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Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows at December 31, 2025 and 2024:


			Fair Value Measurements at December 31, 2025 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities	$	113,095	$	88,113	$	24,982	$	—
States and political subdivisions	87,848		—		87,848		—
Residential and multi-family mortgage	328,247		—		328,247		—
Corporate notes and bonds	47,940		—		47,940		—
Pooled SBA	7,200		—		7,200		—

Total Securities Available-For-Sale	$	584,330	$	88,113	$	496,217	$	—
Interest rate swaps	$	5,873	$	—	$	5,873	$	—
Equity Securities:
Corporate equity securities	$	4,745	$	4,745	$	—	$	—
Mutual funds	3,792		3,792		—		—
Money market funds	245		245		—		—
Corporate notes	2,083		—		2,083		—

Total Equity Securities	$	10,865	$	8,782	$	2,083	$	—
Liabilities
Interest rate swaps	$	(5,873)	$	—	$	(5,873)	$	—


			Fair Value Measurements at December 31, 2024 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities	$	14,810	$	14,810	$	—	$	—
States and political subdivisions	90,956		—		90,956		—
Residential and multi-family mortgage	318,910		—		318,910		—
Corporate notes and bonds	35,210		—		35,210		—
Pooled SBA	8,660		—		8,660		—

Total Securities Available-For-Sale	$	468,546	$	14,810	$	453,736	$	—
Interest rate swaps	$	423	$	—	$	423	$	—
Equity Securities:
Corporate equity securities	$	6,542	$	6,542	$	—	$	—
Mutual funds	1,936		1,936		—		—
Money market funds	287		287		—		—
Corporate notes	1,691				1,691		—

Total Equity Securities	$	10,456	$	8,765	$	1,691	$	—
Liabilities
Interest rate swaps	$	(423)	$	—	$	(423)	$	—

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 as follows at December 31, 2025 and 2024:


			Fair Value Measurements at December 31, 2025 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans:
Farmland	$	313	$	—	$	—	$	313
Owner-occupied, nonfarm nonresidential properties	2,192		—		—		2,192
Commercial and industrial	3,207		—		—		3,207
Other construction loans and all land development loans and other land loans	2,608		—		—		2,608
Multifamily (5 or more) residential properties	654		—		—		654
Non-owner occupied, nonfarm nonresidential	1,305		—		—		1,305
Home equity lines of credit	1,011		—		—		1,011
Residential mortgages secured by first liens	2,387		—		—		2,387
Residential mortgages secured by junior liens	437		—		—		437


			Fair Value Measurements at December 31, 2024 Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans:
Farmland	$	352	$	—	$	—	$	352
Owner-occupied, nonfarm nonresidential properties	2,531		—		—		2,531
Commercial and industrial	2,334		—		—		2,334
Other construction loans and all land development loans and other land loans	1,196		—		—		1,196
Multifamily (5 or more) residential properties	19,773		—		—		19,773
Non-owner occupied, nonfarm nonresidential	5,225		—		—		5,225
Home equity lines of credit	290		—		—		290
Residential mortgages secured by first liens	1,173		—		—		1,173

Schedule of Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

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, 2025:

Fair
value

Valuation
Technique

Unobservable Inputs

Range
(Weighted
Average)

Collateral-dependent loans receivable:

Farmland

313

Valuation of third party appraisal on underlying collateral

Loss severity rates

27% (27%)

Owner-occupied, nonfarm nonresidential properties

2,192

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-100% (50%)

Commercial and industrial

3,207

Valuation of third party appraisal on underlying collateral

Loss severity rates

10%-100% (33%)

Other construction loans and all land development loans and other land loans

2,608

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-38% (36%)

Multifamily (5 or more) residential properties

654

Valuation of third party appraisal on underlying collateral

Loss severity rates

27%-32% (31%)

Non-owner occupied, nonfarm nonresidential

1,305

Valuation of third party appraisal on underlying collateral

Loss severity rates

87% (87%)

Home equity lines of credit

1,011

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-22% (17%)

Residential mortgages secured by first liens

2,387

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-60% (28%)

Residential mortgages secured by junior liens

437

Valuation of third party appraisal on underlying collateral

Loss severity rates

17% (17%)

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:

Fair
value

Valuation
Technique

Unobservable Inputs

Range
(Weighted
Average)

Collateral-dependent loans receivable:

Farmland

352

Valuation of third party appraisal on underlying collateral

Loss severity rates

37% (37%)

Owner-occupied, nonfarm nonresidential properties

2,531

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-44% (25%)

Commercial and industrial

2,334

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (31%)

Other construction loans and all land development loans and other land loans

1,196

Valuation of third party appraisal on underlying collateral

Loss severity rates

38% (38%)

Multifamily (5 or more) residential properties

19,773

Valuation of third party appraisal on underlying collateral

Loss severity rates

10% (10%)

Non-owner occupied, nonfarm nonresidential

5,225

Valuation of third party appraisal on underlying collateral

Loss severity rates

51% (51%)

Home equity lines of credit

290

Valuation of third party appraisal on underlying collateral

Loss severity rates

25%-29% (28%)

Residential mortgages secured by first liens

1,173

Valuation of third party appraisal on underlying collateral

Loss severity rates

22%-51% (34%)

Schedule of Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at December 31, 2025:


	Carrying Amount		Fair Value Measurement Using:						Total Fair Value
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	527,896	$	527,896	$	—	$	—	$	527,896
Debt securities available-for-sale	584,330		88,113		496,217		—		584,330
Debt securities held-to-maturity	242,138		58,483		171,211		—		229,694
Equity securities	10,865		8,782		2,083		—		10,865
Loans held for sale	2,517		—		2,506		—		2,506
Net loans receivable	6,426,685		—		—		6,444,201		6,444,201
FHLB and other restricted stock holdings and investments	58,547		n/a		n/a		n/a		n/a
Interest rate swaps	5,873		—		5,873		—		5,873
Accrued interest receivable	34,324		1,078		2,911		30,335		34,324
Liabilities:
Deposits	$	(7,027,109)	$	(5,929,321)	$	(1,094,998)	$	—	$	(7,024,319)
Short-term borrowings	(164,000)		—		(164,145)		—		(164,145)
Subordinated notes and debentures	(105,494)		—		(119,450)		—		(119,450)
Deposits held for sale	(88,119)		(70,524)		(17,550)		—		(88,074)
Interest rate swaps	(5,873)		—		(5,873)		—		(5,873)
Accrued interest payable	(7,324)		—		(7,324)		—		(7,324)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2024:


	Carrying Amount		Fair Value Measurement Using:						Total Fair Value
			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	443,035	$	443,035	$	—	$	—	$	443,035
Debt securities available-for-sale	468,546		14,810		453,736		—		468,546
Debt securities held-to-maturity	306,081		71,323		211,647		—		282,970
Equity securities	10,456		8,765		1,691		—		10,456
Loans held for sale	762		—		766		—		766
Net loans receivable	4,561,599		—		—		4,495,097		4,495,097
FHLB and other restricted stock holdings and investments	40,702		n/a		n/a		n/a		n/a
Interest rate swaps	423		—		423		—		423
Accrued interest receivable	24,739		385		2,766		21,588		24,739
Liabilities:
Deposits	$	(5,371,364)	$	(4,648,504)	$	(718,328)	$	—	$	(5,366,832)

Subordinated notes and debentures	(105,190)		—		(124,515)		—		(124,515)
Interest rate swaps	(423)		—		(423)		—		(423)
Accrued interest payable	(7,152)		—		(7,152)		—		(7,152)