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Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 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		$	118,994			$	0			$	118,994			$	0
State and political subdivisions			510,048				0				510,048				0
Corporate bonds			18,122				0				16,725				1,397
Mortgage-backed securities-residential			500,089				0				500,089				0
Collateralized mortgage obligations			96,781				0				96,781				0
Small Business Administration			2,696				0				2,696				0
Total investment securities		$	1,246,730			$	0			$	1,245,333			$	1,397
Equity securities		$	242			$	242			$	0			$	0
Loans held for sale			2,577				0				2,577				0
Interest rate swaps			4,737				0				4,737				0
Interest rate lock commitments			53				0				53				0
Fair value hedge derivative			729				0				729				0
Mortgage banking derivative			4				0				4				0
Financial Liabilities
Interest rate swaps		$	4,737			$	0			$	4,737			$	0

						Fair Value Measurements at December 31, 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		$	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

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 June 31, 2024								Six Months ended June 31, 2024
(In Thousands of Dollars)		2024				2023				2024				2023
Beginning Balance		$	1,340			$	1,616			$	1,340			$	1
Transfers between levels			0				0				0				0
Acquired and/or purchased			0				0				0				1,600
Discount accretion (premium amortization)			13				4				26				12
Repayments, calls and maturities			0				(401	)			0				(401	)
Changes in unrealized gains (losses)			44				5				31				12
Ending Balance		$	1,397			$	1,224			$	1,397			$	1,224

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 June 30, 2024 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 and industrial		$	267			$	0			$	0			$	267
1–4 family residential			1,517				0				0				1,517
Consumer indirect			12				0				0				12
Mortgage servicing rights			347				0				347				0

						Fair Value Measurements at December 31, 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		$	838			$	0			$	0			$	838
Commercial and industrial			267				0				0				267
1–4 family residential			1,547				0				0				1,547
Mortgage servicing rights			210				0				210				0

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 June 30, 2024 and December 31, 2023:

June 30, 2024	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Commercial	$	267			Quoted price for collateral		Offer Price		17.97%
Residential		1,517			Sales comparison		Adjustment for differences between comparable sales		(5.39%) - 2.11% (2.67%)

December 31, 2023	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
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%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at June 30, 2024 and December 31, 2023 are as follows:

						Fair Value Measurements at June 30, 2024 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	180,987			$	23,801			$	157,186			$	0			$	180,987
Regulatory stock			22,499			n/a				n/a				n/a				n/a
Loans, net			3,203,378				0				0				3,055,635				3,055,635
Financial liabilities
Deposits			4,205,835				3,459,183				743,002				0				4,202,185
Short-term borrowings			406,000				0				406,000				0				406,000
Long-term borrowings			88,890				0				72,370				0				72,370

						Fair Value Measurements at December 31, 2023 Using:
(In Thousands of Dollars)		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

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
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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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