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Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 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		$	121,311			$	0			$	121,311			$	0
State and political subdivisions			498,136				0				498,136				0
Corporate bonds			17,751				0				16,516				1,235
Mortgage-backed securities-residential			495,041				0				495,040				1
Collateralized mortgage obligations			75,552				0				75,552				0
Small Business Administration			2,945				0				2,945				0
Equity securities
Equity securities at fair value			212				212				0				0
Other investments measured at net asset value			15,043			n/a				n/a				n/a
Total investment securities		$	1,225,991			$	212			$	1,209,500			$	1,236
Loans held for sale		$	1,910			$	0			$	1,910			$	0
Interest rate swaps			6,234			$	0				6,234				0
Fair value hedge derivative			920				0				920				0
Mortgage banking derivative			37			$	0				37				0
Financial Liabilities
Interest rate swaps		$	6,234			$	0			$	6,234			$	0

						Fair Value Measurements at December 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		$	128,096			$	0			$	128,096			$	0
State and political subdivisions			530,080				0				530,080				0
Corporate bonds			3,879				0				3,879				0
Mortgage-backed securities-residential			555,142				0				555,141				1
Collateralized mortgage obligations			47,354				0				47,354				0
Small Business Administration			3,474				0				3,474				0
Equity securities
Equity securities at fair value			196				196				0				0
Other investments measured at net asset value			15,048			n/a				n/a				n/a
Total investment securities		$	1,283,269			$	196			$	1,268,024			$	1
Loans held for sale		$	858			$	0			$	858			$	0
Interest rate swaps			5,503				0				5,503				0
Mortgage banking derivative -asset			31				0				31				0
Financial Liabilities
Interest rate swaps		$	5,503			$	0			$	5,503			$	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):

		Three Months ended September 30,								Nine Months ended September 30,
(In Thousands of Dollars)		2023				2022				2023				2022
Beginning Balance		$	1,224			$	2			$	1			$	3
Transfers between levels			0				0				0				0
Acquired and/or purchased			0				0				1,615				0
Discount accretion (premium amortization)			12				0				120				0
Repayments, calls and maturities			0				0				(500	)			(1	)
Ending Balance		$	1,236			$	2			$	1,236			$	2

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, 2023 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		$	2,205			$	0			$	0			$	2,205
Commercial and industrial			267				0				0				267
1–4 family residential			1,517				0				0				1,517

						Fair Value Measurements at December 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
Commercial real estate
Non-owner occupied		$	746			$	0			$	0			$	746
Commercial			395				0				0				395
1–4 family residential			74				0				0				74

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, 2023 and December 31, 2022:

September 30, 2023	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Commercial real estate	$	2,205			Sales Comparison		Adjustment for differences between comparable sales		(10.67%) - 15.37% (7.28%)
Commercial		267			Quoted price for collateral		Offer Price		65.47%
Residential		1,517			Sales comparison		Adjustment for differences between comparable sales		(5.39%) - 2.11% (2.67%)

December 31, 2022	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Commercial real estate	$	746			Quoted price for collateral		Offer Price		7.45%
Commercial		395			Quoted price for collateral		Offer Price		43.00%
Residential		74			Sales comparison		Adjustment for differences between comparable sales		(13.77%) - (5.68%) (13.77%)

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, 2023 and December 31, 2022 are as follows:

						Fair Value Measurements at September 30, 2023 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	93,923			$	25,341			$	68,582			$	0			$	93,923
Regulatory stock			20,087			n/a				n/a				n/a				n/a
Loans, net			3,133,801				0				0				2,941,885				2,941,885
Financial liabilities
Deposits			4,511,650				3,542,907				965,388				0				4,508,295
Long-term borrowings			88,550				0				71,561				0				71,561

						Fair Value Measurements at December 31, 2022 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	75,551			$	21,395			$	54,156			$	0			$	75,551
Regulatory stock			18,200			n/a				n/a				n/a				n/a
Loans, net			2,377,772				0				0				2,330,164				2,330,164
Financial liabilities
Deposits			3,561,768				2,999,188				561,292				0				3,560,480
Short-term borrowings			95,000				0				95,000				0				95,000
Long-term borrowings			88,211				0				73,566				0				73,566

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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).

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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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