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Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2021 and December 31, 2020:


			Fair Value Measurements at March 31, 2021 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	159,566	$	0	$	159,566	$	0
States and political subdivisions	79,195		0		79,195		0
Residential and multi-family mortgage	330,291		4,054		326,237		0
Corporate notes and bonds	18,854		3,000		13,604		2,250
Pooled SBA	24,589		0		24,589		0
Other	966		966		0		0
Total Securities Available For Sale	$	613,461	$	8,020	$	603,191	$	2,250
Interest Rate swaps	$	2,593	$	0	$	2,593	$	0
Trading Securities:
Corporate equity securities	$	4,524	$	4,524	$	0	$	0
Mutual funds	1,361		1,361		0		0
Certificates of deposit	400		400		0		0
Corporate notes and bonds	592		592		0		0

Total Trading Securities	$	6,877	$	6,877	$	0	$	0
Liabilities:
Interest rate swaps	$	(3,255)	$	0	$	(3,255)	$	0

























			Fair Value Measurements at December 31, 2020 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	157,042	$	0	$	157,042	$	0
States and political subdivisions	70,883		0		70,819		64
Residential and multi-family mortgage	315,192		15,039		300,153		0
Corporate notes and bonds	14,926		0		14,926		0
Pooled SBA	25,886		0		25,886		0
Other	979		979		0		0
Total Securities Available For Sale	$	584,908	$	16,018	$	568,826	$	64
Interest Rate swaps	$	4,017	$	0	$	4,017	$	0
Trading Securities:
Corporate equity securities	$	4,343	$	4,343	$	0	$	0
Mutual funds	1,283		1,283		0		0
Certificates of deposit	404		404		0		0
Corporate notes and bonds	569		569		0		0
U.S. Government sponsored entities	50		0		50		0
Total Trading Securities	$	6,649	$	6,599	$	50	$	0
Liabilities:
Interest rate swaps	$	(4,785)	$	0	$	(4,785)	$	0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2021:


	States and Political Subdivisions		Corporate Notes and Bonds
Balance, January 1, 2021	$	64	$	0
Purchases	0		750
Total gains or (losses):
Included in other comprehensive income (loss)	0		0
Settlements	64		0
Transfers into Level 3	0		1,500
Transfers out of Level 3	0		$	0
Balance, March 31, 2021	$	0	$	2,250

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2021 and December 31, 2020:


			Fair Value Measurements at March 31, 2021 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans:
Farmland	$	659	0	0	$	659
Owner-occupied, nonfarm nonresidential properties	303		0	0	303
Commercial and industrial	2,924		0	0	2,924
Other construction loans and all land development loans and other land loans	1,383		0	0	1,383
Multifamily (5 or more) residential properties	717		0	0	717
Non-owner occupied, nonfarm nonresidential	11,539		0	0	11,539


			Fair Value Measurements at December 31, 2020 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans:
Farmland	$	659	0	0	$	659
Owner-occupied, nonfarm nonresidential properties	329		0	0	329
Commercial and industrial	3,680		0	0	3,680
Other construction loans and all land development loans and other land loans	1,790		0	0	1,790

Non-owner occupied, nonfarm nonresidential	9,622		0	0	9,622
Residential mortgages secured by first liens	659		0	0	659

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2021:

Fair
value

Valuation
Technique

Unobservable Inputs

Range
(Weighted
Average)

Collateral-dependent loans:

Farmland

659

Valuation of third party appraisal on underlying collateral

Loss severity rates

57%-60% (58%)

Owner-occupied, nonfarm nonresidential properties

303

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-60% (53%)

Commercial and industrial

2,924

Valuation of third party appraisal on underlying collateral

Loss severity rates

19%-100% (51%)

Other construction loans and all land development loans and other land loans

1,383

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-44% (30%)

Multifamily (5 or more) residential properties

717

Valuation of third party appraisal on underlying collateral

Loss severity rates

58%-60% (59%)

Non-owner occupied, nonfarm nonresidential

11,539

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-100% (30%)

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020:

Fair
value

Valuation
Technique

Unobservable Inputs

Range
(Weighted
Average)

Collateral-dependent loans:

Farmland

659

Valuation of third party appraisal on underlying collateral

Loss severity rates

45%-54% (47%)

Owner-occupied, nonfarm nonresidential properties

329

Valuation of third party appraisal on underlying collateral

Loss severity rates

60%-90% (80%)

Commercial and industrial

3,680

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-100% (39%)

Other construction loans and all land development loans and other land loans

1,790

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-41% (28%)

Non-owner occupied, nonfarm nonresidential

9,622

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-100% (29%)

Residential mortgages secured by first liens

659

Valuation of third party appraisal on underlying collateral

Loss severity rates

31% (31%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2021:


	Carrying		Fair Value Measurement Using:						Total
	Amount		Level 1		Level 2		Level 3		Fair Value
ASSETS
Cash and cash equivalents	$	653,243	$	653,243	$	0	$	0	$	653,243
Securities available for sale	613,461		8,020		603,191		2,250		613,461
Trading securities	6,877		6,877		0		0		6,877
Loans held for sale	1,897		0		1,994		0		1,994
Net loans	3,365,429		0		0		3,372,178		3,372,178
FHLB and other restricted interests	20,463		n/a		n/a		n/a		n/a

Interest rate swaps	2,593		0		2,593		0		2,593
Accrued interest receivable	18,451		31		2,296		16,116		18,442
LIABILITIES
Deposits	$	(4,358,100)	$	(3,899,111)	$	(468,032)	$	0	$	(4,367,143)

Subordinated debentures	(70,620)		0		(62,723)		0		(62,723)
Interest rate swaps	(3,255)		0		(3,255)		0		(3,255)
Accrued interest payable	(1,217)		0		(1,217)		0		(1,217)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2020:


	Carrying		Fair Value Measurement Using:						Total
	Amount		Level 1		Level 2		Level 3		Fair Value
ASSETS
Cash and cash equivalents	$	532,694	$	532,694	$	0	$	0	$	532,694
Securities available for sale	584,908		16,018		568,826		64		584,908
Trading securities	6,649		6,599		50		0		6,649
Loans held for sale	8,514		0		8,617		0		8,617
Net loans	3,337,449		0		0		3,339,482		3,339,482
FHLB and other restricted interests	21,018		n/a		n/a		n/a		n/a

Interest rate swaps	4,017		0		4,017		0		4,017
Accrued interest receivable	17,659		61		2,152		15,446		17,659
LIABILITIES
Deposits	$	(4,181,744)	$	(3,705,200)	$	(488,000)	$	0	$	(4,193,200)

Subordinated debentures	(70,620)		0		(62,583)		0		(62,583)
Interest rate swaps	(4,785)		0		(4,785)		0		(4,785)
Accrued interest payable	(1,096)		0		(1,096)		0		(1,096)