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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2021 and December 31, 2020:
|  |  | Fair Value Measurements at September 30, 2021 Using:
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Securities Available For Sale: |  |  |  |  |  |  |
U.S. Government sponsored entities | $ | 150,576 |  |  | $ | 0 |  |  | $ | 150,576 |  |  | $ | 0 |
States and political subdivisions | 108,831 |  |  | 0 |  |  | 108,831 |  |  | 0 |
Residential and multi-family mortgage | 428,809 |  |  | 20,016 |  |  | 408,793 |  |  | 0 |
Corporate notes and bonds | 23,239 |  |  | 0 |  |  | 23,239 |  |  | 0 |
Pooled SBA | 21,338 |  |  | 0 |  |  | 21,338 |  |  | 0 |
Total Securities Available For Sale | $ | 732,793 |  |  | $ | 20,016 |  |  | $ | 712,777 |  |  | $ | 0 |
Interest Rate swaps | $ | 2,569 |  |  | $ | 0 |  |  | $ | 2,569 |  |  | $ | 0 |
Trading Securities: |  |  |  |  |  |  |
Corporate equity securities | $ | 6,451 |  |  | $ | 6,451 |  |  | $ | 0 |  |  | $ | 0 |
Mutual funds | 2,607 |  |  | 2,607 |  |  | 0 |  |  | 0 |
Certificates of deposit | 296 |  |  | 296 |  |  | 0 |  |  | 0 |
Corporate notes and bonds | 587 |  |  | 587 |  |  | 0 |  |  | 0 |
Total Trading Securities | $ | 9,941 |  |  | $ | 9,941 |  |  | $ | 0 |  |  | $ | 0 |
Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | (3,101) |  |  | $ | 0 |  |  | $ | (3,101) |  |  | $ | 0 |
|  |  | Fair Value Measurements at December 31, 2020 Using:
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Securities Available For Sale: |  |  |  |  |  |  |
U.S. Government sponsored entities | $ | 157,042 |  |  | $ | 0 |  |  | $ | 157,042 |  |  | $ | 0 |
States and political subdivisions | 70,883 |  |  | 0 |  |  | 70,819 |  |  | 64 |
Residential and multi-family mortgage | 315,192 |  |  | 15,039 |  |  | 300,153 |  |  | 0 |
Corporate notes and bonds | 14,926 |  |  | 0 |  |  | 14,926 |  |  | 0 |
Pooled SBA | 25,886 |  |  | 0 |  |  | 25,886 |  |  | 0 |
Other | 979 |  |  | 979 |  |  | 0 |  |  | 0 |
Total Securities Available For Sale | $ | 584,908 |  |  | $ | 16,018 |  |  | $ | 568,826 |  |  | $ | 64 |
Interest Rate swaps | $ | 4,017 |  |  | $ | 0 |  |  | $ | 4,017 |  |  | $ | 0 |
Trading Securities: |  |  |  |  |  |  |
Corporate equity securities | $ | 4,343 |  |  | $ | 4,343 |  |  | $ | 0 |  |  | $ | 0 |
Mutual funds | 1,283 |  |  | 1,283 |  |  | 0 |  |  | 0 |
Certificates of deposit | 404 |  |  | 404 |  |  | 0 |  |  | 0 |
Corporate notes and bonds | 569 |  |  | 569 |  |  | 0 |  |  | 0 |
U.S. Government sponsored entities | 50 |  |  | 0 |  |  | 50 |  |  | 0 |
Total Trading Securities | $ | 6,649 |  |  | $ | 6,599 |  |  | $ | 50 |  |  | $ | 0 |
Liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | (4,785) |  |  | $ | 0 |  |  | $ | (4,785) |  |  | $ | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2021:
| Corporate Notes and Bonds
Balance, July 1, 2021 | $ | 9,826 |
Purchases | 0 |
Total gains or (losses): |
Included in other comprehensive income (loss) | (76) |
Settlements | 0 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | $ | (9,750) |
Balance, September 30, 2021 | $ | 0 |
The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2021:
| States and Political Subdivisions |  | Corporate Notes and Bonds
Balance, January 1, 2021 | $ | 64 |  |  | $ | 0 |
Purchases | 0 |  |  | 8,250 |
Total gains or (losses): |  |  |
Included in other comprehensive income (loss) | 0 |  |  | 0 |
Settlements | 64 |  |  | 0 |
Transfers into Level 3 | 0 |  |  |
Transfers out of Level 3 | 0 |  |  | $ | (8,250) |
Balance, September 30, 2021 | $ | 0 |  |  | $ | 0 |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are as follows at September 30, 2021 and December 31, 2020:
|  |  | Fair Value Measurements at September 30, 2021 Using
Description | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |
Farmland | $ | 591 |  |  | 0 |  |  | 0 |  |  | $ | 591 |
Owner-occupied, nonfarm nonresidential properties | 224 |  |  | 0 |  |  | 0 |  |  | 224 |
Commercial and industrial | 1,547 |  |  | 0 |  |  | 0 |  |  | 1,547 |
Other construction loans and all land development loans and other land loans | 225 |  |  | 0 |  |  | 0 |  |  | 225 |
Multifamily (5 or more) residential properties | 646 |  |  | 0 |  |  | 0 |  |  | 646 |
Non-owner occupied, nonfarm nonresidential | 2,971 |  |  | 0 |  |  | 0 |  |  | 2,971 |
Obligations (other than securities and leases) of states and political subdivisions | 269 |  |  | 0 |  |  | 0 |  |  | 269 |
|  |  | Fair Value Measurements at December 31, 2020 Using
Description | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Collateral-dependent loans: |  |  |  |  |  |  |
Farmland | $ | 659 |  |  | 0 |  |  | 0 |  |  | $ | 659 |
Owner-occupied, nonfarm nonresidential properties | 329 |  |  | 0 |  |  | 0 |  |  | 329 |
Commercial and industrial | 3,680 |  |  | 0 |  |  | 0 |  |  | 3,680 |
Other construction loans and all land development loans and other land loans | 1,790 |  |  | 0 |  |  | 0 |  |  | 1,790 |
Non-owner occupied, nonfarm nonresidential | 9,622 |  |  | 0 |  |  | 0 |  |  | 9,622 |
Residential mortgages secured by first liens | 659 |  |  | 0 |  |  | 0 |  |  | 659 |
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2021:
| Fair value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans: |  |  |  |  |  |  |
Farmland | $ | 591 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 60% (60%)
Owner-occupied, nonfarm nonresidential properties | 224 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-60% (56%)
Commercial and industrial | 1,547 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-50% (35%)
Other construction loans and all land development loans and other land loans | 225 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-25% (25%)
Multifamily (5 or more) residential properties | 646 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-58% (22%)
Non-owner occupied, nonfarm nonresidential | 2,971 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-60% (34%)
Obligations (other than securities and leases) of states and political subdivisions | 269 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0% (0%)
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020:
| Fair value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans: |  |  |  |  |  |  |
Farmland | $ | 659 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 45%-54% (47%)
Owner-occupied, nonfarm nonresidential properties | 329 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 60%-90% (80%)
Commercial and industrial | 3,680 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-100% (39%)
Other construction loans and all land development loans and other land loans | 1,790 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-41% (28%)
Non-owner occupied, nonfarm nonresidential | 9,622 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-100% (29%)
Residential mortgages secured by first liens | 659 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 31% (31%)
Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at September 30, 2021:
| Carrying |  | Fair Value Measurement Using: |  | Total
| Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 737,050 |  |  | $ | 737,050 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 737,050 |
Securities available for sale | $ | 732,793 |  |  | $ | 20,016 |  |  | $ | 712,777 |  |  | $ | 0 |  |  | $ | 732,793 |
Trading securities | $ | 9,941 |  |  | $ | 9,941 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9,941 |
Loans held for sale | $ | 3,415 |  |  | $ | 0 |  |  | $ | 3,478 |  |  | $ | 0 |  |  | $ | 3,478 |
Net loans | $ | 3,473,895 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,497,209 |  |  | $ | 3,497,209 |
FHLB and other restricted interests | $ | 22,259 |  |  | n/a |  | n/a |  | n/a |  | n/a
Interest rate swaps | $ | 2,569 |  |  | $ | 0 |  |  | $ | 2,569 |  |  | $ | 0 |  |  | $ | 2,569 |
Accrued interest receivable | $ | 17,226 |  |  | $ | 67 |  |  | $ | 2,385 |  |  | $ | 14,774 |  |  | $ | 17,226 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | (4,593,628) |  |  | $ | (4,156,609) |  |  | $ | (444,679) |  |  | $ | 0 |  |  | $ | (4,601,288) |
Subordinated notes and debentures | $ | (154,212) |  |  | $ | 0 |  |  | $ | (140,046) |  |  | $ | 0 |  |  | $ | (140,046) |
Interest rate swaps | $ | (3,101) |  |  | $ | 0 |  |  | $ | (3,101) |  |  | $ | 0 |  |  | $ | (3,101) |
Accrued interest payable | $ | (1,350) |  |  | $ | 0 |  |  | $ | (1,350) |  |  | $ | 0 |  |  | $ | (1,350) |
The following table presents the carrying amount and fair value of financial instruments at December 31, 2020:
| Carrying |  | Fair Value Measurement Using: |  | Total
| Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 532,694 |  |  | $ | 532,694 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 532,694 |
Securities available for sale | 584,908 |  |  | 16,018 |  |  | 568,826 |  |  | 64 |  |  | 584,908 |
Trading securities | 6,649 |  |  | 6,599 |  |  | 50 |  |  | 0 |  |  | 6,649 |
Loans held for sale | 8,514 |  |  | 0 |  |  | 8,617 |  |  | 0 |  |  | 8,617 |
Net loans | 3,337,449 |  |  | 0 |  |  | 0 |  |  | 3,339,482 |  |  | 3,339,482 |
FHLB and other restricted interests | 21,018 |  |  | n/a |  | n/a |  | n/a |  | n/a
Interest rate swaps | 4,017 |  |  | 0 |  |  | 4,017 |  |  | 0 |  |  | 4,017 |
Accrued interest receivable | 17,659 |  |  | 61 |  |  | 2,152 |  |  | 15,446 |  |  | 17,659 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | (4,181,744) |  |  | $ | (3,705,200) |  |  | $ | (488,000) |  |  | $ | 0 |  |  | $ | (4,193,200) |
Subordinated notes and debentures | (70,620) |  |  | 0 |  |  | (62,583) |  |  | 0 |  |  | (62,583) |
Interest rate swaps | (4,785) |  |  | 0 |  |  | (4,785) |  |  | 0 |  |  | (4,785) |
Accrued interest payable | (1,096) |  |  | 0 |  |  | (1,096) |  |  | 0 |  |  | (1,096) |

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- Definition Tabular disclosure for quantitative information about level 3 fair value measurements for financial instruments measured at fair value on non recurring basis. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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