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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:

									Fair Value Measurements at March 31, 2022 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			$	1,796					$	0					$	1,796					$	0
States and political subdivisions			105,864						0						105,864						0
Residential and multi-family mortgage			380,537						0						380,537						0
Corporate notes and bonds			34,154						0						34,154						0
Pooled SBA			17,211						0						17,211						0
Total Securities Available-For-Sale			$	539,562					$	0					$	539,562					$	0
Interest Rate swaps			$	391					$	0					$	391					$	0
Equity Securities:
Corporate equity securities			$	6,484					$	6,484					$	0					$	0
Mutual funds			2,383						2,383						0						0
Certificates of deposit			663						663						0						0
Corporate notes and bonds			562						562						0						0
Total Trading Securities			$	10,092					$	10,092					$	0					$	0
Liabilities:
Interest rate swaps			$	(511)					$	0					$	(511)					$	0

									Fair Value Measurements at December 31, 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			$	111,748					$	0					$	111,748					$	0
States and political subdivisions			103,712						0						103,712						0
Residential and multi-family mortgage			434,635						4,995						429,640						0
Corporate notes and bonds			28,064						0						28,064						0
Pooled SBA			19,032						0						19,032						0
Total Securities Available-For-Sale			$	697,191					$	4,995					$	692,196					$	0
Interest Rate swaps			$	2,124					$	0					$	2,124					$	0
Equity Securities:
Corporate equity securities			$	6,715					$	6,715					$	0					$	0
Mutual funds			2,566						2,566						0						0
Certificates of deposit			506						506						0						0
Corporate notes and bonds			579						579						0						0
Total Trading Securities			$	10,366					$	10,366					$	0					$	0
Liabilities:
Interest rate swaps			$	(2,512)					$	0					$	(2,512)					$	0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation of the fair value of securities AFS measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021:

			States and Political Subdivisions						Corporate Notes and Bonds
Balance, January 1, 2021			$	64					$	0
Purchases			0						750
Total gains or (losses):
Included in other comprehensive income (loss)			0						0
Settlements			(64)						0
Transfers into Level 3			0						1,500
Transfers out of Level 3			$	0					$	0
Balance, March 31, 2021			$	0					$	2,250

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 March 31, 2022 and December 31, 2021:

									Fair Value Measurements at March 31, 2022 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			$	920					0						0						$	920
Owner-occupied, nonfarm nonresidential properties			185						0						0						185
Commercial and industrial			3,008						0						0						3,008
Multifamily (5 or more) residential properties			544						0						0						544
Non-owner occupied, nonfarm nonresidential			2,792						0						0						2,792
Residential Mortgages secured by first liens			650						0						0						650

									Fair Value Measurements at December 31, 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			$	920					0						0						$	920
Owner-occupied, nonfarm nonresidential properties			194						0						0						194
Commercial and industrial			3,102						0						0						3,102
Other construction loans and all land development loans and other land loans			248						0						0						248
Multifamily (5 or more) residential properties			627						0						0						627
Non-owner occupied, nonfarm nonresidential			2,889						0						0						2,889

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 March 31, 2022:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans:

Farmland

$

920

Valuation of third party appraisal on underlying collateral

Loss severity rates

60% (60%)

Owner-occupied, nonfarm nonresidential properties

185

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-60% (57%)

Commercial and industrial

3,008

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-60% (41%)

Multifamily (5 or more) residential properties

544

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-59% (23%)

Non-owner occupied, nonfarm nonresidential

2,792

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-60% (35%)

Residential Mortgages secured by first liens

650

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-57% (40%)

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, 2021:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans:

Farmland

$

920

Valuation of third party appraisal on underlying collateral

Loss severity rates

60% (60%)

Owner-occupied, nonfarm nonresidential properties

194

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-60% (57%)

Commercial and industrial

3,102

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-59% (42%)

Other construction loans and all land development loans and other land loans

248

Valuation of third party appraisal on underlying collateral

Loss severity rates

25% (25%)

Multifamily (5 or more) residential properties

627

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-57% (26%)

Non-owner occupied, nonfarm nonresidential

2,889

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-60% (34%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2022:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	404,974					$	404,974					$	0					$	0					$	404,974
Debt securities available-for-sale			539,562						0						539,562						0						539,562
Debt securities held-to-maturity			307,597						0						295,688						0						295,688
Equity securities			10,092						10,092						0						0						10,092
Loans held for sale			1,563						0						1,573						0						1,573
Net loans			3,718,246						0						0						3,758,866						3,758,866
FHLB and other restricted interests			23,891						n/a						n/a						n/a						n/a
Interest rate swaps			391						0						391						0						391
Accrued interest receivable			16,405						0						2,882						13,523						16,405
LIABILITIES
Deposits			$	(4,690,863)					$	(4,352,922)					$	(341,809)					$	0					$	(4,694,731)
Subordinated debentures			(20,620)						0						(13,305)						0						(13,305)
Subordinated notes, net of unamortized issuance costs			(83,736)						0						(79,864)						0						(79,864)
Interest rate swaps			(511)						0						(511)						0						(511)
Accrued interest payable			(856)						0						(856)						0						(856)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2021:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	732,198					$	732,198					$	0					$	0					$	732,198
Debt securities available-for-sale			697,191						4,995						692,196						0						697,191
Equity securities			10,366						10,366						0						0						10,366
Loans held for sale			849						0						858						0						858
Net loans			3,597,204						0						0						3,613,452						3,613,452
FHLB and other restricted interests			23,276						n/a						n/a						n/a						n/a
Interest rate swaps			2,124						0						2,124						0						2,124
Accrued interest receivable			15,516						16						2,171						13,329						15,516
LIABILITIES
Deposits			$	(4,715,619)					$	(4,329,167)					$	(391,850)					$	0					$	(4,721,017)
Subordinated notes, net of unamortized issuance costs			(104,281)						0						(92,675)						0						(92,675)
Interest rate swaps			(2,512)						0						(2,512)						0						(2,512)
Accrued interest payable			(886)						0						(886)						0						(886)

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