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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables) | 12 Months Ended
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Dec. 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)
December 31, 2023 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from financial institutions | $ | 116,181 |  |  | $ | 116,181 |  |  | $ | 116,181 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits in other financial institutions | 406,256 |  |  | 406,256 |  |  | 406,256 |  |  | — |  |  | — |
Investment securities | 1,279,548 |  |  | 1,212,388 |  |  | — |  |  | 1,205,238 |  |  | 7,150 |
Loans held for sale | 1,778 |  |  | 1,778 |  |  | — |  |  | 1,778 |  |  | — |
Loans, net of ACL | 5,375,048 |  |  | 5,089,292 |  |  | — |  |  | — |  |  | 5,089,292 |
Accrued interest receivable | 21,511 |  |  | 21,511 |  |  | 342 |  |  | 4,043 |  |  | 17,126 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | 1,913,379 |  |  | 1,913,379 |  |  | 1,913,379 |  |  | — |  |  | — |
Interest-bearing demand and savings deposits | 3,538,922 |  |  | 3,538,922 |  |  | 3,538,922 |  |  | — |  |  | — |
Time deposits | 1,395,291 |  |  | 1,385,473 |  |  | — |  |  | — |  |  | 1,385,473 |
Long-term debt | 156,102 |  |  | 153,073 |  |  | — |  |  | — |  |  | 153,073 |
Accrued interest payable | 18,948 |  |  | 18,948 |  |  | 85 |  |  | — |  |  | 18,863 |
|  |  |  |  |  |  | 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, 2023 |  |  |  |  |  |  |  |  |  |  |
Off-balance sheet financial instruments: |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit | $ | 1,275,331 |  |  | $ | — |  |  | $ | 1,210 |  |  | $ | — |  |  | $ | 1,210 |  |  | $ | — |
Standby letters of credit and financial guarantees written | 3,301 |  |  | — |  |  | 50 |  |  | — |  |  | 50 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Back-to-back swap agreements: |  |  |  |  |  |  |  |  |  |  |
Assets | 51,059 |  |  | 3,547 |  |  | 3,547 |  |  | — |  |  | — |  |  | 3,547 |
Liabilities | (51,059) |  |  | (3,547) |  |  | (3,547) |  |  | — |  |  | — |  |  | (3,547) |
Interest rate lock commitments | 1,807 |  |  | (34) |  |  | (34) |  |  | — |  |  | (34) |  |  | — |
Risk participation agreements | 36,022 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swap agreements | 115,545 |  |  | 6,440 |  |  | 6,440 |  |  | — |  |  | — |  |  | 6,440 |
|  |  |  |  | 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 deposits | 2,092,823 |  |  | 2,092,823 |  |  | 2,092,823 |  |  | — |  |  | — |
Interest-bearing demand and savings deposits | 3,652,195 |  |  | 3,652,195 |  |  | 3,652,195 |  |  | — |  |  | — |
Time deposits | 991,205 |  |  | 975,086 |  |  | — |  |  | — |  |  | 975,086 |
FHLB advances and other short-term borrowings | 5,000 |  |  | 5,000 |  |  | — |  |  | 5,000 |  |  | — |
Long-term debt | 105,859 |  |  | 93,729 |  |  | — |  |  | — |  |  | 93,729 |
Accrued interest payable | 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: |  |  |  |  |  |  |  |  |  |  |
Back-to-back swap agreements: |  |  |  |  |  |  |  |  |  |  |
Assets | 32,335 |  |  | 4,611 |  |  | 4,611 |  |  | — |  |  | — |  |  | 4,611 |
Liabilities | (32,335) |  |  | (4,611) |  |  | (4,611) |  |  | — |  |  | — |  |  | (4,611) |
Forward sale commitments | 1,110 |  |  | 8 |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Risk participation agreements | 36,835 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
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 table below presents the fair value of assets and liabilities measured on a recurring basis:
|  |  | 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, 2023 |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
States and political subdivisions | $ | 126,635 |  |  | $ | — |  |  | $ | 120,199 |  |  | $ | 6,436 |
Corporate securities | 31,414 |  |  | — |  |  | 31,414 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 26,197 |  |  | — |  |  | 26,197 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 378,386 |  |  | — |  |  | 378,386 |  |  | — |
Residential - Non-government agencies | 18,708 |  |  | — |  |  | 17,994 |  |  | 714 |
Commercial - U.S. Government-sponsored enterprises | 50,914 |  |  | — |  |  | 50,914 |  |  | — |
Commercial - Non-government agencies | 14,956 |  |  | — |  |  | 14,956 |  |  | — |
Total investment securities | 647,210 |  |  | — |  |  | 640,060 |  |  | 7,150 |
Derivatives: |  |  |  |  |  |  |
Interest rate lock commitments | (34) |  |  | — |  |  | (34) |  |  | — |
Interest rate swap agreements | 6,440 |  |  | — |  |  | — |  |  | 6,440 |
Total derivatives | 6,406 |  |  | — |  |  | (34) |  |  | 6,440 |
Total | $ | 653,616 |  |  | $ | — |  |  | $ | 640,026 |  |  | $ | 13,590 |
|  |  | 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 investment 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 investment securities | 671,794 |  |  | — |  |  | 664,526 |  |  | 7,268 |
Derivatives: |  |  |  |  |  |  |
Forward sale 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 are summarized as follows:
| Available-For-Sale Debt Securities: |  |
(Dollars in thousands) | States and Political Subdivisions |  | Residential - Non-Government Agencies |  | Total
Balance as of December 31, 2021 | $ | 7,681 |  |  | $ | 938 |  |  | $ | 8,619 |
Principal payments received | (212) |  |  | (23) |  |  | (235) |
Unrealized net loss included in other comprehensive loss | (885) |  |  | (231) |  |  | (1,116) |
Balance as of December 31, 2022 | 6,584 |  |  | 684 |  |  | 7,268 |
Principal payments received | (232) |  |  | (23) |  |  | (255) |
Unrealized net gain included in other comprehensive loss | 84 |  |  | 53 |  |  | 137 |
Balance as of December 31, 2023 | $ | 6,436 |  |  | $ | 714 |  |  | $ | 7,150 |

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- 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. + Details
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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 -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 + Details
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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 + Details
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