Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 Using | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant
Unobservable
Inputs (Level 3) | | Total | | Assets: | | | | | | | | | | U.S. Treasury | | $ | 160,247 | | | $ | — | | | $ | — | | | $ | 160,247 | | | Obligations of State and Political Subdivisions | | — | | | 459,138 | | | — | | | 459,138 | | | MBS/CMO | | — | | | 702,718 | | | — | | | 702,718 | | | US Gov’t Sponsored Entities & Agencies | | — | | | 249,749 | | | — | | | 249,749 | | | Total Securities | | $ | 160,247 | | | $ | 1,411,605 | | | $ | — | | | $ | 1,571,852 | | | | | | | | | | | | Loans Held-for-Sale | | $ | — | | | $ | 13,880 | | | $ | — | | | $ | 13,880 | | | | | | | | | | | | Derivative Assets | | $ | — | | | $ | 5,180 | | | $ | — | | | $ | 5,180 | | | | | | | | | | | | Derivative Liabilities | | $ | — | | | $ | 5,271 | | | $ | — | | | $ | 5,271 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 Using | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant
Unobservable Inputs (Level 3) | | Total | | Assets: | | | | | | | | | | U.S. Treasury | | $ | 110,864 | | | $ | — | | | $ | — | | | $ | 110,864 | | | Obligations of State and Political Subdivisions | | — | | | 463,169 | | | — | | | 463,169 | | | MBS/CMO | | — | | | 702,179 | | | — | | | 702,179 | | | US Gov’t Sponsored Entities & Agencies | | — | | | 241,075 | | | — | | | 241,075 | | | Total Securities | | $ | 110,864 | | | $ | 1,406,423 | | | $ | — | | | $ | 1,517,287 | | | | | | | | | | | | Loans Held-for-Sale | | $ | — | | | $ | 8,239 | | | $ | — | | | $ | 8,239 | | | | | | | | | | | | Derivative Assets | | $ | — | | | $ | 6,439 | | | $ | — | | | $ | 6,439 | | | | | | | | | | | | Derivative Liabilities | | $ | — | | | $ | 6,476 | | | $ | — | | | $ | 6,476 | |
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| Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale |
As of June 30, 2025 and December 31, 2024, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows: | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | | | | Aggregate Fair Value | | $ | 13,880 | | | $ | 8,239 | | | Contractual Balance | | 13,660 | | | 8,111 | | | Gain (Loss) | | 220 | | | 128 | |
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| Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) |
The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of State and Political Subdivisions | | MBS/CMO | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | Balance of Recurring Level 3 Assets at April 1 | | $ | — | | | $ | 76 | | | $ | — | | | $ | 991 | | | Total Gains (Losses) Included in Other Comprehensive Income | | — | | | — | | | — | | | 18 | | | Maturities / Calls | | — | | | — | | | — | | | — | | | Acquired through Bank Acquisition | | — | | | — | | | — | | | — | | | Balance of Recurring Level 3 Assets at June 30 | | $ | — | | | $ | 76 | | | $ | — | | | $ | 1,009 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Obligations of State and Political Subdivisions | | MBS/CMO | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | Balance of Recurring Level 3 Assets at January 1 | | $ | — | | | $ | 75 | | | $ | — | | | $ | 984 | | | Total Gains (Losses) Included in Other Comprehensive Income | | — | | | 1 | | | — | | | 25 | | | Maturities / Calls | | — | | | — | | | — | | | — | | | Acquired through Bank Acquisition | | — | | | — | | | — | | | — | | | Balance of Recurring Level 3 Assets at June 30 | | $ | — | | | $ | 76 | | | $ | — | | | $ | 1,009 | |
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| Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis |
Assets and liabilities measured at fair value on a non-recurring basis are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 Using | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable
Inputs (Level 3) | | Total | | Assets: | | | | | | | | | | Collateral Dependent Loans | | | | | | | | | | Commercial and Industrial Loans | | $ | — | | | $ | — | | | $ | 17,032 | | | $ | 17,032 | | | Commercial Real Estate Loans | | $ | — | | | $ | — | | | $ | 26,623 | | | $ | 26,623 | | | Agricultural Loans | | $ | — | | | $ | — | | | $ | 1,131 | | | $ | 1,131 | | | Consumer Loans | | $ | — | | | $ | — | | | $ | 4 | | | $ | 4 | | | Home Equity Loans | | $ | — | | | $ | — | | | $ | 329 | | | $ | 329 | | | Residential Mortgage Loans | | $ | — | | | $ | — | | | $ | 1,199 | | | $ | 1,199 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable
Inputs (Level 3) | | Total | | Assets: | | | | | | | | | | Collateral Dependent Loans | | | | | | | | | | Commercial and Industrial Loans | | $ | — | | | $ | — | | | $ | 3,695 | | | $ | 3,695 | | | Commercial Real Estate Loans | | $ | — | | | $ | — | | | $ | 1,402 | | | $ | 1,402 | | | Agricultural Loans | | $ | — | | | $ | — | | | $ | 1,910 | | | $ | 1,910 | | | Consumer Loans | | $ | — | | | $ | — | | | $ | 10 | | | $ | 10 | | | Home Equity Loans | | $ | — | | | $ | — | | | $ | 328 | | | $ | 328 | | | Residential Mortgage Loans | | $ | — | | | $ | — | | | $ | 303 | | | $ | 303 | |
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| Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques |
The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range (Weighted Average) | | | | | | | | | | Collateral Dependent Loans -
Commercial and Industrial Loans | | $ | 17,032 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 7%-100% (69%) | Collateral Dependent Loans -
Commercial Real Estate Loans | | $ | 26,623 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 19%-83% (66%) | Collateral Dependent Loans -
Agricultural Loans | | $ | 1,131 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-100% (36%) | Collateral Dependent Loans -
Consumer Loans | | $ | 4 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) | Collateral Dependent Loans -
Home Equity Loans | | $ | 329 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) | Collateral Dependent Loans -
Residential Mortgage Loans | | $ | 1,199 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value | | Valuation Technique(s) | | Unobservable Input(s) | | Range (Weighted Average) | | | | | | | | | | Collateral Dependent Loans -
Commercial and Industrial Loans | | $ | 3,695 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 30%-88% (53%) | Collateral Dependent Loans -
Commercial Real Estate Loans | | $ | 1,402 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 30%-68% (46%) | Collateral Dependent Loans -
Agricultural Loans | | $ | 1,910 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 30%-100% (57%) | Collateral Dependent Loans -
Consumer Loans | | $ | 10 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) | Collateral Dependent Loans -
Home Equity Loans | | $ | 328 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) | Collateral Dependent Loans -
Residential Mortgage Loans | | $ | 303 | | | Sales comparison approach | | Adjustment for physical condition of comparable properties sold | | 20%-20% (20%) |
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| Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments |
The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ended June 30, 2025 and December 31, 2024. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at
June 30, 2025 Using | | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial Assets: | | | | | | | | | | | | Cash and Short-term Investments | | $ | 200,148 | | | $ | 99,871 | | | $ | 100,277 | | | $ | — | | | $ | 200,148 | | | Interest Bearing Time Deposits with Banks | | 500 | | | — | | | 500 | | | — | | | 500 | | | Loans, Net | | 5,582,974 | | | — | | | — | | | 5,509,638 | | | 5,509,638 | | | Accrued Interest Receivable | | 35,636 | | | — | | | 8,858 | | | 26,778 | | | 35,636 | | | Financial Liabilities: | | | | | | | | | | | | Demand, Savings, and Money Market Deposits | | (5,624,768) | | | (5,624,768) | | | — | | | — | | | (5,624,768) | | | Time Deposits | | (1,329,918) | | | — | | | (1,322,916) | | | — | | | (1,322,916) | | | Short-term Borrowings | | (23,290) | | | — | | | (23,290) | | | — | | | (23,290) | | | Long-term Debt | | (178,743) | | | — | | | (78,016) | | | (100,013) | | | (178,029) | | | Accrued Interest Payable | | (8,548) | | | — | | | (8,374) | | | (174) | | | (8,548) | |
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December 31, 2024 Using | | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial Assets: | | | | | | | | | | | | Cash and Short-term Investments | | $ | 188,792 | | | $ | 69,249 | | | $ | 119,543 | | | $ | — | | | $ | 188,792 | | | Interest Bearing Time Deposits with Banks | | 500 | | | — | | | 500 | | | — | | | 500 | | | Loans, Net | | 4,072,818 | | | — | | | — | | | 3,993,595 | | | 3,993,595 | | | Accrued Interest Receivable | | 31,280 | | | — | | | 8,499 | | | 22,781 | | | 31,280 | | | Financial Liabilities: | | | | | | | | | | | | Demand, Savings, and Money Market Deposits | | (4,412,474) | | | (4,412,474) | | | — | | | — | | | (4,412,474) | | | Time Deposits | | (916,601) | | | — | | | (911,059) | | | — | | | (911,059) | | | Short-term Borrowings | | (56,862) | | | — | | | (56,862) | | | — | | | (56,862) | | | Long-term Debt | | (153,269) | | | — | | | (77,591) | | | (75,210) | | | (152,801) | | | Accrued Interest Payable | | (8,468) | | | — | | | (8,116) | | | (352) | | | (8,468) | |
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