XML 46 R39.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Fair Value Measurement (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024 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 |  | $ | — |  |  | $ | 68,042 |  |  | $ | — |
Obligations of states and political subdivisions |  |  | — |  |  |  | 333,451 |  |  |  | — |
Mortgage-backed securities in government sponsored entities |  |  | — |  |  |  | 204,756 |  |  |  | — |
Total securities available-for-sale |  |  | — |  |  |  | 606,249 |  |  |  | — |
Equity securities |  |  | — |  |  |  | 2,027 |  |  |  | — |
Swap asset |  |  | — |  |  |  | 14,682 |  |  |  | — |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |
Swap liability |  | $ | — |  |  | $ | 14,682 |  |  | $ | — |
Assets measured at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 2,999 |
|  | Fair Value Measurements at December 31, 2023 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 |  | $ | — |  |  | $ | 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 |
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 March 31, 2024 and December 31, 2023.
|  | Quantitative Information about Level 3 Fair Value Measurements
March 31, 2024 |  | Fair Value |  |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Mortgage Servicing Rights |  | $ | 2,999 |  |  | Discounted Cash Flow |  | Constant Prepayment Rate |  | 4.4% - 11.1% |  | 6%
|  |  |  |  |  |  | Discount Rate |  | 12% |  | 12%
|  | 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 Flow |  | Constant Prepayment Rate |  | 4.6% - 11% |  | 6%
|  |  |  |  |  |  | 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, 2024 were as follows:
March 31, 2024 |  | Carrying Amount |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 50,310 |  |  | $ | 50,310 |  |  | $ | 50,310 |  |  | $ | — |  |  | $ | — |
Other securities |  |  | 31,360 |  |  |  | 31,360 |  |  |  | 31,360 |  |  |  | — |  |  |  | — |
Loans, held for sale |  |  | 3,716 |  |  |  | 3,716 |  |  |  | 3,716 |  |  |  | — |  |  |  | — |
Loans, net of allowance |  |  | 2,859,290 |  |  |  | 2,735,265 |  |  |  | — |  |  |  | — |  |  |  | 2,735,265 |
Bank owned life insurance |  |  | 61,685 |  |  |  | 61,685 |  |  |  | 61,685 |  |  |  | — |  |  |  | — |
Accrued interest receivable |  |  | 13,513 |  |  |  | 13,513 |  |  |  | 13,513 |  |  |  | — |  |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonmaturing deposits |  |  | 2,071,809 |  |  |  | 2,071,684 |  |  |  | 2,071,684 |  |  |  | — |  |  |  | — |
Time deposits |  |  | 908,886 |  |  |  | 907,775 |  |  |  | — |  |  |  | — |  |  |  | 907,775 |
Short-term FHLB advances |  |  | 368,500 |  |  |  | 367,698 |  |  |  | 367,698 |  |  |  | — |  |  |  | — |
Long-term FHLB advances |  |  | 2,211 |  |  |  | 2,098 |  |  |  | — |  |  |  | — |  |  |  | 2,098 |
Other borrowings |  |  | 8,105 |  |  |  | 8,105 |  |  |  | — |  |  |  | — |  |  |  | 8,105 |
Subordinated debentures |  |  | 103,984 |  |  |  | 103,287 |  |  |  | — |  |  |  | — |  |  |  | 103,287 |
Accrued interest payable |  |  | 6,289 |  |  |  | 6,289 |  |  |  | 6,289 |  |  |  | — |  |  |  | — |
The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2023 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 |  |  | 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 |
Subordinated debentures |  |  | 103,943 |  |  |  | 101,563 |  |  |  | — |  |  |  | — |  |  |  | 101,563 |
Other borrowings |  |  | 9,859 |  |  |  | 9,859 |  |  |  | — |  |  |  | — |  |  |  | 15,806 |
Accrued interest payable |  |  | 9,525 |  |  |  | 9,525 |  |  |  | 9,525 |  |  |  | — |  |  |  | — |

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 -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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: 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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration