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v3.23.3

Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Quantitative information about assets measured utilizing Level 3 fair value measurement | The following tables list the quantitative information about loans measured at fair value on a nonrecurring basis as of:
| September 30, 2023
Valuation Technique | Fair Value | Unobservable Input |  | Actual Range |  | Weighted Average
Collateral Dependent Loans - |  | Discount applied to collateral: |  |  |  |
Discounted value | $391 | Real Estate |  | 20% |  | 20%
|  | Equipment |  | 25% |  | 25%
| December 31, 2022
Valuation Technique | Fair Value | Unobservable Input |  | Actual Range |  | Weighted Average
|  | Discount applied to collateral: |  |  |  |
|  | Real Estate |  | 20% - 30% |  | 24%
Impaired Loans - |  | Equipment |  | 25% - 35% |  | 31%
Discounted value | $17,143 | Cash crop inventory |  | 40% |  | 40%
|  | Livestock |  | 30% |  | 30%
|  | Accounts receivable |  | 25% |  | 27%
|  | Furniture, fixtures & equipment |  | 45% |  | 45%
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, 2023
| Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 115,879 |  |  | $ | 115,879 |  |  | $ | 115,879 |  |  | $ | — |  |  | $ | — |
Mortgage loans AFS | 105 |  |  | 105 |  |  | — |  |  | 105 |  |  | — |
Gross loans | 1,334,674 |  |  | 1,279,671 |  |  | — |  |  | — |  |  | 1,279,671 |
Less allowance for credit losses | 12,767 |  |  | 12,767 |  |  | — |  |  | — |  |  | 12,767 |
Net loans | 1,321,907 |  |  | 1,266,904 |  |  | — |  |  | — |  |  | 1,266,904 |
Accrued interest receivable | 7,346 |  |  | 7,346 |  |  | 7,346 |  |  | — |  |  | — |
Equity securities without readily determinable fair values (1) | 15,848 |  |  | N/A |  | — |  |  | — |  |  | — |
OMSR | 2,463 |  |  | 3,223 |  |  | — |  |  | 3,223 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits without stated maturities | 1,437,396 |  |  | 1,437,396 |  |  | 1,437,396 |  |  | — |  |  | — |
Deposits with stated maturities | 332,078 |  |  | 324,936 |  |  | — |  |  | 324,936 |  |  | — |
Federal funds purchased and repurchase agreements | 52,330 |  |  | 52,197 |  |  | — |  |  | 52,197 |  |  | — |
FHLB advances | 65,000 |  |  | 65,003 |  |  | — |  |  | 65,003 |  |  | — |
Subordinated debt, net of unamortized issuance costs | 29,312 |  |  | 24,184 |  |  | — |  |  | 24,184 |  |  | — |
Accrued interest payable | 813 |  |  | 813 |  |  | 813 |  |  | — |  |  | — |
| December 31, 2022
| Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 38,924 |  |  | $ | 38,924 |  |  | $ | 38,924 |  |  | $ | — |  |  | $ | — |
Mortgage loans AFS | 379 |  |  | 395 |  |  | — |  |  | 395 |  |  | — |
Gross loans | 1,264,173 |  |  | 1,225,669 |  |  | — |  |  | — |  |  | 1,225,669 |
Less allowance for credit losses | 9,850 |  |  | 9,850 |  |  | — |  |  | — |  |  | 9,850 |
Net loans | 1,254,323 |  |  | 1,215,819 |  |  | — |  |  | — |  |  | 1,215,819 |
Accrued interest receivable | 7,472 |  |  | 7,472 |  |  | 7,472 |  |  | — |  |  | — |
Equity securities without readily determinable fair values (1) | 15,746 |  |  | N/A |  | — |  |  | — |  |  | — |
OMSR | 2,559 |  |  | 3,174 |  |  | — |  |  | 3,174 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits without stated maturities | 1,492,235 |  |  | 1,492,235 |  |  | 1,492,235 |  |  | — |  |  | — |
Deposits with stated maturities | 252,040 |  |  | 240,964 |  |  | — |  |  | 240,964 |  |  | — |
Federal funds purchased and repurchase agreements | 57,771 |  |  | 57,581 |  |  | — |  |  | 57,581 |  |  | — |
Subordinated debt, net of unamortized issuance costs | 29,245 |  |  | 26,365 |  |  | — |  |  | 26,365 |  |  | — |
Accrued interest payable | 255 |  |  | 255 |  |  | 255 |  |  | — |  |  | — |
(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, 2023 |  | December 31, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Recurring items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 209,182 |  |  | $ | — |  |  | $ | 209,182 |  |  | $ | — |  |  | $ | 208,701 |  |  | $ | — |  |  | $ | 208,701 |  |  | $ | — |
States and political subdivisions | 89,773 |  |  | — |  |  | 89,773 |  |  | — |  |  | 117,512 |  |  | — |  |  | 117,512 |  |  | — |
Auction rate money market preferred | 2,570 |  |  | — |  |  | 2,570 |  |  | — |  |  | 2,342 |  |  | — |  |  | 2,342 |  |  | — |
Mortgage-backed securities | 32,923 |  |  | — |  |  | 32,923 |  |  | — |  |  | 39,070 |  |  | — |  |  | 39,070 |  |  | — |
Collateralized mortgage obligations | 175,630 |  |  | — |  |  | 175,630 |  |  | — |  |  | 205,728 |  |  | — |  |  | 205,728 |  |  | — |
Corporate | 6,819 |  |  | — |  |  | 6,819 |  |  | — |  |  | 7,128 |  |  | — |  |  | 7,128 |  |  | — |
Total AFS securities | 516,897 |  |  | — |  |  | 516,897 |  |  | — |  |  | 580,481 |  |  | — |  |  | 580,481 |  |  | — |
Nonrecurring items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent (net of ACL) in 2023 Impaired loans (net of the ALLL) in 2022 | 391 |  |  | — |  |  | — |  |  | 391 |  |  | 17,143 |  |  | — |  |  | — |  |  | 17,143 |
Foreclosed assets | 509 |  |  | — |  |  | — |  |  | 509 |  |  | 439 |  |  | — |  |  | — |  |  | 439 |
Total | $ | 517,797 |  |  | $ | — |  |  | $ | 516,897 |  |  | $ | 900 |  |  | $ | 598,063 |  |  | $ | — |  |  | $ | 580,481 |  |  | $ | 17,582 |
Percent of assets and liabilities measured at fair value |  |  | — | % |  | 99.83 | % |  | 0.17 | % |  |  |  | — | % |  | 97.06 | % |  | 2.94 | %

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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