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Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

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, 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						$	116,463					$	—					$	—					$	116,463
Obligations of State and Political Subdivisions						—						478,324						77						478,401
MBS/CMO						—						724,042						1,030						725,072
US Gov’t Sponsored Entities & Agencies						—						228,058						—						228,058
Total Securities						$	116,463					$	1,430,424					$	1,107					$	1,547,994
Loans Held-for-Sale						$	—					$	9,173					$	—					$	9,173
Derivative Assets						$	—					$	5,803					$	—					$	5,803
Derivative Liabilities						$	—					$	5,868					$	—					$	5,868

						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 Gain (Loss) of Loans Held-for-Sale

As of September 30, 2024 and December 31, 2023, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows:

						September 30, 2024						December 31, 2023
Aggregate Fair Value						$	9,173					$	5,226
Contractual Balance						8,988						5,125
Gain (Loss)						185						101

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, 2024 and 2023:

						Obligations of State and Political Subdivisions												MBS/CMO
						2024						2023						2024						2023
Balance of Recurring Level 3 Assets at July 1						$	76					$	84					$	1,009					$	919
Total Gains (Losses) Included in Other Comprehensive Income						1						(2)						21						24
Maturities / Calls						—						—						—						—
Acquired through Bank Acquisition						—						—						—						—
Balance of Recurring Level 3 Assets at September 30						$	77					$	82					$	1,030					$	943

						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						(1)						46						37
Maturities / Calls						—						—						—						—
Acquired through Bank Acquisition						—						—						—						—
Balance of Recurring Level 3 Assets at September 30						$	77					$	82					$	1,030					$	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, 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:
Individually Analyzed Loans
Commercial and Industrial Loans						$	—					$	—					$	2,096					$	2,096
Commercial Real Estate Loans						$	—					$	—					$	2,075					$	2,075
Agricultural Loans						$	—					$	—					$	2,043					$	2,043
Consumer Loans						$	—					$	—					$	10					$	10
Home Equity Loans						$	—					$	—					$	328					$	328
Residential Mortgage Loans						$	—					$	—					$	423					$	423

						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:
Individually Analyzed 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 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, 2024 and December 31, 2023:

September 30, 2024						Fair Value						Valuation Technique(s)						Unobservable Input(s)						Range (Weighted Average)
Individual Analyzed Loans -     Commercial and Industrial Loans						$	2,096					Sales comparison approach						Adjustment for physical condition of comparable properties sold						30%-86% (45%)
Individual Analyzed Loans -     Commercial Real Estate Loans						$	2,075					Sales comparison approach						Adjustment for physical condition of comparable properties sold						30%-68% (44%)
Individual Analyzed Loans -     Agricultural Loans						$	2,043					Sales comparison approach						Adjustment for physical condition of comparable properties sold						31%-100% (50%)
Individual Analyzed Loans -     Consumer Loans						$	10					Sales comparison approach						Adjustment for physical condition of comparable properties sold						20%-20% (20%)
Individual Analyzed Loans -     Home Equity Loans						$	328					Sales comparison approach						Adjustment for physical condition of comparable properties sold						20%-20% (20%)
Individual Analyzed Loans -     Residential Mortgage Loans						$	423					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)
Individual Analyzed Loans -     Commercial and Industrial Loans						$	2,506					Sales comparison approach						Adjustment for physical condition of comparable properties sold						23%-100% (33%)
Individual Analyzed Loans -     Commercial Real Estate Loans						$	3,447					Sales comparison approach						Adjustment for physical condition of comparable properties sold						20%-68% (42%)
Individual Analyzed Loans -     Agricultural Loans						$	2,395					Sales comparison approach						Adjustment for physical condition of comparable properties sold						31%-100% (51%)
Individual Analyzed Loans -     Consumer Loans						$	9					Sales comparison approach						Adjustment for physical condition of comparable properties sold						20%-20% (20%)
Individual Analyzed Loans -     Home Equity Loans						$	326					Sales comparison approach						Adjustment for physical condition of comparable properties sold						20%-20% (20%)
Individual Analyzed 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 September 30, 2024 and December 31, 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 September 30, 2024 Using
						Carrying Value						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash and Short-term Investments						$	195,555					$	77,652					$	117,903					$	—					$	195,555
Interest Bearing Time Deposits with Banks						500						—						500						—						500
Loans, Net						4,010,050						—						—						3,919,756						3,919,756
Accrued Interest Receivable						29,101						—						7,354						21,747						29,101
Financial Liabilities:
Demand, Savings, and Money Market Deposits						(4,361,711)						(4,361,711)						—						—						(4,361,711)
Time Deposits						(909,568)						—						(903,306)						—						(903,306)
Short-term Borrowings						(50,956)						—						(50,956)						—						(50,956)
Long-term Debt						(153,197)						—						(78,696)						(74,498)						(153,194)
Accrued Interest Payable						(8,275)						—						(7,904)						(371)						(8,275)

												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)

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Fair Value Disclosure, Financing Receivable, Held-For-sale

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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).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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