SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Impact of Change from Incurred Loss Model to Current Expected Credit Loss Model

The impact of the change from the incurred loss model to the current expected credit loss model is detailed below (in thousands):

	January 1, 2023
	Pre-adoption		Adoption Impact			As Reported
Assets
Allowance for credit losses - loans
Real estate loans:
Residential	$	1,056	$	79		$	1,135
Commercial		10,120		(3,070	)		7,050
Agricultural		4,589		(1,145	)		3,444
Construction		801		(103	)		698
Consumer		135		1,040			1,175
Other commercial loans		1,040		(328	)		712
Other agricultural loans		489		(219	)		270
State and political subdivision loans		322		(280	)		42
Unallocated		-		726			726
Total	$	18,552	$	(3,300	)	$	15,252
Liabilities
Allowance for Credit Losses - Off-Balance Sheet credit Exposure	$	165	$	1,064		$	1,229

Computation of Earnings per Share

The following table sets forth the computation of earnings per share.  Earnings per share calculations give retroactive effect to stock dividends declared by the Company.

	2023		2022		2021
Basic earnings per share computation:
Net income applicable to common stock	$	17,811,000	$	29,060,000	$	29,118,000
Weighted average common shares outstanding		4,382,573		4,008,931		4,023,294
Earnings per share - basic	$	4.06	$	7.25	$	7.24
Diluted earnings per share computation:
Net income applicable to common stock	$	17,811,000	$	29,060,000	$	29,118,000
Weighted average common shares outstanding for basic earnings per share		4,382,573		4,008,931		4,023,294
Add: Dilutive effects of restricted stock		-		-		-
Weighted average common shares outstanding for dilutive earnings per share		4,382,573		4,008,931		4,023,294
Earnings per share - dilutive	$	4.06	$	7.25	$	7.24