Note 8 - Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

						*Fair Value Measurements at June 30, 2025 Using:*
						Quoted
						Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Carrying				Assets				Inputs				Inputs
(In Thousands of Dollars)		Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	109,237			$	0			$	109,237			$	0
State and political subdivisions			486,000				0				486,000				0
Corporate bonds			17,275				0				15,856				1,419
Mortgage-backed securities-residential			508,945				0				508,945				0
Collateralized mortgage obligations			151,169				0				151,169				0
Small Business Administration			2,273				0				2,273				0
Total investment securities			1,274,899				0				1,273,480				1,419

Equity securities			336				336				0				0
Loans held for sale			2,174				0				2,174				0
Interest rate swaps			1,783				0				1,783				0
Interest rate lock commitments			87				0				87				0
Financial Liabilities
Interest rate swaps			1,783				0				1,783				0
Fair value hedge derivative			571				0				571				0
Mortgage banking derivative			68				0				68				0

						*Fair Value Measurements at December 31, 2024 Using:*
						Quoted
						Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Carrying				Assets				Inputs				Inputs
(In Thousands of Dollars)		Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	115,107			$	0			$	115,107			$	0
State and political subdivisions			504,880				0				504,880				0
Corporate bonds			17,448				0				16,039				1,409
Mortgage-backed securities-residential			492,867				0				492,867				0
Collateralized mortgage obligations			133,776				0				133,776				0
Small Business Administration			2,475				0				2,475				0
Total investment securities			1,266,553				0				1,265,144				1,409

Equity securities			277				277				0				0
Loans held for sale			5,005				0				5,005				0
Interest rate swaps			3,766				0				3,766				0
Interest rate lock commitments			19				0				19				0
Mortgage banking derivative			17				0				17				0
Financial Liabilities
Interest rate swaps			3,766				0				3,766				0
Fair value hedge derivative			168				0				168				0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		*Three Months ended*								*Six Months Ended*
		*June 30,*								*June 30,*
(In Thousands of Dollars)		2025				2024				*2025*				*2024*
Beginning Balance		$	1,412			$	1,340			$	1,409			$	1,340
Transfers between levels			0				0				0				0
Acquired and/or purchased			0				0				0				0
Discount accretion (premium amortization)			15				13				29				26
Repayments, calls and maturities			0				0				0				0
Changes in unrealized gains (losses)			(8	)			44				(19	)			31
Ending Balance		$	1,419			$	1,397			$	1,419			$	1,397

Fair Value Measurements, Nonrecurring [Table Text Block]

						*Fair Value Measurements at June 30, 2025 Using:*
						Quoted
						Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Carrying				Assets				Inputs				Inputs
(In Thousands of Dollars)		Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets
Individually evaluated loans
Commercial real estate
Owner occupied		$	126			$	0			$	0			$	126
Non-owner occupied			12,112				0				0				12,112
Other			1,041				0				0				1,041
Commercial and industrial			2,170				0				0				2,170
1–4 family residential			535				0				0				535
Mortgage servicing rights			847				0				847				0

						*Fair Value Measurements at December 31, 2024 Using:*
						Quoted
						Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Carrying				Assets				Inputs				Inputs
(In Thousands of Dollars)		Value				(Level 1)				(Level 2)				(Level 3)
Financial Assets
Individually evaluated loans
Commercial real estate
Non-owner occupied		$	7,286			$	0			$	0			$	7,286
Commercial and industrial			2,418				0				0				2,418
1–4 family residential			1,132				0				0				1,132
Mortgage servicing rights			403				0				403				0

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

									Range
					Valuation		Unobservable		(Weighted
June 30, 2025		Fair value			Technique(s)		Input(s)		Average)
Individually evaluated loans
Commercial real estate		$	13,279		Income Approach		Adjustment for difference between cap rates of comparable sales		(54.04%) - 64.36% (42.03%)
Commercial			2,170		Quoted price for collateral		Offer Price		12.71%
Residential			535		Sales comparison		Adjustment for differences between comparable sales		(19.11%) - 13.04% 3.62%

									Range
					Valuation		Unobservable		(Weighted
December 31, 2024		Fair value			Technique(s)		Input(s)		Average)
Individually evaluated loans
Commercial real estate		$	7,286		Income approach		Adjustment for difference between cap rates of comparable sales		(56.03%) - 69.02% (40.71%)
Commercial			2,418		Quoted price for collateral		Offer Price		6.67%
Residential			1,132		Sales comparison		Adjustment for differences between comparable sales		(8.91%) - (6.22%) (7.16%)

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table Text Block]

						*Fair Value Measurements at June 30, 2025 Using:*
		Carrying
(In Thousands of Dollars)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	90,740			$	20,100			$	70,640			$	0			$	90,740
Regulatory stock			26,061				n/a				n/a				n/a				n/a
Loans, net			3,264,796				0				0				3,151,770				3,151,770
Financial liabilities
Deposits			4,396,417				3,550,026				844,293				0				4,394,319
Short-term borrowings			203,000				0				203,000				0				203,000
Long-term borrowings			86,428				0				76,694				0				76,694

						*Fair Value Measurements at December 31, 2024 Using:*
		Carrying
(In Thousands of Dollars)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	85,738			$	20,426			$	65,312			$	0			$	85,738
Regulatory stock			30,669				n/a				n/a				n/a				n/a
Loans, net			3,232,483				0				0				3,082,292				3,082,292
Financial liabilities
Deposits			4,266,779				3,429,116				835,967				0				4,265,083
Short-term borrowings			305,000				0				305,000				0				305,000
Long-term borrowings			86,150				0				78,721				0				78,721

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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