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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

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

		Fair Value Measurements at September 30, 2022 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		$	—			$	60,544			$	—
Obligations of states and political subdivisions			—				297,807				—
Mortgage-backed securities in government sponsored    entities			—				243,695				—
Total securities available-for-sale			—				602,046				—
Equity securities			—				2,028				—
Swap asset			—				18,448				—
Liabilities measured at fair value on a recurring basis:
Swap liability		$	—			$	18,448			$	—
Assets measured at fair value on a nonrecurring basis:
Mortgage servicing rights		$	—			$	—			$	3,079

		Fair Value Measurements at December 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		$	—			$	47,890			$	—
Obligations of states and political subdivisions			—				298,836				—
Mortgage-backed securities in government    sponsored entities			—				213,148				—
Total securities available-for-sale			—				559,874				—
Equity securities			—				1,072				—
Swap asset			—				11,072				—
Liabilities measured at fair value on a recurring    basis:
Swap liability			—				11,072				—
Assets measured at fair value on a nonrecurring    basis:
Mortgage servicing rights		$	—			$	—			$	2,642
Impaired loans			—				—				11

Quantitative Information about Level 3 Fair Value Measurements

The following tables present quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2022 and December 31, 2021.

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2022

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Mortgage Servicing Rights

$

3,079

Discounted Cash Flow

Constant Prepayment Rate

5.2% - 18%

7%

Discount Rate

12%

12%

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2021

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

11

Appraisal of collateral

Appraisal adjustments

10%

10%

Holding period

24 months

24 months

Mortgage Servicing Rights

$

2,642

Discounted Cash Flow

Constant Prepayment Rate

8% - 35%

15%

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 September 30, 2022 were as follows:

September 30, 2022		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	40,914			$	40,914			$	40,914			$	—			$	—
Other securities			18,578				18,578				18,578				—				—
Loans, held for sale			3,491				3,561				3,561				—				—
Loans, net of allowance			2,300,841				2,200,018				—				—				2,200,018
Bank owned life insurance			53,291				53,291				53,291				—				—
Accrued interest receivable			9,175				9,175				9,175				—				—
Financial Liabilities:
Nonmaturing deposits			2,436,219				2,436,219				2,436,219				—				—
Time deposits			272,034				270,928				—				—				270,928
Short-term FHLB advances			55,000				55,000				55,000				—				—
Long-term FHLB advances			6,723				6,716				—				—				6,716
Securities sold under agreement to repurchase			20,155				20,155				20,155				—				—
Subordinated debentures			103,778				97,890				—				—				97,890
Accrued interest payable			970				970				970				—				—

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

December 31, 2021		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	264,239			$	264,239			$	264,239			$	—			$	—
Other securities			17,011				17,011				17,011				—				—
Loans, held for sale			1,972				2,011				2,011				—				—
Loans, net of allowance			1,971,238				1,945,638				—				—				1,945,638
Bank owned life insurance			46,641				46,641				46,641				—				—
Accrued interest receivable			7,385				7,385				7,385				—				—
Financial Liabilities:
Nonmaturing deposits			2,170,253				2,170,253				2,170,253				—				—
Time deposits			246,448				247,053				—				—				247,053
Long-term FHLB advances			75,000				75,930				—				—				75,930
Securities sold under agreement to repurchase			25,495				25,495				25,495				—				—
Subordinated debentures			103,735				111,118				—				—				111,118
Accrued interest payable			315				315				315				—				—

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

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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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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

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)
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- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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