Fair Value (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Fair Value Disclosures [Abstract] |
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Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2020 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | | | | | | | | Obligations of State and Political Subdivisions | | $ | — | | | $ | 580,750 | | | $ | 497 | | | $ | 581,247 | | MBS/CMO | | — | | | 548,307 | | | — | | | 548,307 | | US Gov't Sponsored Entities & Agencies | | — | | | 88,298 | | | — | | | 88,298 | | Total Securities | | $ | — | | | $ | 1,217,355 | | | $ | 497 | | | $ | 1,217,852 | | | | | | | | | | | Loans Held-for-Sale | | $ | — | | | $ | 16,904 | | | $ | — | | | $ | 16,904 | | | | | | | | | | | Derivative Assets | | $ | — | | | $ | 8,806 | | | $ | — | | | $ | 8,806 | | | | | | | | | | | Derivative Liabilities | | $ | — | | | $ | 9,353 | | | $ | — | | | $ | 9,353 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2019 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | | | | | | | | Obligations of State and Political Subdivisions | | $ | — | | | $ | 320,279 | | | $ | 4,021 | | | $ | 324,300 | | MBS/CMO | | — | | | 530,525 | | | — | | | 530,525 | | US Gov't Sponsored Entities & Agencies | | — | | | — | | | — | | | — | | Total Securities | | $ | — | | | $ | 850,804 | | | $ | 4,021 | | | $ | 854,825 | | | | | | | | | | | Loans Held-for-Sale | | $ | — | | | $ | 17,713 | | | $ | — | | | $ | 17,713 | | | | | | | | | | | Derivative Assets | | $ | — | | | $ | 2,607 | | | $ | — | | | $ | 2,607 | | | | | | | | | | | Derivative Liabilities | | $ | — | | | $ | 2,829 | | | $ | — | | | $ | 2,829 | |
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Schedule of Aggregate Fair Value, Contractual Balance and Gains or Loss of Loans Held-for-Sale |
As of December 31, 2020 and 2019, the aggregate fair value, contractual balance (including accrued interest), and gain or loss were as follows: | | | | | | | | | | | | | | | | | 2020 | | 2019 | Aggregate Fair Value | | $ | 16,904 | | | $ | 17,713 | | Contractual Balance | | 16,378 | | | 17,378 | | Gain (Loss) | | 526 | | | 335 | |
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Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) |
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2020 and 2019: | | | | | | | | | | | | | | | | | Obligations of State and Political Subdivisions | | | 2020 | | 2019 | Balance of Recurring Level 3 Assets at January 1 | | $ | 4,021 | | | $ | 4,991 | | Total Gains (Losses) Included in Other Comprehensive Income | | (26) | | | (25) | | Maturities / Calls | | (3,498) | | | (945) | | Purchases | | — | | | — | | Balance of Recurring Level 3 Assets at December 31 | | $ | 497 | | | $ | 4,021 | |
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Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
Assets and liabilities measured at fair value on a non-recurring basis are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2020 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | | | | | | | | Individually Analyzed Loans | | | | | | | | | Commercial and Industrial Loans | | $ | — | | | $ | — | | | $ | 4,985 | | | $ | 4,985 | | Commercial Real Estate Loans | | — | | | — | | | 8,893 | | | 8,893 | | Agricultural Loans | | — | | | — | | | 551 | | | 551 | | Home Equity Loans | | — | | | — | | | 369 | | | 369 | | Residential Mortgage Loans | | — | | | — | | | 75 | | | 75 | |
As discussed in Note 1 - Summary of Significant Accounting Policies, the Company adopted ASC 326 on January 1, 2020. The table below is based upon previously applicable GAAP. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2019 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | | | | | | | | Impaired Loans | | | | | | | | | Commercial and Industrial Loans | | $ | — | | | $ | — | | | $ | 2,109 | | | $ | 2,109 | | Commercial Real Estate Loans | | — | | | — | | | 493 | | | 493 | |
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Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Validation Techniques |
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range (Weighted Average) | Individually Analyzed Loans - Commercial and Industrial Loans | | $ | 4,985 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 26% - 100% (61%) | Individually Analyzed Loans - Commercial Real Estate Loans | | $ | 8,893 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 30% - 100% (56%) | Individually Analyzed Loans - Agricultural Loans | | $ | 551 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 30% - 96% (65%) | Individually Analyzed Loans - Consumer Loans | | $ | — | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 100% (100%) | Individually Analyzed Loans - Home Equity Loans | | $ | 369 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 9% - 9% (9%) | Individually Analyzed Loans - Residential Mortgage Loans | | $ | 75 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 43% -97% (67%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range (Weighted Average) | Impaired Loans - Commercial and Industrial Loans | | $ | 2,109 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 29% - 100% (64%) | Impaired Loans - Commercial Real Estate Loans | | $ | 493 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 47% - 91% (64%) |
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Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments |
The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending December 31, 2020 and 2019. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. In accordance with the adoption of ASU 2016-01, the table below for December 31, 2020 and 2019, present the fair values measured using an exit price notion. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2020 Using | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | | | | | | | | | | Cash and Short-term Investments | | $ | 345,748 | | | $ | 57,972 | | | $ | 287,776 | | | $ | — | | | $ | 345,748 | | Interest Bearing Time Deposits with Banks | | 1,241 | | | — | | | 1,241 | | | — | | | 1,241 | | Loans, Net | | 3,026,340 | | | — | | | — | | | 3,032,690 | | | 3,032,690 | | Accrued Interest Receivable | | 20,278 | | | — | | | 6,137 | | | 14,141 | | | 20,278 | | Financial Liabilities: | | | | | | | | | | | Demand, Savings, and Money Market Deposits | | (3,612,078) | | | (3,612,078) | | | — | | | — | | | (3,612,078) | | Time Deposits | | (494,452) | | | — | | | (495,171) | | | — | | | (495,171) | | Short-term Borrowings | | (52,905) | | | — | | | (52,905) | | | — | | | (52,905) | | Long-term Debt | | (141,624) | | | — | | | (88,342) | | | (54,960) | | | (143,302) | | Accrued Interest Payable | | (1,084) | | | — | | | (1,049) | | | (35) | | | (1,084) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2019 Using | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | | | | | | | | | | Cash and Short-term Investments | | $ | 103,884 | | | $ | 59,971 | | | $ | 43,913 | | | $ | — | | | $ | 103,884 | | Interest Bearing Time Deposits with Banks | | 1,985 | | | — | | | 1,985 | | | — | | | 1,985 | | Loans, Net | | 3,058,211 | | | — | | | — | | | 3,056,521 | | | 3,056,521 | | Accrued Interest Receivable | | 18,425 | | | — | | | 4,400 | | | 14,025 | | | 18,425 | | Financial Liabilities: | | | | | | | | | | | Demand, Savings, and Money Market Deposits | | (2,798,625) | | | (2,798,625) | | | — | | | — | | | (2,798,625) | | Time Deposits | | (631,396) | | | — | | | (624,666) | | | — | | | (624,666) | | Short-term Borrowings | | (167,736) | | | (128,311) | | | (39,425) | | | — | | | (167,736) | | Long-term Debt | | (181,950) | | | — | | | (127,174) | | | (55,234) | | | (182,408) | | Accrued Interest Payable | | (2,442) | | | — | | | (2,376) | | | (66) | | | (2,442) | |
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