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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024:

									Fair Value Measurements at March 31, 2025 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			$	9,651					$	9,651					$	—					$	—
States and political subdivisions			92,285						—						92,285						—
Residential and multi-family mortgage			370,876						—						370,876						—
Corporate notes and bonds			35,124						—						35,124						—
Pooled SBA			8,506						—						8,506						—
Total Securities Available-For-Sale			$	516,442					$	9,651					$	506,791					$	—
Interest Rate swaps			$	826					$	—					$	826					$	—
Equity Securities:
Corporate equity securities			$	6,175					$	6,175					$	—					$	—
Mutual funds			1,935						1,935						—						—
Money market funds			477						477						—						—
Corporate notes			1,706						—						1,706						—
Total Equity Securities			$	10,293					$	8,587					$	1,706					$	—
Liabilities:
Interest Rate Swaps			$	(826)					$	—					$	(826)					$	—

									Fair Value Measurements at December 31, 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			$	14,810					$	14,810					$	—					$	—
States and political subdivisions			90,956						—						90,956						—
Residential and multi-family mortgage			318,910						—						318,910						—
Corporate notes and bonds			35,210						—						35,210						—
Pooled SBA			8,660						—						8,660						—
Total Securities Available-For-Sale			$	468,546					$	14,810					$	453,736					$	—
Interest Rate swaps			$	423					$	—					$	423					$	—
Equity Securities:
Corporate equity securities			$	6,542					$	6,542					$	—					$	—
Mutual funds			1,936						1,936						—						—
Money market funds			287						287						—						—
Corporate notes			1,691						—						1,691						—
Total Equity Securities			$	10,456					$	8,765					$	1,691					$	—
Liabilities:
Interest Rate Swaps			$	(423)					$	—					$	(423)					$	—

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, 2025 and December 31, 2024:

									Fair Value Measurements at March 31, 2025 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			$	352					$	—					$	—					$	352
Owner-occupied, nonfarm nonresidential properties			2,505						—						—						2,505
Commercial and industrial			2,285						—						—						2,285
Other construction loans and all land development loans and other land loans			1,174						—						—						1,174
Multifamily (5 or more) residential properties			19,648						—						—						19,648
Non-owner occupied, nonfarm nonresidential			5,225						—						—						5,225
Home equity lines of credit			290						—						—						290
Residential Mortgages secured by first liens			1,134						—						—						1,134

									Fair Value Measurements at December 31, 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			$	352					$	—					$	—					$	352
Owner-occupied, nonfarm nonresidential properties			2,531						—						—						2,531
Commercial and industrial			2,334						—						—						2,334
Other construction loans and all land development loans and other land loans			1,196						—						—						1,196
Multifamily (5 or more) residential properties			19,773						—						—						19,773
Non-owner occupied, nonfarm nonresidential			5,225						—						—						5,225
Home equity lines of credit			290						—						—						290
Residential mortgages secured by first liens			1,173						—						—						1,173

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, 2025:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

352

Valuation of third party appraisal on underlying collateral

Loss severity rates

39% (39%)

Owner-occupied, nonfarm nonresidential properties

2,505

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-46% (26%)

Commercial and industrial

2,285

Valuation of third party appraisal on underlying collateral

Loss severity rates

10%-100% (27%)

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

1,174

Valuation of third party appraisal on underlying collateral

Loss severity rates

40% (40%)

Multifamily (5 or more) residential properties

19,648

Valuation of third party appraisal on underlying collateral

Loss severity rates

10%-38% (10%)

Non-owner occupied, nonfarm nonresidential

5,225

Valuation of third party appraisal on underlying collateral

Loss severity rates

52% (52%)

Home equity lines of credit

290

Valuation of third party appraisal on underlying collateral

Loss severity rates

27%-38% (36%)

Residential Mortgages secured by first liens

1,134

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-54% (36%)

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, 2024:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

352

Valuation of third party appraisal on underlying collateral

Loss severity rates

37% (37%)

Owner-occupied, nonfarm nonresidential properties

2,531

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-44% (25%)

Commercial and industrial

2,334

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (31%)

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

1,196

Valuation of third party appraisal on underlying collateral

Loss severity rates

38% (38%)

Multifamily (5 or more) residential properties

19,773

Valuation of third party appraisal on underlying collateral

Loss severity rates

10% (10%)

Non-owner occupied, nonfarm nonresidential

5,225

Valuation of third party appraisal on underlying collateral

Loss severity rates

51% (51%)

Home equity lines of credit

290

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-29% (28%)

Residential mortgages secured by first liens

1,173

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-51% (34%)

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, 2025:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	520,157					$	520,157					$	—					$	—					$	520,157
Debt securities available-for-sale			516,442						9,651						506,791						—						516,442
Debt securities held-to-maturity			282,159						62,108						201,286						—						263,394
Equity securities			10,293						8,587						1,706						—						10,293
Loans held for sale			860						—						883						—						883
Net loans receivable			4,562,652						—						—						4,497,942						4,497,942
FHLB and other restricted stock holdings and investments			41,844						n/a						n/a						n/a						n/a
Interest rate swaps			826						—						826						—						826
Accrued interest receivable			24,515						266						3,000						21,249						24,515
LIABILITIES
Deposits			$	(5,460,078)					$	(4,722,476)					$	(734,359)					$	—					$	(5,456,835)
Subordinated notes and debentures			(105,266)						—						(123,648)						—						(123,648)
Interest rate swaps			(826)						—						(826)						—						(826)
Accrued interest payable			(7,318)						—						(7,318)						—						(7,318)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2024:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	443,035					$	443,035					$	—					$	—					$	443,035
Debt securities available-for-sale			468,546						14,810						453,736						—						468,546
Debt securities held-to-maturity			306,081						71,323						211,647						—						282,970
Equity securities			10,456						8,765						1,691						—						10,456
Loans held for sale			762						—						766						—						766
Net loans receivable			4,561,599						—						—						4,495,097						4,495,097
FHLB and other restricted stock holdings and investments			40,702						n/a						n/a						n/a						n/a
Interest rate swaps			423						—						423						—						423
Accrued interest receivable			24,739						385						2,766						21,588						24,739
LIABILITIES
Deposits			$	(5,371,364)					$	(4,648,504)					$	(718,328)					$	—					$	(5,366,832)
Subordinated notes and debentures			(105,190)						—						(124,515)						—						(124,515)
Interest rate swaps			(423)						—						(423)						—						(423)
Accrued interest payable			(7,152)						—						(7,152)						—						(7,152)

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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.

+ References

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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