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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 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)
September 30, 2023
Financial assets:
Cash and due from financial institutions			$	108,818					$	108,818					$	108,818					$	—					$	—
Interest-bearing deposits in other financial institutions			329,913						329,913						329,913						—						—
Investment securities			1,265,306						1,157,140						—						1,150,106						7,034
Loans, net of ACL			5,444,193						4,977,934						—						—						4,977,934
Accrued interest receivable			21,529						21,529						21,529						—						—
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,969,523						1,969,523						1,969,523						—						—
Interest-bearing demand and savings and money market			3,555,393						3,555,393						3,555,393						—						—
Time			1,349,829						1,336,148						—						—						1,336,148
Long-term debt			156,041						138,733						—						—						138,733
Accrued interest payable (included in other liabilities)			16,752						16,752						16,752						—						—

																					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, 2023
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,331,239					$	—					$	1,299					$	—					$	1,299					$	—
Standby letters of credit and financial guarantees written			3,262						—						49						—						49						—
Derivatives:
Risk participation agreements			36,227						—						—						—						—						—
Back-to-back swap agreements:
Assets			35,262						5,043						5,043						—						—						5,043
Liabilities			(35,262)						(5,043)						(5,043)						—						—						(5,043)
Interest rate swap agreements			115,545						10,135						10,135						—						—						10,135

															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
Short-term borrowings			5,000						5,000						—						5,000						—
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 financial assets and liabilities measured on a recurring basis as of the dates presented:

									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, 2023
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	124,977					$	—					$	118,614					$	6,363
Corporate securities			30,020						—						30,020						—
U.S. Treasury obligations and direct obligations of U.S. Government agencies			21,492						—						21,492						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises			378,872						—						378,872						—
Residential - Non-government agencies			12,079						—						11,408						671
Commercial - U.S. Government-sponsored enterprises			43,048						—						43,048						—
Commercial - Non-government agencies			14,765						—						14,765						—
Total available-for-sale investment securities			625,253						—						618,219						7,034
Derivatives:
Interest rate swap agreements			10,135						—						—						10,135
Total derivatives			10,135						—						—						10,135
Total			$	635,388					$	—					$	618,219					$	17,169

									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 enterprises			423,803						—						423,803						—
Residential - Non-government agencies			8,662						—						7,978						684
Commercial - U.S. Government-sponsored enterprises			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 following table presents changes in Level 3 financial assets and liabilities measured at fair value on a recurring basis for the periods presented:

			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			(172)						(17)						—						(189)
Unrealized net gain (loss) included in other comprehensive income			(49)						4						4,149						4,104
Balance at September 30, 2023			$	6,363					$	671					$	10,135					$	17,169
Balance at December 31, 2021			$	7,681					$	938					$	—					$	8,619
Principal payments received			(157)						(17)						—						(174)
Unrealized net gain (loss) included in other comprehensive income			(842)						(186)						6,966						5,938
Additions			—						—						(50)						(50)
Balance at September 30, 2022			$	6,682					$	735					$	6,916					$	14,333

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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X

- 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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