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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	179,071	$	—	$	—	$	179,071
Obligations of state and municipalities	—		463,203		—		463,203
Residential mortgage backed - agency	—		42,238		—		42,238
Residential mortgage backed - non-agency	—		266,031		—		266,031
Commercial mortgage backed - agency	—		34,885		—		34,885
Commercial mortgage backed - non-agency	—		177,061		—		177,061
Asset backed	—		77,936		—		77,936
Other	—		8,014		—		8,014
Total investment securities available-for-sale	$	179,071	$	1,069,368	$	—	$	1,248,439

Loans held-for-sale, at fair value	$	—	$	1,497	$	—	$	1,497

Derivatives	$	—	$	1,063	$	—	$	1,063

Financial liabilities
Derivatives	$	—	$	2,045	$	—	$	2,045


	Fair Value Measurements at December 31, 2022 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	174,993	$	—	$	—	$	174,993
Obligations of state and municipalities	—		453,907		—		453,907
Residential mortgage backed - agency	—		53,061		—		53,061
Residential mortgage backed - non-agency	—		339,295		—		339,295
Commercial mortgage backed - agency	—		59,933		—		59,933
Commercial mortgage backed - non-agency	—		183,299		—		183,299
Asset backed	—		98,626		—		98,626
Other	—		8,643		—		8,643
Total investment securities available-for-sale	$	174,993	$	1,196,764	$	—	$	1,371,757

Loans held-for-sale, at fair value	$	—	$	—	$	—	$	—

Derivatives	$	—	$	1,311	$	—	$	1,311

Financial liabilities
Derivatives	$	—	$	3,565	$	—	$	3,565

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Assets that were measured at fair value on a non-recurring basis during the period are summarized below (in thousands):


	Fair Value Measurements at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Impaired Loans:
Commercial real estate	$	—	$	—	$	286	$	286
Owner-occupied commercial real estate	—		—		1,315		1,315
Acquisition, construction & development	—		—		—		—
Commercial & industrial	—		—		—		—
Single family residential	—		—		1,816		1,816
Consumer non-real estate and other	—		—		—		—
Other real estate owned	—		—		—		—


	Fair Value Measurements at December 31, 2022 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Impaired Loans:
Commercial real estate	$	—	$	—	$	290	$	290
Owner-occupied commercial real estate	—		—		1,295		1,295
Acquisition, construction & development	—		—		—		—
Commercial & industrial	—		—		—		—
Single family residential	—		—		911		911
Consumer non-real estate and other	—		—		—		—
Other real estate owned	—		—		—		—

Schedule of Quantitative Information of Level 3 Fair Value Measurements for Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents quantitative information about Level 3 Fair Value Measurements for assets measured at fair value on a non-recurring basis at December 31, 2023, and December 31, 2022 (in thousands except for percentages):

Description

Fair Value

Valuation Techniques

Unobservable Inputs

Range

Weighted Average

December 31, 2023

Individually evaluated loans

3,417

Income, Market, & Discounted cash flow analysis

External appraised values; management assumptions regarding market trends, market rate for borrower, or other relevant factors

3.6% - 9%

5.4%

December 31, 2022

Individually evaluated loans

2,496

Income, Market, & Discounted cash flow analysis

External appraised values; management assumptions regarding market trends, market rate for borrower, or other relevant factors

4.5% - 6%

5.2%

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2023, and December 31, 2022, were as follows (in thousands):


			Fair Value Measurements at December 31, 2023 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	8,896	$	8,896	$	—	$	—	$	8,896
Interest-bearing deposits with banks	35,602		35,602		—		—		35,602
Loans, net	2,062,455		—		—		1,897,459		1,897,459
Accrued interest	15,895		—		15,895		—		15,895

Financial liabilities
Non-interest-bearing	$	830,320	$	—	$	830,320	$	—	$	830,320
Interest-bearing	2,171,561		—		2,167,218		—		2,167,218
Other borrowed funds	272,000		—		271,716		—		271,716
Accrued interest	8,954		—		8,954		—		8,954


			Fair Value Measurements at December 31, 2022 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	9,124	$	9,124	$	—	$	—	$	9,124
Interest-bearing deposits with banks	41,171		41,171		—		—		41,171
Loans, net	1,866,182		—		—		1,768,903		1,768,903
Accrued interest	15,481		—		15,481		—		15,481

Financial liabilities
Non-interest-bearing	$	960,692	$	—	$	960,692	$	—	$	960,692
Interest-bearing	1,959,708		—		1,951,227		—		1,951,227
Other borrowed funds	343,100		—		342,904		—		342,904
Accrued interest	1,452		—		1,452		—		1,452