XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis.
 Balance atFair Value Measurements Using:
Dollars in thousandsSeptember 30, 2021Level 1Level 2Level 3
Debt securities available for sale    
U.S. Government sponsored agencies$38,510 $— $38,510 $— 
Mortgage backed securities:    
Government sponsored agencies63,328 — 63,328 — 
Nongovernment sponsored entities19,906 — 19,906 — 
State and political subdivisions147,189 — 147,189 — 
Corporate debt securities30,837 — 30,837 — 
Asset-backed securities46,492 — 46,492 — 
Tax-exempt state and political subdivisions78,479 — 78,479 — 
Total debt securities available for sale$424,741 $— $424,741 $— 
Derivative financial assets
Interest rate caps$10,380 $— $10,380 $— 
Derivative financial liabilities    
Interest rate swaps$1,349 $— $1,349 $— 
 Balance atFair Value Measurements Using:
Dollars in thousandsDecember 31, 2020Level 1Level 2Level 3
Debt securities available for sale    
U.S. Government sponsored agencies$35,157 $— $35,157 $— 
Mortgage backed securities:    
Government sponsored agencies59,046 — 59,046 — 
Nongovernment sponsored entities16,687 — 16,687 — 
State and political subdivisions50,905 — 50,905 — 
Corporate debt securities26,427 — 26,427 — 
Asset-backed securities46,126 — 46,126 — 
Tax-exempt state and political subdivisions51,779 — 51,779 — 
Total debt securities available for sale$286,127 $— $286,127 $— 
Derivative financial assets
Interest rate caps$6,653 $— $6,653 $— 
Derivative financial liabilities    
Interest rate swaps$2,747 $— $2,747 $— 

We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles.  These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period.  Assets measured at fair value on a nonrecurring basis are included in the table below.
 Balance atFair Value Measurements Using:
Dollars in thousandsSeptember 30, 2021Level 1Level 2Level 3
Residential mortgage loans held for sale$1,393 $— $1,393 $— 
Collateral-dependent loans with an ACLL    
Commercial real estate$2,417 $— $2,417 $— 
Construction and development318 — 318 — 
Residential real estate526 — 304 222 
Total collateral-dependent loans with an ACLL$3,261 $— $3,039 $222 
Property held for sale    
Commercial real estate$1,548 $— $1,548 $— 
Construction and development9,636 — 9,142 494 
Residential real estate27 — 27 — 
Total property held for sale$11,211 $— $10,717 $494 

 Balance atFair Value Measurements Using:
Dollars in thousandsDecember 31, 2020Level 1Level 2Level 3
Residential mortgage loans held for sale$1,998 $— $1,998 $— 
Collateral-dependent impaired loans    
Commercial$8 $— $8 $— 
Commercial real estate9,914 — 9,914 — 
Construction and development1,576 — 1,576 — 
Residential real estate597 — 597 — 
Total collateral-dependent impaired loans$12,095 $— $12,095 $— 
Property held for sale    
Commercial real estate$1,557 $— $1,557 $— 
Construction and development11,595 — 10,974 621 
Residential real estate476 — 476 — 
Total property held for sale$13,628 $— $13,007 $621 
The carrying values and estimated fair values of our financial instruments are summarized below:
 September 30, 2021Fair Value Measurements Using:
Dollars in thousandsCarrying
Value		Estimated
Fair
Value		Level 1Level 2Level 3
Financial assets    
Cash and cash equivalents$211,109 $211,109 $— $211,109 $— 
Debt securities available for sale424,741 424,741 — 424,741 — 
Debt securities held to maturity98,528 100,793 — 100,793 — 
Other investments10,649 10,649 — 10,649 — 
Loans held for sale, net1,393 1,393 — 1,393 — 
Loans, net2,521,704 2,519,969 — 3,039 2,516,930 
Accrued interest receivable10,484 10,484 — 10,484 — 
     Cash surrender value of life insurance policies and annuities60,241 60,241 — 60,241 — 
Derivative financial assets10,380 10,380 — 10,380 — 
 $3,349,229 $3,349,759 $— $832,829 $2,516,930 
Financial liabilities    
Deposits$2,955,940 $2,956,162 $— $2,956,162 $— 
Short-term borrowings140,146 140,146 — 140,146 — 
Long-term borrowings684 820 — 820 — 
Subordinated debentures29,466 31,719 — — 31,719 
Subordinated debentures owed to unconsolidated
  subsidiary trusts		19,589 19,589 — 19,589 — 
Accrued interest payable557 557 — 557 — 
Derivative financial liabilities1,349 1,349 — 1,349 — 
 $3,147,731 $3,150,342 $— $3,118,623 $31,719 
 December 31, 2020Fair Value Measurements Using:
Dollars in thousandsCarrying
Value		Estimated
Fair
Value		Level 1Level 2Level 3
Financial assets    
Cash and cash equivalents$99,787 $99,787 $— $99,787 $— 
Debt securities available for sale286,127 286,127 — 286,127 — 
Debt securities held to maturity99,914 103,157 — 103,157 — 
Other investments14,185 14,185 — 14,185 — 
Loans held for sale, net1,998 1,998 — 1,998 — 
Loans, net2,379,907 2,384,275 — 12,095 2,372,180 
Accrued interest receivable11,989 11,989 — 11,989 — 
Cash surrender value of life insurance policies and annuities59,438 59,438 — 59,438 — 
Derivative financial assets6,653 6,653 — 6,653 — 
 $2,959,998 $2,967,609 $— $595,429 $2,372,180 
Financial liabilities    
Deposits$2,595,651 $2,597,326 $— $2,597,326 $— 
Short-term borrowings140,146 140,146 — 140,146 — 
Long-term borrowings699 866 — 866 — 
Subordinated debentures29,364 29,364 — 29,364 — 
Subordinated debentures owed to unconsolidated
  subsidiary trusts		19,589 19,589 — 19,589 — 
Accrued interest payable745 745 — 745 — 
Derivative financial liabilities2,747 2,747 — 2,747 — 
 $2,788,941 $2,790,783 $— $2,790,783 $—