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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 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)
September 30, 2024
Financial assets:
Cash and due from financial institutions			$	100,064					$	100,064					$	100,064					$	—					$	—
Interest-bearing deposits in other financial institutions			226,505						226,505						226,505						—						—
Investment securities			1,329,570						1,270,443						36,453						1,226,934						7,056
Loans held for sale			1,609						1,609						—						1,609						—
Loans			5,342,609						5,023,606						—						—						5,023,606
Accrued interest receivable			23,942						23,942						489						4,054						19,399
Financial liabilities:
Deposits:
Noninterest-bearing demand			1,838,009						1,838,009						1,838,009						—						—
Interest-bearing demand and savings and money market			3,591,705						3,591,705						3,591,705						—						—
Time			1,153,299						1,146,531						—						—						1,146,531
Long-term debt			156,284						150,081						—						—						150,081
Accrued interest payable			12,980						12,980						123						—						12,857

																					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, 2024
Off-balance sheet financial instruments:
Commitments to extend credit			$	1,267,835					$	—					$	1,244					$	—					$	1,244					$	—
Standby letters of credit and financial guarantees written			2,807						—						42						—						42						—
Derivatives:
Interest rate lock commitments			1,585						(2)						(2)						—						(2)						—
Risk participation agreements			35,395						—						—						—						—						—
Back-to-back swap agreements:
Assets			50,426						2,875						2,875						—						—						2,875
Liabilities			(50,426)						(2,875)						(2,875)						—						—						(2,875)
Interest rate swap agreements			115,545						5,202						5,202						—						—						5,202

															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)
September 30, 2024
Available-for-sale securities:
Debt securities:
States and political subdivisions			$	123,181					$	—					$	116,843					$	6,338
Corporate securities			32,554						—						32,554						—
U.S. Treasury and other government-sponsored entities and agencies			59,230						36,453						22,777						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies			386,296						—						386,296						—
Residential - Non-government agencies			17,834						—						17,116						718
Commercial - U.S. government-sponsored entities and agencies			89,029						—						89,029						—
Commercial - Non-government agencies			15,329						—						15,329						—
Total available-for-sale investment securities			723,453						36,453						679,944						7,056
Derivatives:
Interest rate lock commitments			(2)						—						(2)						—
Interest rate swap agreements			5,202						—						—						5,202
Total derivatives			5,200						—						(2)						5,202
Total			$	728,653					$	36,453					$	679,942					$	12,258

									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			(34)						—						(34)						—
Interest rate swap agreements			6,440						—						—						6,440
Total derivatives			6,406						—						(34)						6,440
Total			$	653,616					$	—					$	640,026					$	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			(163)						(18)						—						(181)
Unrealized net gain (loss) included in other comprehensive income			65						22						(1,238)						(1,151)
Balance at September 30, 2024			$	6,338					$	718					$	5,202					$	12,258
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

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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