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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022:

									Fair Value Measurements at September 30, 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			$	3,825					$	—					$	3,825					$	—
States and political subdivisions			88,436						—						88,436						—
Residential and multi-family mortgage			189,109						—						189,109						—
Corporate notes and bonds			42,906						—						42,906						—
Pooled SBA			10,846						—						10,846						—
Total Securities Available-For-Sale			$	335,122					$	—					$	335,122					$	—
Interest Rate swaps			$	1,726					$	—					$	1,726					$	—
Equity Securities:
Corporate equity securities			$	5,327					$	5,327					$	—					$	—
Mutual funds			2,086						2,086						—						—
Money market funds			865						865						—						—
Corporate notes			670						—						670						—
Total Equity Securities			$	8,948					$	8,278					$	670					$	—
Liabilities:
Interest Rate Swaps			$	(1,726)					$	—					$	(1,726)					$	—

									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 September 30, 2023 and December 31, 2022:

									Fair Value Measurements at September 30, 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			$	763					$	—					$	—					$	763
Owner-occupied, nonfarm nonresidential properties			5,593						—						—						5,593
Commercial and industrial			6,457						—						—						6,457
Other construction loans and all land development loans and other land loans			1,299						—						—						1,299
Multifamily (5 or more) residential properties			305						—						—						305
Non-owner occupied, nonfarm nonresidential			7,279						—						—						7,279
Home equity lines of credit			317						—						—						317
Residential Mortgages secured by first liens			889						—						—						889

									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 September 30, 2023:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

763

Valuation of third party appraisal on underlying collateral

Loss severity rates

27%-29% (28%)

Owner-occupied, nonfarm nonresidential properties

5,593

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (13%)

Commercial and industrial

6,457

Valuation of third party appraisal on underlying collateral

Loss severity rates

3%-50% (14%)

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

1,299

Valuation of third party appraisal on underlying collateral

Loss severity rates

32% (32%)

Multifamily (5 or more) residential properties

305

Valuation of third party appraisal on underlying collateral

Loss severity rates

26% (26%)

Non-owner occupied, nonfarm nonresidential

7,279

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-34% (33%)

Home equity lines of credit

317

Valuation of third party appraisal on underlying collateral

Loss severity rates

15% (15%)

Residential Mortgages secured by first liens

889

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-40% (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 September 30, 2023:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	182,585					$	182,585					$	—					$	—					$	182,585
Debt securities available-for-sale			335,122						—						335,122						—						335,122
Debt securities held-to-maturity			391,301						—						352,069						—						352,069
Equity securities			8,948						8,278						670						—						8,948
Loans held for sale			464						—						465						—						465
Net loans receivable			4,446,342						—						—						4,302,890						4,302,890
FHLB and other restricted stock holdings and investments			28,329						n/a						n/a						n/a						n/a
Interest rate swaps			1,726						—						1,726						—						1,726
Accrued interest receivable			22,329						—						2,778						19,551						22,329
LIABILITIES
Deposits			$	(5,002,781)					$	(4,448,041)					$	(555,737)					$	—					$	(5,003,778)
Subordinated notes and debentures			(104,811)						—						(128,112)						—						(128,112)
Interest rate swaps			(1,726)						—						(1,726)						—						(1,726)
Accrued interest payable			(3,185)						—						(3,185)						—						(3,185)

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, 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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