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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
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 December 31, 2022 are as follows:
 December 31, 2022
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$36,641 $36,641 $36,641 $ $ 
Investment securities782,565 782,565 445,392 337,173  
Loans held for sale1,663 1,663  1,663  
Loans     
Agricultural110,163 108,992   108,992 
Commercial and financial263,309 259,500   259,500 
Real estate:    
Construction, 1 to 4 family residential91,297 91,279   91,279 
Construction, land development and commercial193,162 188,726   188,726 
Mortgage, farmland253,581 237,849   237,849 
Mortgage, 1 to 4 family first liens1,120,150 1,055,091   1,055,091 
Mortgage, 1 to 4 family junior liens121,890 118,279   118,279 
Mortgage, multi-family432,517 411,092   411,092 
Mortgage, commercial397,861 377,753   377,753 
Loans to individuals35,278 36,934   36,934 
Obligations of state and political subdivisions47,773 45,653   45,653 
Accrued interest receivable15,782 15,782  15,782  
Total financial instrument assets$3,903,632 $3,767,799 $482,033 $354,618 $2,931,148 
Financial instrument liabilities:     
Deposits     
Noninterest-bearing deposits$647,450 $647,450 $ $647,450 $ 
Interest-bearing deposits2,709,917 2,711,088  2,711,088  
Other borrowings82,061 82,061  82,061  
Federal Home Loan Bank borrowings40,000 40,000  40,000  
Accrued interest payable1,394 1,394  1,394  
Total financial instrument liabilities$3,480,822 $3,481,993 $ $3,481,993 $ 
 Face Amount    
Financial instrument with off-balance sheet risk:     
Loan commitments$701,729 $ $ $ $ 
Letters of credit6,618     
Total financial instrument liabilities with off-balance-sheet risk$708,347 $ $ $ $ 

(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, 2021 are as follows:
 December 31, 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$781,918 $781,918 $781,918 $— $— 
Investment securities555,900 555,900 243,925 311,975 — 
Loans held for sale5,716 5,716 — 5,716 — 
Loans
Agricultural104,672 103,745 — — 103,745 
Commercial and financial217,733 216,466 — — 216,466 
Real estate:
Construction, 1 to 4 family residential79,668 79,311 — — 79,311 
Construction, land development and commercial125,539 124,466 — — 124,466 
Mortgage, farmland229,311 228,365 — — 228,365 
Mortgage, 1 to 4 family first liens901,523 897,255 — — 897,255 
Mortgage, 1 to 4 family junior liens111,184 110,903 — — 110,903 
Mortgage, multi-family379,077 378,193 — — 378,193 
Mortgage, commercial394,594 391,950 — — 391,950 
Loans to individuals31,916 31,871 — — 31,871 
Obligations of state and political subdivisions49,845 50,155 — — 50,155 
Accrued interest receivable11,437 11,437 — 11,437 — 
Total financial instrument assets$3,980,033 $3,967,651 $1,025,843 $329,128 $2,612,680 
Financial instrument liabilities:
Deposits
Noninterest-bearing deposits$633,101 $633,101 $— $633,101 $— 
Interest-bearing deposits2,900,893 2,909,243 — 2,909,243 — 
Other borrowings249 249 — 249 — 
Federal Home Loan Bank borrowings— — — — — 
Accrued interest payable1,165 1,165 — 1,165 — 
Total financial instrument liabilities$3,535,408 $3,543,758 — $3,543,758 — 
 
Financial instrument with off-balance sheet risk:Face Amount
Loan commitments$614,324 $— $— $— $— 
Letters of credit7,179 — — — — 
Total financial instrument liabilities with off-balance-sheet risk$621,503 $— $— $— $— 

(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
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:
 December 31, 2022
 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$445,392 $— $— $445,392 
State and political subdivisions— 248,582 — 248,582 
Mortgage-backed securities and collateralized mortgage obligations— 50,196 — 50,196 
Other securities (FHLB, FHLMC and FNMA)— 31,934 — 31,934 
Total$445,392 $330,712 $— $776,104 
 December 31, 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$243,925 $— $— $243,925 
State and political subdivisions— 263,516 — 263,516 
Mortgage-backed securities and collateralized mortgage obligations— 9,446 — 9,446 
Other securities (FHLB, FHLMC and FNMA)— 34,467 — 34,467 
Total$243,925 $307,429 $— $551,354 

(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 For assets measured at fair value on a nonrecurring basis that were still held on the balance sheet at December 31, 2022 and 2021, the following tables provide the level of valuation assumptions used to determine the adjustment and the carrying value of the related individual assets at year end.
 December 31, 2022Year Ended December 31, 2022
 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$— $— $— $— $— 
Commercial and financial— — 1,324 1,324 225 
Real Estate:    
Construction, 1 to 4 family residential— — 277 277 — 
Construction, land development and commercial— — 191 191 — 
Mortgage, farmland— — 1,662 1,662 123 
Mortgage, 1 to 4 family first liens— — 5,639 5,639 367 
Mortgage, 1 to 4 family junior liens— — 193 193 
Mortgage, multi-family— — 620 620 50 
Mortgage, commercial— — 2,778 2,778 — 
Loans to individuals— — — — — 
Foreclosed assets (5)— — — — — 
Total$— $— $12,684 $12,684 $770 

(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.
 December 31, 2021Year Ended December 31, 2021
 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$— $— $399 $399 $— 
Commercial and financial— — 1,527 1,527 — 
Real Estate:
Construction, 1 to 4 family residential— — 383 383 — 
Construction, land development and commercial— — 96 96 — 
Mortgage, farmland— — 1,114 1,114 — 
Mortgage, 1 to 4 family first liens— — 5,902 5,902 212 
Mortgage, 1 to 4 family junior liens— — 202 202 
Mortgage, multi-family— — 1,460 1,460 — 
Mortgage, commercial— — 4,176 4,176 255 
Loans to individuals— — — — — 
Foreclosed assets (5)— — — — — 
Total$— $— $15,259 $15,259 $476 

(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.