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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:


	2024
	Fair Value Measurements Using						Assets
(dollars in thousands)	Level 1		Level 2		Level 3		at Fair Value
Assets:

U.S. government sponsored agency securities	$	0	$	109,435	$	0	$	109,435
Mortgage-backed securities: residential	0		422,409		0		422,409

State and municipal securities	0		454,922		4,660		459,582
Total available-for-sale securities	0		986,766		4,660		991,426
Mortgage banking derivative	0		94		0		94
Interest rate swap derivative	0		25,403		0		25,403
Total assets	$	0	$	1,012,263	$	4,660	$	1,016,923

Liabilities:

Interest rate swap derivative	0		25,403		0		25,403
Total liabilities	$	0	$	25,403	$	0	$	25,403


	2023
	Fair Value Measurements Using						Assets
(dollars in thousands)	Level 1		Level 2		Level 3		at Fair Value
Assets:

U.S. government sponsored agency securities	$	0	$	119,479	$	0	$	119,479
Mortgage-backed securities: residential	0		447,842		0		447,842

State and municipal securities	0		482,127		2,280		484,407
Total available-for-sale securities	0		1,049,448		2,280		1,051,728
Mortgage banking derivative	0		47		0		47
Interest rate swap derivative	0		27,189		0		27,189
Total assets	$	0	$	1,076,684	$	2,280	$	1,078,964

Liabilities:
Mortgage banking derivative	$	0	$	11	$	0	$	11
Interest rate swap derivative	0		27,190		0		27,190
Total liabilities	$	0	$	27,201	$	0	$	27,201

Schedule of Assets Measured at Fair Value on a Non-Recurring Basis

The tables below present the amount of assets measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023:


	2024
	Fair Value Measurements Using						Assets
(dollars in thousands)	Level 1		Level 2		Level 3		at Fair Value
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans	$	0	$	0	$	23,174	$	23,174
Non-working capital loans	0		0		3,281		3,281
Commercial real estate and multi-family residential loans:
Owner occupied loans	0		0		664		664
Agri-business and agricultural loans:
Loans secured by farmland	0		0		32		32




Total collateral dependent loans	$	0	$	0	$	27,151	$	27,151

Total assets	$	0	$	0	$	27,151	$	27,151


	2023
	Fair Value Measurements Using						Assets
(dollars in thousands)	Level 1		Level 2		Level 3		at Fair Value
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans	$	0	$	0	$	1,263	$	1,263
Non-working capital loans	0		0		3,374		3,374
Commercial real estate and multi-family residential loans:

Owner occupied loans	0		0		682		682
Agri-business and agricultural loans:
Loans secured by farmland	0		0		31		31




Total collateral dependent loans	$	0	$	0	$	5,350	$	5,350
Other real estate owned	0		0		384		384
Total assets	$	0	$	0	$	5,734	$	5,734

Schedule of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on a Non-Recurring Basis

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, 2024:

(dollars in thousands)

Fair Value

Valuation Methodology

Unobservable Inputs

Average

Range of Inputs

Collateral dependent loans:

Commercial and industrial

26,455

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

51%

4%-99%

Collateral dependent loans:

Commercial real estate and multi-family residential

664

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

54%

Collateral dependent loans:

Loans secured by farmland

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

54%

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, 2023:

(dollars in thousands)

Fair Value

Valuation Methodology

Unobservable Inputs

Average

Range of Inputs

Collateral dependent loans:

Commercial and industrial

4,637

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

64%

9%-99%

Collateral dependent loans:

Commercial real estate and multi-family residential

682

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

37%

9%-69%

Collateral dependent loans:

Loans secured by farmland

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

69%

Other real estate owned

384

Appraisals

Discount to reflect current market conditions and ultimate collectability

36%

Schedule of Estimated Fair Values and 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 at December 31, 2024 and 2023. Items which are not financial instruments are not included.


	2024
	Carrying		Estimated Fair Value
(dollars in thousands)	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	168,205	$	168,205	$	0	$	0	$	168,205
Securities available-for-sale	991,426		0		986,766		4,660		991,426
Securities held-to-maturity	131,568		0		113,107		0		113,107
Real estate mortgages held-for-sale	1,700		0		1,733		0		1,733
Loans, net	5,031,988		0		0		4,916,231		4,916,231
Mortgage banking derivative	94		0		94		0		94
Interest rate swap derivative	25,403		0		25,403		0		25,403
Federal Reserve and Federal Home Loan Bank Stock	21,420		N/A		N/A		N/A		N/A
Accrued interest receivable	28,446		0		8,178		20,268		28,446
Financial Liabilities:
Certificates of deposit	855,876		0		851,933		0		851,933
All other deposits	5,045,090		5,045,090		0		0		5,045,090



Interest rate swap derivative	25,403		0		25,403		0		25,403
Standby letters of credit	294		0		0		285		285
Accrued interest payable	15,117		425		14,692		0		15,117


	2023
	Carrying		Estimated Fair Value
(dollars in thousands)	Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	151,824	$	151,824	$	0	$	0	$	151,824
Securities available-for-sale	1,051,728		0		1,049,448		2,280		1,051,728
Securities held-to-maturity	129,918		0		119,215		0		119,215
Real estate mortgages held-for-sale	1,158		0		1,158		0		1,158
Loans, net	4,844,562		0		0		4,694,532		4,694,532
Mortgage banking derivative	47		0		47		0		47
Interest rate swap derivative	27,189		0		27,189		0		27,189
Federal Reserve and Federal Home Loan Bank Stock	21,420		N/A		N/A		N/A		N/A
Accrued interest receivable	30,011		0		8,558		21,453		30,011
Financial Liabilities:
Certificates of deposit	1,016,821		0		1,010,172		0		1,010,172
All other deposits	4,703,704		4,703,704		0		0		4,703,704

Federal Home Loan Bank advances	50,000		50,000		0		0		50,000
Mortgage banking derivative	11		0		11		0		11
Interest rate swap derivative	27,190		0		27,190		0		27,190
Standby letters of credit	289		0		0		289		289
Accrued interest payable	20,893		753		20,140		0		20,893