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FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2022 and December 31, 2021:
|  |  | Fair Value Measurements at June 30, 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 | $ | 2,211 |  |  | $ | 0 |  |  | $ | 2,211 |  |  | $ | 0 |
States and political subdivisions | 103,509 |  |  | 0 |  |  | 103,509 |  |  | 0 |
Residential and multi-family mortgage | 244,513 |  |  | 0 |  |  | 244,513 |  |  | 0 |
Corporate notes and bonds | 39,080 |  |  | 0 |  |  | 39,080 |  |  | 0 |
Pooled SBA | 15,094 |  |  | 0 |  |  | 15,094 |  |  | 0 |
Total Securities Available-For-Sale | $ | 404,407 |  |  | $ | 0 |  |  | $ | 404,407 |  |  | $ | 0 |
Interest Rate swaps | $ | 441 |  |  | $ | 0 |  |  | $ | 441 |  |  | $ | 0 |
Equity Securities: |  |  |  |  |  |  |
Corporate equity securities | $ | 6,272 |  |  | $ | 6,272 |  |  | $ | 0 |  |  | $ | 0 |
Mutual funds | 2,591 |  |  | 2,591 |  |  | 0 |  |  | 0 |
Corporate notes and bonds | 676 |  |  | 676 |  |  | 0 |  |  | 0 |
Total Trading Securities | $ | 9,539 |  |  | $ | 9,539 |  |  | $ | 0 |  |  | $ | 0 |
Liabilities: |  |  |  |  |  |  |
Interest Rate Swaps | $ | (423) |  |  | $ | 0 |  |  | $ | (423) |  |  | $ | 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 June 30, 2021:
|  |  | Corporate Notes and Bonds
Balance, April 1, 2021 |  |  | $ | 2,250 |
Purchases |  |  | 6,000 |
Total gains or (losses): |  |  |
Included in other comprehensive income (loss) |  |  | 76 |
Settlements |  |  | 0 |
Transfers into Level 3 |  |  | 1,500 |
Transfers out of Level 3 |  |  | 0 |
Balance, June 30, 2021 |  |  | $ | 9,826 |
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 six months ended June 30, 2021:
| States and Political Subdivisions |  | Corporate Notes and Bonds
Balance, January 1, 2021 | $ | 64 |  |  | $ | 0 |
Purchases | 0 |  |  | 6,750 |
Total gains or (losses): |  |  |
Included in other comprehensive income (loss) | 0 |  |  | 76 |
Settlements | (64) |  |  | 0 |
Transfers into Level 3 | 0 |  |  | 3,000 |
Transfers out of Level 3 | 0 |  |  | 0 |
Balance, June 30, 2021 | $ | 0 |  |  | $ | 9,826 |
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 June 30, 2022 and December 31, 2021:
|  |  | Fair Value Measurements at June 30, 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 receivable: |  |  |  |  |  |  |
Farmland | $ | 895 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 895 |
Owner-occupied, nonfarm nonresidential properties | 1,163 |  |  | 0 |  |  | 0 |  |  | 1,163 |
Commercial and industrial | 1,723 |  |  | 0 |  |  | 0 |  |  | 1,723 |
Multifamily (5 or more) residential properties | 543 |  |  | 0 |  |  | 0 |  |  | 543 |
Non-owner occupied, nonfarm nonresidential | 2,746 |  |  | 0 |  |  | 0 |  |  | 2,746 |
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 receivable: |  |  |  |  |  |  |
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 June 30, 2022:
| Fair value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans receivable: |  |  |  |  |  |  |
Farmland | $ | 895 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 60% (60%)
Owner-occupied, nonfarm nonresidential properties | 1,163 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-60% (37%)
Commercial and industrial | 1,723 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-50% (32%)
Multifamily (5 or more) residential properties | 543 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 0%-60% (23%)
Non-owner occupied, nonfarm nonresidential | 2,746 |  |  | 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 receivable: |  |  |  |  |  |  |
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 June 30, 2022:
| Carrying |  | Fair Value Measurement Using: |  | Total
| Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 284,154 |  |  | $ | 284,154 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 284,154 |
Debt securities available-for-sale | 404,407 |  |  | 0 |  |  | 404,407 |  |  | 0 |  |  | 404,407 |
Debt securities held-to-maturity | 413,310 |  |  | 0 |  |  | 389,933 |  |  | 0 |  |  | 389,933 |
Equity securities | 9,539 |  |  | 9,539 |  |  | 0 |  |  | 0 |  |  | 9,539 |
Loans held for sale | 843 |  |  | 0 |  |  | 846 |  |  | 0 |  |  | 846 |
Net loans receivable | 3,869,210 |  |  | 0 |  |  | 0 |  |  | 3,869,617 |  |  | 3,869,617 |
FHLB and other restricted stock holdings and investments | 24,484 |  |  | n/a |  | n/a |  | n/a |  | n/a
Interest rate swaps | 441 |  |  | 0 |  |  | 441 |  |  | 0 |  |  | 441 |
Accrued interest receivable | 16,731 |  |  | 0 |  |  | 2,865 |  |  | 13,866 |  |  | 16,731 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | (4,701,820) |  |  | $ | (4,397,542) |  |  | $ | (307,246) |  |  | $ | 0 |  |  | $ | (4,704,788) |
Subordinated debentures | (20,620) |  |  | 0 |  |  | (14,084) |  |  | 0 |  |  | (14,084) |
Subordinated notes, net of unamortized issuance costs | (83,812) |  |  | 0 |  |  | (83,922) |  |  | 0 |  |  | (83,922) |
Interest rate swaps | (423) |  |  | 0 |  |  | (423) |  |  | 0 |  |  | (423) |
Accrued interest payable | (567) |  |  | 0 |  |  | (567) |  |  | 0 |  |  | (567) |
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 receivable | 3,597,204 |  |  | 0 |  |  | 0 |  |  | 3,613,452 |  |  | 3,613,452 |
FHLB and other restricted stock holdings and investments | 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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- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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