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Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Quantitative information about assets measured utilizing Level 3 fair value measurement

The following tables list the quantitative fair value information about impaired loans as of:

			September 30, 2020
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 40%						25%
						Equipment						20% - 40%						32%
Discounted value			$19,333			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Other inventory						50%						50%
						Accounts receivable						25% - 50%						26%

			December 31, 2019
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						22%
						Equipment						20% - 40%						32%
Discounted value			$19,135			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Other inventory						50%						50%
						Accounts receivable						25% - 50%						28%

Carrying amount and estimated fair value of financial instruments not recorded at fair value

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of:

			September 30, 2020
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	165,749					$	165,749					$	165,749					$	—					$	—
Mortgage loans AFS			4,661						4,701						—						4,701						—
Gross loans			1,303,308						1,303,380						—						—						1,303,380
Less allowance for loan and lease losses			9,506						9,506						—						—						9,506
Net loans			1,293,802						1,293,874						—						—						1,293,874
Accrued interest receivable			8,458						8,458						8,458						—						—
Equity securities without readily determinable fair values (1)			21,690						N/A						—						—						—
OMSR			2,185						2,221						—						2,221						—
LIABILITIES
Deposits without stated maturities			1,115,374						1,115,374						1,115,374						—						—
Deposits with stated maturities			379,721						387,369						—						387,369						—
Borrowed funds			238,349						247,211						—						247,211						—
Accrued interest payable			663						663						663						—						—

			December 31, 2019
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	60,572					$	60,572					$	60,572					$	—					$	—
Mortgage loans AFS			904						925						—						925						—
Gross loans			1,186,570						1,170,370						—						—						1,170,370
Less allowance for loan and lease losses			7,939						7,939						—						—						7,939
Net loans			1,178,631						1,162,431						—						—						1,162,431
Accrued interest receivable			6,501						6,501						6,501						—						—
Equity securities without readily determinable fair values (1)			21,629						N/A						—						—						—
OMSR			2,264						2,264						—						2,264						—
LIABILITIES
Deposits without stated maturities			906,232						906,232						906,232						—						—
Deposits with stated maturities			407,619						409,600						—						409,600						—
Borrowed funds			275,999						278,761						—						278,761						—
Accrued interest payable			860						860						860						—						—

(1)Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment.

Assets and liabilities measured at fair value

The table below presents the recorded amount of assets and liabilities measured at fair value on:

			September 30, 2020																								December 31, 2019
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Recurring items
AFS securities
States and political subdivisions			$	148,401					$	—					$	148,401					$	—					$	169,752					$	—					$	169,752					$	—
Auction rate money market preferred			3,194						—						3,194						—						3,119						—						3,119						—
Mortgage-backed securities			104,165						—						104,165						—						140,204						—						140,204						—
Collateralized mortgage obligations			107,294						—						107,294						—						116,764						—						116,764						—
Total AFS securities			363,054						—						363,054						—						429,839						—						429,839						—
Derivative instruments			78						—						78						—						67						—						67						—
Nonrecurring items
Impaired loans (net of the ALLL)			19,333						—						—						19,333						19,135						—						—						19,135
OMSR			2,185						—						2,185						—						2,264						—						2,264						—
Total			$	384,650					$	—					$	365,317					$	19,333					$	451,305					$	—					$	432,170					$	19,135
Percent of assets and liabilities measured at fair value									—		%				94.97		%				5.03		%										—		%				95.76		%				4.24		%

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

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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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