XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2
FAIR VALUE DISCLOSURES (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
The tables below present the balances of assets measured at fair value on a recurring basis:
September 30, 2022
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets:
U.S. Treasury securities$1,968 $0 $0 $1,968 
U.S. government sponsored agency securities0 131,255 0 131,255 
Mortgage-backed securities: residential0 504,756 0 504,756 
State and municipal securities0 550,888 3,319 554,207 
Total securities1,968 1,186,899 3,319 1,192,186 
Mortgage banking derivative0 83 0 83 
Interest rate swap derivative0 38,909 0 38,909 
Total assets$1,968 $1,225,891 $3,319 $1,231,178 
Liabilities:
Mortgage banking derivative$0 $0 $0 $0 
Interest rate swap derivative0 38,910 0 38,910 
Total liabilities$0 $38,910 $0 $38,910 
December 31, 2021
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets:        
U.S. Treasury securities$900 $0 $0 $900 
U.S. government sponsored agency securities0 143,452 0 143,452 
Mortgage-backed securities: residential0 486,676 0 486,676 
Mortgage-backed securities: commercial0 523 0 523 
State and municipal securities0 764,964 2,043 767,007 
Total securities available-for-sale900 1,395,615 2,043 1,398,558 
Mortgage banking derivative0 398 0 398 
Interest rate swap derivative0 14,309 0 14,309 
Total assets$900 $1,410,322 $2,043 $1,413,265 
Liabilities:
Mortgage banking derivative$0 $2 $0 $2 
Interest rate swap derivative0 14,329 0 14,329 
Total liabilities$0 $14,331 $0 $14,331 
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis
The tables below present the balances of assets measured at fair value on a nonrecurring basis:
September 30, 2022
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans$0 $0 $275 $275 
Non-working capital loans0 0 3,006 3,006 
Commercial real estate and multi-family residential loans:
Owner occupied loans0 0 498 498 
Agri-business and agricultural loans:
Loans secured by farmland0 0 42 42 
Total collateral dependent loans0 0 3,821 3,821 
Other real estate owned0 0 196 196 
Total assets$0 $0 $4,017 $4,017 
December 31, 2021
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets        
Collateral dependent loans:        
Commercial and industrial loans:        
Working capital lines of credit loans$0 $0 $247 $247 
Non-working capital loans0 0 5,095 5,095 
Commercial real estate and multi-family residential loans:
Owner occupied loans0 0 791 791 
Agri-business and agricultural loans:
Loans secured by farmland0 0 231 231 
Total collateral dependent loans0 0 6,364 6,364 
Other real estate owned0 0 196 196 
Total assets$0 $0 $6,560 $6,560 
Schedule of Fair Value Measured on Nonrecurring Basis Valuation Techniques
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2022:
(dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsAverageRange of Inputs
Collateral dependent loans:          
Commercial and industrial$3,281 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability72 %
63%-99%
Collateral dependent loans:    
Commercial real estate and multi-family residential loans498 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability54 %
37%-71%
Collateral dependent loans:
Agribusiness and agricultural42 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability71 %
71%
Other real estate owned196 AppraisalsDiscount to reflect current market conditions and ultimate collectability38 %
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2021:
(dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsAverageRange of Inputs
Collateral dependent loans:          
Commercial and industrial$5,342 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability65 %
22%-99%
Collateral dependent loans:    
Commercial real estate and multi-family residential loans791 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability51 %
34%-68%
Collateral dependent loans:    
Agribusiness and agricultural231 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability35 %
3%-68%
Other real estate owned196 AppraisalsDiscount to reflect current market conditions and ultimate collectability38 %
Schedule of Fair Values and the Related Carrying Values of Financial Instruments
The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items that are not financial instruments are not included.
September 30, 2022
Carrying
Value		Estimated Fair Value
(dollars in thousands)Level 1Level 2Level 3Total
Financial Assets:          
Cash and cash equivalents$204,802 $203,588 $1,214 $0 $204,802 
Securities available-for-sale1,192,186 1,968 1,186,899 3,319 1,192,186 
Securities held-to-maturity127,820 0 103,326 0 103,326 
Real estate mortgages held-for-sale1,097 0 1,117 0 1,117 
Loans, net4,422,596 0 0 4,246,842 4,246,842 
Mortgage banking derivative83 0 83 0 83 
Interest rate swap derivative38,909 0 38,909 0 38,909 
Federal Reserve and Federal Home Loan Bank Stock12,840 N/AN/AN/AN/A
Accrued interest receivable22,822 0 9,201 13,621 22,822 
Financial Liabilities:
Certificates of deposit750,304 0 751,974 0 751,974 
All other deposits4,913,829 4,913,829 0 0 4,913,829 
Mortgage banking derivative0 0 0 0 0 
Interest rate swap derivative38,910 0 38,910 0 38,910 
Standby letters of credit234 0 0 234 234 
Accrued interest payable2,200 184 2,016 0 2,200 
December 31, 2021
Carrying
Value		Estimated Fair Value
(dollars in thousands)Level 1Level 2Level 3Total
Financial Assets:          
Cash and cash equivalents$683,240 $681,286 $1,954 $0 $683,240 
Securities available-for-sale1,398,558 900 1,395,615 2,043 1,398,558 
Real estate mortgages held-for-sale7,470 0 7,634 0 7,634 
Loans, net4,220,068 0 0 4,144,000 4,144,000 
Mortgage banking derivative398 0 398 0 398 
Interest rate swap derivative14,309 0 14,309 0 14,309 
Federal Reserve and Federal Home Loan Bank Stock13,772 N/AN/AN/AN/A
Accrued interest receivable17,674 0 7,689 9,985 17,674 
Financial Liabilities:
Certificates of deposit829,518 0 833,617 0 833,617 
All other deposits4,905,889 4,905,889 0 0 4,905,889 
Federal Home Loan Bank advances75,000 0 66,118 0 66,118 
Mortgage banking derivative2 0 2 0 2 
Interest rate swap derivative14,329 0 14,329 0 14,329 
Standby letters of credit272 0 0 272 272 
Accrued interest payable2,619 84 2,535 0 2,619