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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 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						$	68,407
Obligations of states and political subdivisions							330,753
Mortgage-backed securities in government sponsored    entities							210,605
Total securities available-for-sale			—				609,765				—
Equity securities							2,101
Swap asset							14,545
Liabilities measured at fair value on a recurring    basis:
Swap liability						$	14,545
Assets measured at fair value on a nonrecurring    basis:
Mortgage servicing rights		$	—			$	—			$	2,973

		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

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 June 30, 2024 and December 31, 2023.

Quantitative Information about Level 3 Fair Value Measurements

June 30, 2024

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Mortgage Servicing     Rights

$

2,973

Discounted Cash Flow

Constant Prepayment     Rate

4.3%-10%

7%

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 June 30, 2024 were as follows:

June 30, 2024		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	55,760			$	55,760			$	55,760			$	—			$	—
Other securities			37,615				37,615				37,615				—				—
Loans, held for sale			5,369				5,369				5,369				—				—
Loans, net of allowance			2,975,077				2,840,806				—				—				2,840,806
Bank owned life insurance			63,367				63,367				63,367				—				—
Accrued interest receivable			14,543				14,543				14,543				—				—
Financial Liabilities:
Nonmaturing deposits			2,041,362				2,041,362				2,041,362				—				—
Time deposits			936,254				935,118				—				—				935,118
Short-term FHLB advances			500,500				367,698				367,698				—				—
Long-term FHLB advances			1,841				1,726				—				—				1,726
Other borrowings			7,156				7,156				—				—				7,156
Subordinated debentures			104,026				102,998				—				—				102,998
Accrued interest payable			10,036				10,036				10,036				—				—

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				—				—				9,859
Accrued interest payable			9,525				9,525				9,525				—				—

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: 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

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