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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at fair value | The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).
|  | September 30, 2021
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Government agencies |  | $ | — |  |  | $ | 119,091 |  |  | $ | — |  |  | $ | 119,091 |
Mortgage Backed Securities-residential |  | — |  |  | 574,939 |  |  | — |  |  | 574,939 |
Mortgage Backed Securities-commercial |  | — |  |  | 15,927 |  |  | — |  |  | 15,927 |
Collateralized mortgage obligations |  | — |  |  | 162,268 |  |  | — |  |  | 162,268 |
State and municipal |  | — |  |  | 361,262 |  |  | 1,895 |  |  | 363,157 |
Municipal taxable |  | — |  |  | 31,538 |  |  | — |  |  | 31,538 |
U.S. Treasury |  | — |  |  | 656 |  |  | — |  |  | 656 |
Collateralized debt obligations |  | — |  |  | — |  |  | 3,244 |  |  | 3,244 |
TOTAL |  | $ | — |  |  | $ | 1,265,681 |  |  | $ | 5,139 |  |  | $ | 1,270,820 |
Derivative Assets |  |  |  | 1,371 |  |  |  |  |
Derivative Liabilities |  |  |  | (1,371) |  |  |  |  |
|  | December 31, 2020
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. Government agencies |  | $ | — |  |  | $ | 97,814 |  |  | $ | — |  |  | $ | 97,814 |
Mortgage Backed Securities-residential |  | — |  |  | 355,121 |  |  | — |  |  | 355,121 |
Mortgage Backed Securities-commercial |  | — |  |  | 18,490 |  |  | — |  |  | 18,490 |
Collateralized mortgage obligations |  | — |  |  | 214,160 |  |  | — |  |  | 214,160 |
State and municipal |  | — |  |  | 304,236 |  |  | 1,895 |  |  | 306,131 |
Municipal taxable |  | — |  |  | 23,139 |  |  | — |  |  | 23,139 |
U.S. Treasury |  | — |  |  | 2,753 |  |  | — |  |  | 2,753 |
Collateralized debt obligations |  | — |  |  | — |  |  | 3,136 |  |  | 3,136 |
TOTAL |  | $ | — |  |  | $ | 1,015,713 |  |  | $ | 5,031 |  |  | $ | 1,020,744 |
Derivative Assets |  |  |  | 2,465 |  |  |  |  |
Derivative Liabilities |  |  |  | (2,465) |  |  |  |  |
Roll forward of financial instruments having fair value measurements using significant unobservable inputs (Level 3) | The tables below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2021 and the year ended December 31, 2020.
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Three Months Ended September 30, 2021
(Dollar amounts in thousands) | State and municipal obligations |  | Collateralized debt obligations |  | Total
Beginning balance, July 1 | $ | 1,895 |  |  | $ | 3,265 |  |  | $ | 5,160 |
Total realized/unrealized gains or losses |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |
Included in other comprehensive income | — |  |  | (21) |  |  | (21) |
Transfers | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |
Ending balance, September 30 | $ | 1,895 |  |  | $ | 3,244 |  |  | $ | 5,139 |
| Nine Months Ended September 30, 2021
(Dollar amounts in thousands) | State and municipal obligations |  | Collateralized debt obligations |  | Total
Beginning balance, January 1 | $ | 1,895 |  |  | $ | 3,136 |  |  | $ | 5,031 |
Total realized/unrealized gains or losses |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |
Included in other comprehensive income | — |  |  | 108 |  |  | 108 |
Transfers | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |
Ending balance, September 30 | $ | 1,895 |  |  | $ | 3,244 |  |  | $ | 5,139 |
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Year Ended December 31, 2020
(Dollar amounts in thousands) |  | State and municipal obligations |  | Collateralized debt obligations |  | Total
Beginning balance, January 1 |  | $ | 2,565 |  |  | $ | 3,619 |  |  | $ | 6,184 |
Total realized/unrealized gains or losses |  |  |  |  |  |
Included in earnings |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | — |  |  | (483) |  |  | (483) |
Purchases |  | — |  |  | — |  |  | — |
Settlements |  | (670) |  |  | — |  |  | (670) |
Ending balance, December 31 |  | $ | 1,895 |  |  | $ | 3,136 |  |  | $ | 5,031 |
Quantitative information about recurring and non-recurring Level 3 | The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at September 30, 2021.
(Dollar amounts in thousands) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range
State and municipal obligations |  | $ | 1,895 |  |  | Discounted cash flow |  | Discount rate Probability of default |  | 3.41%-4.44% 0%
Collateral dependent loans |  | $ | 2,231 |  |  | Discounted collateral |  | Discount rate for age of appraisal and market conditions |  | 0.00%-50.00%
The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2020.
(Dollar amounts in thousands) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range
State and municipal obligations |  | $ | 1,895 |  |  | Discounted cash flow |  | Discount rate Probability of default |  | 3.41%-4.44% 0%
Collateral dependent loans |  | 6,581 |  |  | Discounted collateral |  | Discount rate for age of appraisal and market conditions |  | 0.00%-50.00%
Schedule of loans identified as impaired by class of loans | The following tables presents collateral dependent loans measured at fair value on a non-recurring basis, as of September 30, 2021 and December 31, 2020, which are all considered Level 3.
|  | September 30, 2021
(Dollar amounts in thousands) |  | Carrying Value |  | Allowance for Credit Losses Allocated |  | Fair Value
Commercial |  |  |  |  |  |
Commercial & Industrial |  | $ | 3,297 |  |  | $ | 1,162 |  |  | $ | 2,135 |
Farmland |  | — |  |  | — |  |  | — |
Non Farm, Non Residential |  | 3,079 |  |  | 3,058 |  |  | 21 |
Agriculture |  | — |  |  | — |  |  | — |
All Other Commercial |  | 248 |  |  | 207 |  |  | 41 |
Residential |  |  |  |  |  |
First Liens |  | — |  |  | — |  |  | — |
Home Equity |  | — |  |  | — |  |  | — |
Junior Liens |  | — |  |  | — |  |  | — |
Multifamily |  | 205 |  |  | 171 |  |  | 34 |
All Other Residential |  | — |  |  | — |  |  | — |
Consumer |  |  |  |  |  |
Motor Vehicle |  | — |  |  | — |  |  | — |
All Other Consumer |  | — |  |  | — |  |  | — |
TOTAL |  | $ | 6,829 |  |  | $ | 4,598 |  |  | $ | 2,231 |
|  | December 31, 2020
(Dollar amounts in thousands) |  | Carrying Value |  | Allowance for Credit Losses Allocated |  | Fair Value
Commercial |  |  |  |  |  |
Commercial & Industrial |  | $ | 4,435 |  |  | $ | 1,363 |  |  | $ | 3,072 |
Farmland |  | 1,231 |  |  | 35 |  |  | 1,196 |
Non Farm, Non Residential |  | 3,193 |  |  | 3,038 |  |  | 155 |
Agriculture |  | 600 |  |  | 162 |  |  | 438 |
All Other Commercial |  | 528 |  |  | 52 |  |  | 476 |
Residential |  |  |  |  |  |
First Liens |  | — |  |  | — |  |  | — |
Home Equity |  | — |  |  | — |  |  | — |
Junior Liens |  | — |  |  | — |  |  | — |
Multifamily |  | 1,380 |  |  | 136 |  |  | 1,244 |
All Other Residential |  | — |  |  | — |  |  | — |
Consumer |  |  |  |  |  |
Motor Vehicle |  | — |  |  | — |  |  | — |
All Other Consumer |  | — |  |  | — |  |  | — |
TOTAL |  | $ | 11,367 |  |  | $ | 4,786 |  |  | $ | 6,581 |
Schedule of carrying amount and estimated fair value of financial instruments | The fair value of off-balance sheet items is not considered material.
|  | September 30, 2021
|  | Carrying |  | Fair Value
(Dollar amounts in thousands) |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and due from banks |  | $ | 758,120 |  |  | $ | 25,996 |  |  | $ | 732,124 |  |  | $ | — |  |  | $ | 758,120 |
Federal funds sold |  | 6,183 |  |  | — |  |  | 6,183 |  |  | — |  |  | 6,183 |
Securities available-for-sale |  | 1,270,820 |  |  | — |  |  | 1,265,681 |  |  | 5,139 |  |  | 1,270,820 |
Restricted stock |  | 14,837 |  |  | n/a |  | n/a |  | n/a |  | n/a
Loans, net |  | 2,436,948 |  |  | — |  |  | — |  |  | 2,381,649 |  |  | 2,381,649 |
Accrued interest receivable |  | 15,963 |  |  | — |  |  | 5,638 |  |  | 10,325 |  |  | 15,963 |
Deposits |  | (4,028,636) |  |  | — |  |  | (4,036,693) |  |  | — |  |  | (4,036,693) |
Short-term borrowings |  | (101,051) |  |  | — |  |  | (101,051) |  |  | — |  |  | (101,051) |
Other borrowings |  | (5,902) |  |  | — |  |  | (6,207) |  |  | — |  |  | (6,207) |
Accrued interest payable |  | (664) |  |  | — |  |  | (664) |  |  | — |  |  | (664) |
|  | December 31, 2020
|  | Carrying |  | Fair Value
(Dollar amounts in thousands) |  | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and due from banks |  | $ | 657,470 |  |  | $ | 25,645 |  |  | $ | 631,825 |  |  | $ | — |  |  | $ | 657,470 |
Federal funds sold |  | 301 |  |  | — |  |  | 301 |  |  | — |  |  | 301 |
Securities available-for-sale |  | 1,020,744 |  |  | — |  |  | 1,015,713 |  |  | 5,031 |  |  | 1,020,744 |
Restricted stock |  | 14,812 |  |  | n/a |  | n/a |  | n/a |  | n/a
Loans, net |  | 2,563,242 |  |  | — |  |  | — |  |  | 2,560,683 |  |  | 2,560,683 |
Accrued interest receivable |  | 16,957 |  |  | — |  |  | 3,521 |  |  | 13,436 |  |  | 16,957 |
Deposits |  | (3,755,945) |  |  | — |  |  | (3,763,358) |  |  | — |  |  | (3,763,358) |
Short-term borrowings |  | (116,061) |  |  | — |  |  | (116,061) |  |  | — |  |  | (116,061) |
Other borrowings |  | (5,859) |  |  | — |  |  | (6,297) |  |  | — |  |  | (6,297) |
Accrued interest payable |  | (1,033) |  |  | — |  |  | (1,033) |  |  | — |  |  | (1,033) |

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets and liabilities) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets and liabilities) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liability. + References No definition available. + Details
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- Definition Tabular disclosure of fair value of impaired financing receivables. + References No definition available. + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + 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 http://asc.fasb.org/extlink&oid=123874694&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 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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