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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized below. Fair Value Measurements at December 31, 2023 using:
|  | (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 |  | $ | — |  |  | $ | 67,658 |  |  | $ | — |
Obligations of states and political subdivisions |  |  | — |  |  |  | 338,599 |  |  |  | — |
Mortgage-backed securities in government sponsored entities |  |  | — |  |  |  | 212,015 |  |  |  | — |
Total securities available for sale |  |  | — |  |  |  | 618,272 |  |  |  | — |
Equity securities |  |  | — |  |  |  | 2,169 |  |  |  | — |
Swap asset |  |  | — |  |  |  | 12,481 |  |  |  | — |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |
Swap liability |  |  | — |  |  |  | 12,481 |  |  |  | — |
Assets measured at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 3,018 |
Fair Value Measurements at December 31, 2022 using:
|  | (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 |  | $ | — |  |  | $ | 61,029 |  |  | $ | — |
Obligations of states and political subdivisions |  |  | — |  |  |  | 317,248 |  |  |  | — |
Mortgage-backed securities in government sponsored entities |  |  | — |  |  |  | 237,125 |  |  |  | — |
Total securities available for sale |  |  | — |  |  |  | 615,402 |  |  |  | — |
Equity securities |  |  | — |  |  |  | 2,190 |  |  |  | — |
Swap asset |  |  | — |  |  |  | 16,579 |  |  |  | — |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |
Swap liability |  |  | — |  |  |  | 16,579 |  |  |  | — |
Assets measured at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 2,689 |
Quantitative Information about Level 3 Fair Value Measurements | The following tables presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2023 and 2022.
|  | Quantitative Information about Level 3 Fair Value Measurements
December 31, 2023 |  | Fair Value |  |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Mortgage Servicing Rights |  | $ | 3,018 |  |  | Discounted Cash Flows |  | Constant Prepayment Rate |  | 4.6% -11% |  | 6%
|  |  |  |  |  |  | Discount Rate |  | 12% |  | 12%
|  | Quantitative Information about Level 3 Fair Value Measurements
December 31, 2022 |  | Fair Value |  |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Mortgage Servicing Rights |  | $ | 2,689 |  |  | Discounted Cash Flows |  | Constant Prepayment Rate |  | 5% -20% |  | 7%
|  |  |  |  |  |  | Discount Rate |  | 12% |  | 12%
Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost | The carrying amount and fair value of financial instruments carried at amortized cost were as follows:
December 31, 2023 |  | Carrying Amount |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 60,406 |  |  | $ | 60,406 |  |  | $ | 60,406 |  |  | $ | — |  |  | $ | — |
Other securities |  |  | 29,998 |  |  |  | 29,998 |  |  |  | 29,998 |  |  |  | — |  |  |  | — |
Loans, held for sale |  |  | 1,725 |  |  |  | 1,725 |  |  |  | 1,725 |  |  |  | — |  |  |  | — |
Loans, net of allowance for loan losses |  |  | 2,824,568 |  |  |  | 2,679,988 |  |  |  | — |  |  |  | — |  |  |  | 2,679,988 |
Bank owned life insurance |  |  | 61,335 |  |  |  | 61,335 |  |  |  | 61,335 |  |  |  | — |  |  |  | — |
Accrued interest receivable |  |  | 12,819 |  |  |  | 12,819 |  |  |  | 12,819 |  |  |  | — |  |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonmaturing deposits |  |  | 2,084,216 |  |  |  | 2,084,216 |  |  |  | 2,084,216 |  |  |  | — |  |  |  | — |
Time deposits |  |  | 900,812 |  |  |  | 899,443 |  |  |  | — |  |  |  | — |  |  |  | 899,443 |
Short-term FHLB advances |  |  | 338,000 |  |  |  | 337,267 |  |  |  | 337,267 |  |  |  | — |  |  |  | — |
Long-term FHLB advances |  |  | 2,392 |  |  |  | 2,419 |  |  |  | — |  |  |  | — |  |  |  | 2,419 |
Securities sold under agreement to repurchase |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Subordinated debentures |  |  | 103,943 |  |  |  | 101,563 |  |  |  | — |  |  |  | — |  |  |  | 101,563 |
Other borrowings |  |  | 9,859 |  |  |  | 9,859 |  |  |  | — |  |  |  | — |  |  |  | 9,859 |
Accrued interest payable |  |  | 9,525 |  |  |  | 9,525 |  |  |  | 9,525 |  |  |  | — |  |  |  | — |
NOTE 17 - FAIR VALUE MEASUREMENT (Continued)
December 31, 2022 |  | Carrying Amount |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 43,361 |  |  | $ | 43,361 |  |  | $ | 43,361 |  |  | $ | — |  |  | $ | — |
Other securities |  |  | 33,585 |  |  |  | 33,585 |  |  |  | 33,585 |  |  |  | — |  |  |  | — |
Loans, held for sale |  |  | 683 |  |  |  | 698 |  |  |  | 698 |  |  |  | — |  |  |  | — |
Loans, net of allowance for loan losses |  |  | 2,619,770 |  |  |  | 2,528,906 |  |  |  | — |  |  |  | — |  |  |  | 2,528,906 |
Bank owned life insurance |  |  | 53,543 |  |  |  | 53,543 |  |  |  | 53,543 |  |  |  | — |  |  |  | — |
Accrued interest receivable |  |  | 11,178 |  |  |  | 11,178 |  |  |  | 11,178 |  |  |  | — |  |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonmaturing deposits |  |  | 2,300,215 |  |  |  | 2,300,215 |  |  |  | 2,300,215 |  |  |  | — |  |  |  | — |
Time deposits |  |  | 319,769 |  |  |  | 318,886 |  |  |  | — |  |  |  | — |  |  |  | 318,886 |
Short-term FHLB advances |  |  | 393,700 |  |  |  | 393,247 |  |  |  | 393,247 |  |  |  | — |  |  |  | — |
Long-term FHLB advances |  |  | 3,578 |  |  |  | 3,534 |  |  |  | — |  |  |  | — |  |  |  | 3,534 |
Securities sold under agreement to repurchase |  |  | 25,143 |  |  |  | 25,143 |  |  |  | 25,143 |  |  |  | — |  |  |  | — |
Subordinated debentures |  |  | 103,799 |  |  |  | 98,513 |  |  |  | — |  |  |  | — |  |  |  | 98,513 |
Other borrowings |  |  | 15,516 |  |  |  | 15,806 |  |  |  | — |  |  |  | — |  |  |  | 15,806 |
Accrued interest payable |  |  | 668 |  |  |  | 668 |  |  |  | 668 |  |  |  | — |  |  |  | — |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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