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Fair Value Disclosures and Reporting and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values for the Company’s financial instruments are as follows, as of the dates noted:

Fair Value of Financial Instruments

(dollars in thousands, unaudited)

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	March 31, 2024
​	​	​	​	​	Fair Value Measurements
​		Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Financial assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	119,244	​	$	119,244	​	$	—	​	$	—	​	$	119,244
Investment securities available-for-sale	​	$	741,789	​	$	—	​	$	687,130	​	$	54,659	​	$	741,789
Investment securities held-to-maturity	​	$	316,406	​	$	—	​	$	306,156	​	$	—	​	$	306,156
Loans, net	​	$	2,133,938	​	$	—	​	$	5,889	​	$	1,975,688	​	$	1,981,577
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Deposits	​	$	2,847,004	​	$	968,997	​	$	1,874,287	​	$	—	​	$	2,843,284
Repurchase agreements	​	$	121,851	​	$	—	​	$	121,851	​	$	—	​	$	121,851
Other borrowings	​	$	80,000	​	$	—	​	$	54,786	​	$	—	​	$	54,786
Long-term debt	​	$	49,326	​	$	—	​	$	44,189	​	$	—	​	$	44,189
Subordinated debentures	​	$	35,704	​	$	—	​	$	35,453	​	$	—	​	$	35,453

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	December 31, 2023
​	​	​	​	​	Fair Value Measurements
​		Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Financial assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	78,602	​	$	78,602	​	$	—	​	$	—	​	$	78,602
Investment securities available-for-sale	​	$	1,019,201	​	$	—	​	$	967,161	​	$	52,040	​	$	1,019,201
Investment securities held-to-maturity	​	$	320,057	​	$	—	​	$	314,924	​	$	—	​	$	314,924
Loans, net	​	$	2,066,884	​	$	—	​	$	5,889	​	$	1,918,654	​	$	1,924,543
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Deposits	​	$	2,761,223	​	$	1,020,772	​	$	1,738,566	​	$	—	​	$	2,759,338
Repurchase agreements	​	$	107,121	​	$	—	​	$	107,121	​	$	—	​	$	107,121
Other borrowings	​	$	360,500	​	$	—	​	$	360,500	​	$	—	​	$	360,500
Long-term debt	​	$	49,304	​	$	—	​	$	44,097	​	$	—	​	$	44,097
Subordinated debentures	​	$	35,660	​	$	—	​	$	35,423	​	$	—	​	$	35,423

Schedule of Assets Reported at Fair Value on a Recurring Basis

Assets reported at fair value on a recurring basis are summarized below:

Fair Value Measurements – Recurring

(dollars in thousands, unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at March 31, 2024, using

​

​

​

​

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Total

Realized Gain/(Loss) (Level 3)

Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

—

​

$

65,437

​

$

—

​

$

65,437

​

$

—

Mortgage-backed securities

​

​

—

​

​

13,448

​

​

—

​

​

13,448

​

​

—

State and political subdivisions

​

​

—

​

​

44,675

​

​

—

​

​

44,675

​

​

—

Corporate bonds

​

​

—

​

​

—

​

​

54,659

​

​

54,659

​

​

—

Collateralized loan obligations

​

​

—

​

​

563,570

​

​

—

​

​

563,570

​

​

—

Total available-for-sale securities

​

$

—

​

$

687,130

​

$

54,659

​

$

741,789

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2023, using

​

​

​

​

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Total

Realized Gain/(Loss) (Level 3)

Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government agencies

​

$

—

​

$

102,749

​

$

—

​

$

102,749

​

$

—

Mortgage-backed securities

​

​

—

​

​

99,544

​

​

—

​

​

99,544

​

​

—

State and political subdivisions

​

​

—

​

​

194,206

​

​

—

​

​

194,206

​

​

—

Corporate bonds

​

​

—

​

​

—

​

​

52,040

​

​

52,040

​

​

—

Collateralized loan obligations

​

​

—

​

​

570,662

​

​

—

​

​

570,662

​

​

—

Total available-for-sale securities

​

$

—

​

$

967,161

​

$

52,040

​

$

1,019,201

​

$

—

​

Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

​

​	​	​	​	​	​	​
Fair Value Measurements - Level 3 Recurring	​	​	​	​	​	​
(dollars in thousands, unaudited)	​	​	​	​	​	​
​		Corporate Bonds
​	​	2024		​	2023
Balance of recurring Level 3 assets at January 1,	​	$	52,040	​	$	57,435
Total gains or losses for the period:	​	​	​	​	​	​
Included in other comprehensive income	​	​	2,619	​	​	(5,436)
Balance of recurring Level 3 assets at March 31,	​	$	54,659	​	$	51,999

​

Schedule of Assets Reported at Fair Value on a Nonrecurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at March 31, 2024, using

​

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Total

Individually evaluated collateral dependent loans

​

​

​

​

​

​

​

​

​

​

​

​

Real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

Commercial real estate

​

​

—

​

​

5,889

​

​

—

​

​

5,889

Other construction/land

​

​

—

​

​

—

​

​

—

​

​

—

Farmland

​

​

—

​

​

—

​

​

—

​

​

—

Total real estate

​

​

—

​

​

5,889

​

​

—

​

​

5,889

Other commercial

​

​

—

​

​

—

​

​

—

​

​

—

Consumer loans

​

​

—

​

​

—

​

​

—

​

​

—

Total collateral dependent loans

​

$

—

​

$

5,889

​

$

—

​

$

5,889

Foreclosed assets

​

$

—

​

$

—

​

$

—

​

$

—

Total assets measured on a nonrecurring basis

​

$

—

​

$

5,889

​

$

—

​

$

5,889

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at December 31, 2023, using

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Total

Individually evaluated collateral dependent loans

​

​

​

​

​

​

​

​

​

​

​

​

Real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

Commercial real estate

​

​

—

​

​

5,889

​

​

—

​

​

5,889

Other construction/land

​

​

—

​

​

—

​

​

—

​

​

—

Farmland

​

​

—

​

​

—

​

​

—

​

​

—

Total real estate

​

​

—

​

​

5,889

​

​

—

​

​

5,889

Other commercial

​

​

—

​

​

—

​

​

—

​

​

—

Consumer loans

​

​

—

​

​

—

​

​

—

​

​

—

Total collateral dependent loans

​

$

—

​

$

5,889

​

$

—

​

$

5,889

Foreclosed assets

​

$

—

​

$

—

​

$

—

​

$

—

Total assets measured on a nonrecurring basis

​

$

—

​

$

5,889

​

$

—

​

$

5,889

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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).

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