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Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

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:

			March 31, 2021
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						23%
						Equipment						20% - 35%						31%
						Cash crop inventory						40%						40%
Discounted value			$25,504			Livestock						30%						30%
						Other inventory						50%						50%
						Accounts receivable						25% - 50%						30%
						Liquor license						75%						75%
						Furniture, fixtures & equipment						45%						45%

			December 31, 2020
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						23%
						Equipment						20% - 50%						32%
Discounted value			$19,540			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Other inventory						50%						50%
						Accounts receivable						25% - 50%						27%
						Liquor license						75%						75%

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:

			March 31, 2021
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	321,567					$	321,567					$	321,567					$	—					$	—
Mortgage loans AFS			1,965						1,983						—						1,983						—
Gross loans			1,195,918						1,195,343						—						—						1,195,343
Less allowance for loan and lease losses			9,271						9,271						—						—						9,271
Net loans			1,186,647						1,186,072						—						—						1,186,072
Accrued interest receivable			6,422						6,422						6,422						—						—
Equity securities without readily determinable fair values (1)			17,383						N/A						—						—						—
OMSR			2,276						2,503						—						2,503						—
LIABILITIES
Deposits without stated maturities			1,288,838						1,288,838						1,288,838						—						—
Deposits with stated maturities			354,743						359,655						—						359,655						—
Borrowed funds			141,967						143,067						—						143,067						—
Accrued interest payable			459						459						459						—						—

			December 31, 2020
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	246,640					$	246,640					$	246,640					$	—					$	—
Mortgage loans AFS			2,741						2,858						—						2,858						—
Gross loans			1,238,311						1,239,718						—						—						1,239,718
Less allowance for loan and lease losses			9,744						9,744						—						—						9,744
Net loans			1,228,567						1,229,974						—						—						1,229,974
Accrued interest receivable			6,882						6,882						6,882						—						—
Equity securities without readily determinable fair values (1)			17,383						N/A						—						—						—
OMSR			2,308						2,480						—						2,480						—
LIABILITIES
Deposits without stated maturities			1,183,336						1,183,336						1,183,336						—						—
Deposits with stated maturities			382,981						389,455						—						389,455						—
Borrowed funds			158,747						160,250						—						160,250						—
Accrued interest payable			481						481						481						—						—

(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:

			March 31, 2021																								December 31, 2020
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Recurring items
AFS securities
U.S. Treasury			$	29,371					$	—					$	29,371					$	—					$	—					$	—					$	—					$	—
States and political subdivisions			140,329						—						140,329						—						143,656						—						143,656						—
Auction rate money market preferred			3,224						—						3,224						—						3,237						—						3,237						—
Mortgage-backed securities			75,835						—						75,835						—						88,652						—						88,652						—
Collateralized mortgage obligations			116,865						—						116,865						—						101,983						—						101,983						—
Corporate			1,700						—						1,700						—						1,700						—						1,700						—
Total AFS securities			367,324						—						367,324						—						339,228						—						339,228						—
Derivative instruments			28						—						28						—						54						—						54						—
Nonrecurring items
Impaired loans (net of the ALLL)			25,504						—						—						25,504						19,540						—						—						19,540
OMSR			2,276						—						2,276						—						2,308						—						2,308						—
Foreclosed assets			384						—						—						384						527						—						—						527
Total			$	395,516					$	—					$	369,628					$	25,888					$	361,657					$	—					$	341,590					$	20,067
Percent of assets and liabilities measured at fair value									—		%				93.45		%				6.55		%										—		%				94.45		%				5.55		%

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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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.

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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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