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FAIR VALUE (Tables)

3 Months Ended

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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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

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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