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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
Financial assets:
Cash and due from financial institutions			$	98,410					$	98,410					$	98,410					$	—					$	—
Interest-bearing deposits in other financial institutions			214,472						214,472						214,472						—						—
Investment securities			1,285,781						1,202,518						15,238						1,180,253						7,027
Loans held for sale			755						755						—						755						—
Loans			5,401,417						5,023,822						—						—						5,023,822
Accrued interest receivable			21,957						21,957						402						3,964						17,591
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,848,554						1,848,554						1,848,554						—						—
Interest-bearing demand and savings and money market			3,502,287						3,502,287						3,502,287						—						—
Time			1,268,013						1,257,777						—						—						1,257,777
Long-term debt			156,163						147,900						—						—						147,900
Accrued interest payable			16,654						16,654						74						—						16,580

																					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, 2024
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,269,856					$	—					$	1,246					$	—					$	1,246					$	—
Standby letters of credit and financial guarantees written			3,503						—						53						—						53						—
Derivatives:
Interest rate lock commitments			759						1						1						—						1						—
Risk participation agreements			35,815						—						—						—						—						—
Back-to-back swap agreements:
Assets			50,854						4,220						4,220						—						—						4,220
Liabilities			(50,854)						(4,220)						(4,220)						—						—						(4,220)
Interest rate swap agreements			115,545						9,375						9,375						—						—						9,375

															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			5,438,982						5,089,292						—						—						5,089,292
Accrued interest receivable			21,511						21,511						342						4,043						17,126
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,913,379						1,913,379						1,913,379						—						—
Interest-bearing demand and savings and money market			3,538,922						3,538,922						3,538,922						—						—
Time			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:
Interest rate lock commitments			1,807						(34)						(34)						—						(34)						—
Risk participation agreements			36,022						—						—						—						—						—
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 swap agreements			115,545						6,440						6,440						—						—						6,440

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)
March 31, 2024
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	123,023					$	—					$	116,700					$	6,323
Corporate securities			31,398						—						31,398						—
U.S. Treasury and other government-sponsored entities and agencies			39,906						15,238						24,668						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies			349,637						—						349,637						—
Residential - Non-government agencies			17,941						—						17,237						704
Commercial - U.S. government-sponsored entities and agencies			83,879						—						83,879						—
Commercial - Non-government agencies			15,049						—						15,049						—
Total available-for-sale investment securities			660,833						15,238						638,568						7,027
Derivatives:
Interest rate lock commitments			1						—						1						—
Interest rate swap agreements			9,375						—						—						9,375
Total derivatives			9,376						—						1						9,375
Total			$	670,209					$	15,238					$	638,569					$	16,402

									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 securities:
Debt securities:
States and political subdivisions			$	126,635					$	—					$	120,199					$	6,436
Corporate securities			31,414						—						31,414						—
U.S. Treasury and other government-sponsored entities and agencies			26,197						—						26,197						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies			378,386						—						378,386						—
Residential - Non-government agencies			18,708						—						17,994						714
Commercial - U.S. government-sponsored entities and agencies			50,914						—						50,914						—
Commercial - Non-government agencies			14,956						—						14,956						—
Total available-for-sale investment securities			647,210						—						640,060						7,150
Derivatives:
Interest rate lock commitments			—						—						—						—
Interest rate swap agreements			6,440						—						—						6,440
Total derivatives			6,440						—						—						6,440
Total			$	653,650					$	—					$	640,060					$	13,590

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, 2023			$	6,436					$	714					$	6,440					$	13,590
Principal payments received			(58)						(6)						—						(64)
Unrealized net gain (loss) included in other comprehensive income			(55)						(4)						2,935						2,876
Balance at March 31, 2024			$	6,323					$	704					$	9,375					$	16,402
Balance at December 31, 2022			$	6,584					$	684					$	5,986					$	13,254
Principal payments received			(56)						(6)						—						(62)
Unrealized net gain (loss) included in other comprehensive income			66						33						(1,542)						(1,443)
Balance at March 31, 2023			$	6,594					$	711					$	4,444					$	11,749

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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