XML 61 R50.htm IDEA: XBRL DOCUMENT v3.24.0.1

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Quantitative information about assets measured utilizing Level 3 fair value measurement

The following tables list the quantitative fair value information about loans measured at fair value on a nonrecurring basis as of:

December 31, 2023

Valuation Technique

Fair Value

Unobservable Input

Actual Range

Weighted Average

Collateral Dependent Loans -

Discount applied to collateral:

Discounted value

$1,083

Real Estate

20%

20%

Equipment

25% - 35%

33%

Accounts receivable

25%

25%

			December 31, 2022
Valuation Technique			Fair Value			Unobservable Input						Actual Range						Weighted Average
						Discount applied to collateral:
						Real Estate						20% - 30%						24%
Impaired Loans -						Equipment						25% - 35%						31%
Discounted value			$17,143			Cash crop inventory						40%						40%
						Livestock						30%						30%
						Accounts receivable						25%						27%
						Furniture, fixtures & equipment						45%						45%

Carrying amount and estimated fair value of financial instruments not recorded at fair value

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of December 31:

			2023
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	33,672					$	33,672					$	33,672					$	—					$	—
Mortgage loans AFS			—						—						—						—						—
Gross loans			1,349,463						1,292,458						—						—						1,292,458
Less allowance for credit losses			13,108						13,108						—						—						13,108
Net loans			1,336,355						1,279,350						—						—						1,279,350
Accrued interest receivable			8,167						8,167						8,167						—						—
Equity securities without readily determinable fair values (1)			15,848						N/A						—						—						—
OMSR			2,422						3,164						—						3,164						—
LIABILITIES
Deposits without stated maturities			1,377,321						1,377,321						1,377,321						—						—
Deposits with stated maturities			346,374						341,489						—						341,489						—
Federal funds purchased and repurchase agreements			46,801						46,704						—						46,704						—
FHLB advances			40,000						40,000						—						40,000						—
Subordinated debt, net of unamortized issuance costs			29,335						26,146						—						26,146						—
Accrued interest payable			890						890						890						—						—

			2022
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	38,924					$	38,924					$	38,924					$	—					$	—
Mortgage loans AFS			379						395						—						395						—
Gross loans			1,264,173						1,225,669						—						—						1,225,669
Less allowance for credit losses			9,850						9,850						—						—						9,850
Net loans			1,254,323						1,215,819						—						—						1,215,819
Accrued interest receivable			7,472						7,472						7,472						—						—
Equity securities without readily determinable fair values (1)			15,746						N/A						—						—						—
OMSR			2,559						3,174						—						3,174						—
LIABILITIES
Deposits without stated maturities			1,492,235						1,492,235						1,492,235						—						—
Deposits with stated maturities			252,040						240,964						—						240,964						—
Federal funds purchased and repurchase agreements			57,771						57,581						—						57,581						—
FHLB advances			—						—						—						—						—
Subordinated debt, net of unamortized issuance costs			29,245						26,365						—						26,365						—
Accrued interest payable			255						255						255						—						—

(1) Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment

Assets and liabilities measured at fair value

The table below presents the recorded amount of assets and liabilities measured at fair value on December 31:

			2023																								2022
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Recurring items
AFS securities
U.S. Treasury			$	214,801					$	—					$	214,801					$	—					$	208,701					$	—					$	208,701					$	—
States and political subdivisions			92,876						—						92,876						—						117,512						—						117,512						—
Auction rate money market preferred			2,931						—						2,931						—						2,342						—						2,342						—
Mortgage-backed securities			32,815						—						32,815						—						39,070						—						39,070						—
Collateralized mortgage obligations			177,775						—						177,775						—						205,728						—						205,728						—
Corporate			6,950						—						6,950						—						7,128						—						7,128						—
Total AFS securities			528,148						—						528,148						—						580,481						—						580,481						—
Nonrecurring items
Collateral dependent (net of ACL) in 2023 Impaired loans (net of the ALLL) in 2022			1,083						—						—						1,083						17,143						—						—						17,143
Foreclosed assets			406						—						—						406						439						—						—						439
Total			$	529,637					$	—					$	528,148					$	1,489					$	598,063					$	—					$	580,481					$	17,582
Percent of assets and liabilities measured at fair value									0.00		%				99.72		%				0.28		%										0.00		%				97.06		%				2.94		%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration