XML 60 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1

Fair Value (Tables)

12 Months Ended

Dec. 31, 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 were as follows at December 31, 2024 and 2023:

									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			287						287						—						—
Corporate notes			1,691						—						1,691						—
Total Equity Securities			$	10,456					$	8,765					$	1,691					$	—
Liabilities
Interest rate swaps			$	(423)					$	—					$	(423)					$	—

									Fair Value Measurements at December 31, 2023 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 (1)			$	4,988					$	4,988					$	—					$	—
States and political subdivisions			91,809						—						91,809						—
Residential and multi-family mortgage			191,519						—						191,519						—
Corporate notes and bonds			43,139						—						43,139						—
Pooled SBA			10,500						—						10,500						—
Total Securities Available-For-Sale			$	341,955					$	4,988					$	336,967					$	—
Interest rate swaps			$	1,013					$	—					$	1,013					$	—
Equity Securities:
Corporate equity securities			$	5,341					$	5,341					$	—					$	—
Mutual funds			2,223						2,223						—						—
Money market			1,103						1,103						—						—
Corporate notes			634												634						—
Total Equity Securities			$	9,301					$	8,667					$	634					$	—
Liabilities
Interest rate swaps			$	(1,013)					$	—					$	(1,013)					$	—

(1) In 2023, the Corporation transitioned to a new pricing provider, leading to the reclassification of United States Treasury investments as Level 1 pricing instruments.

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, 2024 and 2023: 

									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

									Fair Value Measurements at December 31, 2023 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			$	736					$	—					$	—					$	736
Owner-occupied, nonfarm nonresidential properties			5,589						—						—						5,589
Commercial and industrial			7,425						—						—						7,425
Other construction loans and all land development loans and other land loans			1,299						—						—						1,299
Multifamily (5 or more) residential properties			305						—						—						305
Non-owner occupied, nonfarm nonresidential			7,216						—						—						7,216
Home equity lines of credit			308						—						—						308
Residential mortgages secured by first liens			871						—						—						871

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, 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%)

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, 2023:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

736

Valuation of third party appraisal on underlying collateral

Loss severity rates

29%-31% (30%)

Owner-occupied, nonfarm nonresidential properties

5,589

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (14%)

Commercial and industrial

7,425

Valuation of third party appraisal on underlying collateral

Loss severity rates

8%-75% (31%)

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

1,299

Valuation of third party appraisal on underlying collateral

Loss severity rates

32% (32%)

Multifamily (5 or more) residential properties

305

Valuation of third party appraisal on underlying collateral

Loss severity rates

28% (28%)

Non-owner occupied, nonfarm nonresidential

7,216

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-48% (43%)

Home equity lines of credit

308

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-17% (15%)

Residential mortgages secured by first liens

871

Valuation of third party appraisal on underlying collateral

Loss severity rates

17%-42% (31%)

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

The following table presents the carrying amount and fair value of financial instruments at December 31, 2023:

			Carrying Amount						Fair Value Measurement Using:																		Total Fair Value
									Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			$	222,046					$	222,046					$	—					$	—					$	222,046
Debt securities available-for-sale (1)			341,955						4,988						336,967						—						341,955
Debt securities held-to-maturity (1)			388,968						104,141						256,429						—						360,570
Equity securities			9,301						8,667						634						—						9,301
Loans held for sale			675						—						677						—						677
Net loans			4,422,644						—						—						4,323,476						4,323,476
FHLB and other restricted stock holdings and investments			30,011						n/a						n/a						n/a						n/a
Interest rate swaps			1,013						—						1,013						—						1,013
Accrued interest receivable			24,318						410						2,319						21,589						24,318
Liabilities:
Deposits			$	(4,998,750)					$	(4,492,256)					$	(508,181)					$	—					$	(5,000,437)
Subordinated debentures			(104,887)						—						(134,298)						—						(134,298)
Interest rate swaps			(1,013)						—						(1,013)						—						(1,013)
Accrued interest payable			(3,550)						—						(3,550)						—						(3,550)

(1) In 2023, the Corporation transitioned to a new pricing provider, leading to the reclassification of United States Treasury investments as Level 1 pricing instruments.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration