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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Assets Measured at Fair Value on a Recurring Basis

The tables below presents the balances of assets measured at fair value on a recurring basis:


	September 30, 2021
	Fair Value Measurements Using						Assets at Fair Value
(dollars in thousands)	Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities	$	900	$	0	$	0	$	900
U.S. government sponsored agency securities	0		116,461		0		116,461
Mortgage-backed securities: residential	0		431,833		0		431,833
Mortgage-backed securities: commercial	0		24,182		0		24,182
State and municipal securities	0		666,199		140		666,339
Total Securities	900		1,238,675		140		1,239,715
Mortgage banking derivative	0		719		0		719
Interest rate swap derivative	0		15,426		0		15,426
Total assets	$	900	$	1,254,820	$	140	$	1,255,860

Liabilities:
Mortgage banking derivative	$	0	$	1	$	0	$	1
Interest rate swap derivative	0		15,447		0		15,447
Total liabilities	$	0	$	15,448	$	0	$	15,448


	December 31, 2020
	Fair Value Measurements Using						Assets at Fair Value
(dollars in thousands)	Level 1		Level 2		Level 3
Assets:
U.S. government sponsored agency securities	$	0	$	36,487	$	0	$	36,487
Mortgage-backed securities: residential	0		279,503		0		279,503
Mortgage-backed securities: commercial	0		36,881		0		36,881
State and municipal securities	0		381,834		140		381,974
Total Securities	0		734,705		140		734,845
Mortgage banking derivative	0		1,182		0		1,182
Interest rate swap derivative	0		21,764		0		21,764
Total assets	$	0	$	757,651	$	140	$	757,791

Liabilities:
Mortgage banking derivative	$	0	$	111	$	0	$	111
Interest rate swap derivative	0		21,794		0		21,794
Total liabilities	$	0	$	21,905	$	0	$	21,905

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

The tables below presents the balances of assets measured at fair value on a nonrecurring basis:


	September 30, 2021
	Fair Value Measurements Using						Assets at Fair Value
(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans	$	0	$	0	$	9,982	$	9,982
Non-working capital loans	0		0		7,525		7,525
Commercial real estate and multi-family residential loans:
Owner occupied loans	0		0		652		652
Nonowner occupied loans	0		0		3,131		3,131
Agri-business and agricultural loans:
Loans secured by farmland	0		0		43		43


Total collateral dependent loans	0		0		21,333		21,333
Other real estate owned	0		0		0		0
Total assets	$	0	$	0	$	21,333	$	21,333


	December 31, 2020
	Fair Value Measurements Using						Assets at Fair Value
(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans	$	0	$	0	$	178	$	178
Non-working capital loans	0		0		4,904		4,904
Commercial real estate and multi-family residential loans:
Owner occupied loans	0		0		1,211		1,211
Agri-business and agricultural loans:
Loans secured by farmland	0		0		61		61
Consumer 1‑4 family mortgage loans:
Closed end first mortgage loans	0		0		411		411
Total collateral dependent loans	0		0		6,765		6,765
Other real estate owned	0		0		0		0
Total assets	$	0	$	0	$	6,765	$	6,765

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, 2021:

(dollars in thousands)

Fair Value

Valuation Methodology

Unobservable Inputs

Average

Range of Inputs

Collateral dependent loans:

Commercial and industrial

17,507

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

25%-99%

Collateral dependent loans:

Commercial real estate

3,783

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

7%-99%

Collateral dependent loans:

Agribusiness and agricultural

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

N/A

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, 2020:


(dollars in thousands)	Fair Value		Valuation Methodology	Unobservable Inputs	Average		Range of Inputs
Collateral dependent loans:
Commercial and industrial	$	5,082	Collateral basedmeasurements	Discount to reflect current market conditions and ultimate collectability	55	%	16%-100%

Collateral dependent loans:
Commercial real estate	1,211		Collateral basedmeasurements	Discount to reflect current market conditions and ultimate collectability	53	%	21%-74%

Collateral dependent loans:
Agribusiness and agricultural	61		Collateral basedmeasurements	Discount to reflect current market conditions and ultimate collectability	58	%	N/A

Collateral dependent loans:
Consumer 1-4 family mortgage	411		Collateral basedmeasurements	Discount to reflect current market conditions and ultimate collectability	11	%	10%-15%

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 which are not financial instruments are not included.


	September 30, 2021
	Carrying Value		Estimated Fair Value
(dollars in thousands)			Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	557,233	$	555,522	$	1,711	$	0	$	557,233
Securities available-for-sale	1,239,715		900		1,238,675		140		1,239,715
Real estate mortgages held-for-sale	7,969		0		8,133		0		8,133
Loans, net	4,166,405		0		0		4,101,098		4,101,098
Mortgage banking derivative	719		0		719		0		719
Interest rate swap derivative	15,426		0		15,426		0		15,426
Federal Reserve and Federal Home Loan Bank Stock	13,772		N/A		N/A		N/A		N/A
Accrued interest receivable	17,780		0		6,710		11,070		17,780
Financial Liabilities:
Certificates of deposit	(864,902)		0		(869,759)		0		(869,759)
All other deposits	(4,549,736)		(4,549,736)		0		0		(4,549,736)
Federal Home Loan Bank advances	(75,000)		0		(66,596)		0		(66,596)
Mortgage banking derivative	(1)		0		(1)		0		(1)
Interest rate swap derivative	(15,447)		0		(15,447)		0		(15,447)
Standby letters of credit	(334)		0		0		(334)		(334)
Accrued interest payable	(2,916)		(72)		(2,844)		0		(2,916)


	December 31, 2020
	Carrying Value		Estimated Fair Value
(dollars in thousands)			Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents	$	249,927	$	247,228	$	2,699	$	0	$	249,927
Securities available-for-sale	734,845		0		734,705		140		734,845
Real estate mortgages held-for-sale	11,218		0		11,651		0		11,651
Loans, net	4,587,748		0		0		4,532,639		4,532,639
Mortgage banking derivative	1,182		0		1,182		0		1,182
Interest rate swap derivative	21,764		0		21,764		0		21,764
Federal Reserve and Federal Home Loan Bank Stock	13,772		N/A		N/A		N/A		N/A
Accrued interest receivable	18,761		0		3,801		14,960		18,761
Financial Liabilities:
Certificates of deposit	(1,024,819)		0		(1,033,095)		0		(1,033,095)
All other deposits	(4,011,986)		(4,011,986)		0		0		(4,011,986)
Miscellaneous borrowings	(10,500)		0		(10,500)		0		(10,500)
Federal Home Loan Bank advances	(75,000)		0		(68,967)		0		(68,967)
Mortgage banking derivative	(111)		0		(111)		0		(111)
Interest rate swap derivative	(21,794)		0		(21,794)		0		(21,794)
Standby letters of credit	(686)		0		0		(686)		(686)
Accrued interest payable	(5,959)		(66)		(5,893)		0		(5,959)