XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.1
FAIR VALUE DISCLOSURES (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
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:
March 31, 2022
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets:
U.S. Treasury securities$2,246 $0 $0 $2,246 
U.S. government sponsored agency securities0 152,892 0 152,892 
Mortgage-backed securities: residential0 596,321 0 596,321 
Mortgage-backed securities: commercial0 96 0 96 
State and municipal securities0 768,663 2,317 770,980 
Total Securities2,246 1,517,972 2,317 1,522,535 
Mortgage banking derivative0 257 0 257 
Interest rate swap derivative0 19,485 0 19,485 
Total assets$2,246 $1,537,714 $2,317 $1,542,277 
Liabilities:
Mortgage banking derivative$0 $3 $0 $3 
Interest rate swap derivative0 19,499 0 19,499 
Total liabilities$0 $19,502 $0 $19,502 
December 31, 2021
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets:        
U.S. Treasury securities$900 $0 $0 $900 
U.S. government sponsored agency securities0 143,452 0 143,452 
Mortgage-backed securities: residential0 486,676 0 486,676 
Mortgage-backed securities: commercial0 523 0 523 
State and municipal securities0 764,964 2,043 767,007 
Total Securities900 1,395,615 2,043 1,398,558 
Mortgage banking derivative0 398 0 398 
Interest rate swap derivative0 14,309 0 14,309 
Total assets$900 $1,410,322 $2,043 $1,413,265 
Liabilities:
Mortgage banking derivative$0 $2 $0 $2 
Interest rate swap derivative0 14,329 0 14,329 
Total liabilities$0 $14,331 $0 $14,331 
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:
March 31, 2022
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets
Collateral dependent loans:
Commercial and industrial loans:
Working capital lines of credit loans$0 $0 $353 $353 
Non-working capital loans0 0 4,716 4,716 
Commercial real estate and multi-family residential loans:
Owner occupied loans0 0 880 880 
Agri-business and agricultural loans:
Loans secured by farmland0 0 231 231 
Total collateral dependent loans0 0 6,180 6,180 
Other real estate owned0 0 196 196 
Total assets$0 $0 $6,376 $6,376 
December 31, 2021
Fair Value Measurements UsingAssets
at Fair Value
(dollars in thousands)Level 1Level 2Level 3
Assets        
Collateral dependent loans:        
Commercial and industrial loans:        
Working capital lines of credit loans$0 $0 $247 $247 
Non-working capital loans0 0 5,095 5,095 
Commercial real estate and multi-family residential loans:
Owner occupied loans0 0 791 791 
Agri-business and agricultural loans:
Loans secured by farmland0 0 231 231 
Total collateral dependent loans0 0 6,364 6,364 
Other real estate owned0 0 196 196 
Total assets$0 $0 $6,560 $6,560 
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 March 31, 2022:
(dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsAverageRange of Inputs
Collateral dependent loans:          
Commercial and industrial$5,069 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability65 %
21%-99%
Collateral dependent loans:    
Commercial real estate and multi-family residential loans880 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability46 %
34%-68%
Collateral dependent loans:
Agribusiness and agricultural231 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability36 %
3%-68%
Other real estate owned196 AppraisalsDiscount to reflect current market conditions and ultimate collectability38 %
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, 2021:
(dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsAverageRange of Inputs
Collateral dependent loans:          
Commercial and industrial$5,342 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability65 %
22%-99%
Collateral dependent loans:    
Commercial real estate and multi-family residential loans791 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability51 %
34%-68%
Collateral dependent loans:    
Agribusiness and agricultural231 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability35 %
3%-68%
Other real estate owned196 AppraisalsDiscount to reflect current market conditions and ultimate collectability38 %
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.
March 31, 2022
Carrying
Value		Estimated Fair Value
(dollars in thousands)Level 1Level 2Level 3Total
Financial Assets:          
Cash and cash equivalents$475,024 $473,561 $1,463 $0 $475,024 
Securities available-for-sale1,522,535 2,246 1,517,972 2,317 1,522,535 
Real estate mortgages held-for-sale2,234 0 2,270 0 2,270 
Loans, net4,286,188 0 0 4,169,000 4,169,000 
Mortgage banking derivative257 0 257 0 257 
Interest rate swap derivative19,485 0 19,485 0 19,485 
Federal Reserve and Federal Home Loan Bank Stock12,840 N/AN/AN/AN/A
Accrued interest receivable19,448 0 9,162 10,286 19,448 
Financial Liabilities:
Certificates of deposit(814,263)0 (817,622)0 (817,622)
All other deposits(5,006,360)(5,006,360)0 0 (5,006,360)
Federal Home Loan Bank advances(75,000)0 (61,200)0 (61,200)
Mortgage banking derivative(3)0 (3)0 (3)
Interest rate swap derivative(19,499)0 (19,499)0 (19,499)
Standby letters of credit(202)0 0 (202)(202)
Accrued interest payable(2,303)(88)(2,215)0 (2,303)
December 31, 2021
Carrying
Value		Estimated Fair Value
(dollars in thousands)Level 1Level 2Level 3Total
Financial Assets:          
Cash and cash equivalents$683,240 $681,286 $1,954 $0 $683,240 
Securities available-for-sale1,398,558 900 1,395,615 2,043 1,398,558 
Real estate mortgages held-for-sale7,470 0 7,634 0 7,634 
Loans, net4,220,068 0 0 4,144,000 4,144,000 
Mortgage banking derivative398 0 398 0 398 
Interest rate swap derivative14,309 0 14,309 0 14,309 
Federal Reserve and Federal Home Loan Bank Stock13,772 N/AN/AN/AN/A
Accrued interest receivable17,674 0 7,689 9,985 17,674 
Financial Liabilities:
Certificates of deposit(829,518)0 (833,617)0 (833,617)
All other deposits(4,905,889)(4,905,889)0 0 (4,905,889)
Federal Home Loan Bank advances(75,000)0 (66,118)0 (66,118)
Mortgage banking derivative(2)0 (2)0 (2)
Interest rate swap derivative(14,329)0 (14,329)0 (14,329)
Standby letters of credit(272)0 0 (272)(272)
Accrued interest payable(2,619)(84)(2,535)0 (2,619)