institutions			181,913						181,913						181,913						—						—
Investment securities			1,314,017						1,245,293						—						1,238,099						7,194
Loans held for sale			2,593						2,593						—						2,593						—
Loans, net of ACL			5,456,834						5,016,464						—						—						5,016,464
Accrued interest receivable			20,463						20,463						20,463						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			2,009,387						2,009,387						2,009,387						—						—
Interest-bearing demand and savings and money market			3,544,630						3,544,630						3,544,630						—						—
Time			1,251,720						1,236,919						—						—						1,236,919
Long-term debt			155,981						138,671						—						—						138,671
Accrued interest payable (included in other liabilities)			11,402						11,402						11,402						—						—

																					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, 2023
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,336,864					$	—					$	1,298					$	—					$	1,298					$	—
Standby letters of credit and financial guarantees written			4,454						—						67						—						67						—
Derivatives:
Forward sale commitments			2,616						15						15						—						15						—
Risk participation agreements			36,431						—						—						—						—						—
Back-to-back swap agreements:
Assets			31,937						4,158						4,158						—						—						4,158
Liabilities			(31,937)						(4,158)						(4,158)						—						—						(4,158)
Interest rate swap agreements			115,545						7,105						7,105						—						—						7,105

															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 financial institutions			$	97,150					$	97,150					$	97,150					$	—					$	—
Interest-bearing deposits in other financial institutions			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 June 30, 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)
June 30, 2023
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	135,172					$	—					$	128,692					$	6,480
Corporate securities			30,720						—						30,720						—
U.S. Treasury obligations and direct obligations of U.S. Government agencies			22,647						—						22,647						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			406,127						—						406,127						—
Residential - Non-government agencies			8,355						—						7,641						714
Commercial - U.S. Government-sponsored entities			44,985						—						44,985						—
Commercial - Non-government agencies			16,065						—						16,065						—
Total available-for-sale investment securities			664,071						—						656,877						7,194
Derivatives:
Forward sale commitments			15						—						15						—
Interest rate swap agreements			7,105						—						—						7,105
Total derivatives			7,120						—						15						7,105
Total			$	671,191					$	—					$	656,892					$	14,299

									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

the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2023 and 2022:

			Available-For-Sale Debt Securities:
(dollars in thousands)			States and Political Subdivisions						Residential - Non-Government Agencies						Interest Rate Swap Agreements						Total
Balance at December 31, 2022			$	6,584					$	684					$	5,986					$	13,254
Principal payments received			(114)						(11)						—						(125)
Unrealized net gain included in other comprehensive income			1,129						41						1,119						1,170
Balance at June 30, 2023			$	7,599					$	714					$	7,105					$	14,299
Balance at December 31, 2021			$	7,681					$	938					$	—					$	8,619
Principal payments received			(88)						(11)						—						(99)
Unrealized net loss included in other comprehensive income			(595)						(145)						2,774						2,034
Additions			—						—						(50)						(50)
Balance at June 30, 2022			$	6,998					$	782					$	2,724					$	10,504

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

No definition available.

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X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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