XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
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 March 31, 2024 Using
 Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant
Unobservable
 Inputs (Level 3)
Total
Assets:
U.S. Treasury$49,686 $— $— $49,686 
Obligations of State and Political Subdivisions— 688,684 76 688,760 
MBS/CMO— 622,025 991 623,016 
US Gov’t Sponsored Entities & Agencies— 177,808 — 177,808 
Total Securities$49,686 $1,488,517 $1,067 $1,539,270 
Loans Held-for-Sale$— $10,325 $— $10,325 
Derivative Assets$— $8,287 $— $8,287 
Derivative Liabilities$— $8,294 $— $8,294 
 Fair Value Measurements at December 31, 2023 Using
 Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant
Unobservable  Inputs (Level 3)
Total
Assets:
U.S. Treasury$— $— $— $— 
Obligations of State and Political Subdivisions— 768,800 75 768,875 
MBS/CMO— 644,056 984 645,040 
US Gov’t Sponsored Entities & Agencies— 182,917 — 182,917 
Total Securities$— $1,595,773 $1,059 $1,596,832 
Loans Held-for-Sale$— $5,226 $— $5,226 
Derivative Assets$— $7,458 $— $7,458 
Derivative Liabilities$— $7,467 $— $7,467 
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale
As of March 31, 2024 and December 31, 2023, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows:
March 31, 2024December 31, 2023
Aggregate Fair Value$10,325 $5,226 
Contractual Balance10,136 5,125 
Gain (Loss)189 101 
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3)
The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023:
 Obligations of State and Political SubdivisionsMBS/CMO
 2024202320242023
Balance of Recurring Level 3 Assets at January 1$75 $83 $984 $906 
Total Gains (Losses) Included in Other Comprehensive Income— 11 
Maturities / Calls— — — — 
Acquired through Bank Acquisition— — — — 
Balance of Recurring Level 3 Assets at March 31$76 $83 $991 $917 
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
 Fair Value Measurements at March 31, 2024 Using
 Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable 
Inputs (Level 3)
Total
Assets:    
Individually Analyzed Loans    
Commercial and Industrial Loans$— $— $2,715 $2,715 
Commercial Real Estate Loans$— $— $3,098 $3,098 
Agricultural Loans$— $— $2,220 $2,220 
Consumer Loans$— $— $$
Home Equity Loans$— $— $326 $326 
Residential Mortgage Loans$— $— $326 $326 
Fair Value Measurements at December 31, 2023 Using
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable 
Inputs (Level 3)
Total
Assets:
Individually Analyzed Loans
Commercial and Industrial Loans$— $— $2,506 $2,506 
Commercial Real Estate Loans$— $— $3,447 $3,447 
Agricultural Loans$— $— $2,395 $2,395 
Consumer Loans$— $— $$
Home Equity Loans$— $— $326 $326 
Residential Mortgage Loans$— $— $450 $450 
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques
The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023:
March 31, 2024Fair ValueValuation Technique(s)Unobservable Input(s)Range (Weighted Average)
Individual Analyzed Loans -
    Commercial and Industrial Loans
$2,715 Sales comparison approachAdjustment for physical condition of comparable properties sold
23%-100%
(37%)
Individual Analyzed Loans -
    Commercial Real Estate Loans
$3,098 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-68%
(43%)
Individual Analyzed Loans -
    Agricultural Loans
$2,220 Sales comparison approachAdjustment for physical condition of comparable properties sold
31%-100%
(52%)
Individual Analyzed Loans -
    Consumer Loans
$Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
Individual Analyzed Loans -
    Home Equity Loans
$326 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
Individual Analyzed Loans -
    Residential Mortgage Loans
$326 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
December 31, 2023Fair ValueValuation Technique(s)Unobservable Input(s)Range (Weighted Average)
Individual Analyzed Loans -
    Commercial and Industrial Loans
$2,506 Sales comparison approachAdjustment for physical condition of comparable properties sold
23%-100%
(33%)
Individual Analyzed Loans -
    Commercial Real Estate Loans
$3,447 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-68%
(42%)
Individual Analyzed Loans -
    Agricultural Loans
$2,395 Sales comparison approachAdjustment for physical condition of comparable properties sold
31%-100%
(51%)
Individual Analyzed Loans -
    Consumer Loans
$Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
Individual Analyzed Loans -
    Home Equity Loans
$326 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
Individual Analyzed Loans -
    Residential Mortgage Loans
$450 Sales comparison approachAdjustment for physical condition of comparable properties sold
20%-20%
(20%)
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 March 31, 2024 and December 31, 2023. 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.
  Fair Value Measurements at
March 31, 2024 Using
 Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:     
Cash and Short-term Investments$123,470 $52,839 $70,631 $— $123,470 
Interest Bearing Time Deposits with Banks500 — 500 — 500 
Loans, Net3,919,462 — — 3,821,382 3,821,382 
Accrued Interest Receivable30,385 — 9,028 21,357 30,385 
Financial Liabilities:
Demand, Savings, and Money Market Deposits(4,382,392)(4,382,392)— — (4,382,392)
Time Deposits(836,955)— (828,378)— (828,378)
Short-term Borrowings(63,764)(25,000)(38,764)— (63,764)
Long-term Debt(128,046)— (52,513)(74,678)(127,191)
Accrued Interest Payable(9,236)— (8,768)(468)(9,236)
  Fair Value Measurements at
December 31, 2023 Using
 Carrying ValueLevel 1Level 2Level 3Total
Financial Assets:     
Cash and Short-term Investments$115,330 $78,805 $36,525 $— $115,330 
Interest Bearing Time Deposits with Banks500 — 500 — 500 
Loans, Net3,918,184 — — 3,801,738 3,801,738 
Accrued Interest Receivable30,595 — 10,014 20,581 30,595 
Financial Liabilities:
Demand, Savings, and Money Market Deposits(4,485,921)(4,485,921)— — (4,485,921)
Time Deposits(767,042)— (759,217)— (759,217)
Short-term Borrowings(65,968)(25,000)(40,968)— (65,968)
Long-term Debt(127,969)— (52,522)(74,562)(127,084)
Accrued Interest Payable(7,073)— (6,701)(372)(7,073)