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Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

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:

			June 30, 2022
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						23%
						Equipment						20% - 35%						29%
Discounted value			$14,964			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Accounts receivable						50%						50%
						Furniture, fixtures & equipment						45%						45%

			December 31, 2021
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						23%
						Equipment						20% - 35%						28%
Discounted value			$18,812			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Accounts receivable						50%						50%
						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:

			June 30, 2022
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	82,017					$	82,017					$	82,017					$	—					$	—
Mortgage loans AFS			906						930						—						930						—
Gross loans			1,271,910						1,243,433						—						—						1,243,433
Less allowance for loan and lease losses			9,700						9,700						—						—						9,700
Net loans			1,262,210						1,233,733						—						—						1,233,733
Accrued interest receivable			5,543						5,543						5,543						—						—
Equity securities without readily determinable fair values (1)			15,095						N/A						—						—						—
OMSR			2,601						2,943						—						2,943						—
LIABILITIES
Deposits without stated maturities			1,493,791						1,493,791						1,493,791						—						—
Deposits with stated maturities			266,075						257,951						—						257,951						—
Federal funds purchased and repurchase agreements			47,247						47,186						—						47,186						—
FHLB advances			10,000						9,998						—						9,998						—
Subordinated debt, net of unamortized issuance costs			29,203						27,759						—						27,759						—
Accrued interest payable			179						179						179						—						—

			December 31, 2021
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	105,330					$	105,330					$	105,330					$	—					$	—
Mortgage loans AFS			1,735						1,797						—						1,797						—
Gross loans			1,301,037						1,296,841						—						—						1,296,841
Less allowance for loan and lease losses			9,103						9,103						—						—						9,103
Net loans			1,291,934						1,287,738						—						—						1,287,738
Accrued interest receivable			5,804						5,804						5,804						—						—
Equity securities without readily determinable fair values (1)			17,383						N/A						—						—						—
OMSR			2,124						2,753						—						2,753						—
LIABILITIES
Deposits without stated maturities			1,409,577						1,409,577						1,409,577						—						—
Deposits with stated maturities			300,762						301,216						—						301,216						—
Federal funds purchased and repurchase agreements			50,162						50,153						—						50,153						—
FHLB advances			20,000						20,120						—						20,120						—
Subordinated debt, net of unamortized issuance costs			29,158						27,435						—						27,435						—
Accrued interest payable			251						251						251						—						—

(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:

			June 30, 2022																								December 31, 2021
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Recurring items
AFS securities
U.S. Treasury			$	214,474					$	—					$	214,474					$	—					$	209,703					$	—					$	209,703					$	—
States and political subdivisions			119,649						—						119,649						—						121,205						—						121,205						—
Auction rate money market preferred			2,497						—						2,497						—						3,242						—						3,242						—
Mortgage-backed securities			45,796						—						45,796						—						56,148						—						56,148						—
Collateralized mortgage obligations			167,572						—						167,572						—						92,301						—						92,301						—
Corporate			7,602						—						7,602						—						8,002						—						8,002						—
Total AFS securities			557,590						—						557,590						—						490,601						—						490,601						—
Nonrecurring items
Impaired loans (net of the ALLL)			14,964						—						—						14,964						18,812						—						—						18,812
Total			$	572,554					$	—					$	557,590					$	14,964					$	509,413					$	—					$	490,601					$	18,812
Percent of assets and liabilities measured at fair value									—		%				97.39		%				2.61		%										—		%				96.31		%				3.69		%

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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.

+ References

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-Publisher FASB
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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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