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Note 4 - Loans

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Financing Receivables [Text Block]

Loans:

Loan balances were as follows:

(In Thousands of Dollars)		March 31, 2025				December 31, 2024
Commercial real estate
Owner occupied		$	389,505			$	391,302
Non-owner occupied			695,511				695,699
Farmland			214,204				206,786
Other			285,645				295,713
Commercial
Commercial and industrial			336,600				349,966
Agricultural			53,533				55,606
Residential real estate
1-4 family residential			846,639				845,081
Home equity lines of credit			161,991				158,014
Consumer
Indirect			230,878				232,822
Direct			18,481				19,143
Other			7,951				7,989
Total loans		$	3,240,938			$	3,258,121
Net deferred loan costs			10,453				10,225
Allowance for credit losses			(35,549	)			(35,863	)
Net loans		$	3,215,842			$	3,232,483

Allowance for credit loss activity

The following tables present the activity in the allowance for credit losses by portfolio segment for the three month periods ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

		Commercial								Residential
(In Thousands of Dollars)		Real Estate				Commercial				Real Estate				Consumer				Total
Allowance for credit losses
Beginning balance		$	19,259			$	4,628			$	7,271			$	4,705			$	35,863
(Credit) Provision for credit losses			263				(125	)			(234	)			118				22
Loans charged off			(44	)			(313	)			(19	)			(322	)			(698	)
Recoveries			2				193				47				120				362
Total ending allowance balance		$	19,480			$	4,383			$	7,065			$	4,621			$	35,549

Three Months Ended March 31, 2024

		Commercial								Residential
(In Thousands of Dollars)		Real Estate				Commercial				Real Estate				Consumer				Total
Allowance for credit losses
Beginning balance		$	18,150			$	5,087			$	6,916			$	4,287			$	34,440
(Credit) Provision for credit losses			(541	)			62				(69	)			278				(270	)
Loans charged off			(146	)			(643	)			(30	)			(463	)			(1,282	)
Recoveries			18				37				23				193				271
Total ending allowance balance		$	17,481			$	4,543			$	6,840			$	4,295			$	33,159

The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company's historical loss experience from December 31, 2011 to March 31, 2025. As of March 31, 2025, the Company expects that the markets in which it operates will experience minimal changes to economic conditions, stable trend in unemployment rate, and a level trend of delinquencies. Management adjusted historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio. While there are many factors that go into the calculation of the allowance for credit losses, the change in the balances from  March 31, 2024 to March 31, 2025 is largely attributed to adjustments made to an increase in the specific reserve related to the individual evaluation of a commercial real estate non-owner occupied loan, loss ratio trends, and increased loan balances. These factors were partially offset by adjustments made to the Commercial Staffing qualitative factor and Portfolio Composition and Growth qualitative factor.

The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of March 31, 2025 and December 31, 2024:

		Nonaccrual with				Nonaccrual with				Loans past due
		no allowance				an allowance				over 89 days
(In Thousands of Dollars)		for credit loss				for credit loss				still accruing
March 31, 2025
Commercial real estate
Owner occupied		$	0			$	682			$	0
Non-owner occupied			0				8,173				0
Farmland			0				54				0
Other			0				1,095				0
Commercial
Commercial and industrial			124				3,475				0
Agricultural			0				235				0
Residential real estate
1-4 family residential			816				3,184				0
Home equity lines of credit			0				406				0
Consumer
Indirect			18				530				0
Direct			66				21				0
Other			0				0				0
Total loans		$	1,024			$	17,855			$	0

		Nonaccrual with				Nonaccrual with				Loans past due
		no allowance				an allowance				over 89 days
(In Thousands of Dollars)		for credit loss				for credit loss				still accruing
December 31, 2024
Commercial real estate
Owner occupied		$	0			$	937			$	0
Non-owner occupied			0				8,105				0
Farmland			1,757				3				0
Other			0				0				525
Commercial
Commercial and industrial			145				3,713				0
Agricultural			177				183				0
Residential real estate
1-4 family residential			513				3,967				90
Home equity lines of credit			94				409				0
Consumer
Indirect			37				463				0
Direct			66				34				0
Other			0				0				0
Total loans		$	2,789			$	17,814			$	615

The above table for the period ending   March 31, 2025 does not include $1.68 million in farmland loans and $163 thousand in agricultural loans that were held-for-sale and in nonaccrual status. The above table for the period ending December 31, 2024 does not include a $1.52 million owner occupied commercial real estate loan and $77 thousand commercial & industrial loan that were held for sale and in nonaccrual status.

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2025 and December 31, 2024:

(In Thousands of Dollars)		Real Estate				Business Assets				Vehicles				Cash
March 31, 2025
Commercial real estate
Owner occupied		$	0			$	0			$	0			$	0
Non-owner occupied			8,119				0				0				0
Farmland			0				0				0				0
Other			1,095				0				0				0
Commercial
Commercial and industrial			0				2,543				0				0
Agricultural			0				0				0				0
Residential real estate
1-4 family residential			2,581				0				0				0
Home equity lines of credit			246				0				0				0
Consumer
Indirect			0				0				62				0
Direct			0				0				8				66
Other			0				0				0				0
Total loans		$	12,041			$	2,543			$	70			$	66

(In Thousands of Dollars)		Real Estate				Business Assets				Vehicles				Cash
December 31, 2024
Commercial real estate
Owner occupied		$	0			$	0			$	0			$	0
Non-owner occupied			8,119				0				0				0
Farmland			1,757				0				0				0
Other			0				0				0				0
Commercial
Commercial and industrial			0				2,591				0				0
Agricultural			0				177				0				0
Residential real estate
1-4 family residential			3,573				0				0				0
Home equity lines of credit			264				0				0				0
Consumer
Indirect			0				0				70				0
Direct			0				0				9				66
Other			0				0				0				0
Total loans		$	13,713			$	2,768			$	79			$	66

The following tables present the aging of the amortized cost basis in past due loans as of March 31, 2025 and December 31, 2024 by class of loans.

										90 Days
										or More
		30-59 Days				60-89 Days				Past Due				Total				Loans Not
(In Thousands of Dollars)		Past Due				Past Due				and Nonaccrual				Past Due				Past Due				Total
March 31, 2025
Commercial real estate
Owner occupied		$	562			$	461			$	682			$	1,705			$	387,607			$	389,312
Non-owner occupied			449				46				8,173				8,668				686,444				695,112
Farmland			0				0				54				54				213,974				214,028
Other			0				0				1,095				1,095				284,126				285,221
Commercial
Commercial and industrial			548				47				3,599				4,194				333,974				338,168
Agricultural			94				252				235				581				53,777				54,358
Residential real estate
1-4 family residential			6,349				71				4,000				10,420				836,754				847,174
Home equity lines of credit			322				99				406				827				161,315				162,142
Consumer
Indirect			1,289				488				548				2,325				237,067				239,392
Direct			32				26				87				145				18,384				18,529
Other			57				0				0				57				7,898				7,955
Total loans		$	9,702			$	1,490			$	18,879			$	30,071			$	3,221,320			$	3,251,391

										90 Days
										or More
		30-59 Days				60-89 Days				Past Due				Total				Loans Not
(In Thousands of Dollars)		Past Due				Past Due				and Nonaccrual				Past Due				Past Due				Total
December 31, 2024
Commercial real estate
Owner occupied		$	95			$	446			$	937			$	1,478			$	389,630			$	391,108
Non-owner occupied			15				52				8,105				8,172				687,112				695,284
Farmland			53				0				1,760				1,813				204,787				206,600
Other			0				113				525				638				294,543				295,181
Commercial
Commercial and industrial			941				324				3,858				5,123				346,410				351,533
Agricultural			284				26				360				670				55,759				56,429
Residential real estate
1-4 family residential			6,688				1,943				4,570				13,201				832,338				845,539
Home equity lines of credit			104				0				503				607				157,532				158,139
Consumer
Indirect			1,385				473				500				2,358				238,997				241,355
Direct			59				30				100				189				18,996				19,185
Other			0				1				0				1				7,992				7,993
Total loans		$	9,624			$	3,408			$	21,218			$	34,250			$	3,234,096			$	3,268,346

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