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Fair Value (Tables)

9 Months Ended

Sep. 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 September 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		$	119,593			$	0			$	119,593			$	0
State and political subdivisions			527,722				0				527,722				0
Corporate bonds			18,436				0				17,018				1,418
Mortgage-backed securities-residential			513,213				0				513,213				0
Collateralized mortgage obligations			111,761				0				111,761				0
Small Business Administration			2,625				0				2,625				0
Total investment securities		$	1,293,350			$	0			$	1,291,932			$	1,418
Equity securities		$	261			$	261			$	0			$	0
Loans held for sale			2,852				0				2,852				0
Interest rate swaps			2,739				0				2,739				0
Interest rate lock commitments			96				0				96				0
Financial Liabilities
Interest rate swaps		$	2,739			$	0			$	2,739			$	0
Fair value hedge derivative			1,392				0				1,392				0
Mortgage banking derivative			14				0				14				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 September 30								Nine Months ended September 30
(In Thousands of Dollars)		2024				2023				2024				2023
Beginning Balance		$	1,397			$	1,224			$	1,340			$	1
Transfers between levels			0				0				0				0
Acquired and/or purchased			0				0				0				1,600
Discount accretion (premium amortization)			13				11				39				23
Repayments, calls and maturities			0				0				0				(401	)
Changes in unrealized gains (losses)			8				1				39				13
Ending Balance		$	1,418			$	1,236			$	1,418			$	1,236

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, 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 real estate
Non-owner occupied		$	6,944			$	0			$	0			$	6,944
1–4 family residential			1,517				0				0				1,517
Mortgage servicing rights			454				0				454				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 September 30, 2024 and December 31, 2023:

September 30, 2024	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Individually evaluated loans
Commercial real estate	$	6,944			Income Approach		Adjustment for difference between cap rates of comparable sales		(56.03%) - 69.02% (40.71%)
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 September 30, 2024 and December 31, 2023 are as follows:

		Carrying				Fair Value Measurements at September 30, 2024 Using:
(In Thousands of Dollars)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	189,136			$	21,149			$	167,987			$	0			$	189,136
Regulatory stock			17,678			n/a				n/a				n/a				n/a
Loans, net			3,244,331				0				0				3,136,414				3,136,414
Financial liabilities
Deposits			4,361,837				3,518,405				841,386				0				4,359,791
Short-term borrowings			285,000				0				285,000				0				285,000
Long-term borrowings			86,038				0				76,389				0				76,389

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

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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).

+ References

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-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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