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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of 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, 2023 and December 31, 2022:
|  |  | Fair Value Measurements at March 31, 2023 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 | $ | 2,388 |  |  | $ | — |  |  | $ | 2,388 |  |  | $ | — |
States and political subdivisions | 97,238 |  |  | — |  |  | 97,238 |  |  | — |
Residential and multi-family mortgage | 213,807 |  |  | — |  |  | 213,807 |  |  | — |
Corporate notes and bonds | 42,809 |  |  | — |  |  | 42,809 |  |  | — |
Pooled SBA | 12,365 |  |  | — |  |  | 12,365 |  |  | — |
Total Securities Available-For-Sale | $ | 368,607 |  |  | $ | — |  |  | $ | 368,607 |  |  | $ | — |
Interest Rate swaps | $ | 1,338 |  |  | $ | — |  |  | $ | 1,338 |  |  | $ | — |
Equity Securities: |  |  |  |  |  |  |
Corporate equity securities | $ | 5,843 |  |  | $ | 5,843 |  |  | $ | — |  |  | $ | — |
Mutual funds | 2,101 |  |  | 2,101 |  |  | — |  |  | — |
Money market funds | 765 |  |  | 765 |  |  | — |  |  | — |
Corporate notes | 707 |  |  | 707 |  |  | — |  |  | — |
Total Equity Securities | $ | 9,416 |  |  | $ | 9,416 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest Rate Swaps | $ | (1,234) |  |  | $ | — |  |  | $ | (1,234) |  |  | $ | — |
|  |  | Fair Value Measurements at December 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 | $ | 3,129 |  |  | $ | — |  |  | $ | 3,129 |  |  | $ | — |
States and political subdivisions | 95,663 |  |  | — |  |  | 95,663 |  |  | — |
Residential and multi-family mortgage | 217,547 |  |  | — |  |  | 217,547 |  |  | — |
Corporate notes and bonds | 42,391 |  |  | — |  |  | 42,391 |  |  | — |
Pooled SBA | 12,679 |  |  | — |  |  | 12,679 |  |  | — |
Total Securities Available-For-Sale | $ | 371,409 |  |  | $ | — |  |  | $ | 371,409 |  |  | $ | — |
Interest Rate swaps | $ | 1,850 |  |  | $ | — |  |  | $ | 1,850 |  |  | $ | — |
Equity Securities: |  |  |  |  |  |  |
Corporate equity securities | $ | 6,973 |  |  | $ | 6,973 |  |  | $ | — |  |  | $ | — |
Mutual funds | 1,406 |  |  | 1,406 |  |  | — |  |  | — |
Money market funds | 479 |  |  | 479 |  |  | — |  |  | — |
Corporate notes | 757 |  |  | 757 |  |  | — |  |  | — |
Total Equity Securities | $ | 9,615 |  |  | $ | 9,615 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Interest Rate Swaps | $ | (1,700) |  |  | $ | — |  |  | $ | (1,700) |  |  | $ | — |
Schedule of 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, 2023 and December 31, 2022:
|  |  | Fair Value Measurements at March 31, 2023 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 | $ | 829 |  |  | $ | — |  |  | $ | — |  |  | $ | 829 |
Owner-occupied, nonfarm nonresidential properties | 1,053 |  |  | — |  |  | — |  |  | 1,053 |
Commercial and industrial | 1,426 |  |  | — |  |  | — |  |  | 1,426 |
Other construction loans and all land development loans and other land loans | 480 |  |  | — |  |  | — |  |  | 480 |
Multifamily (5 or more) residential properties | 519 |  |  | — |  |  | — |  |  | 519 |
Non-owner occupied, nonfarm nonresidential | 4,348 |  |  | — |  |  | — |  |  | 4,348 |
Home equity lines of credit | 331 |  |  | — |  |  | — |  |  | 331 |
Residential Mortgages secured by first liens | 931 |  |  | — |  |  | — |  |  | 931 |
|  |  | Fair Value Measurements at December 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 receivable: |  |  |  |  |  |  |
Farmland | $ | 829 |  |  | $ | — |  |  | $ | — |  |  | $ | 829 |
Owner-occupied, nonfarm nonresidential properties | 1,071 |  |  | — |  |  | — |  |  | 1,071 |
Commercial and industrial | 1,631 |  |  | — |  |  | — |  |  | 1,631 |
Other construction loans and all land development loans and other land loans | 501 |  |  | — |  |  | — |  |  | 501 |
Multifamily (5 or more) residential properties | 613 |  |  | — |  |  | — |  |  | 613 |
Non-owner occupied, nonfarm nonresidential | 3,867 |  |  | — |  |  | — |  |  | 3,867 |
Home equity lines of credit | 335 |  |  | — |  |  | — |  |  | 335 |
Residential mortgages secured by first liens | 944 |  |  | — |  |  | — |  |  | 944 |
Schedule of 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, 2023:
| Fair value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans receivable: |  |  |  |  |  |  |
Farmland | $ | 829 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 27% (27%)
Owner-occupied, nonfarm nonresidential properties | 1,053 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 32%-100% (36%)
Commercial and industrial | 1,426 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 3%-50% (37%)
Other construction loans and all land development loans and other land loans | 480 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 42% (42%)
Multifamily (5 or more) residential properties | 519 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-35% (26%)
Non-owner occupied, nonfarm nonresidential | 4,348 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 32%-40% (35%)
Home equity lines of credit | 331 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 15%-22% (16%)
Residential Mortgages secured by first liens | 931 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 22%-36% (29%)
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, 2022:
| Fair value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Collateral-dependent loans receivable: |  |  |  |  |  |  |
Farmland | $ | 829 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 20% (20%)
Owner-occupied, nonfarm nonresidential properties | 1,071 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 25%-100% (29%)
Commercial and industrial | 1,631 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 3%-49% (23%)
Other construction loans and all land development loans and other land loans | 501 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 33% (33%)
Multifamily (5 or more) residential properties | 613 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 19%-25% (23%)
Non-owner occupied, nonfarm nonresidential | 3,867 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 15%-53% (35%)
Home equity lines of credit | 335 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 15% (15%)
Residential mortgages secured by first liens | 944 |  |  | Valuation of third party appraisal on underlying collateral |  | Loss severity rates |  | 15%-27% (21%)
Schedule of Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at March 31, 2023:
| Carrying |  | Fair Value Measurement Using: |  | Total
| Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 188,593 |  |  | $ | 188,593 |  |  | $ | — |  |  | $ | — |  |  | $ | 188,593 |
Debt securities available-for-sale | 368,607 |  |  | — |  |  | 368,607 |  |  | — |  |  | 368,607 |
Debt securities held-to-maturity | 402,300 |  |  | — |  |  | 371,735 |  |  | — |  |  | 371,735 |
Equity securities | 9,416 |  |  | 9,416 |  |  | — |  |  | — |  |  | 9,416 |
Loans held for sale | 448 |  |  | — |  |  | 449 |  |  | — |  |  | 449 |
Net loans receivable | 4,257,316 |  |  | — |  |  | — |  |  | 4,155,403 |  |  | 4,155,403 |
FHLB and other restricted stock holdings and investments | 31,194 |  |  | n/a |  | n/a |  | n/a |  | n/a
Interest rate swaps | 1,338 |  |  | — |  |  | 1,338 |  |  | — |  |  | 1,338 |
Accrued interest receivable | 19,691 |  |  | — |  |  | 2,928 |  |  | 16,763 |  |  | 19,691 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | (4,754,129) |  |  | $ | (4,212,282) |  |  | $ | (542,415) |  |  | $ | — |  |  | $ | (4,754,697) |
Short-term borrowings | (102,083) |  |  | — |  |  | (102,083) |  |  | — |  |  | (102,083) |
Subordinated notes and debentures | (104,660) |  |  | — |  |  | (122,427) |  |  | — |  |  | (122,427) |
Interest rate swaps | (1,234) |  |  | — |  |  | (1,234) |  |  | — |  |  | (1,234) |
Accrued interest payable | (2,850) |  |  | — |  |  | (2,850) |  |  | — |  |  | (2,850) |
The following table presents the carrying amount and fair value of financial instruments at December 31, 2022:
| Carrying |  | Fair Value Measurement Using: |  | Total
| Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 106,285 |  |  | $ | 106,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,285 |
Debt securities available-for-sale | 371,409 |  |  | — |  |  | 371,409 |  |  | — |  |  | 371,409 |
Debt securities held-to-maturity | 404,765 |  |  | — |  |  | 367,388 |  |  | — |  |  | 367,388 |
Equity securities | 9,615 |  |  | 9,615 |  |  | — |  |  | — |  |  | 9,615 |
Loans held for sale | 231 |  |  | — |  |  | 231 |  |  | — |  |  | 231 |
Net loans receivable | 4,231,742 |  |  | — |  |  | — |  |  | 4,157,843 |  |  | 4,157,843 |
FHLB and other restricted stock holdings and investments | 30,715 |  |  | n/a |  | n/a |  | n/a |  | n/a
Interest rate swaps | 1,850 |  |  | — |  |  | 1,850 |  |  | — |  |  | 1,850 |
Accrued interest receivable | 20,194 |  |  | — |  |  | 2,867 |  |  | 17,327 |  |  | 20,194 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | (4,622,437) |  |  | $ | (4,175,976) |  |  | $ | (445,788) |  |  | $ | — |  |  | $ | (4,621,764) |
Short-term borrowings | (132,396) |  |  | — |  |  | (132,396) |  |  | — |  |  | (132,396) |
Subordinated notes and debentures | (104,584) |  |  | — |  |  | (117,378) |  |  | — |  |  | (117,378) |
Interest rate swaps | (1,700) |  |  | — |  |  | (1,700) |  |  | — |  |  | (1,700) |
Accrued interest payable | (1,839) |  |  | — |  |  | (1,839) |  |  | — |  |  | (1,839) |

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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 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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