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Loans (Tables)

12 Months Ended

Dec. 31, 2024

Loans at December 31 are summarized below:


	(In Thousands)
Loans:	2024			2023
Consumer Real Estate	$	520,114		$	521,895
Agricultural Real Estate		216,401			223,791
Agricultural		152,080			132,560
Commercial Real Estate		1,310,811			1,337,766
Commercial and Industrial		275,152			254,935
Consumer		63,009			79,591
Other		24,978			30,136
		2,562,545			2,580,674
Less: Net deferred loan fees and costs and other*		(676	)		517
		2,561,869			2,581,191
Less: Allowance for credit losses		(25,826	)		(25,024	)
Loans - Net	$	2,536,043		$	2,556,167

*This chart contains fair value adjustments to the basis of derivatives in the amount of $1.1 million and $2.7 million at December 31, 2024 and December 31, 2023, respectively.

Contractual Maturity Schedule by Major Category of Loans Excluding Fair Value Adjustments

The following is a maturity schedule by major category of loans excluding fair value adjustments at December 31, 2024:


	(In Thousands)
			After One		After Five
	Within		Year Within		Years Within		After
	One Year		Five Years		Fifteen Years		Fifteen Years		Total
Consumer Real Estate	$	19,180	$	25,777	$	156,930	$	320,327	$	522,214
Agricultural Real Estate		6,490		7,715		65,320		137,074		216,599
Agricultural		82,568		55,905		8,888		4,741		152,102
Commercial Real Estate		138,177		403,661		565,194		203,829		1,310,861
Commercial and Industrial		127,540		83,964		63,867		148		275,519
Consumer		2,274		50,750		10,138		41		63,203
Other		77		956		23,949		-		24,982
	$	376,306	$	628,728	$	894,286	$	666,160	$	2,565,480

Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category

The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of December 31, 2024:


	(In Thousands)
	Fixed		Variable
	Rate		Rate
Consumer Real Estate	$	305,062	$	215,052
Agricultural Real Estate		118,808		97,593
Agricultural		54,099		97,981
Commercial Real Estate		934,197		376,614
Commercial and Industrial		148,542		126,610
Consumer		62,977		32
Other		15,270		9,708

Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans

The following table represents the contractual aging of the recorded investment in past due loans by portfolio classification of loans as of December 31, 2024 and 2023, net of deferred loan fees and costs:


	(In Thousands)
December 31, 2024	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables
Consumer Real Estate	$	2,533	$	547	$	559	$	3,639	$	516,753	$	520,392
Agricultural Real Estate		651		-		-		651		215,486		216,137
Agricultural		44		-		79		123		152,258		152,381
Commercial Real Estate		54		141		360		555		1,307,906		1,308,461
Commercial and Industrial		122		5		57		184		299,613		299,797
Consumer		365		19		62		446		63,181		63,627
Total	$	3,769	$	712	$	1,117	$	5,598	$	2,555,197	$	2,560,795


	(In Thousands)
December 31, 2023	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables
Consumer Real Estate	$	1,914	$	137	$	670	$	2,721	$	519,187	$	521,908
Agricultural Real Estate		-		3,429		55		3,484		219,995		223,479
Agricultural		-		1,132		2,977		4,109		128,654		132,763
Commercial Real Estate		380		-		255		635		1,334,440		1,335,075
Commercial and Industrial		145		-		199		344		284,550		284,894
Consumer		218		37		26		281		80,072		80,353
Total	$	2,657	$	4,735	$	4,182	$	11,574	$	2,566,898	$	2,578,472

Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans

The following tables present the recorded investment in nonaccrual loans by portfolio class of loans as of December 31, 2024 and December 31, 2023:


	(In Thousands)
	December 31, 2024
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
	for Credit Loss		Nonaccrual		Still Accruing

Consumer Real Estate	$	1,637	$	2,369	$	-
Agricultural Real Estate		130		130		-
Agricultural		90		90		-
Commercial Real Estate		360		360		-
Commercial & Industrial		57		57		-
Consumer		118		118		-
Total	$	2,392	$	3,124	$	-


	(In Thousands)
	December 31, 2023
	Nonaccrual				Loans Past
	With No				Due Over
	Allowance				89 Days
	for Credit Loss		Nonaccrual		Still Accruing

Consumer Real Estate	$	1,006	$	1,190	$	-
Agricultural Real Estate		15,949		15,949		-
Agricultural		4,671		4,671		-
Commercial Real Estate		254		254		-
Commercial & Industrial		198		198		-
Consumer		91		91		-
Total	$	22,169	$	22,353	$	-

Risk Category of Loans by Portfolio Class Based on Year of Origination

The following table reflects the risk category of loans by portfolio class based on the most recent analysis performed as of December 31, 2024 and 2023 based on year of origination:


	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving		Revolving
															Loans		Loans
													Term		Amortized		Converted		Grand
	2024		2023		2022		2021		2020		Prior		Total		Cost Basis		to Term		Total

Consumer Real Estate
Risk Rating
Pass (1-4)	$	40,257	$	64,316	$	79,503	$	89,800	$	74,996	$	106,007	$	454,879	$	61,097	$	237	$	516,213
Special Mention (5)		-		-		37		551		-		119		707		19		-		726
Substandard (6)		143		239		529		786		465		1,040		3,202		236		15		3,453
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Consumer Real Estate	$	40,400	$	64,555	$	80,069	$	91,137	$	75,461	$	107,166	$	458,788	$	61,352	$	252	$	520,392
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	13	$	13	$	-	$	-	$	13

Agricultural Real Estate
Risk Rating
Pass (1-4)	$	23,817	$	28,088	$	34,469	$	22,983	$	23,639	$	76,964	$	209,960	$	92	$	-	$	210,052
Special Mention (5)		-		-		-		-		-		13		13		-		-		13
Substandard (6)		5,696		-		371		-		-		5		6,072		-		-		6,072
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Agricultural Real Estate	$	29,513	$	28,088	$	34,840	$	22,983	$	23,639	$	76,982	$	216,045	$	92	$	-	$	216,137
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural
Risk Rating
Pass (1-4)	$	14,915	$	10,500	$	14,381	$	5,616	$	3,204	$	3,911	$	52,527	$	98,283	$	-	$	150,810
Special Mention (5)		-		13		-		8		-		-		21		30		-		51
Substandard (6)		-		21		-		-		29		-		50		1,470		-		1,520
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Agricultural	$	14,915	$	10,534	$	14,381	$	5,624	$	3,233	$	3,911	$	52,598	$	99,783	$	-	$	152,381
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-


	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving		Revolving
															Loans		Loans
													Term		Amortized		Converted		Grand
	2024		2023		2022		2021		2020		Prior		Total		Cost Basis		to Term		Total

Commercial Real Estate
Risk Rating
Pass (1-4)	$	128,608	$	200,192	$	413,106	$	218,309	$	110,435	$	188,239	$	1,258,889	$	-	$	-	$	1,258,889
Special Mention (5)		-		-		12,590		-		1,352		753		14,695		-		-		14,695
Substandard (6)		-		34,299		-		-		-		578		34,877		-		-		34,877
Doubtful (7)		-		-		-		-		-				-		-		-		-
Total Commercial Real Estate	$	128,608	$	234,491	$	425,696	$	218,309	$	111,787	$	189,570	$	1,308,461	$	-	$	-	$	1,308,461
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	15	$	15	$	-	$	-	$	15

Commercial & Industrial
Risk Rating
Pass (1-4)	$	31,933	$	54,581	$	39,665	$	15,047	$	13,480	$	1,294	$	156,000	$	113,446	$	222	$	269,668
Special Mention (5)		-		137		-		188		26		416		767		459		-		1,226
Substandard (6)		39		348		29		-		-		28		444		3,481		-		3,925
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Commercial & Industrial	$	31,972	$	55,066	$	39,694	$	15,235	$	13,506	$	1,738	$	157,211	$	117,386	$	222	$	274,819
Gross charge-offs YTD	$	-	$	-	$	-			$	101	$	-	$	101	$	-	$	5	$	106

Other
Risk Rating
Pass (1-4)	$	-	$	-	$	-	$	15,829	$	5,068	$	4,081	$	24,978	$	-	$	-	$	24,978
Special Mention (5)		-		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Other	$	-	$	-	$	-	$	15,829	$	5,068	$	4,081	$	24,978	$	-	$	-	$	24,978
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-


	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving		Revolving
															Loans		Loans
													Term		Amortized		Converted		Grand
	2023		2022		2021		2020		2019		Prior		Total		Cost Basis		to Term		Total

Consumer Real Estate
Risk Rating
Pass (1-4)	$	77,298	$	88,695	$	90,139	$	82,680	$	32,302	$	94,294	$	465,408	$	52,904	$	-	$	518,312
Special Mention (5)		1,228		40		-		-		-		134		1,402		-		-		1,402
Substandard (6)		-		261		558		163		246		952		2,180		14		-		2,194
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Consumer Real Estate	$	78,526	$	88,996	$	90,697	$	82,843	$	32,548	$	95,380	$	468,990	$	52,918	$	-	$	521,908
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural Real Estate
Risk Rating
Pass (1-4)	$	30,504	$	37,199	$	25,168	$	25,874	$	18,456	$	68,651	$	205,852	$	97	$	-	$	205,949
Special Mention (5)		-		861		14		-		149		359		1,383		-		-		1,383
Substandard (6)		-		-		12,196		186		259		3,506		16,147		-		-		16,147
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Agricultural Real Estate	$	30,504	$	38,060	$	37,378	$	26,060	$	18,864	$	72,516	$	223,382	$	97	$	-	$	223,479
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural
Risk Rating
Pass (1-4)	$	17,787	$	20,330	$	8,356	$	4,476	$	3,856	$	1,880	$	56,685	$	69,824	$	-	$	126,509
Special Mention (5)		38		621		112		-		-		-		771		330		-		1,101
Substandard (6)		514		634		2,009		498		-		-		3,655		1,498		-		5,153
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Agricultural	$	18,339	$	21,585	$	10,477	$	4,974	$	3,856	$	1,880	$	61,111	$	71,652	$	-	$	132,763
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-


	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving		Revolving
															Loans		Loans
													Term		Amortized		Converted		Grand
	2023		2022		2021		2020		2019		Prior		Total		Cost Basis		to Term		Total

Commercial Real Estate
Risk Rating
Pass (1-4)	$	224,232	$	438,716	$	245,273	$	122,656	$	136,225	$	99,378	$	1,266,480	$	-	$	-	$	1,266,480
Special Mention (5)		34,864		9,100		-		10,793		626		12,342		67,725		-		-		67,725
Substandard (6)		-		-		-		-		-		795		795		-		-		795
Doubtful (7)		-		-		-		75		-		-		75		-		-		75
Total Commercial Real Estate	$	259,096	$	447,816	$	245,273	$	133,524	$	136,851	$	112,515	$	1,335,075	$	-	$	-	$	1,335,075
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Commercial & Industrial
Risk Rating
Pass (1-4)	$	56,224	$	51,663	$	24,876	$	20,071	$	2,142	$	932	$	155,908	$	90,018	$	-	$	245,926
Special Mention (5)		716		69		211		146		437		357		1,936		6,016		-		7,952
Substandard (6)		74		454		-		-		31		17		576		122		-		698
Doubtful (7)		-		-		-		182		-		-		182		-		-		182
Total Commercial & Industrial	$	57,014	$	52,186	$	25,087	$	20,399	$	2,610	$	1,306	$	158,602	$	96,156	$	-	$	254,758
Gross charge-offs YTD	$	-	$	-	$	-	$	565	$	-	$	-	$	565	$	-	$	-	$	565

Other
Risk Rating
Pass (1-4)	$	2,810	$	-	$	16,761	$	5,790	$	445	$	4,330	$	30,136	$	-	$	-	$	30,136
Special Mention (5)		-		-		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-		-		-
Total Other	$	2,810	$	-	$	16,761	$	5,790	$	445	$	4,330	$	30,136	$	-	$	-	$	30,136
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

The following tables presents payment performance as of December 31, 2024 and 2023 by year of origination:


	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving
															Loans
													Term		Amortized		Grand
	2024		2023		2022		2021		2020		Prior		Total		Cost Basis		Total

Consumer
Payment Performance
Performing	$	13,437	$	13,521	$	27,264	$	5,917	$	2,310	$	582	$	63,031	$	477	$	63,508
Nonperforming		40		-		40		35		4		-		119		-		119
Total Consumer	$	13,477	$	13,521	$	27,304	$	5,952	$	2,314	$	582	$	63,150	$	477	$	63,627
Gross charge-offs YTD	$	201	$	69	$	62	$	14	$	-	$	-	$	346	$	-	$	346



	(In Thousands)
	Term Loans Amortized Cost Basis by Origination Year
															Revolving
															Loans
													Term		Amortized		Grand
	2023		2022		2021		2020		2019		Prior		Total		Cost Basis		Total

Consumer
Payment Performance
Performing	$	21,511	$	40,729	$	10,666	$	5,006	$	1,825	$	480	$	80,217	$	44	$	80,261
Nonperforming		26		58		-		6		-		2		92		-		92
Total Consumer	$	21,537	$	40,787	$	10,666	$	5,012	$	1,825	$	482	$	80,309	$	44	$	80,353
Gross charge-offs YTD	$	236	$	51	$	100	$	38	$	-	$	-	$	425	$	-	$	425

Collateral-dependent Loans

The following table presents collateral-dependent loans grouped by collateral as of December 31, 2024 and 2023:


	(In Thousands)
	Collateral
	Dependent Loans
	December 31, 2024		December 31, 2023
Consumer Real Estate	$	2,384	$	1,518
Agricultural Real Estate		125		15,888
Agricultural		50		4,998
Commercial Real Estate		360		255
Commercial & Industrial		28		17
Consumer		41		-
Total	$	2,988	$	22,676

Schedule of Impaired Loans

Information about impaired loans as of and for the year ended December 31, 2022 is as follows:


	(In Thousands)
	2022
Average investment in impaired loans	$	10,710
Interest income recognized on impaired loans	$	361
Interest income recognized on a cash basis on impaired loans	$	97

Impaired Loans Classified as Modified Loans for Borrowers Experiencing Financial Difficulty and Troubled Debt Restructurings


December 31, 2024							December 31, 2023
			(In Thousands)							(In Thousands)
Modified Loans for Borrowers Experiencing Financial Difficulty	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Troubled Debt Restructurings	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Commercial Real Estate		-	$	-	$	-	Commercial Real Estate		1	$	1,024	$	1,024

Analysis of Allowance for Credit Losses

Additional analysis related to the allowance for credit losses as of December 31, 2024 and 2023 is as follows:


	(In Thousands)
	Consumer Real Estate			Agricultural Real Estate		Agricultural			Commercial Real Estate			Commercial and Industrial			Consumer			Total
2024
ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	3,581		$	312	$	336		$	17,400		$	2,093		$	1,302		$	25,024
Provision for (recovery of) credit losses - loans		(31	)		583		(52	)		(834	)		1,411			(133	)		944
Charge-offs		(13	)		-		-			(15	)		(106	)		(346	)		(480	)
Recoveries		6			-		1			9			133			189			338
Ending Balance	$	3,543		$	895	$	285		$	16,560		$	3,531		$	1,012		$	25,826


	(In Thousands)
	Unfunded Loan Commitment & Letters of Credit
2024
ALLOWANCE FOR UNFUNDED LOAN COMMITMENTS AND LETTERS OF CREDIT
Beginning balance	$	2,212
Provision for (recovery of) credit losses - off balance sheet credit exposures		(671	)
Charge-offs		-
Recoveries		-
Ending Balance	$	1,541


	(In Thousands)
	Consumer Real Estate			Agricultural Real Estate			Agricultural			Commercial Real Estate		Commercial and Industrial			Consumer			Total
2023
ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	998		$	349		$	751		$	11,924	$	5,382		$	909		$	20,313
Adoption of ASU 2016-13		2,874			(166	)		(650	)		3,501		(2,165	)		170			3,564
Provision for (recovery of) credit losses - loans		(326	)		24			225			1,967		(643	)		451			1,698
Charge-offs		-			-			-			-		(565	)		(425	)		(990	)
Recoveries		35			105			10			8		84			197			439
Ending Balance	$	3,581		$	312		$	336		$	17,400	$	2,093		$	1,302		$	25,024


	(In Thousands)
	Unfunded Loan Commitment & Letters of Credit
2023
ALLOWANCE FOR UNFUNDED LOAN COMMITMENTS AND LETTERS OF CREDIT
Beginning balance	$	1,262
Adoption of ASU 2016-13		904
Provision for (recovery of) credit losses - off balance sheet credit exposures		46
Charge-offs		-
Recoveries		-
Ending Balance	$	2,212