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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized in the table below.

		Fair Value Measurements at March 31, 2021 Using:
Assets:		(Level 1)				(Level 2)				(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S.    Government agencies		$	—			$	26,505			$	—
Obligations of states and political subdivisions			—				228,732				—
Mortgage-backed securities in government sponsored    entities			—				101,587				—
Total securities available for sale			—				356,824				—
Equity securities			—				974				—
Swap asset			—				12,609				—
Liabilities measured at fair value on a recurring basis:
Swap liability		$	—			$	12,653			$	—
Assets measured at fair value on a nonrecurring basis:
Mortgage Servicing Rights		$	—			$	—			$	2,224

		Fair Value Measurements at December 31, 2020 Using:
Assets:		(Level 1)				(Level 2)				(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S.    Government agencies		$	—			$	21,693			$	—
Obligations of states and political subdivisions			—				229,012				—
Mortgage-backed securities in government    sponsored entities			—				112,759				—
Total securities available for sale			—				363,464				—
Equity securities			—				886				—
Swap asset			—				21,700				—
Liabilities measured at fair value on a recurring    basis:
Swap liability			—				21,764				—
Assets measured at fair value on a nonrecurring    basis:
Mortgage Servicing Rights		$	—			$	—			$	2,246
Impaired loans			—				—				1
Other real estate owned			—				—				31

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020.

Quantitative Information about Level 3 Fair Value Measurements

March 31, 2021

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Mortgage Servicing Rights

$

2,224

Discounted Cash Flow

Constant Prepayment Rate

8% - 28%

16%

Discount Rate

12%

12%

		Quantitative Information about Level 3 Fair Value Measurements
December 31, 2020		Fair Value				Valuation Technique		Unobservable Input		Range			Weighted Average
Impaired loans		$	1			Appraisal of collateral		Appraisal adjustments		0% - 30%			19%
								Holding period		23 months			23 months
Other real estate owned		$	31			Appraisal of collateral		Appraisal adjustments		10%			10%
Mortgage Servicing Rights		$	2,246			Discounted Cash Flow		Constant Prepayment Rate		12% - 50%			22%
								Discount Rate		12%			12%

Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at March 31, 2021 are as follows:

March 31, 2021		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	437,238			$	437,238			$	437,238			$	—			$	—
Other securities			20,537				20,537				20,537				—				—
Loans, held for sale			10,769				10,985				10,985				—				—
Loans, net of allowance			2,034,106				2,061,428				—				—				2,061,428
Bank owned life insurance			46,219				46,219				46,219				—				—
Accrued interest receivable			8,571				8,571				8,571				—				—
Financial Liabilities:
Nonmaturing deposits			2,200,075				2,200,075				2,200,075				—				—
Time deposits			275,832				276,832				—				—				276,832
Long-term FHLB advances			125,000				136,056				—				—				136,056
Securities sold under agreement to repurchase			29,513				29,513				29,513				—				—
Subordinated debentures			29,427				29,358				—				—				29,358
Accrued interest payable			178				178				178				—				—

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2020 are as follows:

December 31, 2020		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	139,522			$	139,522			$	139,522			$	—			$	—
Other securities			20,537				20,537				20,537				—				—
Loans, held for sale			7,001				7,141				7,141				—				—
Loans, net of allowance			2,032,474				2,063,249				—				—				2,063,249
Bank owned life insurance			45,976				45,976				45,976				—				—
Accrued interest receivable			9,421				9,421				9,421				—				—
Financial Liabilities:
Nonmaturing deposits			1,902,560				1,902,560				1,902,560				—				—
Time deposits			286,838				288,298				—				—				288,298
Long-term FHLB advances			125,000				130,942				—				—				130,942
Securities sold under agreement to repurchase			28,914				28,914				28,914				—				—
Subordinated debentures			29,427				31,479				—				—				31,479
Accrued interest payable			204				204				204				—				—

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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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

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