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Fair Value (Tables)

9 Months Ended

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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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).

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