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Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 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	$	110,864	$	—	$	—	$	110,864
Obligations of State and Political Subdivisions	—		463,169		—		463,169
MBS/CMO	—		702,179		—		702,179
US Gov’t Sponsored Entities & Agencies	—		241,075		—		241,075
Total Securities	$	110,864	$	1,406,423	$	—	$	1,517,287

Loans Held-for-Sale	$	—	$	8,239	$	—	$	8,239

Derivative Assets	$	—	$	6,439	$	—	$	6,439

Derivative Liabilities	$	—	$	6,476	$	—	$	6,476


	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 Gains or Loss of Loans Held-for-Sale

As of December 31, 2024 and 2023, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale were as follows:


	2024		2023
Aggregate Fair Value	$	8,239	$	5,226
Contractual Balance	8,111		5,125
Gain (Loss)	128		101

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 twelve months ended December 31, 2024 and 2023:


	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	2		(8)		69		78
Maturities / Calls	(15)		—		—		—
Transfers out of Level 3	(62)		—		(1,053)		—
Balance of Recurring Level 3 Assets at December 31	$	—	$	75	$	—	$	984

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, 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:
Collateral Dependent Loans
Commercial and Industrial Loans	$	—	$	—	$	3,695	$	3,695
Commercial Real Estate Loans	—		—		1,402		1,402
Agricultural Loans	—		—		1,910		1,910
Consumer Loans	—		—		10		10
Home Equity Loans	—		—		328		328
Residential Mortgage Loans	—		—		303		303


	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:
Collateral Dependent 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 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, 2024 and 2023:


December 31, 2024	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Collateral Dependent Loans - Commercial and Industrial Loans	$	3,695	Sales comparison approach	Adjustment for physical condition of comparable properties sold	30% - 88% (53%)
Collateral Dependent Loans - Commercial Real Estate Loans	$	1,402	Sales comparison approach	Adjustment for physical condition of comparable properties sold	30% - 68% (46%)
Collateral Dependent Loans - Agricultural Loans	$	1,910	Sales comparison approach	Adjustment for physical condition of comparable properties sold	30% - 100% (57%)
Collateral Dependent Loans - Consumer Loans	$	10	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20% - 20% (20%)
Collateral Dependent Loans - Home Equity Loans	$	328	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20% - 20% (20%)
Collateral Dependent Loans - Residential Mortgage Loans	$	303	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)
Collateral Dependent Loans - Commercial and Industrial Loans	$	2,506	Sales comparison approach	Adjustment for physical condition of comparable properties sold	23% - 100% (33%)
Collateral Dependent Loans - Commercial Real Estate Loans	$	3,447	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20% - 68% (42%)
Collateral Dependent Loans - Agricultural Loans	$	2,395	Sales comparison approach	Adjustment for physical condition of comparable properties sold	31% - 100% (51%)
Collateral Dependent Loans - Consumer Loans	$	9	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20% - 20% (20%)
Collateral Dependent Loans - Home Equity Loans	$	326	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20% - 20% (20%)
Collateral Dependent 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 December 31, 2024 and 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 December 31, 2024 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Short-term Investments	$	188,792	$	69,249	$	119,543	$	—	$	188,792
Interest Bearing Time Deposits with Banks	500		—		500		—		500
Loans, Net	4,072,818		—		—		3,993,595		3,993,595
Accrued Interest Receivable	31,280		—		8,499		22,781		31,280
Financial Liabilities:
Demand, Savings, and Money Market Deposits	(4,412,474)		(4,412,474)		—		—		(4,412,474)
Time Deposits	(916,601)		—		(911,059)		—		(911,059)
Short-term Borrowings	(56,862)		—		(56,862)		—		(56,862)
Long-term Debt	(153,269)		—		(77,591)		(75,210)		(152,801)
Accrued Interest Payable	(8,468)		—		(8,116)		(352)		(8,468)


			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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