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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 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	$	144,175	$	—	$	—	$	144,175
Obligations of State and Political Subdivisions	—		484,011		—		484,011
MBS/CMO	—		706,977		—		706,977
US Gov’t Sponsored Entities & Agencies	—		282,854		—		282,854
Total Securities	$	144,175	$	1,473,842	$	—	$	1,618,017

Loans Held-for-Sale	$	—	$	10,058	$	—	$	10,058

Derivative Assets	$	—	$	4,780	$	—	$	4,780

Derivative Liabilities	$	—	$	4,872	$	—	$	4,872


	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

Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale

As of September 30, 2025 and December 31, 2024, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows:


	September 30, 2025		December 31, 2024

Aggregate Fair Value	$	10,058	$	8,239
Contractual Balance	9,955		8,111
Gain (Loss)	103		128

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 nine months ended September 30, 2025 and 2024:


	Obligations of State and Political Subdivisions				MBS/CMO
	2025		2024		2025		2024

Balance of Recurring Level 3 Assets at July 1	$	—	$	76	$	—	$	1,009
Total Gains (Losses) Included in Other Comprehensive Income	—		1		—		21
Maturities / Calls	—		—		—		—
Acquired through Bank Acquisition	—		—		—		—
Balance of Recurring Level 3 Assets at September 30	$	—	$	77	$	—	$	1,030


	Obligations of State and Political Subdivisions				MBS/CMO
	2025		2024		2025		2024

Balance of Recurring Level 3 Assets at January 1	$	—	$	75	$	—	$	984
Total Gains (Losses) Included in Other Comprehensive Income	—		2		—		46
Maturities / Calls	—		—		—		—
Acquired through Bank Acquisition	—		—		—		—
Balance of Recurring Level 3 Assets at September 30	$	—	$	77	$	—	$	1,030

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 September 30, 2025 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	$	—	$	—	$	17,038	$	17,038
Commercial Real Estate Loans	$	—	$	—	$	25,278	$	25,278
Agricultural Loans	$	—	$	—	$	2,657	$	2,657
Consumer Loans	$	—	$	—	$	3	$	3
Home Equity Loans	$	—	$	—	$	329	$	329
Residential Mortgage Loans	$	—	$	—	$	1,071	$	1,071


	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

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 September 30, 2025 and December 31, 2024:


September 30, 2025	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)

Collateral Dependent Loans - Commercial and Industrial Loans	$	17,038	Sales comparison approach	Adjustment for physical condition of comparable properties sold	4%-100% (65%)
Collateral Dependent Loans - Commercial Real Estate Loans	$	25,278	Sales comparison approach	Adjustment for physical condition of comparable properties sold	10%-85% (73%)
Collateral Dependent Loans - Agricultural Loans	$	2,657	Sales comparison approach	Adjustment for physical condition of comparable properties sold	28%-100% (41%)
Collateral Dependent Loans - Consumer Loans	$	3	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Collateral Dependent Loans - Home Equity Loans	$	329	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)
Collateral Dependent Loans - Residential Mortgage Loans	$	1,071	Sales comparison approach	Adjustment for physical condition of comparable properties sold	20%-20% (20%)


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%)

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 ended September 30, 2025 and December 31, 2024. 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 September 30, 2025 Using
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Short-term Investments	$	255,648	$	112,718	$	142,930	$	—	$	255,648
Interest Bearing Time Deposits with Banks	500		—		500		—		500
Loans, Net	5,656,072		—		—		5,593,129		5,593,129
Accrued Interest Receivable	37,048		—		8,477		28,571		37,048
Financial Liabilities:
Demand, Savings, and Money Market Deposits	(5,652,713)		(5,652,713)		—		—		(5,652,713)
Time Deposits	(1,361,789)		—		(1,355,826)		—		(1,355,826)
Short-term Borrowings	(32,534)		—		(32,534)		—		(32,534)
Long-term Debt	(178,482)		—		(103,014)		(77,510)		(180,524)
Accrued Interest Payable	(10,883)		—		(10,550)		(333)		(10,883)


			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)

- 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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