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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
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, 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 |  | — |  |  | 679,105 |  |  | 82 |  |  | 679,187 |
MBS/CMO |  | — |  |  | 619,620 |  |  | 943 |  |  | 620,563 |
US Gov’t Sponsored Entities & Agencies |  | — |  |  | 177,206 |  |  | — |  |  | 177,206 |
Total Securities |  | $ | — |  |  | $ | 1,475,931 |  |  | $ | 1,025 |  |  | $ | 1,476,956 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 7,085 |  |  | $ | — |  |  | $ | 7,085 |
Derivative Assets |  | $ | — |  |  | $ | 10,318 |  |  | $ | — |  |  | $ | 10,318 |
Derivative Liabilities |  | $ | — |  |  | $ | 10,195 |  |  | $ | — |  |  | $ | 10,195 |
|  | Fair Value Measurements at December 31, 2022 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 |  | $ | 64,119 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,119 |
Obligations of State and Political Subdivisions |  | — |  |  | 777,769 |  |  | 83 |  |  | 777,852 |
MBS/CMO |  | — |  |  | 713,775 |  |  | 906 |  |  | 714,681 |
US Gov’t Sponsored Entities & Agencies |  | — |  |  | 205,017 |  |  | — |  |  | 205,017 |
Total Securities |  | $ | 64,119 |  |  | $ | 1,696,561 |  |  | $ | 989 |  |  | $ | 1,761,669 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 8,600 |  |  | $ | — |  |  | $ | 8,600 |
Derivative Assets |  | $ | — |  |  | $ | 9,899 |  |  | $ | — |  |  | $ | 9,899 |
Derivative Liabilities |  | $ | — |  |  | $ | 9,749 |  |  | $ | — |  |  | $ | 9,749 |
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale | As of September 30, 2023 and December 31, 2022, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows:
|  | September 30, 2023 |  | December 31, 2022
Aggregate Fair Value |  | $ | 7,085 |  |  | $ | 8,600 |
Contractual Balance |  | 6,973 |  |  | 8,474 |
Gain (Loss) |  | 112 |  |  | 126 |
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, 2023 and 2022:
|  | Obligations of State and Political Subdivisions |  | MBS/CMO
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Balance of Recurring Level 3 Assets at July 1 |  | $ | 84 |  |  | $ | 94 |  |  | $ | 919 |  |  | $ | — |
Total Gains (Losses) Included in Other Comprehensive Income |  | (2) |  |  | (3) |  |  | 24 |  |  | — |
Maturities / Calls |  | — |  |  | — |  |  | — |  |  | — |
Acquired through Bank Acquisition |  | — |  |  | — |  |  | — |  |  | — |
Balance of Recurring Level 3 Assets at September 30 |  | $ | 82 |  |  | $ | 91 |  |  | $ | 943 |  |  | $ | — |
|  | Obligations of State and Political Subdivisions |  | MBS/CMO
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Balance of Recurring Level 3 Assets at January 1 |  | $ | 83 |  |  | $ | — |  |  | $ | 906 |  |  | $ | — |
Total Gains (Losses) Included in Other Comprehensive Income |  | (1) |  |  | (3) |  |  | 37 |  |  | — |
Maturities / Calls |  | — |  |  | — |  |  | — |  |  | — |
Acquired through Bank Acquisition |  | — |  |  | 94 |  |  | — |  |  | — |
Balance of Recurring Level 3 Assets at September 30 |  | $ | 82 |  |  | $ | 91 |  |  | $ | 943 |  |  | $ | — |
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, 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 |  | $ | — |  |  | $ | — |  |  | $ | 2,699 |  |  | $ | 2,699 |
Commercial Real Estate Loans |  | $ | — |  |  | $ | — |  |  | $ | 6,877 |  |  | $ | 6,877 |
Agricultural Loans |  | $ | — |  |  | $ | — |  |  | $ | 1,841 |  |  | $ | 1,841 |
Consumer Loans |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |
Home Equity Loans |  | $ | — |  |  | $ | — |  |  | $ | 363 |  |  | $ | 363 |
Residential Mortgage Loans |  | $ | — |  |  | $ | — |  |  | $ | 537 |  |  | $ | 537 |
|  | Fair Value Measurements at December 31, 2022 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 |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |  |  | $ | 1,858 |
Commercial Real Estate Loans |  | $ | — |  |  | $ | — |  |  | $ | 10,040 |  |  | $ | 10,040 |
Agricultural Loans |  | $ | — |  |  | $ | — |  |  | $ | 2,970 |  |  | $ | 2,970 |
Consumer Loans |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |
Home Equity Loans |  | $ | — |  |  | $ | — |  |  | $ | 368 |  |  | $ | 368 |
Residential Mortgage Loans |  | $ | — |  |  | $ | — |  |  | $ | 718 |  |  | $ | 718 |
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, 2023 and December 31, 2022:
September 30, 2023 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Individual Analyzed Loans - Commercial and Industrial Loans |  | $ | 2,699 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 30%-100% (38%)
Individual Analyzed Loans - Commercial Real Estate Loans |  | $ | 6,877 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 25%-68% (37%)
Individual Analyzed Loans - Agricultural Loans |  | $ | 1,841 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 19%-100% (50%)
Individual Analyzed Loans - Consumer Loans |  | $ | 9 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 20%-27% (20%)
Individual Analyzed Loans - Home Equity Loans |  | $ | 363 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 20%-20% (20%)
Individual Analyzed Loans - Residential Mortgage Loans |  | $ | 537 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 20%-20% (20%)
December 31, 2022 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Individual Analyzed Loans - Commercial and Industrial Loans |  | $ | 1,858 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 0%-100% (40%)
Individual Analyzed Loans - Commercial Real Estate Loans |  | $ | 10,040 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 30%-100% (37%)
Individual Analyzed Loans - Agricultural Loans |  | $ | 2,970 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 30%-100% (48%)
Individual Analyzed Loans - Consumer Loans |  | $ | 8 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 27%-100% (20%)
Individual Analyzed Loans - Home Equity Loans |  | $ | 368 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 20%-51% (20%)
Individual Analyzed Loans - Residential Mortgage Loans |  | $ | 718 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 20%-100% (21%)
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 September 30, 2023 and December 31, 2022. 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, 2023 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 132,419 |  |  | $ | 72,063 |  |  | $ | 60,356 |  |  | $ | — |  |  | $ | 132,419 |
Interest Bearing Time Deposits with Banks |  | 500 |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
Loans, Net |  | 3,830,578 |  |  | — |  |  | — |  |  | 3,725,317 |  |  | 3,725,317 |
Accrued Interest Receivable |  | 29,115 |  |  | — |  |  | 9,634 |  |  | 19,481 |  |  | 29,115 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (4,434,355) |  |  | (4,434,355) |  |  | — |  |  | — |  |  | (4,434,355) |
Time Deposits |  | (701,516) |  |  | — |  |  | (698,642) |  |  | — |  |  | (698,642) |
Short-term Borrowings |  | (158,303) |  |  | (117,000) |  |  | (41,303) |  |  | — |  |  | (158,303) |
Long-term Debt |  | (127,890) |  |  | — |  |  | (51,983) |  |  | (72,280) |  |  | (124,263) |
Accrued Interest Payable |  | (5,890) |  |  | — |  |  | (5,417) |  |  | (473) |  |  | (5,890) |
|  |  |  | Fair Value Measurements at December 31, 2022 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 119,079 |  |  | $ | 77,174 |  |  | $ | 41,905 |  |  | $ | — |  |  | $ | 119,079 |
Interest Bearing Time Deposits with Banks |  | 500 |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
Loans, Net |  | 3,724,804 |  |  | — |  |  | — |  |  | 3,688,903 |  |  | 3,688,903 |
Accrued Interest Receivable |  | 27,741 |  |  | 38 |  |  | 10,863 |  |  | 16,840 |  |  | 27,741 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (4,921,582) |  |  | (4,921,582) |  |  | — |  |  | — |  |  | (4,921,582) |
Time Deposits |  | (428,469) |  |  | — |  |  | (426,184) |  |  | — |  |  | (426,184) |
Short-term Borrowings |  | (101,161) |  |  | (36,200) |  |  | (64,961) |  |  | — |  |  | (101,161) |
Long-term Debt |  | (102,645) |  |  | — |  |  | (26,830) |  |  | (72,272) |  |  | (99,102) |
Accrued Interest Payable |  | (1,513) |  |  | — |  |  | (1,205) |  |  | (308) |  |  | (1,513) |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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