XML 44 R34.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 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 |  | $ | 127,816 |  |  | $ | 0 |  |  | $ | 127,816 |  |  | $ | 0 |
State and political subdivisions |  |  | 549,028 |  |  |  | 0 |  |  |  | 549,028 |  |  |  | 0 |
Corporate bonds |  |  | 4,083 |  |  |  | 0 |  |  |  | 4,083 |  |  |  | 0 |
Mortgage-backed securities-residential |  |  | 561,282 |  |  |  | 0 |  |  |  | 561,280 |  |  |  | 2 |
Collateralized mortgage obligations |  |  | 49,212 |  |  |  | 0 |  |  |  | 49,212 |  |  |  | 0 |
Small Business Administration |  |  | 3,712 |  |  |  | 0 |  |  |  | 3,712 |  |  |  | 0 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
Equity securities at fair value |  |  | 181 |  |  |  | 181 |  |  |  | 0 |  |  |  | 0 |
Other investments measured at net asset value |  |  | 14,581 |  |  | n/a |  |  | n/a |  |  | n/a |
Total investment securities |  | $ | 1,309,895 |  |  | $ | 181 |  |  | $ | 1,295,131 |  |  | $ | 2 |
Interest rate swaps |  | $ | 5,805 |  |  | $ | 0 |  |  | $ | 5,805 |  |  | $ | 0 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 5,805 |  |  | $ | 0 |  |  | $ | 5,805 |  |  | $ | 0 |
Mortgage banking derivative - liability |  | $ | 203 |  |  | $ | 0 |  |  | $ | 203 |  |  | $ | 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 September 30, |  |  | Nine Months ended September 30, |
(In Thousands of Dollars) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Beginning Balance |  | $ | 2 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |
Transfers from level 2 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Repayments, calls and maturities |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (1 | )
Ending Balance |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 3 |
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 September 30, 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 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied |  | $ | 906 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 906 |
1–4 family residential |  |  | 56 |  |  |  | 0 |  |  |  | 0 |  |  |  | 56 |
|  |  |  |  | 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 September 30, 2022 and December 31, 2021:
September 30, 2022 | Fair value |  |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Individually evaluated loans |  |  |  |  |  |  |  |
Commercial real estate | $ | 906 |  |  | Sales Comparison |  | Adjustment for differences between comparable sales |  | (6.13%) - 17.37% .20%
Residential |  | 56 |  |  | Sales comparison |  | Adjustment for differences between comparable sales |  | (13.77%) - (5.68%) (13.77%)
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 September 30, 2022 and December 31, 2021 are as follows:
|  |  |  |  | Fair Value Measurements at September 30, 2022 Using: |
(In Thousands of Dollars) |  | Carrying Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 79,981 |  |  | $ | 20,814 |  |  | $ | 59,167 |  |  | $ | 0 |  |  | $ | 79,981 |
Regulatory stock |  |  | 19,637 |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Loans held for sale |  |  | 2,142 |  |  |  | 0 |  |  |  | 2,142 |  |  |  | 0 |  |  |  | 2,142 |
Loans, net |  |  | 2,372,699 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,309,191 |  |  |  | 2,309,191 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 3,567,151 |  |  |  | 3,187,580 |  |  |  | 362,980 |  |  |  | 0 |  |  |  | 3,550,560 |
Short-term borrowings |  |  | 155,000 |  |  |  | 0 |  |  |  | 155,000 |  |  |  | 0 |  |  |  | 155,000 |
Long-term borrowings |  |  | 88,098 |  |  |  | 0 |  |  |  | 73,109 |  |  |  | 0 |  |  |  | 73,109 |
|  |  |  |  | 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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