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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023:

									Fair Value Measurements at September 30, 2024 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			$	13,087					$	13,087					$	—					$	—
States and political subdivisions			94,127						—						94,127						—
Residential and multi-family mortgage			223,951						—						223,951						—
Corporate notes and bonds			38,326						—						38,326						—
Pooled SBA			9,474						—						9,474						—
Total Securities Available-For-Sale			$	378,965					$	13,087					$	365,878					$	—
Interest Rate swaps			$	1,558					$	—					$	1,558					$	—
Equity Securities:
Corporate equity securities			$	6,473					$	6,473					$	—					$	—
Mutual funds			1,983						1,983						—						—
Money market funds			303						303						—						—
Corporate notes			1,630						—						1,630						—
Total Equity Securities			$	10,389					$	8,759					$	1,630					$	—
Liabilities:
Interest Rate Swaps			$	(1,558)					$	—					$	(1,558)					$	—

									Fair Value Measurements at December 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			$	4,988					$	4,988					$	—					$	—
States and political subdivisions			91,809						—						91,809						—
Residential and multi-family mortgage			191,519						—						191,519						—
Corporate notes and bonds			43,139						—						43,139						—
Pooled SBA			10,500						—						10,500						—
Total Securities Available-For-Sale			$	341,955					$	4,988					$	336,967					$	—
Interest Rate swaps			$	1,013					$	—					$	1,013					$	—
Equity Securities:
Corporate equity securities			$	5,341					$	5,341					$	—					$	—
Mutual funds			2,223						2,223						—						—
Money market funds			1,103						1,103						—						—
Corporate notes			634						—						634						—
Total Equity Securities			$	9,301					$	8,667					$	634					$	—
Liabilities:
Interest Rate Swaps			$	(1,013)					$	—					$	(1,013)					$	—

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, 2024 and December 31, 2023:

									Fair Value Measurements at September 30, 2024 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			$	391					$	—					$	—					$	391
Owner-occupied, nonfarm nonresidential properties			3,455						—						—						3,455
Commercial and industrial			2,118						—						—						2,118
Other construction loans and all land development loans and other land loans			1,203						—						—						1,203
Multifamily (5 or more) residential properties			268						—						—						268
Non-owner occupied, nonfarm nonresidential			6,274						—						—						6,274
Home equity lines of credit			286						—						—						286
Residential Mortgages secured by first liens			810						—						—						810

									Fair Value Measurements at December 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			$	736					$	—					$	—					$	736
Owner-occupied, nonfarm nonresidential properties			5,589						—						—						5,589
Commercial and industrial			7,425						—						—						7,425
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			7,216						—						—						7,216
Home equity lines of credit			308						—						—						308
Residential mortgages secured by first liens			871						—						—						871

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, 2024:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

391

Valuation of third party appraisal on underlying collateral

Loss severity rates

35% (35%)

Owner-occupied, nonfarm nonresidential properties

3,455

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-42% (39%)

Commercial and industrial

2,118

Valuation of third party appraisal on underlying collateral

Loss severity rates

10%-65% (26%)

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

1,203

Valuation of third party appraisal on underlying collateral

Loss severity rates

36% (36%)

Multifamily (5 or more) residential properties

268

Valuation of third party appraisal on underlying collateral

Loss severity rates

34% (34%)

Non-owner occupied, nonfarm nonresidential

6,274

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-87% (56%)

Home equity lines of credit

286

Valuation of third party appraisal on underlying collateral

Loss severity rates

21%-23% (21%)

Residential Mortgages secured by first liens

810

Valuation of third party appraisal on underlying collateral

Loss severity rates

23%-48% (37%)

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, 2023:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

736

Valuation of third party appraisal on underlying collateral

Loss severity rates

29%-31% (30%)

Owner-occupied, nonfarm nonresidential properties

5,589

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (14%)

Commercial and industrial

7,425

Valuation of third party appraisal on underlying collateral

Loss severity rates

8%-75% (31%)

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

28% (28%)

Non-owner occupied, nonfarm nonresidential

7,216

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-48% (43%)

Home equity lines of credit

308

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-17% (15%)

Residential mortgages secured by first liens

871

Valuation of third party appraisal on underlying collateral

Loss severity rates

17%-42% (31%)

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, 2024:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	360,909					$	360,909					$	—					$	—					$	360,909
Debt securities available-for-sale			378,965						13,087						365,878						—						378,965
Debt securities held-to-maturity			328,152						81,601						227,324						—						308,925
Equity securities			10,389						8,759						1,630						—						10,389
Loans held for sale			768						—						771						—						771
Net loans receivable			4,545,264						—						—						4,449,829						4,449,829
FHLB and other restricted stock holdings and investments			40,937						n/a						n/a						n/a						n/a
Interest rate swaps			1,558						—						1,558						—						1,558
Accrued interest receivable			24,804						366						2,412						22,026						24,804
LIABILITIES
Deposits			$	(5,216,949)					$	(4,563,117)					$	(651,225)					$	—					$	(5,214,342)
Subordinated notes and debentures			(105,115)						—						(128,071)						—						(128,071)
Interest rate swaps			(1,558)						—						(1,558)						—						(1,558)
Accrued interest payable			(5,600)						—						(5,600)						—						(5,600)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2023:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	222,046					$	222,046					$	—					$	—					$	222,046
Debt securities available-for-sale			341,955						4,988						336,967						—						341,955
Debt securities held-to-maturity			388,968						104,141						256,429						—						360,570
Equity securities			9,301						8,667						634						—						9,301
Loans held for sale			675						—						677						—						677
Net loans receivable			4,422,644						—						—						4,323,476						4,323,476
FHLB and other restricted stock holdings and investments			30,011						n/a						n/a						n/a						n/a
Interest rate swaps			1,013						—						1,013						—						1,013
Accrued interest receivable			24,318						410						2,319						21,589						24,318
LIABILITIES
Deposits			$	(4,998,750)					$	(4,492,256)					$	(508,181)					$	—					$	(5,000,437)
Subordinated notes and debentures			(104,887)						—						(134,298)						—						(134,298)
Interest rate swaps			(1,013)						—						(1,013)						—						(1,013)
Accrued interest payable			(3,550)						—						(3,550)						—						(3,550)

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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