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Note 4 - Loans | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Financing Receivables [Text Block] | Loans: Loan balances were as follows:
(In Thousands of Dollars) |  | September 30, 2025 |  |  | December 31, 2024 |
Commercial real estate |  |  |  |  |  |  |  |
Owner occupied |  | $ | 395,449 |  |  | $ | 391,302 |
Non-owner occupied |  |  | 734,472 |  |  |  | 695,699 |
Farmland |  |  | 214,215 |  |  |  | 206,786 |
Other |  |  | 298,662 |  |  |  | 295,713 |
Commercial |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 351,213 |  |  |  | 349,966 |
Agricultural |  |  | 54,810 |  |  |  | 55,606 |
Residential real estate |  |  |  |  |  |  |  |
1-4 family residential |  |  | 850,112 |  |  |  | 845,081 |
Home equity lines of credit |  |  | 176,609 |  |  |  | 158,014 |
Consumer |  |  |  |  |  |  |  |
Indirect |  |  | 224,995 |  |  |  | 232,822 |
Direct |  |  | 18,346 |  |  |  | 19,143 |
Other |  |  | 8,216 |  |  |  | 7,989 |
Total loans |  | $ | 3,327,099 |  |  | $ | 3,258,121 |
Net deferred loan costs |  |  | 10,681 |  |  |  | 10,225 |
Allowance for credit losses |  |  | (39,528 | ) |  |  | (35,863 | )
Net loans |  | $ | 3,298,252 |  |  | $ | 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 and nine month periods ended September 30, 2025 and 2024: Three Months Ended September 30, 2025
|  | Commercial |  |  |  |  |  |  | Residential |  |  |  |  |  |  |  |  |
(In Thousands of Dollars) |  | Real Estate |  |  | Commercial |  |  | Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 21,627 |  |  | $ | 4,973 |  |  | $ | 7,210 |  |  | $ | 4,753 |  |  | $ | 38,563 |
Provision (credit) for credit losses |  |  | 1,428 |  |  |  | (204 | ) |  |  | 127 |  |  |  | 150 |  |  |  | 1,501 |
Loans charged off |  |  | (75 | ) |  |  | (319 | ) |  |  | (154 | ) |  |  | (321 | ) |  |  | (869 | )
Recoveries |  |  | 0 |  |  |  | 176 |  |  |  | 25 |  |  |  | 132 |  |  |  | 333 |
Total ending allowance balance |  | $ | 22,980 |  |  | $ | 4,626 |  |  | $ | 7,208 |  |  | $ | 4,714 |  |  | $ | 39,528 |
Nine Months Ended September 30, 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 |
Provision (Credit) for credit losses |  |  | 3,840 |  |  |  | 572 |  |  |  | 84 |  |  |  | 613 |  |  |  | 5,109 |
Loans charged off |  |  | (141 | ) |  |  | (973 | ) |  |  | (231 | ) |  |  | (970 | ) |  |  | (2,315 | )
Recoveries |  |  | 22 |  |  |  | 399 |  |  |  | 84 |  |  |  | 366 |  |  |  | 871 |
Total ending allowance balance |  | $ | 22,980 |  |  | $ | 4,626 |  |  | $ | 7,208 |  |  | $ | 4,714 |  |  | $ | 39,528 |
Three Months Ended September 30, 2024
|  | Commercial |  |  |  |  |  |  | Residential |  |  |  |  |  |  |  |  |
(In Thousands of Dollars) |  | Real Estate |  |  | Commercial |  |  | Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 17,223 |  |  | $ | 4,628 |  |  | $ | 7,422 |  |  | $ | 4,718 |  |  | $ | 33,991 |
(Credit) Provision for credit losses |  |  | 6,226 |  |  |  | (24 | ) |  |  | 117 |  |  |  | 488 |  |  |  | 6,807 |
Loans charged off |  |  | (4,401 | ) |  |  | (396 | ) |  |  | 0 |  |  |  | (319 | ) |  |  | (5,116 | )
Recoveries |  |  | 3 |  |  |  | 407 |  |  |  | 10 |  |  |  | 84 |  |  |  | 504 |
Total ending allowance balance |  | $ | 19,051 |  |  | $ | 4,615 |  |  | $ | 7,549 |  |  | $ | 4,971 |  |  | $ | 36,186 |
Nine Months Ended September 30, 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 |  |  | 5,427 |  |  |  | 466 |  |  |  | 676 |  |  |  | 1,363 |  |  |  | 7,932 |
Loans charged off |  |  | (4,547 | ) |  |  | (1,411 | ) |  |  | (81 | ) |  |  | (1,020 | ) |  |  | (7,059 | )
Recoveries |  |  | 21 |  |  |  | 473 |  |  |  | 38 |  |  |  | 341 |  |  |  | 873 |
Total ending allowance balance |  | $ | 19,051 |  |  | $ | 4,615 |  |  | $ | 7,549 |  |  | $ | 4,971 |  |  | $ | 36,186 |
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 September 30, 2025. As of September 30, 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 September 30, 2024 to September 30, 2025 is largely attributed to three commercial real estate non-owner occupied relationships and one commercial real estate multifamily relationship that are individually evaluated with specific reserves, increased historical loss ratios in the commercial real estate non-owner occupied pool, and loan growth. These factors were partially offset by adjustments made to the maximum loss rates that anchor the qualitative factors and adjustments to the 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 September 30, 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 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 0 |  |  | $ | 224 |  |  | $ | 0 |
Non-owner occupied |  |  | 0 |  |  |  | 18,619 |  |  |  | 0 |
Farmland |  |  | 0 |  |  |  | 47 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 8,390 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 54 |  |  |  | 2,986 |  |  |  | 82 |
Agricultural |  |  | 0 |  |  |  | 158 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 1,029 |  |  |  | 2,379 |  |  |  | 34 |
Home equity lines of credit |  |  | 171 |  |  |  | 450 |  |  |  | 0 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 34 |  |  |  | 502 |  |  |  | 0 |
Direct |  |  | 0 |  |  |  | 35 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total loans |  | $ | 1,288 |  |  | $ | 33,790 |  |  | $ | 116 |
|  | 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 September 30, 2025 does not include a $150,000 owner occupied commercial real estate loan that was 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 a $77,000 commercial and 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 September 30, 2025 and December 31, 2024:
(In Thousands of Dollars) |  | Real Estate |  |  | Business Assets |  |  | Vehicles |  |  | Cash |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Non-owner occupied |  |  | 29,301 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Farmland |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Other |  |  | 8,390 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 0 |  |  |  | 2,409 |  |  |  | 0 |  |  |  | 0 |
Agricultural |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 3,262 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Home equity lines of credit |  |  | 447 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 0 |  |  |  | 0 |  |  |  | 126 |  |  |  | 0 |
Direct |  |  | 0 |  |  |  | 0 |  |  |  | 5 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total loans |  | $ | 41,400 |  |  | $ | 2,409 |  |  | $ | 131 |  |  | $ | 0 |
(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 September 30, 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 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 2,690 |  |  | $ | 0 |  |  | $ | 224 |  |  | $ | 2,914 |  |  | $ | 392,356 |  |  | $ | 395,270 |
Non-owner occupied |  |  | 58 |  |  |  | 141 |  |  |  | 18,619 |  |  |  | 18,818 |  |  |  | 715,263 |  |  |  | 734,081 |
Farmland |  |  | 274 |  |  |  | 133 |  |  |  | 47 |  |  |  | 454 |  |  |  | 213,609 |  |  |  | 214,063 |
Other |  |  | 237 |  |  |  | 0 |  |  |  | 8,390 |  |  |  | 8,627 |  |  |  | 289,533 |  |  |  | 298,160 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 1,036 |  |  |  | 312 |  |  |  | 3,122 |  |  |  | 4,470 |  |  |  | 348,266 |  |  |  | 352,736 |
Agricultural |  |  | 280 |  |  |  | 107 |  |  |  | 158 |  |  |  | 545 |  |  |  | 55,180 |  |  |  | 55,725 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 6,331 |  |  |  | 862 |  |  |  | 3,442 |  |  |  | 10,635 |  |  |  | 840,276 |  |  |  | 850,911 |
Home equity lines of credit |  |  | 1,276 |  |  |  | 161 |  |  |  | 621 |  |  |  | 2,058 |  |  |  | 174,771 |  |  |  | 176,829 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 1,775 |  |  |  | 228 |  |  |  | 536 |  |  |  | 2,539 |  |  |  | 230,838 |  |  |  | 233,377 |
Direct |  |  | 50 |  |  |  | 31 |  |  |  | 35 |  |  |  | 116 |  |  |  | 18,292 |  |  |  | 18,408 |
Other |  |  | 101 |  |  |  | 0 |  |  |  | 0 |  |  |  | 101 |  |  |  | 8,119 |  |  |  | 8,220 |
Total loans |  | $ | 14,108 |  |  | $ | 1,975 |  |  | $ | 35,194 |  |  | $ | 51,277 |  |  | $ | 3,286,503 |  |  | $ | 3,337,780 |
|  |  |  |  |  |  |  |  |  | 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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