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Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 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	$	73,568	$	—	$	—	$	73,568
Obligations of State and Political Subdivisions	—		575,164		76		575,240
MBS/CMO	—		566,755		1,009		567,764
US Gov’t Sponsored Entities & Agencies	—		157,240		—		157,240
Total Securities	$	73,568	$	1,299,159	$	1,085	$	1,373,812

Loans Held-for-Sale	$	—	$	15,419	$	—	$	15,419

Derivative Assets	$	—	$	7,821	$	—	$	7,821

Derivative Liabilities	$	—	$	7,817	$	—	$	7,817


	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 June 30, 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:


	June 30, 2024		December 31, 2023

Aggregate Fair Value	$	15,419	$	5,226
Contractual Balance	15,108		5,125
Gain (Loss)	311		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 and six months ended June 30, 2024 and 2023:


	Obligations of State and Political Subdivisions				MBS/CMO
	2024		2023		2024		2023

Balance of Recurring Level 3 Assets at April 1	$	76	$	83	$	991	$	917
Total Gains (Losses) Included in Other Comprehensive Income	—		1		18		2
Maturities / Calls	—		—		—		—
Acquired through Bank Acquisition	—		—		—		—
Balance of Recurring Level 3 Assets at June 30	$	76	$	84	$	1,009	$	919


	Obligations of State and Political Subdivisions				MBS/CMO
	2024		2023		2024		2023

Balance of Recurring Level 3 Assets at January 1	$	75	$	83	$	984	$	906
Total Gains (Losses) Included in Other Comprehensive Income	1		1		25		13
Maturities / Calls	—		—		—		—
Acquired through Bank Acquisition	—		—		—		—
Balance of Recurring Level 3 Assets at June 30	$	76	$	84	$	1,009	$	919

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 June 30, 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	$	—	$	—	$	2,714	$	2,714
Commercial Real Estate Loans	$	—	$	—	$	3,002	$	3,002
Agricultural Loans	$	—	$	—	$	2,045	$	2,045
Consumer Loans	$	—	$	—	$	10	$	10
Home Equity Loans	$	—	$	—	$	327	$	327
Residential Mortgage Loans	$	—	$	—	$	319	$	319


	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	$	—	$	—	$	9	$	9
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 June 30, 2024 and December 31, 2023:


June 30, 2024	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)

Individual Analyzed Loans - Commercial and Industrial Loans	$	2,714	Sales comparison approach	Adjustment for physical condition of comparable properties sold	23%-76% (39%)
Individual Analyzed Loans - Commercial Real Estate Loans	$	3,002	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-68% (43%)
Individual Analyzed Loans - Agricultural Loans	$	2,045	Sales comparison approach	Adjustment for physical condition of comparable properties sold	31%-100% (52%)
Individual Analyzed Loans - Consumer Loans	$	10	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Individual Analyzed Loans - Home Equity Loans	$	327	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Individual Analyzed Loans - Residential Mortgage Loans	$	319	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)


December 31, 2023	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)

Individual Analyzed Loans - Commercial and Industrial Loans	$	2,506	Sales comparison approach	Adjustment for physical condition of comparable properties sold	23%-100% (33%)
Individual Analyzed Loans - Commercial Real Estate Loans	$	3,447	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-68% (42%)
Individual Analyzed Loans - Agricultural Loans	$	2,395	Sales comparison approach	Adjustment for physical condition of comparable properties sold	31%-100% (51%)
Individual Analyzed Loans - Consumer Loans	$	9	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Individual Analyzed Loans - Home Equity Loans	$	326	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Individual Analyzed Loans - Residential Mortgage Loans	$	450	Sales comparison approach	Adjustment 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 June 30, 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 June 30, 2024 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Short-term Investments	$	329,319	$	70,418	$	258,901	$	—	$	329,319
Interest Bearing Time Deposits with Banks	500		—		500		—		500
Loans, Net	3,984,764		—		—		3,887,966		3,887,966
Accrued Interest Receivable	28,102		—		7,944		20,158		28,102
Financial Liabilities:
Demand, Savings, and Money Market Deposits	(4,433,038)		(4,433,038)		—		—		(4,433,038)
Time Deposits	(880,519)		—		(872,592)		—		(872,592)
Short-term Borrowings	(38,521)		—		(38,521)		—		(38,521)
Long-term Debt	(128,123)		—		(52,606)		(71,395)		(124,001)
Accrued Interest Payable	(9,518)		—		(9,049)		(469)		(9,518)


			Fair Value Measurements at December 31, 2023 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Short-term Investments	$	115,330	$	78,805	$	36,525	$	—	$	115,330
Interest Bearing Time Deposits with Banks	500		—		500		—		500
Loans, Net	3,918,184		—		—		3,801,738		3,801,738
Accrued Interest Receivable	30,595		—		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)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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