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Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 Using:
		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		$	127,955			$	0				127,955			$	0
State and political subdivisions			556,169				0				556,169				0
Corporate bonds			18,275				0				16,935				1,340
Mortgage-backed securities-residential			520,386				0				520,386				0
Collateralized mortgage obligations			73,999				0				73,999				0
Small Business Administration			2,917				0				2,917				0
Total investment securities		$	1,299,701			$	0			$	1,298,361			$	1,340
Equity securities		$	226			$	226			$	0			$	0
Loans held for sale			3,711				0				3,711				0
Interest rate swaps			4,191				0				4,191				0
Interest rate lock commitments			109				0				109				0
Financial Liabilities
Interest rate swaps		$	4,191			$	0			$	4,191			$	0
Fair value hedge derivative			836				0				836				0
Mortgage banking derivative			14				0				14				0

		Fair Value Measurements at December 31, 2022 Using:
		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 equity 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			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) for the year ended December 31:

		Investment Securities Available-for-sale (Level 3)
		2023				2022				2021
Beginning Balance		$	1			$	3			$	4
Transfers between levels			0				0				0
Acquired and/or purchased			1,600				0				0
Discount accretion (premium amortization)			48				0				0
Repayments, calls and maturities			(401	)			(2	)			(1	)
Changes to unrealized gains (losses)			92				0				0
Ending Balance		$	1,340			$	1			$	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 December 31, 2023 Using:
		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		$	838			$	0			$	0			$	838
Commercial			267				0				0				267
1–4 family residential			1,547				0				0				1,547
Mortgage servicing rights			210				0				0				210

		Fair Value Measurements
		at December 31, 2022 Using:
		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 year ended 2023 and 2022:

December 31, 2023		Fair value				Valuation Technique(s)		Unobservable Input(s)		Range Weighted Average
Individually Evaluated
Commercial real estate		$	838			Income approach		Adjustment for difference between cap rates of comparable sales		(49.65%) - 46.77% (16.63%)
Commercial			267			Quoted price for collateral		Offer price		64.38%
Residential			1,547			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
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 presented, at December 31, 2023 and December 31, 2022 are as follows:

						Fair Value Measurements at December 31, 2023 Using:
		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	103,658			$	28,896			$	74,762			$	0			$	103,658
Regulatory stock			20,197			n/a				n/a				n/a				n/a
Loans, net			3,163,687				0				0				3,015,732				3,015,732
Financial liabilities
Deposits			4,177,386				3,452,104				719,497				0				4,171,601
Short-term borrowings			355,000				0				355,000				0				355,000
Long-term borrowings			88,663				0				70,893				0				70,893

						Fair Value Measurements at December 31, 2022 Using:
		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 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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