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Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

						Fair Value Measurements at March 31, 2022 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	104,947			$	0			$	104,947			$	0
State and political subdivisions			645,608				0				645,608				0
Corporate bonds			4,295				0				4,295				0
Mortgage-backed securities-residential			663,695				0				663,693				2
Collateralized mortgage obligations			40,325				0				40,325				0
Small Business Administration			4,756				0				4,756				0
Equity securities
Equity securities at fair value			217				217				0				0
Other investments measured at net asset value			14,723			n/a				n/a				n/a
Total investment securities		$	1,478,566			$	217			$	1,463,624			$	2
Interest rate swaps		$	2,232			$	0			$	2,232			$	0
Financial Liabilities
Interest rate swaps		$	2,232			$	0			$	2,232			$	0

						Fair Value Measurements at December 31, 2021 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices  in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	90,831			$	0			$	90,831			$	0
State and political subdivisions			658,815				0				658,815				0
Corporate bonds			4,030				0				4,030				0
Mortgage-backed securities-residential			655,186				0				655,183				3
Collateralized mortgage obligations			13,385				0				13,385				0
Small Business Administration			5,430				0				5,430				0
Equity securities
Equity securities at fair value			228				228				0				0
Other investments measured at net asset value			14,721			n/a				n/a				n/a
Total investment securities		$	1,442,626			$	228			$	1,427,674			$	3
Interest rate swaps		$	4,261			$	0			$	4,261			$	0
Financial Liabilities
Interest rate swaps		$	4,261			$	0			$	4,261			$	0

Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

		Investment Securities Available-for-sale (Level 3)
		Three Months ended March 31,
(In Thousands of Dollars)		2022				2021
Beginning Balance		$	3			$	4
Transfers from level 2			0				0
Repayments, calls and maturities			(1	)			0
Ending Balance		$	2			$	4

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

						Fair Value Measurements at March 31, 2022 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices  in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Individually evaluated loans
1–4 family residential		$	82			$	0			$	0			$	82
Consumer indirect			14				0				0				14

						Fair Value Measurements at December 31, 2021 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Individually Evaluated loans
Commercial		$	1,654			$	0			$	0			$	1,654
1–4 family residential			82				0				0				82

Fair Value Measurements for Financial Instruments

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 the periods ended March 31, 2022 and December 31, 2021:

March 31, 2022	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Residential		82			Sales comparison		Adjustment for differences between comparable sales		(3.84%) - 3.22% (0.12%)
Consumer indirect		14			Sales comparison		Adjustment for differences between comparable sales		(6.08%) - 6.08% 0.00%

December 31, 2021	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Commercial	$	1,654			Sales comparison		Adjustment for differences between comparable sales		(40.24%) - 56.83% (12.43%)
Residential		82			Sales comparison		Adjustment for differences between comparable sales		(3.84%) - 3.22% (0.12%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at March 31, 2022 and December 31, 2021 are as follows:

						Fair Value Measurements at March 31, 2022 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	137,627			$	29,224			$	108,403			$	0			$	137,627
Regulatory stock			19,080			n/a				n/a				n/a				n/a
Loans held for sale			1,904				0				1,942				0				1,942
Loans, net			2,277,956				0				0				2,254,714				2,254,714
Financial liabilities
Deposits			3,693,811				3,283,963				397,903				0				3,681,866
Long-term borrowings			87,872				0				84,946				0				84,946

						Fair Value Measurements at December 31, 2021 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	112,790			$	29,150			$	83,640			$	0			$	112,790
Regulatory stock			15,510			n/a				n/a				n/a				n/a
Loans held for sale			4,545				0				4,681				0				4,681
Loans, net			2,301,696				0				0				2,285,554				2,285,554
Financial liabilities
Deposits			3,547,235				3,158,967				384,263				0				3,543,230
Long-term borrowings			87,758				0				92,433				0				92,433

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).

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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 assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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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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