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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

December 31, 2020

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available for sale securities:

  

  

  

Mortgage-backed securities:

 

  

 

  

 

  

 

  

US Government-sponsored enterprises

$

$

212,390

$

$

212,390

US Government agency

 

 

85,632

 

 

85,632

Private label

 

 

19,709

 

 

19,709

Obligations of states and political subdivisions thereof

 

 

169,004

 

 

169,004

Corporate bonds

 

 

98,311

 

 

98,311

Derivative assets

 

 

28,684

 

22

 

28,706

Derivative liabilities

 

 

(28,559)

 

(95)

 

(28,654)

December 31, 2019

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Inputs

Inputs

Inputs

Fair Value

Available for sale securities:

  

  

  

  

Mortgage-backed securities:

 

  

 

  

 

  

 

  

US Government-sponsored enterprises

$

$

321,969

$

$

321,969

US Government agency

 

 

99,661

 

 

99,661

Private label

 

 

19,533

 

 

19,533

Obligations of states and political subdivisions thereof

 

 

142,006

 

 

142,006

Corporate bonds

 

 

80,061

 

 

80,061

Derivative assets

 

 

6,791

 

59

 

6,850

Derivative liabilities

 

 

(8,102)

 

(84)

 

(8,186)

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

(in thousands)

    

Commitments

    

Commitments

December 31, 2018

8

Realized gain (loss) recognized in non-interest income

51

(84)

December 31, 2019

59

(84)

Realized loss recognized in non-interest income

 

(37)

 

(11)

December 31, 2020

$

22

$

(95)

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

Assets (Liabilities)

Interest Rate Lock

Forward

(in thousands)

    

Commitments

    

Commitments

December 31, 2018

8

Realized gain (loss) recognized in non-interest income

51

(84)

December 31, 2019

59

(84)

Realized loss recognized in non-interest income

 

(37)

 

(11)

December 31, 2020

$

22

$

(95)

Schedule of Quantitative Information, Valuation, Recurring

    

    

    

Significant

 

Fair Value

Fair Value

Unobservable

(in thousands, except ratios)

    

Dec 31, 2020

    

Dec 31, 2019

Valuation Techniques

    

Unobservable Inputs

    

Input Value

Assets (Liabilities)

  

  

  

  

  

 

Interest Rate Lock Commitment

 

$

22

$

59

Historical trend

 

Closing Ratio

 

90

%

 

 

Pricing Model

Origination Costs, per loan

$

1.7

 

Forward Commitments

 

(95)

 

(84)

Quoted prices for similar loans in active markets

 

Freddie Mac pricing system

 

Pair-off contract price

Total

$

(73)

$

(25)

  

 

  

 

  

Summary of Applicable Non-Recurring Fair Value Measurements

Fair Value Measurement

December 31, 2020

December 31, 2019

December 31, 2020

Date as of December 31, 2020

Level 3

Level 3

Total

Level 3

(in thousands)

    

Inputs

    

Inputs

    

Gains (Losses)

    

Inputs

Assets

  

  

  

  

Impaired loans

$

8,746

$

9,625

$

879

December 2020

Capitalized servicing rights

 

3,605

4,301

 

696

 

December 2020

Other real estate owned

 

2,236

 

(355)

 

September 2020

Premises held for sale

 

962

1,764

 

122

 

December 2020

Total

$

13,313

$

17,926

$

1,342

 

  

Schedule of Quantitative Information, Valuation, Non-recurring

 

(in thousands, except ratios)

    

Fair Value Dec 31, 2020

    

Valuation Techniques

    

Unobservable Inputs

    

Range (Weighted Average)(a)

 

Assets

 

  

 

  

 

  

  

Impaired loans

$

6,128

 

Fair value of collateral-appraised value

 

Loss severity

0% to 70%

 

Appraised value

$0 to $1,730

Impaired loans

 

2,618

 

Discount cash flow

 

Discount rate

 

3.50% to 9.50%

 

Cash flows

$19 to $953

Capitalized servicing rights

 

3,605

 

Discounted cash flow

 

Constant prepayment rate (CPR)

 

18.53%

 

  

 

  

 

Discount rate

 

10.05%

Premises held for sale

 

962

 

Fair value of asset less selling costs

 

Appraised value

$220 to $386

 

  

 

  

 

Selling Costs

 

6%

Total

$

13,313

 

  

 

  

 

  

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

(in thousands, except ratios)

    

Fair Value Dec 31, 2019

    

Valuation Techniques

    

Unobservable Inputs

    

Range (Weighted Average)(a)

Assets

Impaired loans

$

6,137

Fair value of collateral-appraised value

Loss severity

0% to 55.00%

Appraised value

$0 to $6,915

Impaired loans

 

3,488

Discount cash flow

Discount rate

 

2.88% to 9.50%

Cash flows

$22 to $1,002

Capitalized servicing rights

 

4,301

Discounted cash flow

Constant prepayment rate (CPR)

 

9.95%

Discount rate

 

10.07%

Other real estate owned

 

2,236

Fair value of collateral less selling costs

Appraised value

 

$2,695

Selling Costs

10% to 20%

Premises held for sale

 

1,764

Fair value of asset less selling costs

Appraised value

 

$136 to $527

Selling Costs

 

6%

Total

$

17,926

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

December 31, 2020

Carrying

Fair

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

226,007

$

226,007

$

226,007

$

$

Securities available for sale

 

585,046

 

585,046

 

 

585,046

 

FHLB stock

 

14,036

 

14,036

 

 

14,036

 

Loans held for sale

23,988

24,163

Net loans

 

2,543,803

 

2,547,970

 

 

 

2,547,970

Accrued interest receivable

 

2,964

 

2,964

 

 

2,964

 

Cash surrender value of bank-owned life insurance policies

 

77,870

 

77,870

 

 

77,870

 

Derivative assets

 

28,706

 

28,706

 

 

28,684

 

22

Financial Liabilities

 

  

 

  

 

  

 

  

 

  

Non-maturity deposits

$

2,207,854

$

2,122,222

$

$

2,122,222

$

Time deposits

698,361

694,700

694,700

Securities sold under agreements to repurchase

27,779

27,779

27,779

FHLB advances

 

248,283

 

252,698

 

 

252,698

 

Subordinated borrowings

 

59,961

 

57,091

 

 

57,091

 

Derivative liabilities

 

28,654

 

28,654

 

 

28,559

 

95

December 31, 2019

Carrying

Fair

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

56,910

$

56,910

$

56,910

$

$

Securities available for sale

 

663,230

 

663,230

 

 

663,230

 

FHLB stock

 

20,679

 

20,679

 

 

20,679

 

Loans held for sale

6,499

6,572

Net loans

 

2,625,739

 

2,634,147

 

 

 

2,634,147

Accrued interest receivable

 

3,294

 

3,294

 

 

3,294

 

Cash surrender value of bank-owned life insurance policies

 

75,863

 

75,863

 

 

75,863

 

Derivative assets

 

6,850

 

6,850

 

 

6,791

 

59

Financial Liabilities

 

  

 

  

 

  

 

  

 

  

Non-maturity deposits

$

1,763,116

$

1,751,481

$

$

1,751,481

$

Time deposits

932,635

932,886

932,886

Short-term other borrowings

 

44,832

 

44,831

 

 

44,831

 

FHLB advances

 

426,564

 

425,989

 

 

425,989

 

Subordinated borrowings

 

59,920

 

59,920

 

 

59,920

 

Derivative liabilities

 

8,186

 

8,186

 

 

8,102

 

84