XML 36 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Carrying value and estimated fair values of entity's financial instruments
The carrying value and estimated fair values of the Company's financial instruments as of June 30, 2021 are as follows:
 June 30, 2021
 Carrying
Amount		Estimated Fair
Value		Readily
Available
Market
Prices(1)		Observable
Market
Prices(2)		Company
Determined
Market
Prices(3)
 (Amounts In Thousands)
Financial instrument assets:
Cash and cash equivalents$709,180 $709,180 $709,180 $— $— 
Investment securities477,231 477,231 197,293 279,938 — 
Loans held for sale15,587 15,587 — 15,587 — 
Loans
Agricultural87,639 88,052 — — 88,052 
Commercial and financial264,950 265,624 — — 265,624 
Real estate:
Construction, 1 to 4 family residential72,975 73,093 — — 73,093 
Construction, land development and commercial116,041 115,991 — — 115,991 
Mortgage, farmland245,706 245,962 — — 245,962 
Mortgage, 1 to 4 family first liens876,440 876,835 — — 876,835 
Mortgage, 1 to 4 family junior liens112,766 113,247 — — 113,247 
Mortgage, multi-family383,992 382,443 — — 382,443 
Mortgage, commercial404,918 404,667 — — 404,667 
Loans to individuals31,150 32,662 — — 32,662 
Obligations of state and political subdivisions52,348 52,708 — — 52,708 
Accrued interest receivable11,631 11,631 — 11,631 — 
Total financial instrument assets$3,862,554 $3,864,913 $906,473 $307,156 $2,651,284 
Financial instrument liabilities     
Deposits     
Noninterest-bearing deposits$579,049 $579,049 $— $579,049 $— 
Interest-bearing deposits2,742,866 2,752,158 — 2,752,158 — 
Other borrowings108 108 — 108 — 
Federal Home Loan Bank borrowings105,000 114,346 — 114,346 — 
Accrued interest payable1,306 1,306 — 1,306 — 
Total financial instrument liabilities$3,428,329 $3,446,967 $— $3,446,967 $— 
 Face Amount    
Financial instrument with off-balance sheet risk:     
Loan commitments$565,486 $— $— $— $— 
Letters of credit8,106 — — — — 
Total financial instrument liabilities with off-balance-sheet risk$573,592 $— $— $— $— 
(1)Considered Level 1 under Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).
(2)Considered Level 2 under ASC 820.
(3)Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market.
The carrying value and estimated fair values of the Company's financial instruments as of December 31, 2020 are as follows:

 December 31, 2020
 Carrying
Amount		Estimated Fair
Value		Readily
Available
Market
Prices(1)		Observable
Market
Prices(2)		Company
Determined
Market
Prices(3)
 (Amounts In Thousands)
Financial instrument assets:
Cash and cash equivalents$574,310 $574,310 $574,310 $— $— 
Investment securities416,544 416,544 148,646 267,898 — 
Loans held for sale43,947 43,947 — 43,947 — 
Loans     
Agricultural92,334 92,922 — — 92,922 
Commercial and financial281,357 282,015 — — 282,015 
Real estate:     
Construction, 1 to 4 family residential70,210 70,432 — — 70,432 
Construction, land development and commercial110,501 110,039 — — 110,039 
Mortgage, farmland242,969 242,978 — — 242,978 
Mortgage, 1 to 4 family first liens882,156 890,409 — — 890,409 
Mortgage, 1 to 4 family junior liens126,336 124,945 — — 124,945 
Mortgage, multi-family369,552 370,538 — — 370,538 
Mortgage, commercial412,186 413,409 — — 413,409 
Loans to individuals30,573 31,164 — — 31,164 
Obligations of state and political subdivisions55,838 59,300 — — 59,300 
Accrued interest receivable12,177 12,177 — 12,177 — 
Total financial instrument assets$3,720,990 $3,735,129 $722,956 $324,022 $2,688,151 
Financial instrument liabilities:     
Deposits     
Noninterest-bearing deposits$532,190 $532,190 $— $532,190 $— 
Interest-bearing deposits2,660,378 2,673,815 — 2,673,815 — 
Federal Home Loan Bank borrowings105,000 115,259 — 115,259 — 
Accrued interest payable1,733 1,733 — 1,733 — 
Total financial instrument liabilities$3,299,301 $3,322,997 $— $3,322,997 $— 
 Face Amount    
Financial instrument with off-balance sheet risk:     
Loan commitments$483,602 $— $— $— $— 
Letters of credit8,056 — — — — 
Total financial instrument liabilities with off-balance-sheet risk$491,658 $— $— $— $— 
 
(1)Considered Level 1 under ASC 820.
(2)Considered Level 2 under ASC 820.
(3)Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market.
Schedule of assets and liabilities measured at fair value on a recurring basis
The table below represents the balances of assets and liabilities measured at fair value on a recurring basis:

 June 30, 2021
 Readily
Available
Market
Prices(1)		Observable
Market Prices(2)		Company
Determined
Market
Prices(3)		Total at Fair
Value
Securities available for sale(Amounts In Thousands)
U.S. Treasury$197,293 $— $— $197,293 
State and political subdivisions— 226,406 — 226,406 
Mortgage-backed securities and collateralized mortgage obligations— 9,877 — 9,877 
Other securities (FHLB, FHLMC and FNMA)— 34,909 — 34,909 
Total$197,293 $271,192 $— $468,485 

 December 31, 2020
 Readily
Available
Market
Prices(1)		Observable
Market Prices(2)		Company
Determined
Market
Prices(3)		Total at Fair
Value
Securities available for sale(Amounts In Thousands)
U.S. Treasury$148,646 $— $— $148,646 
State and political subdivisions— 224,566 — 224,566 
Other securities (FHLB, FHLMC and FNMA)— 35,160 — 35,160 
Total$148,646 $259,726 $— $408,372 
 
(1)Considered Level 1 under ASC 820.
(2)Considered Level 2 under ASC 820.
(3)Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market.
Schedule of assets measured at fair value on a nonrecurring basis The following tables present the Company’s assets that are measured at fair value on a nonrecurring basis.
 June 30, 2021Three Months Ended June 30, 2021Six Months Ended June 30, 2021
 Readily
Available
Market
Prices(1)		Observable
Market
Prices(2)		Company
Determined
Market
Prices(3)		Total at
Fair
Value		Total LossesTotal Losses
 (Amounts in Thousands)
Loans (4)
Agricultural$— $— $891 $891 $— $— 
Commercial and financial— — 1,495 1,495 — — 
Real Estate:— 
Construction, 1 to 4 family residential— — 390 390 — — 
Construction, land development and commercial— — 96 96 — — 
Mortgage, farmland— — 1,232 1,232 — — 
Mortgage, 1 to 4 family first liens— — 5,400 5,400 4 33 
Mortgage, 1 to 4 family junior liens— — 194 194 — — 
Mortgage, multi-family— — 1,687 1,687 — — 
Mortgage, commercial— — 4,381 4,381 — — 
Loans to individuals— — — — — — 
Foreclosed assets (5)— — — — — — 
Total$— $— $15,766 $15,766 $4 $33 
 
(1)Considered Level 1 under ASC 820.
(2)Considered Level 2 under ASC 820.
(3)Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market.
(4)Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero.
(5)Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets.
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (continued)
 December 31, 2020Year Ended December 31, 2020
 Readily
Available
Market
Prices(1)		Observable
Market
Prices(2)		Company
Determined
Market
Prices(3)		Total at Fair
Value		Total Losses
 (Amounts in Thousands)
Loans (4)
Agricultural$— $— $1,081 $1,081 $— 
Commercial and financial— — 1,692 1,692 385 
Real Estate:
Construction, 1 to 4 family residential— — 414 414 — 
Construction, land development and commercial— — 315 315 — 
Mortgage, farmland— — 1,718 1,718 — 
Mortgage, 1 to 4 family first liens— — 5,906 5,906 252 
Mortgage, 1 to 4 family junior liens— — 176 176 19 
Mortgage, multi-family— — 1,773 1,773 — 
Mortgage, commercial— — 5,082 5,082 250 
Loans to individuals— — — — — 
Foreclosed assets (5)— — — — — 
Total$— $— $18,157 $18,157 $906 
(1)Considered Level 1 under ASC 820.
(2)Considered Level 2 under ASC 820.
(3)Considered Level 3 under ASC 820 and are based on valuation models that use significant assumptions that are not observable in an active market.
(4)Represents carrying value and related write-downs of loans for which adjustments are based on the value of the collateral. The carrying value of loans fully-charged off is zero.
(5)Represents the fair value and related losses of foreclosed real estate and other collateral owned that were measured at fair value subsequent to their initial classification as foreclosed assets.