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FAIR VALUE (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

									Fair Value Measurements at September 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			$	3,078					$	0					$	3,078					$	0
States and political subdivisions			95,982						0						95,982						0
Residential and multi-family mortgage			222,796						0						222,796						0
Corporate notes and bonds			42,454						0						42,454						0
Pooled SBA			13,926						0						13,926						0
Total Securities Available-For-Sale			$	378,236					$	0					$	378,236					$	0
Interest Rate swaps			$	1,900					$	0					$	1,900					$	0
Equity Securities:
Corporate equity securities			$	5,995					$	5,995					$	0					$	0
Mutual funds			2,582						2,582						0						0
Corporate notes and bonds			658						658						0						0
Total Equity Securities			$	9,235					$	9,235					$	0					$	0
Liabilities:
Interest Rate Swaps			$	(1,768)					$	0					$	(1,768)					$	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 Equity 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 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 AFS 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						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, 2022 and December 31, 2021:

									Fair Value Measurements at September 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			$	854					$	0					$	0					$	854
Owner-occupied, nonfarm nonresidential properties			1,103						0						0						1,103
Commercial and industrial			1,778						0						0						1,778
Multifamily (5 or more) residential properties			632						0						0						632
Non-owner occupied, nonfarm nonresidential			3,203						0						0						3,203
Home equity lines of credit			236						0						0						236
Residential Mortgages secured by first liens			827						0						0						827

									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 September 30, 2022:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

854

Valuation of third party appraisal on underlying collateral

Loss severity rates

20% (20%)

Owner-occupied, nonfarm nonresidential properties

1,103

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-100% (29%)

Commercial and industrial

1,778

Valuation of third party appraisal on underlying collateral

Loss severity rates

3%-100% (33%)

Multifamily (5 or more) residential properties

632

Valuation of third party appraisal on underlying collateral

Loss severity rates

19%-25% (23%)

Non-owner occupied, nonfarm nonresidential

3,203

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-26% (25%)

Home equity lines of credit

236

Valuation of third party appraisal on underlying collateral

Loss severity rates

52%-55% (55%)

Residential Mortgages secured by first liens

827

Valuation of third party appraisal on underlying collateral

Loss severity rates

19%-52% (30%)

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 September 30, 2022:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	209,796					$	209,796					$	0					$	0					$	209,796
Debt securities available-for-sale			378,236						0						378,236						0						378,236
Debt securities held-to-maturity			408,209						0						369,102						0						369,102
Equity securities			9,235						9,235						0						0						9,235
Loans held for sale			624						0						626						0						626
Net loans receivable			3,983,396						0						0						3,974,986						3,974,986
FHLB and other restricted stock holdings and investments			23,923						n/a						n/a						n/a						n/a
Interest rate swaps			1,900						0						1,900						0						1,900
Accrued interest receivable			17,871						0						2,999						14,872						17,871
LIABILITIES
Deposits			$	(4,623,811)					$	(4,299,723)					$	(326,305)					$	0					$	(4,626,028)
Subordinated debentures			(20,620)						0						(14,684)						0						(14,684)
Subordinated notes, net of unamortized issuance costs			(83,888)						0						(93,140)						0						(93,140)
Interest rate swaps			(1,768)						0						(1,768)						0						(1,768)
Accrued interest payable			(525)						0						(525)						0						(525)

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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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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