XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurement | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurement | (13) Fair Value Measurement The Company uses a fair value hierarchy to measure fair value. This hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices for identical assets in active markets that are identifiable on the measurement date; Level 2: Significant other observable inputs, such as quoted prices for similar assets, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data; and Level 3: Significant unobservable inputs that reflect the Company’s own view about the assumptions that market participants would use in pricing an asset. Debt securities: The fair values of securities available-for-sale are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Equity securities: The Company’s equity securities are not actively traded in an open market. The fair value of these equity securities available-for-sale not actively traded in an open market is determined by using market data inputs for similar securities that are observable (Level 2 inputs). The fair value of the swap asset/liability: The fair value of the swap asset and liability is based on an external derivative model using data inputs based on similar transactions as of the valuation date and classified Level 2. The changes in fair value of these assets/liabilities had no impact on net income or comprehensive income. Assets and liabilities measured at fair value are summarized in the tables below.
|  | Fair Value Measurements at September 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 |  | $ | — |  |  | $ | 69,198 |  |  | $ | — |
Obligations of states and political subdivisions |  |  |  |  |  | 337,805 |  |  |  |
Mortgage-backed securities in government sponsored entities |  |  | — |  |  |  | 219,785 |  |  |  | — |
Total securities available-for-sale |  |  | — |  |  | $ | 626,788 |  |  |  | — |
Equity securities |  |  | — |  |  |  | 2,325 |  |  |  | — |
Swap asset |  |  | — |  |  |  | 8,196 |  |  |  | — |
Liabilities measured at fair value on a recurring basis: |  |  |  |  |  |  |  |  |
Swap liability |  | $ | — |  |  | $ | 8,196 |  |  | $ | — |
|  | 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 |  |  | $ | — |
The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at September 30, 2024 were as follows:
September 30, 2024 |  | Carrying Amount |  |  | Total Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from financial institutions |  | $ | 74,662 |  |  | $ | 74,662 |  |  | $ | 74,662 |  |  | $ | — |  |  | $ | — |
Investments in time deposits |  |  | 1,450 |  |  |  | 1,455 |  |  |  | — |  |  |  | 1,455 |  |  |  | — |
Other securities |  |  | 32,633 |  |  |  | 32,633 |  |  |  | 32,633 |  |  |  | — |  |  |  | — |
Loans, held for sale |  |  | 8,299 |  |  |  | 8,299 |  |  |  | 8,299 |  |  |  | — |  |  |  | — |
Loans, net of allowance |  |  | 3,002,678 |  |  |  | 2,897,584 |  |  |  | — |  |  |  | — |  |  |  | 2,897,584 |
Accrued interest receivable |  |  | 13,614 |  |  |  | 13,614 |  |  |  | 13,614 |  |  |  | — |  |  |  | — |
Mortgage Servicing Rights |  |  | 2,939 |  |  |  | 2,939 |  |  |  |  |  |  |  |  |  | 2,939 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonmaturing deposits |  |  | 2,218,420 |  |  |  | 2,218,420 |  |  |  | 2,218,420 |  |  |  | — |  |  |  | — |
Time deposits |  |  | 1,005,312 |  |  |  | 1,006,317 |  |  |  | — |  |  |  | — |  |  |  | 1,006,317 |
Short-term FHLB advances |  |  | 287,047 |  |  |  | 287,046 |  |  |  | 287,046 |  |  |  | — |  |  |  | — |
Long-term FHLB advances |  |  | 1,598 |  |  |  | 1,544 |  |  |  | — |  |  |  | — |  |  |  | 1,544 |
Subordinated debentures |  |  | 104,067 |  |  |  | 98,694 |  |  |  | — |  |  |  | — |  |  |  | 98,694 |
Other borrowings |  |  | 6,319 |  |  |  | 6,319 |  |  |  | — |  |  |  | — |  |  |  | 6,319 |
Accrued interest payable |  |  | 15,163 |  |  |  | 15,163 |  |  |  | 15,163 |  |  |  | — |  |  |  | — |
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 |  |  | $ | — |  |  | $ | — |
Investments in time deposits |  | $ | 1,225 |  |  |  | 1,215 |  |  |  | — |  |  |  | 1,215 |  |  |  | — |
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 |
Accrued interest receivable |  |  | 12,819 |  |  |  | 12,819 |  |  |  | 12,819 |  |  |  | — |  |  |  | — |
Mortgage Servicing Rights |  |  | 3,018 |  |  |  | 3,018 |  |  |  | — |  |  |  | — |  |  |  | 3,018 |
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
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration