0000950170-22-020005 | 10-Q | XBRL Viewer | Farmers Merchants Bancorp INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	FMAO
Entity Registrant Name	FARMERS & MERCHANTS BANCORP, INC.
Entity Central Index Key	0000792966
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		13,606,651
Entity File Number	001-38084
Entity Tax Identification Number	34-1469491
Entity Address, Address Line One	307 North Defiance Street
Entity Address, City or Town	Archbold
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43502
City Area Code	419
Local Phone Number	446-2501
Entity Incorporation, State or Country Code	OH
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, No Par Value
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 69,680	$ 135,485
Federal funds sold	990	45,338
Total cash and cash equivalents	70,670	180,823
Interest-bearing time deposits	5,187	10,913
Securities - available-for-sale	395,485	429,931
Other securities, at cost	8,227	8,162
Loans held for sale	2,182	7,714
Loans, net	2,122,626	1,841,177
Premises and equipment	26,484	26,913
Goodwill	80,434	80,434
Mortgage servicing rights	3,583	3,157
Other real estate owned		159
Bank owned life insurance	28,051	27,558
Other assets	40,831	21,359
Total Assets	2,783,760	2,638,300
Deposits
Noninterest-bearing	506,928	473,689
Interest-bearing
NOW accounts	705,888	650,466
Savings	607,375	597,828
Time	462,845	471,479
Total deposits	2,283,036	2,193,462
Federal funds purchased and securities sold under agreements to repurchase	55,802	29,268
Federal Home Loan Bank (FHLB) advances	102,147	24,065
Other borrowings	10,000	40,000
Subordinated notes, net of unamortized issuance costs	34,557	34,471
Dividend payable	2,727	2,461
Accrued expenses and other liabilities	14,913	17,406
Total liabilities	2,503,182	2,341,133
Commitments and Contingencies
Stockholders' Equity
Common stock - No par value 20,000,000 shares authorized; issued andoutstanding 14,063,999 shares 9/30/22 and 12/31/21	121,811	122,674
Treasury stock - 956,499 shares 9/30/22, 997,766 shares 12/31/21	(11,547)	(11,724)
Retained earnings	208,051	189,401
Accumulated other comprehensive loss	(37,737)	(3,184)
Total stockholders' equity	280,578	297,167
Total Liabilities and Stockholders' Equity	$ 2,783,760	$ 2,638,300

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Common stock, no par value
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	14,063,999	14,063,999
Common stock, shares outstanding	14,063,999	14,063,999
Treasury Stock, shares	956,499	997,766

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Income
Loans, including fees	$ 24,119	$ 18,766	$ 66,962	$ 50,637
Debt securities:
U.S. Treasury and government agencies	1,049	924	3,107	2,532
Municipalities	373	284	995	881
Dividends	93	44	192	125
Federal funds sold		10	19	21
Other	213	94	382	221
Total interest income	25,847	20,122	71,657	54,417
Interest Expense
Deposits	2,166	1,221	4,905	3,837
Federal funds purchased and securities sold under agreements to repurchase	416	165	734	494
Borrowed funds	398	87	951	424
Subordinated notes	284	199	837	199
Total interest expense	3,264	1,672	7,427	4,954
Net Interest Income - Before Provision for Loan Losses	22,583	18,450	64,230	49,463
Provision for Loan Losses	1,637	659	3,845	3,000
Net Interest Income After Provision for Loan Losses	20,946	17,791	60,385	46,463
Noninterest Income
Net gain on sale of loans	327	822	1,188	2,823
Net gain on sale of available-for-sale securities				293
Total noninterest income	3,732	4,074	11,395	13,092
Noninterest Expense
Salaries and wages	5,479	5,442	16,347	14,423
Employee benefits	1,392	1,621	4,992	5,530
Net occupancy expense	693	529	1,813	1,652
Furniture and equipment	1,047	903	3,111	2,542
Data processing	781	1,548	2,039	2,481
Franchise taxes	254	372	1,429	1,112
ATM expense	580	460	1,656	1,368
Advertising	578	439	1,115	1,005
Net (gain) loss on sale of other assets owned		219	(271)	421
FDIC assessment	271	296	655	808
Mortgage servicing rights amortization - net	(50)	285	35	1,314
Consulting fees	254	256	665	873
Other general and administrative	2,192	1,951	6,613	6,211
Total noninterest expense	13,471	14,321	40,199	39,740
Income Before Income Taxes	11,207	7,544	31,581	19,815
Income Taxes	2,253	1,624	6,254	4,003
Net Income	$ 8,954	$ 5,920	$ 25,327	$ 15,812
Basic Earnings Per Share	$ 0.68	$ 0.53	$ 1.94	$ 1.41
Diluted Earnings Per Share	0.68	0.53	1.94	1.41
Dividends Declared	$ 0.2100	$ 0.1800	$ 0.6025	$ 0.5200
Customer Service Fees [Member]
Noninterest Income
Noninterest income	$ 2,300	$ 2,242	$ 7,096	$ 7,254
Other Service Charges and Fees [Member]
Noninterest Income
Noninterest income	$ 1,105	$ 1,010	$ 3,111	$ 2,722

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 8,954	$ 5,920	$ 25,327	$ 15,812
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities	(8,197)	173	(43,738)	(5,778)
Reclassification adjustment for realized gain on sale of available-for-sale securities				(293)
Net unrealized gain (loss) on available-for-sale securities	(8,197)	173	(43,738)	(6,071)
Tax expense (benefit)	(1,721)	36	(9,185)	(1,275)
Other comprehensive income (loss)	(6,476)	137	(34,553)	(4,796)
Comprehensive Income (Loss)	$ 2,478	$ 6,057	$ (9,226)	$ 11,016

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Changes to Stockholder's Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2020	$ 249,160	$ 81,804	$ (11,932)	$ 173,591	$ 5,697
Beginning balance, shares at Dec. 31, 2020		11,197,544
Net income	4,909			4,909
Other comprehensive income (loss)	(5,554)				(5,554)
Purchase of treasury stock	(23)		(23)
Purchase of treasury stock, shares		(950)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ 1	(7)	6
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		150
Stock-based compensation expense	225	$ 225
Cash dividends declared	(1,889)			(1,889)
Ending balance at Mar. 31, 2021	246,828	$ 82,030	(11,962)	176,617	143
Ending balance, shares at Mar. 31, 2021		11,196,744
Beginning balance at Dec. 31, 2020	249,160	$ 81,804	(11,932)	173,591	5,697
Beginning balance, shares at Dec. 31, 2020		11,197,544
Net income	15,812
Ending balance at Sep. 30, 2021	254,746	$ 81,382	(11,718)	184,181	901
Ending balance, shares at Sep. 30, 2021		11,232,320
Beginning balance at Mar. 31, 2021	246,828	$ 82,030	(11,962)	176,617	143
Beginning balance, shares at Mar. 31, 2021		11,196,744
Net income	4,983			4,983
Other comprehensive income (loss)	621				621
Purchase of treasury stock	(201)		(201)
Purchase of treasury stock, shares		(8,929)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ 58	(47)	(11)
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		(1,975)
Stock-based compensation expense	171	$ 171
Director stock award	71		38	33
Director stock awards, shares		3,212
Cash dividends declared	(1,888)			(1,888)
Ending balance at Jun. 30, 2021	250,585	$ 82,259	(12,172)	179,734	764
Ending balance, shares at Jun. 30, 2021		11,189,052
Net income	5,920			5,920
Other comprehensive income (loss)	137				137
Purchase of treasury stock	(107)		(107)
Purchase of treasury stock, shares		(4,732)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ (1,090)	561	529
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		48,000
Stock-based compensation expense	213	$ 213
Cash dividends declared	(2,002)			(2,002)
Ending balance at Sep. 30, 2021	254,746	$ 81,382	(11,718)	184,181	901
Ending balance, shares at Sep. 30, 2021		11,232,320
Beginning balance at Dec. 31, 2021	297,167	$ 122,674	(11,724)	189,401	(3,184)
Beginning balance, shares at Dec. 31, 2021		13,066,233
Net income	8,102			8,102
Other comprehensive income (loss)	(16,542)				(16,542)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ (1)	(15)	16
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		(150)
Stock-based compensation expense	213	$ 213
Cash dividends declared	(2,462)			(2,462)
Ending balance at Mar. 31, 2022	286,478	$ 122,886	(11,739)	195,057	(19,726)
Ending balance, shares at Mar. 31, 2022		13,066,083
Beginning balance at Dec. 31, 2021	297,167	$ 122,674	(11,724)	189,401	(3,184)
Beginning balance, shares at Dec. 31, 2021		13,066,233
Net income	25,327
Ending balance at Sep. 30, 2022	280,578	$ 121,811	(11,547)	208,051	(37,737)
Ending balance, shares at Sep. 30, 2022		13,107,500
Beginning balance at Mar. 31, 2022	286,478	$ 122,886	(11,739)	195,057	(19,726)
Beginning balance, shares at Mar. 31, 2022		13,066,083
Net income	8,271			8,271
Other comprehensive income (loss)	(11,535)				(11,535)
Purchase of treasury stock	(54)		(54)
Purchase of treasury stock, shares		(1,388)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ 40	(63)	23
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		(1,750)
Stock-based compensation expense	219	$ 219
Director stock award	120		34	86
Director stock awards, shares		2,880
Cash dividends declared	(2,626)			(2,626)
Ending balance at Jun. 30, 2022	280,873	$ 123,145	(11,822)	200,811	(31,261)
Ending balance, shares at Jun. 30, 2022		13,065,825
Net income	8,954			8,954
Other comprehensive income (loss)	(6,476)				(6,476)
Purchase of treasury stock	(254)		(254)
Purchase of treasury stock, shares		(8,100)
Issuance of share of restricted stock and forfeiture of share of restricted stock		$ (1,542)	529	1,013
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares		49,775
Stock-based compensation expense	208	$ 208
Cash dividends declared	(2,727)			(2,727)
Ending balance at Sep. 30, 2022	$ 280,578	$ 121,811	$ (11,547)	$ 208,051	$ (37,737)
Ending balance, shares at Sep. 30, 2022		13,107,500

Condensed Consolidated Statements of Changes to Stockholder's Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Cash dividends declared, per share	$ 0.2100	$ 0.2025	$ 0.19	$ 0.1800	$ 0.17	$ 0.17
Common Stock [Member]
Issuance of shares of restricted stock, Shares	53,375		500	48,000		750
Issuance of shares of restricted stock, forfeitures	3,600	1,750	650		1,975	600

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash Flows from Operating Activities
Net income			$ 25,327	$ 15,812
Adjustments to reconcile net income to net cash from operating activities:
Depreciation			2,148	2,073
Amortization of premiums on available-for-sale securities, net			1,632	1,598
Servicing rights amortization and impairment	$ (50)	$ 285	35	1,314
Amortization of core deposit intangible			597	478
Amortization of customer list intangible			92	92
Net amortization (accretion) of fair value adjustments			(3,392)	(170)
Amortization of subordinated note issuance costs			86	20
Stock-based compensation expense			640	609
Director stock award			120	71
Provision for loan loss	1,637	659	3,845	3,000	$ 3,444
Gain on sale of loans held for sale	(327)	(822)	(1,188)	(2,823)
Originations of loans held for sale			(61,285)	(86,720)
Proceeds from sale of loans held for sale			68,005	93,548
(Gain) Loss on sale of other assets owned		219	(271)	421
Gain on sales of securities available-for-sale				(293)
Increase in cash surrender value of bank owned life insurance			(493)	(475)
Change in other assets and other liabilities, net			(13,929)	(1,278)
Net cash provided by operating activities			21,969	27,277
Activity in available-for-sale securities:
Maturities, prepayments and calls			25,061	41,305
Sales				9,291
Purchases			(35,986)	(146,634)
Activity in other securities, at cost:
Purchases			(65)	(207)
Proceeds from redemption of FHLB stock				1,522
Change in interest-bearing time deposits			5,726	10,257
Proceeds from sale of other assets owned			430	196
Additions to premises and equipment			(1,706)	(1,418)
Loan originations and principal collections, net			(283,836)	(141,116)
Net cash used in investing activities			(290,376)	(226,576)
Cash Flows from Financing Activities
Net change in deposits			91,432	154,042
Net change in federal funds purchased and securities sold under agreements to repurchase			26,534	(638)
Proceeds from FHLB advances			100,000
Repayment of FHLB advances			(21,855)	(157)
Repayment of other borrowings			(30,000)
Purchase of treasury stock			(308)	(331)
Proceeds from issuance of subordinated notes				34,421
Cash dividends paid on common stock			(7,549)	(5,666)
Net cash provided by financing activities			158,254	181,671
Net Decrease in Cash and Cash Equivalents			(110,153)	(17,628)
Cash and Cash Equivalents - Beginning of year			180,823	175,706	175,706
Cash and Cash Equivalents - End of period	$ 70,670	$ 158,078	70,670	158,078	$ 180,823
Supplemental cash flow information:
Interest paid			7,765	4,559
Income taxes paid			5,700	5,100
Supplemental noncash disclosures:
Transfer of loans to other real estate owned				209
Cash dividends declared not paid			$ 2,627	2,002
Ossian Financial Services, Inc. [Member]
Activity in other securities, at cost:
Acquisition of Ossian Financial Services, Inc., net of cash received				228
Supplemental noncash disclosures:
Fair value of assets acquired				137,058
Cash paid for the capital stock				20,001
Liabilities assumed				$ 117,057

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	Apr. 30, 2021 USD ($)
Ossian Financial Services, Inc. [Member]
Purchase of assets	$ 20,001

Basis of Presentation and Other

9 Months Ended

Sep. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation and Other

NOTE 1 BASIS OF PRESENTATION AND OTHER

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10Q and Rule 10-01 of Regulation S-X; accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that are expected for the year ended December 31, 2022. The condensed consolidated balance sheet of the Company as of December 31, 2021, has been derived from the audited consolidated balance sheet of the Company as of that date. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Company’s principal source of revenue is interest income from loans and investment securities. The Company also earns noninterest income from various banking and financial services offered primarily through Farmers & Merchants State Bank. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas written in contracts, such as loan agreements or investment security contracts. The Company also earns noninterest income from various banking and financial services provided to business and consumer clients such as deposit account, debit card, and mortgage banking services. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed.

Business Combination and Asset Purchase

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Business Combination and Asset Purchase

NOTE 2 BUSINESS COMBINATION AND ASSET PURCHASE

On October 1, 2021, the Company acquired Perpetual Federal Savings Bank, (PFSB), a community bank with one full-service office in Urbana, Ohio. Shareholders of PFSB elected to receive either 1.7766 shares of FMAO stock or $41.20 per share in cash for each PFSB share owned, subject to adjustment based upon 1,833,999 shares of FMAO to be issued in the merger. PFSB had 2,470,032 shares outstanding on October 1, 2021. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on October 1, 2021 was $22.40. Total consideration for the acquisition was approximately $100.3 million consisting of $59.2 million in cash and $41.1 million in stock. As a result of the acquisition, the Company has had an opportunity to increase its deposit base and reduce transaction costs. The Company has reduced costs through economies of scale.

Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $100.3 million, $668 thousand has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $25.2 million, resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Perpetual Federal Savings Bank. Of that total amount, none of the purchase price is deductible for tax purposes. The following table summarizes the consideration paid for Perpetual Federal Savings Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	59,234
Common Shares		41,078
Total	$	100,312

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	44,975
Federal funds sold		1,672
Interest-bearing time deposits		6,250
Other securities, at cost		2,794
Loans, net		334,661
Premises and equipment		615
Goodwill		25,220
Other assets		3,975
Total Assets Purchased	$	420,162

Liabilities
Deposits
Noninterest bearing	$	2,018
Interest bearing		309,090
Total deposits		311,108
Federal Home Loan Bank (FHLB) advances		6,218
Accrued expenses and other liabilities		2,524
Total Liabilities Assumed	$	319,850

The fair value of the assets acquired includes loans with a fair value of $334.7 million. The gross principal and contractual interest due under the contracts is $403.3 million, of which $5.6 million is expected to be uncollectible. The loans have a weighted average life of 52 months.

The fair value of building and land included in premises and equipment was written down by $4 thousand with $297 thousand attributable to the buildings and is being amortized over the useful life of 16.2 years.

The fair value for certificates of deposit incorporates a valuation amount of $3.9 million which is being accreted over 1.6 years. The fair value of Federal Home Loan Bank (FHLB) advances included a valuation amount of $218 thousand which is being accreted over 2.6 years.

The Company acquired loans in the acquisition that had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected.

Loans purchased with evidence of credit deterioration since origination and for which it was probable that all contractually required payments would not be collected were considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date included information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans were accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which included estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans was not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporated the estimate of current key assumptions, such as default rates, severity and prepayment speeds.

The carrying amount of those loans is included in loans, net on the balance sheet at September 30, 2022. The amounts of loans at October 1, 2021, December 31, 2021 and September 30, 2022 are as follows:



	(In Thousands)
Balance - October 1, 2021
Consumer Real Estate	$	608
Agricultural Real Estate		118
Commercial Real Estate		234
Commercial & Industrial		5
Carrying amount, net of fair value adjustment of $237	$	728

Balance - December 31, 2021
Consumer Real Estate	$	581
Agricultural Real Estate		114
Commercial Real Estate		5
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $190	$	510

Balance - September 30, 2022
Consumer Real Estate	$	336
Agricultural Real Estate		108
Commercial Real Estate		-
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $141	$	303

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:


	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	962
Agricultural Real Estate		146
Commercial Real Estate		293
Commercial & Industrial		6
Total required payments receivable	$	1,407

Cash flows expected to be collected at acquisition	$	728

Basis in acquired loans at acquisition	$	965

During the third quarter 2022, the associated discount of $1 thousand for one consumer real estate purchased credit impaired loan was included in the loan interest income in the Company's consolidated statement of income. Two consumer real estate purchased credit impaired loans with an associated discount of $36 thousand were paid off during the second quarter 2022 in addition to one consumer real estate purchased credit impaired loan with an associated discount of $12 thousand was paid off during the first quarter 2022 and has been included in the loan interest income in the Company’s consolidated statement of income for the nine months ended September 30, 2022. During the fourth quarter 2021, two commercial real estate and one consumer purchased credit impaired loans were paid off in full. The associated discount originally recognized at acquisition of $47 thousand was included in the loan interest income in the Company’s consolidated statement of income for the year ended December 31, 2021. The balance of the fair value adjustment for loans acquired and accounted for under this guidance (ASC 310-30) was $141 thousand at September 30, 2022, $190 thousand at December 31, 2021 and $237 thousand at October 1, 2021.

Changes in accretable yield, or income expected to be collected, are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)		(In Thousands)			(In Thousands)
Beginning Balance	$	4,710		$	-	$	5,262		$	-
Additions		28			-		125			-
Accretion		(330	)		-		(979	)		-
Reclassification from nonaccretable difference		-			-		-			-
Disposals		(2	)		-		(2	)		-
Ending Balance	$	4,406		$	-	$	4,406		$	-

On April 30, 2021, the Company acquired Ossian Financial Services, Inc., (OFSI), the bank holding company for Ossian State Bank, a community bank based in Ossian, Indiana. Ossian State Bank operated two full-service offices in the northeast Indiana communities of Ossian and Bluffton. Shareholders of OFSI received $67.71 in cash for each share. OFSI had 295,388 shares outstanding on April 30, 2021. Total consideration for the acquisition was approximately $20.0 million in cash. As a result of the acquisition, the Company has increased its deposit base and is working to reduce transaction costs. The Company has reduced costs through economies of scale.

Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $20.0 million, $980.2 thousand has been allocated to core deposit intangible included in other assets and will be amortized over seven years on a straight line basis. Goodwill of $7.9 million which resulted from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Ossian State Bank and is deductible for tax purposes over 15 years. The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	20,001
Total	$	20,001

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	20,229
Interest-bearing time deposits		20,226
Securities - available-for-sale		30,243
Other securities, at cost		281
Loans, net		52,403
Premises and equipment		494
Goodwill		7,874
Other assets		5,308
Total Assets Purchased	$	137,058

Liabilities
Deposits
Noninterest bearing	$	34,509
Interest bearing		81,535
Total deposits		116,044
Accrued expenses and other liabilities		1,013
Total Liabilities Assumed	$	117,057

The fair value of the assets acquired includes loans with a fair value of $52.4 million. The gross principal and contractual interest due under the contracts is $63.7 million, of which $1.1 million is expected to be uncollectible. The loans have a weighted average life of 52 months.

The fair value of building and land included in premises and equipment was written down by $596 thousand with $244 thousand attributable to buildings and will be accreted over the useful life of 39 years,

The fair value for certificates of deposit incorporates a valuation amount of $59 thousand which will be accreted over 1.4 years.

Certain transferred loans evidenced deterioration of credit quality since origination and management deemed it probable, at acquisition, that all contractually required payments would not be collected.

Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds.

The carrying amount of those loans is included in loans, net on the balance sheet at September 30, 2022. The amounts of loans at April 30, 2021, December 31, 2021 and September 30, 2022 are as follows:



	(In Thousands)
Balance - April 30, 2021
Consumer Real Estate	$	24
Agricultural Real Estate		981
Commercial Real Estate		315
Commercial & Industrial		314
Carrying amount, net of fair value adjustment of $325	$	1,309

Balance - December 31, 2021
Consumer Real Estate	$	22
Agricultural Real Estate		-
Commercial Real Estate		222
Commercial & Industrial		285
Carrying amount, net of fair value adjustment of $321	$	208

Balance - September 30, 2022
Consumer Real Estate	$	20
Agricultural Real Estate		-
Commercial Real Estate		-
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $10	$	10

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:


	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	28
Agricultural Real Estate		1,142
Commercial Real Estate		527
Commercial & Industrial		360
Total required payments receivable	$	2,057

Cash flows expected to be collected at acquisition	$	1,309

Basis in acquired loans at acquisition	$	1,634

During the third quarter 2022, the associated discount of $311 thousand for six purchased credit impaired loans between two relationships was included in the loan interest income in the Company's consolidated statement of income for the three and nine months ended September 30, 2022. The balance of the fair value adjustment for loans acquired and accounted for under this guidance (ASC 310-30) was $10 thousand at September 30, 2022, $321 thousand at December 31, 2021 and $325 thousand at April 30, 2021.

Changes in accretable yield, or income expected to be collected, are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	557		$	733		$	645		$	-
Additions		1			-			1			762
Accretion		(44	)		(44	)		(132	)		(73	)
Reclassification from nonaccretable difference		-			-			-			-
Disposals		-			-			-			-
Ending Balance	$	514		$	689		$	514		$	689

The results of operations of Ossian State Bank and Perpetual Federal Savings Bank have been included in the Company’s consolidated financial statements since the acquisition dates of April 30, 2021 and October 1, 2021, respectively. The following schedule includes pro-forma results for the three and nine months ended September 30, 2022 and 2021 as if the Ossian State Bank and Perpetual Federal Savings Bank acquisitions had occurred as of the beginning of the comparable prior reporting period.


	(in thousands of dollars, except per share data)				(in thousands of dollars, except per share data)
	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Summary of Operations
Net Interest Income - Before Provision for Loan Losses	$	22,583	$	22,124	$	64,230	$	61,019
Provision for Loan Losses		1,637		659		3,845		3,001
Net Interest Income After Provision for Loan Losses		20,946		21,465		60,385		58,018
Noninterest Income		3,732		4,664		11,394		14,031
Noninterest Expense		12,941		14,167		39,668		41,436
Income Before Income Taxes		11,737		11,962		32,111		30,613
Income Taxes		2,320		2,433		6,321		6,101
Net Income	$	9,417	$	9,529	$	25,790	$	24,512
Basic and Diluted Earnings Per Share	$	0.72	$	0.73	$	1.97	$	1.88

The pro-forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transactions, interest expense on deposits acquired, premises expense for the branches acquired and the related income tax effects. The pro-forma information for the quarter and nine months ended September 30, 2022 includes approximately $2.9 million and $7.5 million, respectively, net of tax, of operating revenue from Ossian State Bank and Perpetual Federal Savings Bank since January 1, 2022.

The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time, nor is it intended to be a projection of future results.

On January 1, 2019, the Company acquired Limberlost Bancshares, Inc. (“Limberlost”), the bank holding company for Bank of Geneva, a community bank based in Geneva, Indiana. Bank of Geneva operated six full-service offices in the northeast Indiana communities of Geneva, Berne, Decatur, Monroe, Portland and Monroeville. Shareholders of Limberlost received 1,830 shares of FMAO common stock and $8,465.00 in cash for each share. Limberlost had 1,000 shares outstanding on January 1, 2019. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on January 1, 2019 was $38.49. Total consideration for the acquisition was approximately $78.9 million consisting of $8.5 million in cash and $70.4 million in stock. As a result of the acquisition, the Company has had an opportunity to increase its deposit base and reduce transaction costs. The Company has also reduced costs through economies of scale.

Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $78.9 million, $3.9 million has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $43.3 million resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Bank of Geneva. Of that total amount, none of the purchase price is deductible for tax purposes.

Changes in accretable yield, or income expected to be collected, for the three and nine months ended are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	994		$	1,439		$	1,198		$	1,653
Additions		2			3			10			8
Accretion		(107	)		(108	)		(319	)		(323	)
Reclassification from nonaccretable difference		-			-			-			-
Disposals		-			-			-			(4	)
Ending Balance	$	889		$	1,334		$	889		$	1,334

As mentioned previously, the acquisition of Bank of Geneva resulted in the recognition of $3.9 million in core deposit intangible assets, the acquisition of Ossian State Bank resulted in the recognition of $980.2 thousand in core deposits assets and the acquisition of Perpetual Federal Savings Bank resulted in the recognition of $668 thousand in core deposits which are all being amortized over its remaining economic useful life of 7 years on a straight line basis. Core deposit intangible is included in other assets on the consolidated balance sheets.

The amortization expense of the core deposit intangible for the nine months ended September 30, 2021 was $478 thousand. Of the $795 thousand to be expensed in 2022, $597 thousand has been expensed for the nine months ended September 30, 2022. Annual amortization of core deposit intangible assets is as follows:


	(In Thousands)
	Geneva		Ossian		Perpetual		Total
2022	$	560	$	140	$	95	$	795
2023		560		140		95		795
2024		560		140		95		795
2025		560		140		95		795
2026		-		140		95		235
Thereafter		-		187		169		356
	$	2,240	$	887	$	644		3,771

On November 16, 2020, FM Investment Services, a division of the Bank, purchased the assets and clients of Adams County Financial Resources (ACFR), a full-service registered investment advisory firm located in Geneva, Indiana.

ACFR was founded in 1994 by R. Lee Flueckiger and provides clients and their families with financial confidence through personalized investment planning and services. As of November 30, 2020, ACFR had approximately $83 million of assets under management and over 450 clients.

Total consideration for the purchase was $825 thousand which consisted of 40,049 shares of stock. Under the acquisition method of accounting, the total purchase is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $825 thousand, $800 thousand has been allocated to customer list intangible, included in other assets, to be amortized over 6.5 years on a straight line basis.

The amortization expense of the customer list intangible for the nine months ended September 30, 2021 was $92 thousand. Of the $123 thousand to be expensed in 2022, $92 thousand has been expensed for the nine months ended September 30, 2022. Annual amortization expense of customer list intangible is as follows:


	(In Thousands)
	Adams County Financial Resources
2022	$	123
2023		123
2024		123
2025		123
2026		123
Thereafter		47
	$	662

Securities

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Securities

NOTE 3 SECURITIES

Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2022 and December 31, 2021, are as follows:


	(In Thousands)
	September 30, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	105,219	$	-	$	(10,057	)	$	95,162
U.S. Government agencies		154,905		-		(16,885	)		138,020
Mortgage-backed securities		104,242		-		(13,978	)		90,264
State and local governments		78,888		46		(6,895	)		72,039
Total available-for-sale securities	$	443,254	$	46	$	(47,815	)	$	395,485


	(In Thousands)
	December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	90,775	$	-	$	(1,598	)	$	89,177
U.S. Government agencies		159,673		695		(3,482	)		156,886
Mortgage-backed securities		118,550		839		(1,462	)		117,927
State and local governments		64,964		1,498		(521	)		65,941
Total available-for-sale securities	$	433,962	$	3,032	$	(7,063	)	$	429,931

Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment.

The fair value of the security has significantly declined from book value.

A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.)

Dividends have been reduced or eliminated or scheduled interest payments have not been made.

The underwater security has longer than 10 years to maturity and the loss position had existed for more than 3 years.

Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.

If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Company currently does not hold any securities with other than temporary impairment.

Information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:


	(In Thousands)
	September 30, 2022
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(1,522	)	$	29,827	$	(8,535	)	$	65,335	$	(10,057	)	$	95,162
U.S. Government agencies		(1,066	)		22,597		(15,819	)		115,423		(16,885	)		138,020
Mortgage-backed securities		(3,176	)		33,338		(10,802	)		56,926		(13,978	)		90,264
State and local governments		(3,840	)		51,876		(3,055	)		18,257		(6,895	)		70,133
Total available-for-sale securities	$	(9,604	)	$	137,638	$	(38,211	)	$	255,941	$	(47,815	)	$	393,579


	(In Thousands)
	December 31, 2021
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(1,598	)	$	89,177	$	-		$	-	$	(1,598	)	$	89,177
U.S. Government agencies		(1,898	)		86,739		(1,584	)		41,738		(3,482	)		128,477
Mortgage-backed securities		(1,050	)		63,157		(412	)		16,434		(1,462	)		79,591
State and local governments		(296	)		17,727		(225	)		5,487		(521	)		23,214
Total available-for-sale securities	$	(4,842	)	$	256,800	$	(2,221	)	$	63,659	$	(7,063	)	$	320,459

Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date.

Below are the gross realized gains and losses for the three and nine months ended September 30, 2022 and September 30, 2021.


	Three Months				Nine Months
	(In Thousands)				(In Thousands)
	2022		2021		2022		2021
Gross realized gains	$	-	$	-	$	-	$	293
Gross realized losses		-		-		-		-
Net realized gains	$	-	$	-	$	-	$	293
Tax expense related to net realized gains	$	-	$	-	$	-	$	62

The net realized gains on sales and related tax expense is a reclassification out of accumulated other comprehensive income (loss). The net realized gains are included in net gains on sale of available-for-sale securities and the related tax expense is included in income taxes in the condensed consolidated statements of income and comprehensive income (loss).

The amortized cost and fair value of debt securities at September 30, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	17,262	$	16,909
After one year through five years		184,900		168,802
After five years through ten years		131,050		113,882
After ten years		5,800		5,628
Total	$	339,012	$	305,221
Mortgage-backed securities		104,242		90,264
Total	$	443,254	$	395,485

Investments with a carrying value of $133.0 million and $115.0 million at September 30, 2022 and December 31, 2021, respectively, were pledged to secure public deposits and securities sold under repurchase agreements.

Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock in the amount of $6.8 million as of September 30, 2022 and $7.3 million as of December 31, 2021 . Other securities also includes Ohio Equity Fund for Housing Limited Partnership funding of $1.5 million as of September 30, 2022 out of a total of $4.0 million committed and $820 thousand as of December 31, 2021 out of a total $3.0 million committed.

Loans

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Loans

NOTE 4 LOANS

Loan balances as of September 30, 2022 and December 31, 2021 are summarized below:


	(In Thousands)
Loans:	September 30, 2022			December 31, 2021
Consumer Real Estate	$	416,001		$	395,873
Agricultural Real Estate		205,089			198,343
Agricultural		128,615			118,368
Commercial Real Estate		1,063,661			848,477
Commercial and Industrial		229,388			208,270
Consumer		70,602			57,737
Other		30,662			32,089
		2,144,018			1,859,157
Less: Net deferred loan fees and costs		(1,402	)		(1,738	)
		2,142,616			1,857,419
Less: Allowance for loan losses		(19,990	)		(16,242	)
Loans - Net	$	2,122,626		$	1,841,177

Other loans primarily fund public improvements in the Bank’s service area.

The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of September 30, 2022:


	(In Thousands)
	Fixed		Variable
Consumer Real Estate	$	293,912	$	122,089
Agricultural Real Estate		130,078		75,011
Agricultural		50,658		77,957
Commercial Real Estate		871,664		191,997
Commercial and Industrial		113,171		116,217
Consumer		67,154		3,448
Other		20,862		9,800

As of September 30, 2022 and December 31, 2021 one to four family residential mortgage loans amounting to $182.7 million and $193.2 million, respectively, have been pledged as security for future loans and existing loans the Bank has received from the Federal Home Loan Bank.

Unless listed separately, Other loans are included in the Commercial and Industrial category for the remainder of the tables in this Note 4.

The following table represents the contractual aging of the recorded investment (in thousands) in past due loans by portfolio classification of loans as of September 30, 2022 and December 31, 2021, net of deferred loan fees and costs:


September 30, 2022	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment > 90 Days and Accruing

Consumer Real Estate	$	1,056	$	167	$	216	$	1,439	$	414,605	$	416,044	$	-
Agricultural Real Estate		189		216		1,550		1,955		202,832		204,787		-
Agricultural		435		88		831		1,354		127,464		128,818		-
Commercial Real Estate		1		-		180		181		1,061,723		1,061,904		-
Commercial and Industrial		203		52		23		278		259,722		260,000		-
Consumer		14		45		47		106		70,957		71,063		-
Total	$	1,898	$	568	$	2,847	$	5,313	$	2,137,303	$	2,142,616	$	-


December 31, 2021	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment > 90 Days and Accruing

Consumer Real Estate	$	228	$	-	$	246	$	474	$	395,331	$	395,805	$	-
Agricultural Real Estate		436		-		-		436		197,597		198,033		-
Agricultural		-		-		-		-		118,504		118,504		-
Commercial Real Estate		-		-		180		180		846,930		847,110		-
Commercial and Industrial		21		131		149		301		239,837		240,138		-
Consumer		64		-		-		64		57,765		57,829		-
Total	$	749	$	131	$	575	$	1,455	$	1,855,964	$	1,857,419	$	-

The following table presents the recorded investment in nonaccrual loans by class of loans as of September 30, 2022 and December 31, 2021:


	(In Thousands)
	September 30, 2022		December 31, 2021

Consumer Real Estate	$	636	$	824
Agricultural Real Estate		2,214		6,477
Agricultural		1,334		20
Commercial Real Estate		1,178		600
Commercial & Industrial		57		149
Consumer		51		6
Total	$	5,470	$	8,076

Following are the characteristics and underwriting criteria for each major type of loan the Bank offers:

Consumer Real Estate: Purchase, refinance, or equity financing of one to four family owner occupied dwelling. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others.

Agricultural Real Estate: Purchase of farm real estate or for permanent improvements to the farm real estate. Cash flow from the farm operation is the repayment source and is therefore subject to the financial success of the farm operation.

Agricultural: Loans for the production and housing of crops, fruits, vegetables, and livestock or to fund the purchase or re-finance of capital assets such as machinery and equipment and livestock. The production of crops and livestock is especially vulnerable to commodity prices and weather. The vulnerability to commodity prices is offset by the farmer’s ability to hedge their position by the use of various pricing mechanisms. The risk related to weather is often mitigated by crop insurance.

Commercial Real Estate: Construction, purchase, and refinance of business purpose real estate. Risks include potential construction delays and overruns, vacancies, collateral value subject to market value fluctuations, interest rate, market demands, borrower’s ability to repay in orderly fashion, and others. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer’s ability to repay in a changing rate environment before granting loan approval.

Commercial and Industrial: Loans to proprietorships, partnerships, limited liability companies or corporations to provide temporary working capital and seasonal loans as well as long term loans for capital asset acquisition. Risks include adequacy of cash flow, reasonableness of projections, financial leverage, economic trends, management ability and estimated capital expenditures during the fiscal year. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer's ability to repay in a changing rate environment before granting loan approval. Included in commercial loans for September 2022 and December 2021 were Paycheck Protection Program (PPP) loans, administered by the Small Business Administration (SBA), in the amounts of $7 thousand and $2.9 million, respectively. The PPP provided loans to eligible businesses through financial institutions like the Bank, with loans being eligible for forgiveness of some or all of the principal amount by the SBA if the borrower meets certain requirements. The SBA guarantees repayment of the loans to the Bank if the borrower’s loan is not forgiven and is then not repaid by the customer. Therefore, there is no allowance for loan losses related to these loans.

Consumer: Funding for individual and family purposes. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others.

Other: Primarily funds public improvements in the Bank’s service area. Repayment ability is based on the continuance of the taxation revenue as the source of repayment.

The Bank uses a nine tier risk rating system to grade its loans. The grade of a loan may change during the life of the loan.

The risk ratings are described as follows.

Zero (0) Unclassified. Any loan which has not been assigned a classification.

One (1) Excellent. Credit to premier customers having the highest credit rating based on an extremely strong financial condition, which compares favorably with industry standards (upper quartile of RMA ratios). Financial statements indicate a sound earnings and financial ratio trend for several years with satisfactory profit margins and excellent liquidity exhibited. Prime credits may also be borrowers with loans fully secured by highly liquid collateral such as traded stocks, bonds, certificates of deposit, savings account, etc. No credit or collateral exceptions exist, and the loan adheres to The Bank's loan policy in every respect. Financing alternatives would be readily available and would qualify for unsecured credit. This rate is summarized by high liquidity, minimum risk, strong ratios, and low handling costs.

Two (2) Good. Desirable loans of somewhat less stature than rate 1, but with strong financial statements. Loan supported by financial statements containing strong balance sheets and a history of profitability. Probability of serious financial deterioration is unlikely. Possessing a sound repayment source (and a secondary source), which would allow repayment in a reasonable period of time. Individual loans backed by liquid personal assets, established history and unquestionable character.

Three (3) Satisfactory. Satisfactory loans of average or slightly above average risk – having some deficiency or vulnerability to changing economic conditions, but still fully collectible. Projects should normally demonstrate acceptable debt service coverage. There may be some weakness but with offsetting features of other support readily available. Loans that are meeting the terms of repayment.

Loans may be rated 3 when there is no recent information on which to base a current risk evaluation and the following conditions apply:

At inception, the loan was properly underwritten and did not possess an unwarranted level of credit risk;

At inception, the loan was secured with collateral possessing a loan-to-value adequate to protect The Bank from loss;

The loan exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance;

During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the business is in an industry which is known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk rating is warranted.

Four (4) Satisfactory / Monitored. A “4” (Satisfactory/Monitored) risk rating may be established for a loan considered satisfactory but which is of average credit risk due to financial weakness or uncertainty. The loans warrant a higher than average level of monitoring to ensure that weaknesses do not advance. The level of risk in Satisfactory/Monitored classification is considered acceptable and within normal underwriting guidelines, so long as the loan is given management supervision.

Five (5) Special Mention. Loans that possess some credit deficiency or potential weakness which deserve close attention, but which do not yet warrant substandard classification. Such loans pose unwarranted financial risk that, if not corrected, could weaken the loan and increase risk in the future. The key distinctions of a 5 (Special Mention) classification are that (1) it is indicative of an unwarranted level of risk, and (2) weaknesses are considered “potential” versus “defined” impairments to the primary source of loan repayment and collateral.

Six (6) Substandard. One or more of the following characteristics may be exhibited in loans classified substandard:

Loans which possess a defined credit weakness and the likelihood that a loan will be paid from the primary source are uncertain. Financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss.

Loans are inadequately protected by the current net worth and paying capacity of the borrower.

The primary source of repayment is weakened, and The Bank is forced to rely on a secondary source of repayment such as collateral liquidation or guarantees.

Loans are characterized by the distinct possibility that The Bank will sustain some loss if deficiencies are not corrected.

Unusual courses of action are needed to maintain a high probability of repayment.

The borrower is not generating enough cash flow to repay loan principal; however, continues to make interest payments.

The lender is forced into a subordinate position or unsecured collateral position due to flaws in documentation.

Loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms.

The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan.

There is significant deterioration in the market conditions and the borrower is highly vulnerable to these conditions.

Seven (7) Doubtful. One or more of the following characteristics may be exhibited in loans classified Doubtful:

Loans have all of the weaknesses of those classified as Substandard. Additionally, however, these weaknesses make collection or liquidation in full based on existing conditions improbable.

The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment.

The possibility of loss is high, but, because of certain important pending factors which may strengthen the loan, loss classification is deferred until its exact status is known. A Doubtful classification is established deferring the realization of the loss.

Eight (8) Loss. Loans are considered uncollectable and of such little value that continuing to carry them as assets on the institution’s financial statements is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future.

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The following table represents the risk category of loans by portfolio class, net of deferred fees and costs, based on the most recent analysis performed as of September 30, 2022 and December 31, 2021:


	(In Thousands)
	Agricultural				Commercial		Commercial
	Real Estate		Agricultural		Real Estate		and Industrial		Other
September 30, 2022
1-2	$	9,608	$	5,358	$	14,227	$	1,195	$	-
3		50,781		33,381		303,291		66,129		11,110
4		127,806		88,476		705,358		155,223		19,552
5		5,024		240		15,322		3,214		-
6		11,568		1,363		23,706		3,577		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	204,787	$	128,818	$	1,061,904	$	229,338	$	30,662


	Agricultural				Commercial		Commercial
	Real Estate		Agricultural		Real Estate		and Industrial		Other
December 31, 2021
1-2	$	8,720	$	4,178	$	10,894	$	4,604	$	-
3		42,180		38,623		238,132		46,547		11,408
4		129,301		75,164		568,038		152,736		20,681
5		4,599		227		14,509		986		-
6		13,233		312		15,537		3,176		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	198,033	$	118,504	$	847,110	$	208,049	$	32,089

For consumer residential real estate, and other, the Company also evaluates credit quality based on the aging status of the loan, as was previously stated, and by payment activity. The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of September 30, 2022 and December 31, 2021.


	(In Thousands)
	Consumer		Consumer
	Real Estate		Real Estate
	September 30, 2022		December 31, 2021
Grade
Pass	$	414,490	$	392,940
Special Mention (5)		555		1,673
Substandard (6)		999		1,192
Doubtful (7)		-		-
Total	$	416,044	$	395,805


	(In Thousands)
	Consumer - Credit				Consumer - Other
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Performing	$	1	$	3,906	$	71,003	$	53,820
Nonperforming		-		13		59		90
Total	$	1	$	3,919	$	71,062	$	53,910

Information about impaired loans as of September 30, 2022, December 31, 2021 and September 30, 2021 are as follows:


			(In Thousands)
	September 30, 2022		December 31, 2021		September 30, 2021

Impaired loans without a valuation allowance	$	5,835	$	1,228	$	2,461
Impaired loans with a valuation allowance		4,918		10,711		9,388
Total impaired loans	$	10,753	$	11,939	$	11,849
Valuation allowance related to impaired loans	$	2,436	$	2,184	$	2,400
Total non-accrual loans	$	5,470	$	8,076	$	6,248
Total loans past-due ninety days or more and still accruing	$	-	$	-	$	-
Quarter ended average investment in impaired loans	$	10,662	$	11,676	$	11,639
Year to date average investment in impaired loans	$	11,059	$	12,247	$	12,360

There were no additional funds available to be advanced in connection with impaired loans as of September 30, 2022.

The Bank had approximately $4.0 million of its impaired loans classified as troubled debt restructured (TDR) as of September 30, 2022, $7.6 million as of December 31, 2021 and $6.0 million as of September 30, 2021.

Modification programs focus on payment pattern changes and/or modified maturity dates with most receiving a combination of the two concessions. The modifications did not result in the contractual forgiveness of principal. During the third quarter of 2022, three new loans were considered TDR as a result of the continuance of interest only payment modifications. These three loans stem from a single relationship with a borrower. This relationship has a Small Business Administration (SBA) guaranty and consequently the request for the continuance of the interest only period was also approved by the SBA as were previous requests. During the third quarter of 2021, one new loan was considered TDR as a result of being in a deficiency balance upon the sale of property. The loan is set for a 3 year term and 10 year amortization. The ALLL included $1.0 million for the specific allocation on the principal balance of this loan. Year to date 2021, there were two new loans considered TDR with two previously reported TDR loans paid off in June 2021.

Three Months

Pre-

Post-

Nine Months

Pre-

Post-

September 30, 2022

Number of

Modification

Modification

September 30, 2022

Number of

Modification

Modification

(in thousands)

Contracts

Outstanding

Outstanding

(in thousands)

Contracts

Outstanding

Outstanding

Troubled Debt

Modified in the

Recorded

Recorded

Troubled Debt

Modified in the

Recorded

Recorded

Restructurings

Last Three Months

Investment

Investment

Restructurings

Last Nine Months

Investment

Investment

Commercial Real Estate

1

74

74

Commercial Real Estate

1

74

74

Commercial and
     Industrial

2

1,232

1,232

Commercial and
     Industrial

2

1,232

1,232

Three Months

Pre-

Post-

Nine Months

Pre-

Post-

September 30, 2021

Number of

Modification

Modification

September 30, 2021

Number of

Modification

Modification

(in thousands)

Contracts

Outstanding

Outstanding

(in thousands)

Contracts

Outstanding

Outstanding

Troubled Debt

Modified in the

Recorded

Recorded

Troubled Debt

Modified in the

Recorded

Recorded

Restructurings

Last Three Months

Investment

Investment

Restructurings

Last Nine Months

Investment

Investment

Commercial Real Estate

-

-

-

Commercial Real Estate

1

382

382

Commercial and
     Industrial

1

1,000

1,000

Commercial and
     Industrial

1

1,000

1,000

For the three months ended September 30, 2022 and 2021, there were no TDRs that subsequently defaulted after modification.

For the nine month period ended September 30, 2022, there were two impaired agriculture real estate loans of $4.5 million that were classified as TDR and paid off. For the nine month period ended September 30, 2021, there was one impaired commercial real estate loan of $86 thousand and one impaired commercial loan of $480 thousand that were classified as TDR paid off as well as three impaired commercial loans of $809 thousand that were classified as TDR charged off.

For the majority of the Bank’s impaired loans, the Bank will apply the fair value of collateral or use a measurement incorporating the present value of expected future cash flows discounted at the loan’s effective rate of interest. To determine fair value of collateral, collateral asset values securing an impaired loan are periodically evaluated. Maximum time of re-evaluation is every 12 months for chattels and titled vehicles and every two years for real estate. In this process, third party evaluations are obtained. Until such time that updated appraisals are received, the Bank may discount the collateral value used.

The Bank uses the following guidelines as stated in policy to determine when to realize a charge-off, whether a partial or full loan balance. A charge-off in whole or in part is realized when unsecured consumer loans, credit card credits and overdraft lines of credit reach 90 days delinquency. At 90 days delinquent, secured consumer loans are charged down to the value of the collateral, if repossession of the collateral is assured and/or in the process of repossession. Consumer mortgage loan deficiencies are charged down upon the sale of the collateral or sooner upon the recognition of collateral deficiency. A broker’s price opinion or appraisal will be completed on all home loans in litigation and any deficiency will be charged off before reaching 150 days delinquent. Commercial and agricultural credits are charged down/allocated at 120 days delinquency, unless an established and approved work-out plan is in place or litigation of the credit will likely result in recovery of the loan balance. Upon notification of bankruptcy, unsecured debt is charged off. Additional charge-off may be realized as further unsecured positions are recognized.

The following tables present loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2022 and September 30, 2021 and for the year ended December 31, 2021.


	(In Thousands)
											QTD
							QTD		QTD		Interest
Three Months Ended September 30, 2022			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	624	$	624	$	-	$	352	$	1	$	5
Agricultural Real Estate		2,588		2,693		-		2,467		6		1
Agricultural		1,334		1,334		-		1,309		-		-
Commercial Real Estate		1,251		1,251		-		1,505		9		14
Commercial and Industrial		21		21		-		63		-		-
Consumer		17		17		-		17		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		-		-		-		-		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,936		2,936		500		2,960		39		-
Commercial and Industrial		1,982		1,982		1,936		1,989		72		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	624	$	624	$	-	$	352	$	1	$	5
Agricultural Real Estate	$	2,588	$	2,693	$	-	$	2,467	$	6	$	1
Agricultural	$	1,334	$	1,334	$	-	$	1,309	$	-	$	-
Commercial Real Estate	$	4,187	$	4,187	$	500	$	4,465	$	48	$	14
Commercial and Industrial	$	2,003	$	2,003	$	1,936	$	2,052	$	72	$	-
Consumer	$	17	$	17	$	-	$	17	$	-	$	-


	(In Thousands)
											Interest
Year Ended December 31, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	604	$	604	$	-	$	456	$	5	$	15
Agricultural Real Estate		423		423		-		1,000		33		-
Agricultural		-		-		-		143		18		3
Commercial Real Estate		180		180		-		1,445		70		9
Commercial and Industrial		21		21		-		920		24		158
Consumer		-		-		-		17		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		59		-		-
Agricultural Real Estate		6,302		6,406		691		5,414		54		-
Agricultural		20		20		1		94		-		-
Commercial Real Estate		3,381		3,381		664		2,199		70		3
Commercial and Industrial		982		982		825		498		17		-
Consumer		26		26		3		2		1		-
Totals:
Consumer Real Estate	$	604	$	604	$	-	$	515	$	5	$	15
Agricultural Real Estate	$	6,725	$	6,829	$	691	$	6,414	$	87	$	-
Agricultural	$	20	$	20	$	1	$	237	$	18	$	3
Commercial Real Estate	$	3,561	$	3,561	$	664	$	3,644	$	140	$	12
Commercial and Industrial	$	1,003	$	1,003	$	825	$	1,418	$	41	$	158
Consumer	$	26	$	26	$	3	$	19	$	1	$	-


	(In Thousands)
											QTD
							QTD		QTD		Interest
Three Months Ended September 30, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	714	$	714	$	-	$	453	$	1	$	3
Agricultural Real Estate		1,207		1,207		-		1,047		19		-
Agricultural		130		130		-		130		4		-
Commercial Real Estate		180		180		-		2,519		4		1
Commercial and Industrial		215		215		-		525		-		1
Consumer		15		15		-		16		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		4,844		4,844		636		5,104		4		-
Agricultural		117		117		54		117		-		-
Commercial Real Estate		3,427		3,427		710		1,395		31		-
Commercial and Industrial		1,000		1,000		1,000		333		2		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	714	$	714	$	-	$	453	$	1	$	3
Agricultural Real Estate	$	6,051	$	6,051	$	636	$	6,151	$	23	$	-
Agricultural	$	247	$	247	$	54	$	247	$	4	$	-
Commercial Real Estate	$	3,607	$	3,607	$	710	$	3,914	$	35	$	1
Commercial and Industrial	$	1,215	$	1,215	$	1,000	$	858	$	2	$	1
Consumer	$	15	$	15	$	-	$	16	$	-	$	-


	(In Thousands)
											YTD
							YTD		YTD		Interest
Nine Months Ended September 30, 2022			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	624	$	624	$	-	$	372	$	3	$	10
Agricultural Real Estate		2,588		2,693		-		1,953		19		6
Agricultural		1,334		1,334		-		591		-		2
Commercial Real Estate		1,251		1,251		-		1,162		20		33
Commercial and Industrial		21		21		-		175		2		10
Consumer		17		17		-		18		1		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		-		-		-		1,850		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,936		2,936		500		3,270		113		-
Commercial and Industrial		1,982		1,982		1,936		1,665		138		-
Consumer		-		-		-		3		-		-
Totals:
Consumer Real Estate	$	624	$	624	$	-	$	372	$	3	$	10
Agricultural Real Estate	$	2,588	$	2,693	$	-	$	3,803	$	19	$	6
Agricultural	$	1,334	$	1,334	$	-	$	591	$	-	$	2
Commercial Real Estate	$	4,187	$	4,187	$	500	$	4,432	$	133	$	33
Commercial and Industrial	$	2,003	$	2,003	$	1,936	$	1,840	$	140	$	10
Consumer	$	17	$	17	$	-	$	21	$	1	$	-


	(In Thousands)
											YTD
							YTD		YTD		Interest
Nine Months Ended September 30, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	714	$	714	$	-	$	485	$	4	$	10
Agricultural Real Estate		1,207		1,207		-		1,191		53		-
Agricultural		130		130		-		161		8		-
Commercial Real Estate		180		180		-		1,768		38		7
Commercial and Industrial		215		215		-		1,206		24		4
Consumer		15		15		-		19		1		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		4,844		4,844		636		5,273		15		-
Agricultural		117		117		54		123		4		-
Commercial Real Estate		3,427		3,427		710		1,800		58		3
Commercial and Industrial		1,000		1,000		1,000		334		2		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	714	$	714	$	-	$	485	$	4	$	10
Agricultural Real Estate	$	6,051	$	6,051	$	636	$	6,464	$	68	$	-
Agricultural	$	247	$	247	$	54	$	284	$	12	$	-
Commercial Real Estate	$	3,607	$	3,607	$	710	$	3,568	$	96	$	10
Commercial and Industrial	$	1,215	$	1,215	$	1,000	$	1,540	$	26	$	4
Consumer	$	15	$	15	$	-	$	19	$	1	$	-

As of September 30, 2022, the Company had no foreclosed residential real estate property obtained by physical possession and $211 thousand of consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process according to local jurisdictions. This compares to the Company having $159 thousand of foreclosed residential real estate property obtained by physical possession and $255 thousand of consumer mortgage loans secured by residential real estate properties for which foreclosure proceeding were in process according to local jurisdictions as of December 31, 2021. As of September 30, 2021, the Company had $167 thousand of foreclosed residential real estate property obtained by physical possession and $129 thousand of consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings were in process according to local jurisdictions.

The Allowance for Loan and Lease Losses (ALLL) has a direct impact on the provision expense. An increase in the ALLL is funded through recoveries and provision expense. The following tables summarize the activities in the allowance for credit losses.


	(In Thousands)
	Nine Months Ended			Twelve Months Ended
	September 30, 2022			December 31, 2021
Allowance for Loan & Lease Losses
Balance at beginning of year	$	16,242		$	13,672
Provision for loan loss		3,845			3,444
Loans charged off		(334	)		(1,332	)
Recoveries		237			458
Allowance for Loan & Lease Losses	$	19,990		$	16,242
Allowance for Unfunded Loan Commitments & Letters of Credit	$	1,118		$	1,041
Total Allowance for Credit Losses	$	21,108		$	17,283

The Company segregates its ALLL into two reserves: The ALLL and the Allowance for Unfunded Loan Commitments and Letters of Credit (AULC). When combined, these reserves constitute the total Allowance for Credit Losses (ACL).

The ALLL does not include an accretable yield of $5.8 and $7.1 million as of September 30, 2022 and December 31, 2021, respectively, nor a nonaccretable yield of $151 and $510 thousand as of September 30, 2022 and December 31, 2021, respectively, related to the acquisitions of Bank of Geneva in 2019 and Ossian State Bank and Perpetual Federal Savings Bank in 2021 as previously discussed in Note 2.

The AULC is reported within other liabilities while the ALLL is netted within the loans, net asset line on the Company’s consolidated balance sheet. The ACL presented above represents the full amount of reserves available to absorb possible credit losses.

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The following table breaks down the activity within ACL for each loan portfolio classification and shows the contribution provided by both the recoveries and the provision along with the reduction of the allowance caused by charge-offs.

Additional analysis, presented in thousands, related to the allowance for credit losses for the three and nine months ended September 30, 2022 and September 30, 2021 in addition to the ending balances as of December 31, 2021 is as follows:


	Consumer Real Estate			Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Consumer			Unfunded Loan Commitment & Letters of Credit			Unallocated			Total
Three Months Ended September 30, 2022
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	939		$	346	$	754	$	10,427	$	5,365	$	567		$	1,167		$	26		$	19,591
Charge Offs		-			-		-		-		-		(123	)		-			-			(123	)
Recoveries		6			-		1		2		8		35			-			-			52
Provision (Credit)		(19	)		10		1		1,122		297		246			-			(20	)		1,637
Other Non-interest expense related to unfunded		-			-		-		-		-		-			(49	)		-			(49	)
Ending Balance	$	926		$	356	$	756	$	11,551	$	5,670	$	725		$	1,118		$	6		$	21,108
Ending balance: individually evaluated for impairment	$	-		$	-	$	-	$	500	$	1,936	$	-		$	-		$	-		$	2,436
Ending balance: collectively evaluated for impairment	$	926		$	356	$	756	$	11,051	$	3,734	$	725		$	1,118		$	6		$	18,672
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	-
FINANCING RECEIVABLES:
Ending balance	$	416,044		$	204,787	$	128,818	$	1,061,904	$	260,000	$	71,063		$	-		$	-		$	2,142,616
Ending balance: individually evaluated for impairment	$	624		$	2,588	$	1,334	$	4,187	$	2,003	$	17		$	-		$	-		$	10,753
Ending balance: collectively evaluated for impairment	$	414,951		$	202,003	$	127,484	$	1,057,699	$	257,948	$	71,046		$	-		$	-		$	2,131,131
Ending balance: loans acquired with deteriorated credit quality	$	469		$	196	$	-	$	18	$	49	$	-		$	-		$	-		$	732


December 31, 2021	Consumer Real Estate		Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Consumer		Unfunded Loan Commitment & Letters of Credit		Unallocated		Total
ALLOWANCE FOR CREDIT LOSSES:
Ending Balance	$	857	$	1,040	$	709	$	9,130	$	3,847	$	625	$	1,041	$	34	$	17,283
Ending balance: individually evaluated for impairment	$	-	$	691	$	1	$	664	$	825	$	3	$	-	$	-	$	2,184
Ending balance: collectively evaluated for impairment	$	857	$	349	$	708	$	8,466	$	3,022	$	622	$	1,041	$	34	$	15,099
Ending balance: loans acquired with deteriorated credit quality	$	37	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	37
FINANCING RECEIVABLES:
Ending balance	$	395,805	$	198,033	$	118,504	$	847,110	$	240,138	$	57,829	$	-	$	-	$	1,857,419
Ending balance: individually evaluated for impairment	$	604	$	6,725	$	20	$	3,561	$	1,003	$	26	$	-	$	-	$	11,939
Ending balance: collectively evaluated for impairment	$	394,489	$	191,107	$	118,484	$	843,299	$	238,849	$	57,803	$	-	$	-	$	1,844,031
Ending balance: loans acquired with deteriorated credit quality	$	712	$	201	$	-	$	250	$	286	$	-	$	-	$	-	$	1,449


	Consumer Real Estate			Agricultural Real Estate			Agricultural			Commercial Real Estate			Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit			Unallocated		Total
Three Months Ended September 30, 2021
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	649		$	1,217		$	720		$	8,831		$	2,837		$	613		$	1,145		$	220	$	16,232
Charge Offs		(2	)		-			(1	)		-			(5	)		(95	)		-			-		(103	)
Recoveries		3			-			1			3			9			39			-			-		55
Provision (Credit)		146			(291	)		(33	)		(469	)		973			49			-			284		659
Other Non-interest expense related to unfunded		-			-			-			-			-			-			(106	)		-		(106	)
Ending Balance	$	796		$	926		$	687		$	8,365		$	3,814		$	606		$	1,039		$	504	$	16,737
Ending balance: individually evaluated for impairment	$	-		$	636		$	54		$	710		$	1,000		$	-		$	-		$	-	$	2,400
Ending balance: collectively evaluated for impairment	$	796		$	290		$	633		$	7,655		$	2,814		$	606		$	1,039		$	504	$	14,337
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-
FINANCING RECEIVABLES:
Ending balance	$	202,370		$	179,051		$	105,722		$	727,418		$	225,382		$	55,619		$	-		$	-	$	1,495,562
Ending balance: individually evaluated for impairment	$	714		$	6,051		$	247		$	3,607		$	1,215		$	15		$	-		$	-	$	11,849
Ending balance: collectively evaluated for impairment	$	201,595		$	173,000		$	105,475		$	723,577		$	223,803		$	55,604		$	-		$	-	$	1,483,054
Ending balance: loans acquired with deteriorated credit quality	$	61		$	-		$	-		$	234		$	364		$	-		$	-		$	-	$	659


	Consumer Real Estate		Agricultural Real Estate			Agricultural		Commercial Real Estate		Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit		Unallocated			Total
Nine Months Ended September 30, 2022
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	857	$	1,040		$	709	$	9,130	$	3,847		$	625		$	1,041	$	34		$	17,283
Charge Offs		-		-			-		-		(6	)		(328	)		-		-			(334	)
Recoveries		15		-			1		7		82			132			-		-			237
Provision (Credit)		54		(684	)		46		2,414		1,747			296			-		(28	)		3,845
Other Non-interest expense related to unfunded		-		-			-		-		-			-			77		-			77
Ending Balance	$	926	$	356		$	756	$	11,551	$	5,670		$	725		$	1,118	$	6		$	21,108
Ending balance: individually evaluated for impairment	$	-	$	-		$	-	$	500	$	1,936		$	-		$	-	$	-		$	2,436
Ending balance: collectively evaluated for impairment	$	926	$	356		$	756	$	11,051	$	3,734		$	725		$	1,118	$	6		$	18,672
Ending balance: loans acquired with deteriorated credit quality																					$	-
FINANCING RECEIVABLES:
Ending balance	$	416,044	$	204,787		$	128,818	$	1,061,904	$	260,000		$	71,063		$	-	$	-		$	2,142,616
Ending balance: individually evaluated for impairment	$	624	$	2,588		$	1,334	$	4,187	$	2,003		$	17		$	-	$	-		$	10,753
Ending balance: collectively evaluated for impairment	$	414,951	$	202,003		$	127,484	$	1,057,699	$	257,948		$	71,046		$	-	$	-		$	2,131,131
Ending balance: loans acquired with deteriorated credit quality	$	469	$	196		$	-	$	18	$	49		$	-		$	-	$	-		$	732


	Consumer Real Estate			Agricultural Real Estate			Agricultural			Commercial Real Estate		Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit		Unallocated		Total
Nine Months Ended September 30, 2021
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	633		$	958		$	701		$	7,415	$	3,346		$	606		$	641	$	13	$	14,313
Charge Offs		(2	)		-			(143	)		-		(814	)		(195	)		-		-		(1,154	)
Recoveries		9			-			7			8		19			137			-		-		180
Provision (Credit)		156			(32	)		122			942		1,263			58			-		491		3,000
Other Non-interest expense related to unfunded		-			-			-			-		-			-			398		-		398
Ending Balance	$	796		$	926		$	687		$	8,365	$	3,814		$	606		$	1,039	$	504	$	16,737
Ending balance: individually evaluated for impairment	$	-		$	636		$	54		$	710	$	1,000		$	-		$	-	$	-	$	2,400
Ending balance: collectively evaluated for impairment	$	796		$	290		$	633		$	7,655	$	2,814		$	606		$	1,039	$	504	$	14,337
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-		$	-		$	-	$	-		$	-		$	-	$	-	$	-
FINANCING RECEIVABLES:
Ending balance	$	202,370		$	179,051		$	105,722		$	727,418	$	225,382		$	55,619		$	-	$	-	$	1,495,562
Ending balance: individually evaluated for impairment	$	714		$	6,051		$	247		$	3,607	$	1,215		$	15		$	-	$	-	$	11,849
Ending balance: collectively evaluated for impairment	$	201,595		$	173,000		$	105,475		$	723,577	$	223,803		$	55,604		$	-	$	-	$	1,483,054
Ending balance: loans acquired with deteriorated credit quality	$	61		$	-		$	-		$	234	$	364		$	-		$	-	$	-	$	659

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 5 EARNINGS PER SHARE

Basic earnings per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Application of the two-class method for participating securities results in a more dilutive basic earnings per share as the participating securities are allocated the same amount of income as if they are outstanding for purposes of basic earnings per share. There is no additional potential dilution in calculating diluted earnings per share, therefore basic and diluted earnings per share are the same amounts. Other than the restricted stock plan, the Company has no other employee stock based compensation plans.

The Compensation Committee of the Company has determined that it is appropriate to award shares of the common stock of the Company to Outside Directors and Employees that are officers of the Company or the Bank who also serve as Directors of the Company and the Bank as a portion of their retainer for services rendered as Directors of the Company and the Bank. The Committee believes that it is appropriate to award the Directors shares equal to a specific dollar amount, rounded to the nearest whole share on an annual basis commencing on June 5, 2020 and thereafter on the first Friday of June in each year. Directors receive a prorated dollar value of shares for a partial year of service. The value for the shares is to be based upon the closing price for shares on June 4, 2020 and thereafter on the first Thursday in June in each year. On June 4, 2021, ten Directors received approximately $6,000 worth of shares which equated to 272 shares while four Directors received a prorated dollar value of shares. On October 1, 2021, a new Director was added as a result of the Perpetual Federal Savings Bank acquisition and received 68 prorated shares worth approximately $1,523. On June 3, 2022, twelve Directors each received $10,013 which equated to 240 shares. The use of stock for Directors’ retainer, does not have an effect on diluted earnings per share as it is immediately vested.


	(in thousands of dollars)						(in thousands of dollars)
	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Earnings per share
Net income	$	8,954		$	5,920		$	25,327		$	15,812
Less: distributed earnings allocated to participating securities		(26	)		(20	)		(67	)		(49	)
Less: undistributed earnings allocated to participating securities		(42	)		(31	)		(148	)		(77	)
Net earnings available to common shareholders	$	8,886		$	5,869		$	25,112		$	15,686

Weighted average common shares outstanding including participating securities		13,083,145			11,209,732			13,071,859			11,199,309
Less: average unvested restricted shares		(99,838	)		(96,197	)		(111,209	)		(89,075	)
Weighted average common shares outstanding		12,983,307			11,113,535			12,960,650			11,110,234
Basic and diluted earnings per share	$	0.68		$	0.53		$	1.94		$	1.41

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 6 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair values of financial instruments are management's estimate of the values at which the instruments could be exchanged in a transaction between willing parties. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including deferred tax assets, premises, equipment and intangibles. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of the estimates.

[ Remainder of this page intentionally left blank ]

The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of September 30, 2022 and December 31, 2021 are reflected below.


	(In Thousands)
	September 30, 2022
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	70,670	$	70,670	$	70,670	$	-	$	-
Interest-bearing time deposits		5,187		5,187		-		5,187		-
Securities - available-for-sale		395,485		395,485		95,162		296,957		3,366
Other securities		8,227		8,227		-		-		8,227
Loans held for sale		2,182		2,219		-		-		2,219
Loans, net		2,122,626		2,080,950		-		-		2,080,950
Interest receivable		9,856		9,856		-		-		9,856

Financial Liabilities:
Interest bearing deposits	$	1,313,263	$	1,313,263	$	-	$	-	$	1,313,263
Non-interest bearing deposits		506,928		506,928		-		506,928		-
Time deposits		462,845		449,985		-		-		449,985
Total Deposits		2,283,036		2,270,176		-		506,928		1,763,248

Federal funds purchased and securities sold under agreement to repurchase		55,802		55,802		-		-		55,802
Federal Home Loan Bank advances		102,147		103,588		-		-		103,588
Other borrowings		10,000		10,000		-		10,000		-
Subordinated notes, net of unamortized issuance costs		34,557		35,003		-		35,003		-
Interest payable		787		787		-		-		787


	(In Thousands)
	December 31, 2021
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	180,823	$	180,823	$	180,823	$	-	$	-
Interest-bearing time deposits		10,913		10,933		-		10,933		-
Securities - available-for-sale		429,931		429,931		89,177		335,981		4,773
Other securities		8,162		8,162		-		-		8,162
Loans held for sale		7,714		7,844		-		-		7,844
Loans, net		1,841,177		1,864,386		-		-		1,864,386
Interest receivable		7,209		7,209		-		-		7,209

Financial Liabilities:
Interest bearing deposits	$	1,248,294	$	1,248,044	$	-	$	-	$	1,248,044
Non-interest bearing deposits		473,689		473,689		-		473,689		-
Time deposits		471,479		475,810		-		-		475,810
Total Deposits		2,193,462		2,197,543		-		473,689		1,723,854

Federal funds purchased and securities sold under agreement to repurchase		29,268		29,268		-		-		29,268
Federal Home Loan Bank advances		24,065		24,305		-		-		24,305
Other borrowings		40,000		40,000		-		40,000		-
Subordinated notes, net of unamortized issuance costs		34,471		35,000		-		35,000		-
Interest payable		1,125		1,125		-		-		1,125

Fair Value Measurements:

In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities in active markets that the Company has the ability to access.

Available-for-sale securities, when quoted prices are available in an active market, securities are valued using the quoted price and are classified as Level 1.

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Available-for-sale securities classified as Level 2 are valued using the prices obtained from an independent pricing service. The prices are not adjusted. Securities of obligations of state and political subdivisions are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. Substantially all assumptions used by the independent pricing service are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace.

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. The Bank holds some local municipals that the Bank evaluates based on the credit strength of the underlying project. The fair value is determined by valuing similar credit payment streams at similar rates.

In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset.

The following summarizes financial assets measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value:


Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands)
September 30, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury	$	95,162	$	-	$	-
U.S. Government agencies		-		138,020		-
Mortgage-backed securities		-		90,264		-
State and local governments		-		68,673		3,366
Total Securities Available-for-Sale	$	95,162	$	296,957	$	3,366


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury	$	89,177	$	-	$	-
U.S. Government agencies		-		156,886		-
Mortgage-backed securities		-		117,927		-
State and local governments		-		61,168		4,773
Total Securities Available-for-Sale	$	89,177	$	335,981	$	4,773

The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three and nine month periods ended September 30, 2022 and September 30, 2021. During the three month period ended March 31, 2022, there was one security transferred from Level 3 to Level 2.


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at July 1, 2022	$	2,089		$	1,325		$	3,414

Change in Market Value		(19	)		(29	)		(48	)

Purchases		-			-			-

Payments & Maturities		-			-			-

Reclassification & Adjustments		-			-			-

Balance at September 30, 2022	$	2,070		$	1,296		$	3,366


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at July 1, 2021	$	2,410		$	1,538		$	3,948

Change in Market Value		(9	)		(17	)		(26	)

Purchases		-			-			-

Payments & Maturities		(155	)		-			(155	)

Reclassification & Adjustments		-			-			-

Balance at September 30, 2021	$	2,246		$	1,521		$	3,767


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at January 1, 2022	$	2,307		$	2,466		$	4,773

Change in Market Value		(77	)		(181	)		(258	)

Purchases		-			-			-

Payments & Maturities		(160	)		-			(160	)

Reclassification & Adjustments		-			(989	)		(989	)

Balance at September 30, 2022	$	2,070		$	1,296		$	3,366


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at January 1, 2021	$	-		$	1,562		$	1,562

Change in Market Value		(17	)		(41	)		(58	)

Purchases		2,418			-			2,418

Payments & Maturities		(155	)		-			(155	)

Reclassification & Adjustments		-			-			-

Balance at September 30, 2021	$	2,246		$	1,521		$	3,767

Most of the Company's available-for-sale securities, including any bonds issued by local municipalities, have CUSIP numbers or have similar characteristics of those in the municipal markets, making them marketable and comparable as Level 2.

The Company also has assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis. At September 30, 2022 and December 31, 2021, such assets consist primarily of collateral dependent impaired loans. Collateral dependent impaired loans categorized as Level 3 assets consist of non-homogeneous loans that are considered impaired. The Company estimates the fair value of the loans based on the present value of expected future cash flows using management's best estimate of key assumptions. These assumptions include future payment ability, timing of payment streams, and estimated realizable values of available collateral (typically based on outside appraisals.)

At September 30, 2022 and December 31, 2021, fair value of collateral dependent impaired loans categorized as Level 3 was $2.5 million and $8.5 million, respectively. The specific allocation for impaired loans was $2.4 million and $2.2 million as of September 30, 2022 and December 31, 2021, respectively, which are accounted for in the allowance for loan losses (see Note 4).

During 2021, impairment was recognized on mortgage servicing rights based upon the independent third party’s quarterly valuations. A valuation allowance was established by strata to quantify the likely impairment of the value of the mortgage servicing rights to the Company. If the carrying amount of an individual strata exceeds the fair value, impairment was recorded on that strata so the servicing asset was carried at fair value. Impairment was $1 thousand at September 30, 2022 and $414 thousand at December 31, 2021.

Other real estate is reported at either the lower of the fair value of the real estate minus the estimated costs to sell the asset or the cost of the asset. The determination of fair value of the real estate relies primarily on appraisals from third parties. If the fair value of the real estate, minus the estimated costs to sell the asset, is less than the asset's cost, the deficiency is recognized as a valuation allowance against the asset through a charge to expense. The valuation allowance is therefore increased or decreased, through charges or credits to expense, for changes in the asset's fair value or estimated selling costs.

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:


	(In Thousands)				Range
	Fair Value at				(Weighted
	September 30, 2022		Valuation Technique	Unobservable Inputs	Average)
State and local government	$	3,366	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	2.13-4.59% (3.96%)

Collateral dependent impaired loans		2,482	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-23.87% (23.80%)

Mortgage servicing rights		52	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	0.09-1.85% (1.81%)

Other real estate owned - residential		-	Appraisals	Discount to reflect current market	— % ( — %)


	(In Thousands)				Range
	Fair Value at				(Weighted
	December 31, 2021		Valuation Technique	Unobservable Inputs	Average)
State and local government	$	4,773	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	0.21-1.77% (1.33%)

Collateral dependent impaired loans		8,527	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-53.95% (34.78%)

Mortgage servicing rights		3,157	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	1.94-27.70% (18.44%)

Other real estate owned - residential		99	Appraisals	Discount to reflect current market	32.72% (32.72%)

The following table presents assets measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021:


	Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2022
	(In Thousands)
	Balance at September 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans	$	2,482	$	-	$	-	$	2,482
Mortgage servicing rights		52		-		-		52
Other real estate owned - residential		-		-		-		-


	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2021
	(In Thousands)
	Balance at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans	$	8,527	$	-	$	-	$	8,527
Mortgage servicing rights		3,157		-		-		3,157
Other real estate owned - residential		99		-		-		99

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2022

Brokers And Dealers [Abstract]

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

NOTE 7 FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The Company had $20.4 million in federal funds purchased as of September 30, 2022 and no federal funds purchased as of December 31, 2021. During the same time periods, the Company had $35.4 million and $29.3 million in securities sold under agreement to repurchase.


	September 30, 2022
	Remaining Contractual Maturity of the Agreements (In Thousands)

	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	20,356	$	-	$	-	$	-	$	20,356
Repurchase agreements
US Treasury & agency securities	$	1,359	$	-	$	5,069	$	29,018	$	35,446
Total	$	21,715	$	-	$	5,069	$	29,018	$	55,802


	December 31, 2021
	Remaining Contractual Maturity of the Agreements (In Thousands)

	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	-	$	-	$	-	$	-	$	-
Repurchase agreements
US Treasury & agency securities	$	1,062	$	-	$	3,900	$	24,306	$	29,268
Total	$	1,062	$	-	$	3,900	$	24,306	$	29,268

Subordinated Notes

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Subordinated Notes

NOTE 8 SUBORDINATED NOTES

On July 30, 2021, the Company announced the completion of a private placement of $35 million aggregate principal amount of its 3.25% fixed-to-floating rate subordinated notes due July 30, 2031 (the “Notes”) to various accredited investors (the “Offering”). The price for the Notes was 100% of the principal amount of the Notes. The Notes qualify as Tier 2 capital for regulatory purposes in proportionate amounts until July 30, 2026. The Company intended to use the net proceeds from the Offering for general corporate purposes, including financing acquisitions and organic growth.

Interest on the Notes will accrue at a rate equal to (i) 3.25% per annum from the original issue date to, but excluding, the five-year anniversary, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the Notes), plus a spread of 263 basis points from and including the five-year anniversary until maturity, payable quarterly in arrears. Beginning on or after the fifth anniversary of the issue date through maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption will be at a redemption price equal to 100% of the principal amount of Notes being redeemed, plus accrued and unpaid interest.


	September 30, 2022					December 31, 2021
(In Thousands)	Principal		Unamortized Note Issuance Costs			Principal		Unamortized Note Issuance Costs
Subordinated Notes	$	35,000	$	(443	)	$	35,000	$	(529	)

Subsequent Event

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

NOTE 9 SUBSEQUENT EVENT

On June 14, 2022, Farmers & Merchants Bancorp, Inc., an Ohio corporation (“F&M”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Peoples-Sidney Financial Corporation, a Delaware corporation (“PPSF”), which provides for the merger of PPSF with and into F&M (the “Merger”) and the merger of PPSF’s wholly-owned banking subsidiary, Peoples Federal Savings and Loan Association (“Peoples Bank”), with and into F&M’s wholly-owned banking subsidiary, The Farmers & Merchants State Bank (“F&M Bank”). All of the outstanding shares of PPSF’s common stock will be converted into

the right to receive the cash or stock consideration as described in, and subject to, the terms and conditions of the Merger Agreement.

Based on the closing price of F&M’s common stock on June 14, 2022, of $34.28 per share, the transaction value for the shares of common stock and cash to be paid is approximately $27 million.

The transaction is expected to be a tax-free stock exchange for PPSF’s shareholders who will be receiving F&M’s common stock pursuant to the Merger. Subject to PPSF’s shareholders’ approval of the Merger, regulatory approvals and other customary closing conditions, the parties anticipate completing the Merger in the third or fourth quarter of 2022. A copy of the Merger Agreement is filed as Exhibit 2.1 and incorporated herein by reference.

The Boards of Directors of each of F&M and PPSF have approved the Merger Agreement. The members of the Board of Directors of PPSF have entered into a Voting Agreement pursuant to which each of them has agreed to vote their shares of PPSF common stock in favor of the Merger. A copy of the form of Voting Agreement is attached to the Merger Agreement as Exhibit B.

Subject to the terms and conditions of the Merger Agreement, upon the completion of the Merger, PPSF shareholders will have the opportunity to elect to receive either 0.6597 shares of FMAO stock or $24.00 per share in cash for each PPSF share owned, subject to a requirement under the Merger Agreement that the minimum number of PPSF Shares exchanged for F&M Shares in the Merger shall be no less than 758,566. Fractional shares of F&M common stock will not be issued in respect of fractional interests arising from the Merger but will be paid in cash pursuant to the Merger Agreement.

During the year, the Company incurred third party acquisition related costs of $357.1 thousand which are included in the Company's consolidated statement of income for the three and nine months ended September 30, 2022. These expenses are comprised primarily of professional fees and to a lesser extent, SEC filing fees and other costs.

The closing of the merger was October 1, 2022, with system conversion slated for December 3-5th.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2022

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

NOTE 10 RECENT ACCOUNTING PRONOUNCEMENTS

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.

The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). FASB subsequently approved a delay in adoption for Smaller Reporting Companies. The Company has completed an analysis to determine that it qualifies as a Smaller Reporting Company. As such, adoption can be postponed until periods beginning after December 15, 2022 (i.e., January 1, 2023, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.

The Company began working with a third-party service provider to review methodology options starting in June 2019. At the end of first quarter 2022, the Company evaluated and refined its methodology and produced a parallel report for the calculation of the ALLL under the ASU guidance. Management continues to refine the methodology as necessary as the Company works towards ASU implementation and adoption. The Company will adopt ASU 2016-13 on January 1, 2023.

In March 2022, the FASB issued ASU 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds

enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The amended guidance is effective for the Company on January 1, 2023, with early adoption permitted. The Company will adopt ASU 2022-02 on January 1, 2023.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2022
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	NOTE 10 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). FASB subsequently approved a delay in adoption for Smaller Reporting Companies. The Company has completed an analysis to determine that it qualifies as a Smaller Reporting Company. As such, adoption can be postponed until periods beginning after December 15, 2022 (i.e., January 1, 2023, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company began working with a third-party service provider to review methodology options starting in June 2019. At the end of first quarter 2022, the Company evaluated and refined its methodology and produced a parallel report for the calculation of the ALLL under the ASU guidance. Management continues to refine the methodology as necessary as the Company works towards ASU implementation and adoption. The Company will adopt ASU 2016-13 on January 1, 2023. In March 2022, the FASB issued ASU 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The amended guidance is effective for the Company on January 1, 2023, with early adoption permitted. The Company will adopt ASU 2022-02 on January 1, 2023.

Business Combination and Asset Purchase (Tables)

9 Months Ended

Sep. 30, 2022

Business Acquisition [Line Items]

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized

The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	20,001
Total	$	20,001

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	20,229
Interest-bearing time deposits		20,226
Securities - available-for-sale		30,243
Other securities, at cost		281
Loans, net		52,403
Premises and equipment		494
Goodwill		7,874
Other assets		5,308
Total Assets Purchased	$	137,058

Liabilities
Deposits
Noninterest bearing	$	34,509
Interest bearing		81,535
Total deposits		116,044
Accrued expenses and other liabilities		1,013
Total Liabilities Assumed	$	117,057

Summary of Carrying Amount of Loans



	(In Thousands)
Balance - April 30, 2021
Consumer Real Estate	$	24
Agricultural Real Estate		981
Commercial Real Estate		315
Commercial & Industrial		314
Carrying amount, net of fair value adjustment of $325	$	1,309

Balance - December 31, 2021
Consumer Real Estate	$	22
Agricultural Real Estate		-
Commercial Real Estate		222
Commercial & Industrial		285
Carrying amount, net of fair value adjustment of $321	$	208

Balance - September 30, 2022
Consumer Real Estate	$	20
Agricultural Real Estate		-
Commercial Real Estate		-
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $10	$	10

Summary of Loans Acquired and Contractually Required Payments Receivable

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:


	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	28
Agricultural Real Estate		1,142
Commercial Real Estate		527
Commercial & Industrial		360
Total required payments receivable	$	2,057

Cash flows expected to be collected at acquisition	$	1,309

Basis in acquired loans at acquisition	$	1,634

Summary of Changes in Accretable Yield or Income Expected to be Collected

Changes in accretable yield, or income expected to be collected, for the three and nine months ended are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	994		$	1,439		$	1,198		$	1,653
Additions		2			3			10			8
Accretion		(107	)		(108	)		(319	)		(323	)
Reclassification from nonaccretable difference		-			-			-			-
Disposals		-			-			-			(4	)
Ending Balance	$	889		$	1,334		$	889		$	1,334

Schedule of Pro-forma Results

The following schedule includes pro-forma results for the three and nine months ended September 30, 2022 and 2021 as if the Ossian State Bank and Perpetual Federal Savings Bank acquisitions had occurred as of the beginning of the comparable prior reporting period.


	(in thousands of dollars, except per share data)				(in thousands of dollars, except per share data)
	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Summary of Operations
Net Interest Income - Before Provision for Loan Losses	$	22,583	$	22,124	$	64,230	$	61,019
Provision for Loan Losses		1,637		659		3,845		3,001
Net Interest Income After Provision for Loan Losses		20,946		21,465		60,385		58,018
Noninterest Income		3,732		4,664		11,394		14,031
Noninterest Expense		12,941		14,167		39,668		41,436
Income Before Income Taxes		11,737		11,962		32,111		30,613
Income Taxes		2,320		2,433		6,321		6,101
Net Income	$	9,417	$	9,529	$	25,790	$	24,512
Basic and Diluted Earnings Per Share	$	0.72	$	0.73	$	1.97	$	1.88

Schedule of Annual Amortization of Core Deposit Intangible Assets

Annual amortization of core deposit intangible assets is as follows:


	(In Thousands)
	Geneva		Ossian		Perpetual		Total
2022	$	560	$	140	$	95	$	795
2023		560		140		95		795
2024		560		140		95		795
2025		560		140		95		795
2026		-		140		95		235
Thereafter		-		187		169		356
	$	2,240	$	887	$	644		3,771

Customer Lists [Member]

Business Acquisition [Line Items]

Schedule of Annual Amortization of Core Deposit Intangible Assets

Annual amortization expense of customer list intangible is as follows:


	(In Thousands)
	Adams County Financial Resources
2022	$	123
2023		123
2024		123
2025		123
2026		123
Thereafter		47
	$	662

Perpetual Federal Savings Bank [Member]

Business Acquisition [Line Items]

Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized

The following table summarizes the consideration paid for Perpetual Federal Savings Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	59,234
Common Shares		41,078
Total	$	100,312

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	44,975
Federal funds sold		1,672
Interest-bearing time deposits		6,250
Other securities, at cost		2,794
Loans, net		334,661
Premises and equipment		615
Goodwill		25,220
Other assets		3,975
Total Assets Purchased	$	420,162

Liabilities
Deposits
Noninterest bearing	$	2,018
Interest bearing		309,090
Total deposits		311,108
Federal Home Loan Bank (FHLB) advances		6,218
Accrued expenses and other liabilities		2,524
Total Liabilities Assumed	$	319,850

Summary of Carrying Amount of Loans



	(In Thousands)
Balance - October 1, 2021
Consumer Real Estate	$	608
Agricultural Real Estate		118
Commercial Real Estate		234
Commercial & Industrial		5
Carrying amount, net of fair value adjustment of $237	$	728

Balance - December 31, 2021
Consumer Real Estate	$	581
Agricultural Real Estate		114
Commercial Real Estate		5
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $190	$	510

Balance - September 30, 2022
Consumer Real Estate	$	336
Agricultural Real Estate		108
Commercial Real Estate		-
Commercial & Industrial		-
Carrying amount, net of fair value adjustment of $141	$	303

Summary of Loans Acquired and Contractually Required Payments Receivable

Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows:


	(In Thousands)
Contractually required payments receivable at acquisition
Consumer Real Estate	$	962
Agricultural Real Estate		146
Commercial Real Estate		293
Commercial & Industrial		6
Total required payments receivable	$	1,407

Cash flows expected to be collected at acquisition	$	728

Basis in acquired loans at acquisition	$	965

Summary of Changes in Accretable Yield or Income Expected to be Collected

Changes in accretable yield, or income expected to be collected, are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)		(In Thousands)			(In Thousands)
Beginning Balance	$	4,710		$	-	$	5,262		$	-
Additions		28			-		125			-
Accretion		(330	)		-		(979	)		-
Reclassification from nonaccretable difference		-			-		-			-
Disposals		(2	)		-		(2	)		-
Ending Balance	$	4,406		$	-	$	4,406		$	-

Ossian Financial Services, Inc. [Member]

Business Acquisition [Line Items]

Summary of Changes in Accretable Yield or Income Expected to be Collected

Changes in accretable yield, or income expected to be collected, are as follows:


	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	(In Thousands)			(In Thousands)			(In Thousands)			(In Thousands)
Beginning Balance	$	557		$	733		$	645		$	-
Additions		1			-			1			762
Accretion		(44	)		(44	)		(132	)		(73	)
Reclassification from nonaccretable difference		-			-			-			-
Disposals		-			-			-			-
Ending Balance	$	514		$	689		$	514		$	689

Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses

The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2022 and December 31, 2021, are as follows:


	(In Thousands)
	September 30, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	105,219	$	-	$	(10,057	)	$	95,162
U.S. Government agencies		154,905		-		(16,885	)		138,020
Mortgage-backed securities		104,242		-		(13,978	)		90,264
State and local governments		78,888		46		(6,895	)		72,039
Total available-for-sale securities	$	443,254	$	46	$	(47,815	)	$	395,485


	(In Thousands)
	December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	90,775	$	-	$	(1,598	)	$	89,177
U.S. Government agencies		159,673		695		(3,482	)		156,886
Mortgage-backed securities		118,550		839		(1,462	)		117,927
State and local governments		64,964		1,498		(521	)		65,941
Total available-for-sale securities	$	433,962	$	3,032	$	(7,063	)	$	429,931

Gross Unrealized Losses, Aggregated by Investment Category and Length of Time


	(In Thousands)
	September 30, 2022
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(1,522	)	$	29,827	$	(8,535	)	$	65,335	$	(10,057	)	$	95,162
U.S. Government agencies		(1,066	)		22,597		(15,819	)		115,423		(16,885	)		138,020
Mortgage-backed securities		(3,176	)		33,338		(10,802	)		56,926		(13,978	)		90,264
State and local governments		(3,840	)		51,876		(3,055	)		18,257		(6,895	)		70,133
Total available-for-sale securities	$	(9,604	)	$	137,638	$	(38,211	)	$	255,941	$	(47,815	)	$	393,579


	(In Thousands)
	December 31, 2021
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(1,598	)	$	89,177	$	-		$	-	$	(1,598	)	$	89,177
U.S. Government agencies		(1,898	)		86,739		(1,584	)		41,738		(3,482	)		128,477
Mortgage-backed securities		(1,050	)		63,157		(412	)		16,434		(1,462	)		79,591
State and local governments		(296	)		17,727		(225	)		5,487		(521	)		23,214
Total available-for-sale securities	$	(4,842	)	$	256,800	$	(2,221	)	$	63,659	$	(7,063	)	$	320,459

Gross Realized Gains and Losses

Below are the gross realized gains and losses for the three and nine months ended September 30, 2022 and September 30, 2021.


	Three Months				Nine Months
	(In Thousands)				(In Thousands)
	2022		2021		2022		2021
Gross realized gains	$	-	$	-	$	-	$	293
Gross realized losses		-		-		-		-
Net realized gains	$	-	$	-	$	-	$	293
Tax expense related to net realized gains	$	-	$	-	$	-	$	62

Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity


	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	17,262	$	16,909
After one year through five years		184,900		168,802
After five years through ten years		131,050		113,882
After ten years		5,800		5,628
Total	$	339,012	$	305,221
Mortgage-backed securities		104,242		90,264
Total	$	443,254	$	395,485

Loans (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Loans

Loan balances as of September 30, 2022 and December 31, 2021 are summarized below:


	(In Thousands)
Loans:	September 30, 2022			December 31, 2021
Consumer Real Estate	$	416,001		$	395,873
Agricultural Real Estate		205,089			198,343
Agricultural		128,615			118,368
Commercial Real Estate		1,063,661			848,477
Commercial and Industrial		229,388			208,270
Consumer		70,602			57,737
Other		30,662			32,089
		2,144,018			1,859,157
Less: Net deferred loan fees and costs		(1,402	)		(1,738	)
		2,142,616			1,857,419
Less: Allowance for loan losses		(19,990	)		(16,242	)
Loans - Net	$	2,122,626		$	1,841,177

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 September 30, 2022:


	(In Thousands)
	Fixed		Variable
Consumer Real Estate	$	293,912	$	122,089
Agricultural Real Estate		130,078		75,011
Agricultural		50,658		77,957
Commercial Real Estate		871,664		191,997
Commercial and Industrial		113,171		116,217
Consumer		67,154		3,448
Other		20,862		9,800

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


September 30, 2022	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment > 90 Days and Accruing

Consumer Real Estate	$	1,056	$	167	$	216	$	1,439	$	414,605	$	416,044	$	-
Agricultural Real Estate		189		216		1,550		1,955		202,832		204,787		-
Agricultural		435		88		831		1,354		127,464		128,818		-
Commercial Real Estate		1		-		180		181		1,061,723		1,061,904		-
Commercial and Industrial		203		52		23		278		259,722		260,000		-
Consumer		14		45		47		106		70,957		71,063		-
Total	$	1,898	$	568	$	2,847	$	5,313	$	2,137,303	$	2,142,616	$	-


December 31, 2021	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment > 90 Days and Accruing

Consumer Real Estate	$	228	$	-	$	246	$	474	$	395,331	$	395,805	$	-
Agricultural Real Estate		436		-		-		436		197,597		198,033		-
Agricultural		-		-		-		-		118,504		118,504		-
Commercial Real Estate		-		-		180		180		846,930		847,110		-
Commercial and Industrial		21		131		149		301		239,837		240,138		-
Consumer		64		-		-		64		57,765		57,829		-
Total	$	749	$	131	$	575	$	1,455	$	1,855,964	$	1,857,419	$	-

Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans

The following table presents the recorded investment in nonaccrual loans by class of loans as of September 30, 2022 and December 31, 2021:


	(In Thousands)
	September 30, 2022		December 31, 2021

Consumer Real Estate	$	636	$	824
Agricultural Real Estate		2,214		6,477
Agricultural		1,334		20
Commercial Real Estate		1,178		600
Commercial & Industrial		57		149
Consumer		51		6
Total	$	5,470	$	8,076

Risk Category of Loans by Portfolio Class


	(In Thousands)
	Agricultural				Commercial		Commercial
	Real Estate		Agricultural		Real Estate		and Industrial		Other
September 30, 2022
1-2	$	9,608	$	5,358	$	14,227	$	1,195	$	-
3		50,781		33,381		303,291		66,129		11,110
4		127,806		88,476		705,358		155,223		19,552
5		5,024		240		15,322		3,214		-
6		11,568		1,363		23,706		3,577		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	204,787	$	128,818	$	1,061,904	$	229,338	$	30,662


	Agricultural				Commercial		Commercial
	Real Estate		Agricultural		Real Estate		and Industrial		Other
December 31, 2021
1-2	$	8,720	$	4,178	$	10,894	$	4,604	$	-
3		42,180		38,623		238,132		46,547		11,408
4		129,301		75,164		568,038		152,736		20,681
5		4,599		227		14,509		986		-
6		13,233		312		15,537		3,176		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	198,033	$	118,504	$	847,110	$	208,049	$	32,089

Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity

The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of September 30, 2022 and December 31, 2021.


	(In Thousands)
	Consumer		Consumer
	Real Estate		Real Estate
	September 30, 2022		December 31, 2021
Grade
Pass	$	414,490	$	392,940
Special Mention (5)		555		1,673
Substandard (6)		999		1,192
Doubtful (7)		-		-
Total	$	416,044	$	395,805


	(In Thousands)
	Consumer - Credit				Consumer - Other
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Performing	$	1	$	3,906	$	71,003	$	53,820
Nonperforming		-		13		59		90
Total	$	1	$	3,919	$	71,062	$	53,910

Schedule of Impaired Loans

Information about impaired loans as of September 30, 2022, December 31, 2021 and September 30, 2021 are as follows:


			(In Thousands)
	September 30, 2022		December 31, 2021		September 30, 2021

Impaired loans without a valuation allowance	$	5,835	$	1,228	$	2,461
Impaired loans with a valuation allowance		4,918		10,711		9,388
Total impaired loans	$	10,753	$	11,939	$	11,849
Valuation allowance related to impaired loans	$	2,436	$	2,184	$	2,400
Total non-accrual loans	$	5,470	$	8,076	$	6,248
Total loans past-due ninety days or more and still accruing	$	-	$	-	$	-
Quarter ended average investment in impaired loans	$	10,662	$	11,676	$	11,639
Year to date average investment in impaired loans	$	11,059	$	12,247	$	12,360

Impaired Loans Classified as Troubled Debt Restructured

Three Months

Pre-

Post-

Nine Months

Pre-

Post-

September 30, 2022

Number of

Modification

Modification

September 30, 2022

Number of

Modification

Modification

(in thousands)

Contracts

Outstanding

Outstanding

(in thousands)

Contracts

Outstanding

Outstanding

Troubled Debt

Modified in the

Recorded

Recorded

Troubled Debt

Modified in the

Recorded

Recorded

Restructurings

Last Three Months

Investment

Investment

Restructurings

Last Nine Months

Investment

Investment

Commercial Real Estate

1

74

74

Commercial Real Estate

1

74

74

Commercial and
     Industrial

2

1,232

1,232

Commercial and
     Industrial

2

1,232

1,232

Three Months

Pre-

Post-

Nine Months

Pre-

Post-

September 30, 2021

Number of

Modification

Modification

September 30, 2021

Number of

Modification

Modification

(in thousands)

Contracts

Outstanding

Outstanding

(in thousands)

Contracts

Outstanding

Outstanding

Troubled Debt

Modified in the

Recorded

Recorded

Troubled Debt

Modified in the

Recorded

Recorded

Restructurings

Last Three Months

Investment

Investment

Restructurings

Last Nine Months

Investment

Investment

Commercial Real Estate

-

-

-

Commercial Real Estate

1

382

382

Commercial and
     Industrial

1

1,000

1,000

Commercial and
     Industrial

1

1,000

1,000

For the three months ended

Loans Individually Evaluated for Impairment by Portfolio Class of Loans


	(In Thousands)
											QTD
							QTD		QTD		Interest
Three Months Ended September 30, 2022			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	624	$	624	$	-	$	352	$	1	$	5
Agricultural Real Estate		2,588		2,693		-		2,467		6		1
Agricultural		1,334		1,334		-		1,309		-		-
Commercial Real Estate		1,251		1,251		-		1,505		9		14
Commercial and Industrial		21		21		-		63		-		-
Consumer		17		17		-		17		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		-		-		-		-		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,936		2,936		500		2,960		39		-
Commercial and Industrial		1,982		1,982		1,936		1,989		72		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	624	$	624	$	-	$	352	$	1	$	5
Agricultural Real Estate	$	2,588	$	2,693	$	-	$	2,467	$	6	$	1
Agricultural	$	1,334	$	1,334	$	-	$	1,309	$	-	$	-
Commercial Real Estate	$	4,187	$	4,187	$	500	$	4,465	$	48	$	14
Commercial and Industrial	$	2,003	$	2,003	$	1,936	$	2,052	$	72	$	-
Consumer	$	17	$	17	$	-	$	17	$	-	$	-


	(In Thousands)
											Interest
Year Ended December 31, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	604	$	604	$	-	$	456	$	5	$	15
Agricultural Real Estate		423		423		-		1,000		33		-
Agricultural		-		-		-		143		18		3
Commercial Real Estate		180		180		-		1,445		70		9
Commercial and Industrial		21		21		-		920		24		158
Consumer		-		-		-		17		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		59		-		-
Agricultural Real Estate		6,302		6,406		691		5,414		54		-
Agricultural		20		20		1		94		-		-
Commercial Real Estate		3,381		3,381		664		2,199		70		3
Commercial and Industrial		982		982		825		498		17		-
Consumer		26		26		3		2		1		-
Totals:
Consumer Real Estate	$	604	$	604	$	-	$	515	$	5	$	15
Agricultural Real Estate	$	6,725	$	6,829	$	691	$	6,414	$	87	$	-
Agricultural	$	20	$	20	$	1	$	237	$	18	$	3
Commercial Real Estate	$	3,561	$	3,561	$	664	$	3,644	$	140	$	12
Commercial and Industrial	$	1,003	$	1,003	$	825	$	1,418	$	41	$	158
Consumer	$	26	$	26	$	3	$	19	$	1	$	-


	(In Thousands)
											QTD
							QTD		QTD		Interest
Three Months Ended September 30, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	714	$	714	$	-	$	453	$	1	$	3
Agricultural Real Estate		1,207		1,207		-		1,047		19		-
Agricultural		130		130		-		130		4		-
Commercial Real Estate		180		180		-		2,519		4		1
Commercial and Industrial		215		215		-		525		-		1
Consumer		15		15		-		16		-		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		4,844		4,844		636		5,104		4		-
Agricultural		117		117		54		117		-		-
Commercial Real Estate		3,427		3,427		710		1,395		31		-
Commercial and Industrial		1,000		1,000		1,000		333		2		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	714	$	714	$	-	$	453	$	1	$	3
Agricultural Real Estate	$	6,051	$	6,051	$	636	$	6,151	$	23	$	-
Agricultural	$	247	$	247	$	54	$	247	$	4	$	-
Commercial Real Estate	$	3,607	$	3,607	$	710	$	3,914	$	35	$	1
Commercial and Industrial	$	1,215	$	1,215	$	1,000	$	858	$	2	$	1
Consumer	$	15	$	15	$	-	$	16	$	-	$	-


	(In Thousands)
											YTD
							YTD		YTD		Interest
Nine Months Ended September 30, 2022			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	624	$	624	$	-	$	372	$	3	$	10
Agricultural Real Estate		2,588		2,693		-		1,953		19		6
Agricultural		1,334		1,334		-		591		-		2
Commercial Real Estate		1,251		1,251		-		1,162		20		33
Commercial and Industrial		21		21		-		175		2		10
Consumer		17		17		-		18		1		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		-		-		-		1,850		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,936		2,936		500		3,270		113		-
Commercial and Industrial		1,982		1,982		1,936		1,665		138		-
Consumer		-		-		-		3		-		-
Totals:
Consumer Real Estate	$	624	$	624	$	-	$	372	$	3	$	10
Agricultural Real Estate	$	2,588	$	2,693	$	-	$	3,803	$	19	$	6
Agricultural	$	1,334	$	1,334	$	-	$	591	$	-	$	2
Commercial Real Estate	$	4,187	$	4,187	$	500	$	4,432	$	133	$	33
Commercial and Industrial	$	2,003	$	2,003	$	1,936	$	1,840	$	140	$	10
Consumer	$	17	$	17	$	-	$	21	$	1	$	-


	(In Thousands)
											YTD
							YTD		YTD		Interest
Nine Months Ended September 30, 2021			Unpaid				Average		Interest		Income
	Recorded		Principal		Related		Recorded		Income		Recognized
	Investment		Balance		Allowance		Investment		Recognized		Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	714	$	714	$	-	$	485	$	4	$	10
Agricultural Real Estate		1,207		1,207		-		1,191		53		-
Agricultural		130		130		-		161		8		-
Commercial Real Estate		180		180		-		1,768		38		7
Commercial and Industrial		215		215		-		1,206		24		4
Consumer		15		15		-		19		1		-
With a specific allowance recorded:
Consumer Real Estate		-		-		-		-		-		-
Agricultural Real Estate		4,844		4,844		636		5,273		15		-
Agricultural		117		117		54		123		4		-
Commercial Real Estate		3,427		3,427		710		1,800		58		3
Commercial and Industrial		1,000		1,000		1,000		334		2		-
Consumer		-		-		-		-		-		-
Totals:
Consumer Real Estate	$	714	$	714	$	-	$	485	$	4	$	10
Agricultural Real Estate	$	6,051	$	6,051	$	636	$	6,464	$	68	$	-
Agricultural	$	247	$	247	$	54	$	284	$	12	$	-
Commercial Real Estate	$	3,607	$	3,607	$	710	$	3,568	$	96	$	10
Commercial and Industrial	$	1,215	$	1,215	$	1,000	$	1,540	$	26	$	4
Consumer	$	15	$	15	$	-	$	19	$	1	$	-

Summary of Activities in Allowance for Credit Losses

The following tables summarize the activities in the allowance for credit losses.


	(In Thousands)
	Nine Months Ended			Twelve Months Ended
	September 30, 2022			December 31, 2021
Allowance for Loan & Lease Losses
Balance at beginning of year	$	16,242		$	13,672
Provision for loan loss		3,845			3,444
Loans charged off		(334	)		(1,332	)
Recoveries		237			458
Allowance for Loan & Lease Losses	$	19,990		$	16,242
Allowance for Unfunded Loan Commitments & Letters of Credit	$	1,118		$	1,041
Total Allowance for Credit Losses	$	21,108		$	17,283

Analysis of Allowance for Credit Losses


	Consumer Real Estate			Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Consumer			Unfunded Loan Commitment & Letters of Credit			Unallocated			Total
Three Months Ended September 30, 2022
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	939		$	346	$	754	$	10,427	$	5,365	$	567		$	1,167		$	26		$	19,591
Charge Offs		-			-		-		-		-		(123	)		-			-			(123	)
Recoveries		6			-		1		2		8		35			-			-			52
Provision (Credit)		(19	)		10		1		1,122		297		246			-			(20	)		1,637
Other Non-interest expense related to unfunded		-			-		-		-		-		-			(49	)		-			(49	)
Ending Balance	$	926		$	356	$	756	$	11,551	$	5,670	$	725		$	1,118		$	6		$	21,108
Ending balance: individually evaluated for impairment	$	-		$	-	$	-	$	500	$	1,936	$	-		$	-		$	-		$	2,436
Ending balance: collectively evaluated for impairment	$	926		$	356	$	756	$	11,051	$	3,734	$	725		$	1,118		$	6		$	18,672
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	-
FINANCING RECEIVABLES:
Ending balance	$	416,044		$	204,787	$	128,818	$	1,061,904	$	260,000	$	71,063		$	-		$	-		$	2,142,616
Ending balance: individually evaluated for impairment	$	624		$	2,588	$	1,334	$	4,187	$	2,003	$	17		$	-		$	-		$	10,753
Ending balance: collectively evaluated for impairment	$	414,951		$	202,003	$	127,484	$	1,057,699	$	257,948	$	71,046		$	-		$	-		$	2,131,131
Ending balance: loans acquired with deteriorated credit quality	$	469		$	196	$	-	$	18	$	49	$	-		$	-		$	-		$	732


December 31, 2021	Consumer Real Estate		Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Consumer		Unfunded Loan Commitment & Letters of Credit		Unallocated		Total
ALLOWANCE FOR CREDIT LOSSES:
Ending Balance	$	857	$	1,040	$	709	$	9,130	$	3,847	$	625	$	1,041	$	34	$	17,283
Ending balance: individually evaluated for impairment	$	-	$	691	$	1	$	664	$	825	$	3	$	-	$	-	$	2,184
Ending balance: collectively evaluated for impairment	$	857	$	349	$	708	$	8,466	$	3,022	$	622	$	1,041	$	34	$	15,099
Ending balance: loans acquired with deteriorated credit quality	$	37	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	37
FINANCING RECEIVABLES:
Ending balance	$	395,805	$	198,033	$	118,504	$	847,110	$	240,138	$	57,829	$	-	$	-	$	1,857,419
Ending balance: individually evaluated for impairment	$	604	$	6,725	$	20	$	3,561	$	1,003	$	26	$	-	$	-	$	11,939
Ending balance: collectively evaluated for impairment	$	394,489	$	191,107	$	118,484	$	843,299	$	238,849	$	57,803	$	-	$	-	$	1,844,031
Ending balance: loans acquired with deteriorated credit quality	$	712	$	201	$	-	$	250	$	286	$	-	$	-	$	-	$	1,449


	Consumer Real Estate			Agricultural Real Estate			Agricultural			Commercial Real Estate			Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit			Unallocated		Total
Three Months Ended September 30, 2021
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	649		$	1,217		$	720		$	8,831		$	2,837		$	613		$	1,145		$	220	$	16,232
Charge Offs		(2	)		-			(1	)		-			(5	)		(95	)		-			-		(103	)
Recoveries		3			-			1			3			9			39			-			-		55
Provision (Credit)		146			(291	)		(33	)		(469	)		973			49			-			284		659
Other Non-interest expense related to unfunded		-			-			-			-			-			-			(106	)		-		(106	)
Ending Balance	$	796		$	926		$	687		$	8,365		$	3,814		$	606		$	1,039		$	504	$	16,737
Ending balance: individually evaluated for impairment	$	-		$	636		$	54		$	710		$	1,000		$	-		$	-		$	-	$	2,400
Ending balance: collectively evaluated for impairment	$	796		$	290		$	633		$	7,655		$	2,814		$	606		$	1,039		$	504	$	14,337
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-
FINANCING RECEIVABLES:
Ending balance	$	202,370		$	179,051		$	105,722		$	727,418		$	225,382		$	55,619		$	-		$	-	$	1,495,562
Ending balance: individually evaluated for impairment	$	714		$	6,051		$	247		$	3,607		$	1,215		$	15		$	-		$	-	$	11,849
Ending balance: collectively evaluated for impairment	$	201,595		$	173,000		$	105,475		$	723,577		$	223,803		$	55,604		$	-		$	-	$	1,483,054
Ending balance: loans acquired with deteriorated credit quality	$	61		$	-		$	-		$	234		$	364		$	-		$	-		$	-	$	659


	Consumer Real Estate		Agricultural Real Estate			Agricultural		Commercial Real Estate		Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit		Unallocated			Total
Nine Months Ended September 30, 2022
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	857	$	1,040		$	709	$	9,130	$	3,847		$	625		$	1,041	$	34		$	17,283
Charge Offs		-		-			-		-		(6	)		(328	)		-		-			(334	)
Recoveries		15		-			1		7		82			132			-		-			237
Provision (Credit)		54		(684	)		46		2,414		1,747			296			-		(28	)		3,845
Other Non-interest expense related to unfunded		-		-			-		-		-			-			77		-			77
Ending Balance	$	926	$	356		$	756	$	11,551	$	5,670		$	725		$	1,118	$	6		$	21,108
Ending balance: individually evaluated for impairment	$	-	$	-		$	-	$	500	$	1,936		$	-		$	-	$	-		$	2,436
Ending balance: collectively evaluated for impairment	$	926	$	356		$	756	$	11,051	$	3,734		$	725		$	1,118	$	6		$	18,672
Ending balance: loans acquired with deteriorated credit quality																					$	-
FINANCING RECEIVABLES:
Ending balance	$	416,044	$	204,787		$	128,818	$	1,061,904	$	260,000		$	71,063		$	-	$	-		$	2,142,616
Ending balance: individually evaluated for impairment	$	624	$	2,588		$	1,334	$	4,187	$	2,003		$	17		$	-	$	-		$	10,753
Ending balance: collectively evaluated for impairment	$	414,951	$	202,003		$	127,484	$	1,057,699	$	257,948		$	71,046		$	-	$	-		$	2,131,131
Ending balance: loans acquired with deteriorated credit quality	$	469	$	196		$	-	$	18	$	49		$	-		$	-	$	-		$	732


	Consumer Real Estate			Agricultural Real Estate			Agricultural			Commercial Real Estate		Commercial and Industrial			Consumer			Unfunded Loan Commitment & Letters of Credit		Unallocated		Total
Nine Months Ended September 30, 2021
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$	633		$	958		$	701		$	7,415	$	3,346		$	606		$	641	$	13	$	14,313
Charge Offs		(2	)		-			(143	)		-		(814	)		(195	)		-		-		(1,154	)
Recoveries		9			-			7			8		19			137			-		-		180
Provision (Credit)		156			(32	)		122			942		1,263			58			-		491		3,000
Other Non-interest expense related to unfunded		-			-			-			-		-			-			398		-		398
Ending Balance	$	796		$	926		$	687		$	8,365	$	3,814		$	606		$	1,039	$	504	$	16,737
Ending balance: individually evaluated for impairment	$	-		$	636		$	54		$	710	$	1,000		$	-		$	-	$	-	$	2,400
Ending balance: collectively evaluated for impairment	$	796		$	290		$	633		$	7,655	$	2,814		$	606		$	1,039	$	504	$	14,337
Ending balance: loans acquired with deteriorated credit quality	$	-		$	-		$	-		$	-	$	-		$	-		$	-	$	-	$	-
FINANCING RECEIVABLES:
Ending balance	$	202,370		$	179,051		$	105,722		$	727,418	$	225,382		$	55,619		$	-	$	-	$	1,495,562
Ending balance: individually evaluated for impairment	$	714		$	6,051		$	247		$	3,607	$	1,215		$	15		$	-	$	-	$	11,849
Ending balance: collectively evaluated for impairment	$	201,595		$	173,000		$	105,475		$	723,577	$	223,803		$	55,604		$	-	$	-	$	1,483,054
Ending balance: loans acquired with deteriorated credit quality	$	61		$	-		$	-		$	234	$	364		$	-		$	-	$	-	$	659

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share


	(in thousands of dollars)						(in thousands of dollars)
	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Earnings per share
Net income	$	8,954		$	5,920		$	25,327		$	15,812
Less: distributed earnings allocated to participating securities		(26	)		(20	)		(67	)		(49	)
Less: undistributed earnings allocated to participating securities		(42	)		(31	)		(148	)		(77	)
Net earnings available to common shareholders	$	8,886		$	5,869		$	25,112		$	15,686

Weighted average common shares outstanding including participating securities		13,083,145			11,209,732			13,071,859			11,199,309
Less: average unvested restricted shares		(99,838	)		(96,197	)		(111,209	)		(89,075	)
Weighted average common shares outstanding		12,983,307			11,113,535			12,960,650			11,110,234
Basic and diluted earnings per share	$	0.68		$	0.53		$	1.94		$	1.41

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Estimated Fair Values and Related Carrying or Notional Amounts

The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of September 30, 2022 and December 31, 2021 are reflected below.


	(In Thousands)
	September 30, 2022
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	70,670	$	70,670	$	70,670	$	-	$	-
Interest-bearing time deposits		5,187		5,187		-		5,187		-
Securities - available-for-sale		395,485		395,485		95,162		296,957		3,366
Other securities		8,227		8,227		-		-		8,227
Loans held for sale		2,182		2,219		-		-		2,219
Loans, net		2,122,626		2,080,950		-		-		2,080,950
Interest receivable		9,856		9,856		-		-		9,856

Financial Liabilities:
Interest bearing deposits	$	1,313,263	$	1,313,263	$	-	$	-	$	1,313,263
Non-interest bearing deposits		506,928		506,928		-		506,928		-
Time deposits		462,845		449,985		-		-		449,985
Total Deposits		2,283,036		2,270,176		-		506,928		1,763,248

Federal funds purchased and securities sold under agreement to repurchase		55,802		55,802		-		-		55,802
Federal Home Loan Bank advances		102,147		103,588		-		-		103,588
Other borrowings		10,000		10,000		-		10,000		-
Subordinated notes, net of unamortized issuance costs		34,557		35,003		-		35,003		-
Interest payable		787		787		-		-		787


	(In Thousands)
	December 31, 2021
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	180,823	$	180,823	$	180,823	$	-	$	-
Interest-bearing time deposits		10,913		10,933		-		10,933		-
Securities - available-for-sale		429,931		429,931		89,177		335,981		4,773
Other securities		8,162		8,162		-		-		8,162
Loans held for sale		7,714		7,844		-		-		7,844
Loans, net		1,841,177		1,864,386		-		-		1,864,386
Interest receivable		7,209		7,209		-		-		7,209

Financial Liabilities:
Interest bearing deposits	$	1,248,294	$	1,248,044	$	-	$	-	$	1,248,044
Non-interest bearing deposits		473,689		473,689		-		473,689		-
Time deposits		471,479		475,810		-		-		475,810
Total Deposits		2,193,462		2,197,543		-		473,689		1,723,854

Federal funds purchased and securities sold under agreement to repurchase		29,268		29,268		-		-		29,268
Federal Home Loan Bank advances		24,065		24,305		-		-		24,305
Other borrowings		40,000		40,000		-		40,000		-
Subordinated notes, net of unamortized issuance costs		34,471		35,000		-		35,000		-
Interest payable		1,125		1,125		-		-		1,125

Financial Assets Measured at Fair Value on Recurring Basis


Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands)
September 30, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury	$	95,162	$	-	$	-
U.S. Government agencies		-		138,020		-
Mortgage-backed securities		-		90,264		-
State and local governments		-		68,673		3,366
Total Securities Available-for-Sale	$	95,162	$	296,957	$	3,366


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury	$	89,177	$	-	$	-
U.S. Government agencies		-		156,886		-
Mortgage-backed securities		-		117,927		-
State and local governments		-		61,168		4,773
Total Securities Available-for-Sale	$	89,177	$	335,981	$	4,773

Changes in the Level 3 Fair-Value Category of Unobservable Inputs


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at July 1, 2022	$	2,089		$	1,325		$	3,414

Change in Market Value		(19	)		(29	)		(48	)

Purchases		-			-			-

Payments & Maturities		-			-			-

Reclassification & Adjustments		-			-			-

Balance at September 30, 2022	$	2,070		$	1,296		$	3,366


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at July 1, 2021	$	2,410		$	1,538		$	3,948

Change in Market Value		(9	)		(17	)		(26	)

Purchases		-			-			-

Payments & Maturities		(155	)		-			(155	)

Reclassification & Adjustments		-			-			-

Balance at September 30, 2021	$	2,246		$	1,521		$	3,767


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at January 1, 2022	$	2,307		$	2,466		$	4,773

Change in Market Value		(77	)		(181	)		(258	)

Purchases		-			-			-

Payments & Maturities		(160	)		-			(160	)

Reclassification & Adjustments		-			(989	)		(989	)

Balance at September 30, 2022	$	2,070		$	1,296		$	3,366


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local Governments Tax-Exempt			State and Local Governments Taxable			State and Local Governments Total
Balance at January 1, 2021	$	-		$	1,562		$	1,562

Change in Market Value		(17	)		(41	)		(58	)

Purchases		2,418			-			2,418

Payments & Maturities		(155	)		-			(155	)

Reclassification & Adjustments		-			-			-

Balance at September 30, 2021	$	2,246		$	1,521		$	3,767

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:


	(In Thousands)				Range
	Fair Value at				(Weighted
	September 30, 2022		Valuation Technique	Unobservable Inputs	Average)
State and local government	$	3,366	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	2.13-4.59% (3.96%)

Collateral dependent impaired loans		2,482	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-23.87% (23.80%)

Mortgage servicing rights		52	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	0.09-1.85% (1.81%)

Other real estate owned - residential		-	Appraisals	Discount to reflect current market	— % ( — %)


	(In Thousands)				Range
	Fair Value at				(Weighted
	December 31, 2021		Valuation Technique	Unobservable Inputs	Average)
State and local government	$	4,773	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	0.21-1.77% (1.33%)

Collateral dependent impaired loans		8,527	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-53.95% (34.78%)

Mortgage servicing rights		3,157	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	1.94-27.70% (18.44%)

Other real estate owned - residential		99	Appraisals	Discount to reflect current market	32.72% (32.72%)

Assets Measured at Fair Value on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021:


	Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2022
	(In Thousands)
	Balance at September 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans	$	2,482	$	-	$	-	$	2,482
Mortgage servicing rights		52		-		-		52
Other real estate owned - residential		-		-		-		-


	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2021
	(In Thousands)
	Balance at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans	$	8,527	$	-	$	-	$	8,527
Mortgage servicing rights		3,157		-		-		3,157
Other real estate owned - residential		99		-		-		99

- 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 + Details

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Tables)

9 Months Ended

Sep. 30, 2022

Brokers And Dealers [Abstract]

Schedule of Remaining Contractual Maturity in Repurchase Agreements


	September 30, 2022
	Remaining Contractual Maturity of the Agreements (In Thousands)

	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	20,356	$	-	$	-	$	-	$	20,356
Repurchase agreements
US Treasury & agency securities	$	1,359	$	-	$	5,069	$	29,018	$	35,446
Total	$	21,715	$	-	$	5,069	$	29,018	$	55,802


	December 31, 2021
	Remaining Contractual Maturity of the Agreements (In Thousands)

	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	-	$	-	$	-	$	-	$	-
Repurchase agreements
US Treasury & agency securities	$	1,062	$	-	$	3,900	$	24,306	$	29,268
Total	$	1,062	$	-	$	3,900	$	24,306	$	29,268

Subordinated Notes (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Subordinated Notes


	September 30, 2022					December 31, 2021
(In Thousands)	Principal		Unamortized Note Issuance Costs			Principal		Unamortized Note Issuance Costs
Subordinated Notes	$	35,000	$	(443	)	$	35,000	$	(529	)

Business Combination and Asset Purchase - Additional Information (Detail)					3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 01, 2021 USD ($) Office $ / shares shares	Apr. 30, 2021 USD ($) Office $ / shares shares	Nov. 16, 2020 USD ($) shares	Jan. 01, 2019 USD ($) Office $ / shares shares	Sep. 30, 2022 USD ($) Loan shares	Jun. 30, 2022 USD ($) Loan	Mar. 31, 2022 USD ($) Loan	Dec. 31, 2021 USD ($) Loan shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Nov. 30, 2020 USD ($) Client
Business Acquisition [Line Items]
Common stock, shares outstanding \| shares					14,063,999			14,063,999	14,063,999		14,063,999
Goodwill					$ 80,434,000			$ 80,434,000	$ 80,434,000		$ 80,434,000
Pro-forma operating revenue, net of tax					2,900,000				7,500,000
Amortization expense									597,000	$ 478,000
Core Deposits [Member]
Business Acquisition [Line Items]
Amortization expense									597,000	478,000
Amortization expense for 2022					795,000				795,000
Customer Lists [Member]
Business Acquisition [Line Items]
Amortization expense									92,000	$ 92,000
Amortization expense for 2022					123,000				123,000
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Number of full-service offices \| Office	1
Common stock issued in exchange of each outstanding share	1.7766
Cash payment for exchange of each share \| $ / shares	$ 41.20
Business acquisition share owned subject to adjustment \| shares	1,833,999
Common stock, shares outstanding \| shares	2,470,032
Share price \| $ / shares	$ 22.40
Total consideration for acquisition	$ 100,312,000
Cash paid for the capital stock	59,234,000
Stock issued for acquisition	41,078,000
Goodwill	25,220,000
Fair value of assets acquired					334,700,000				334,700,000
Gross principal and contractual interest					403,300,000				403,300,000
Acquisition expected to be uncollectible					5,600,000				$ 5,600,000
Loan receivable weighted average life									52 months
Business combination, premises and equipment written down value									$ 4,000
Business combination, average remaining life									16 years 2 months 12 days
Fair value for certificate of deposit, valuation amount					3,900,000				$ 3,900,000
Fair value for certificate of deposit, amortization period									1 year 7 months 6 days
Fair value of Federal Home Loan Bank (FHLB) advances, valuation amount					218,000				$ 218,000
Fair value of Federal Home Loan Bank (FHLB) advances, amortization period									2 years 7 months 6 days
Fair value adjustment of loans acquired and accounted	237,000				$ 141,000			$ 190,000	$ 141,000		190,000
Number of commercial purchased credit impaired loans paid off \| Loan								2
Number of consumer purchased credit impaired loans paid off \| Loan					1	2	1	1
Discount recognized at acquisition related to commercial purchased credit-impaired loans					$ 1,000	$ 36,000	$ 12,000				47,000
Perpetual Federal Savings Bank [Member] \| Building [Member]
Business Acquisition [Line Items]
Business combination, premises and equipment written down value									297,000
Perpetual Federal Savings Bank [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase	$ 668,000
Remaining economic useful life	7 years
Amortization expense for 2022					95,000				95,000
Ossian State Bank [Member]
Business Acquisition [Line Items]
Number of full-service offices \| Office		2
Ossian State Bank [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit tangible asset with acquired purchase									980,200
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Cash payment for exchange of each share \| $ / shares		$ 67.71
Common stock, shares outstanding \| shares		295,388
Total consideration for acquisition		$ 20,001,000
Cash paid for the capital stock		20,001,000
Goodwill		7,874,000
Fair value of assets acquired					52,400,000				52,400,000
Gross principal and contractual interest					63,700,000				63,700,000
Acquisition expected to be uncollectible					1,100,000				$ 1,100,000
Loan receivable weighted average life									52 months
Business combination, premises and equipment written down value									$ 596,000
Business combination, average remaining life									39 years
Fair value for certificate of deposit, valuation amount					59,000				$ 59,000
Fair value for certificate of deposit, amortization period									1 year 4 months 24 days
Fair value adjustment of loans acquired and accounted		$ 325,000			$ 10,000			$ 321,000	$ 10,000		$ 321,000
Number of consumer purchased credit impaired loans paid off \| Loan					6
Discount recognized at acquisition related to commercial purchased credit-impaired loans					$ 311,000
Goodwill deductible for tax purpose, period		15 years
Ossian Financial Services, Inc. [Member] \| Building [Member]
Business Acquisition [Line Items]
Business combination, premises and equipment written down value									244,000
Ossian Financial Services, Inc. [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase		$ 980,200
Remaining economic useful life		7 years
Amortization expense for 2022					140,000				140,000
Bank of Geneva [Member]
Business Acquisition [Line Items]
Number of full-service offices \| Office				6
Bank of Geneva [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase									$ 3,900,000
Remaining economic useful life									7 years
Limberlost Bancshares, Inc. [Member]
Business Acquisition [Line Items]
Cash payment for exchange of each share \| $ / shares				$ 8,465.00
Common stock, shares outstanding \| shares				1,000
Share price \| $ / shares				$ 38.49
Total consideration for acquisition				$ 78,900,000
Cash paid for the capital stock				8,500,000
Stock issued for acquisition				70,400,000
Goodwill				$ 43,300,000
Common stock issued in exchange of each outstanding share \| shares				1,830,000
Limberlost Bancshares, Inc. [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase				$ 3,900,000
Remaining economic useful life				7 years
Perpetual Federal Savings Bank [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit tangible asset with acquired purchase									$ 668,000
Adams County Financial Resources [Member]
Business Acquisition [Line Items]
Total consideration for acquisition			$ 825,000
Common stock issued in exchange of each outstanding share \| shares			40,049
Assets under management amount												$ 83,000,000
Number of clients assets under management \| Client												450
Adams County Financial Resources [Member] \| Customer Lists [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase			$ 800,000
Remaining economic useful life			6 years 6 months
Amortization expense for 2022					$ 123,000				$ 123,000

Business Combination and Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Detail) - USD ($) $ in Thousands	Oct. 01, 2021	Apr. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Assets
Goodwill			$ 80,434	$ 80,434
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Cash	$ 59,234
Common Shares	41,078
Total	100,312
Assets
Cash and cash equivalents	44,975
Federal funds sold	1,672
Interest-bearing time deposits	6,250
Other securities, at cost	2,794
Loans, net	334,661
Premises and equipment	615
Goodwill	25,220
Other assets	3,975
Total Assets Purchased	420,162
Deposits
Noninterest bearing	2,018
Interest bearing	309,090
Total deposits	311,108
Federal Home Loan Bank (FHLB) advances	6,218
Accrued expenses and other liabilities	2,524
Total Liabilities Assumed	$ 319,850
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Cash		$ 20,001
Total		20,001
Assets
Cash and cash equivalents		20,229
Interest-bearing time deposits		20,226
Securities - available-for-sale		30,243
Other securities, at cost		281
Loans, net		52,403
Premises and equipment		494
Goodwill		7,874
Other assets		5,308
Total Assets Purchased		137,058
Deposits
Noninterest bearing		34,509
Interest bearing		81,535
Total deposits		116,044
Accrued expenses and other liabilities		1,013
Total Liabilities Assumed		$ 117,057

Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Apr. 30, 2021
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment	$ 303	$ 510	$ 728
Perpetual Federal Savings Bank [Member] \| Consumer Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment	336	581	608
Perpetual Federal Savings Bank [Member] \| Agricultural Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment	108	114	118
Perpetual Federal Savings Bank [Member] \| Commercial Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment		5	234
Perpetual Federal Savings Bank [Member] \| Commercial and Industrial [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment			$ 5
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment	10	208		$ 1,309
Ossian Financial Services, Inc. [Member] \| Consumer Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment	$ 20	22		24
Ossian Financial Services, Inc. [Member] \| Agricultural Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment				981
Ossian Financial Services, Inc. [Member] \| Commercial Real Estate [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment		222		315
Ossian Financial Services, Inc. [Member] \| Commercial and Industrial [Member]
Business Acquisition [Line Items]
Carrying amount, net of fair value adjustment		$ 285		$ 314

Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Apr. 30, 2021
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Fair value adjustment	$ 141	$ 190	$ 237
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Fair value adjustment	$ 10	$ 321		$ 325

Business Combination and Asset Purchase - Summary of Loans Acquired and Contractually Required Payments Receivable (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Total required payments receivable	$ 1,407
Cash flows expected to be collected at acquisition	728
Basis in acquired loans at acquisition	965
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Total required payments receivable	2,057
Cash flows expected to be collected at acquisition	1,309
Basis in acquired loans at acquisition	1,634
Consumer Real Estate [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Total required payments receivable	962
Consumer Real Estate [Member] \| Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Total required payments receivable	28
Agricultural Real Estate [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Total required payments receivable	146
Agricultural Real Estate [Member] \| Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Total required payments receivable	1,142
Commercial Real Estate [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Total required payments receivable	293
Commercial Real Estate [Member] \| Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Total required payments receivable	527
Commercial and Industrial [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Total required payments receivable	6
Commercial and Industrial [Member] \| Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Total required payments receivable	$ 360

Business Combination and Asset Purchase - Summary of Changes in Accretable Yield or Income Expected to be Collected (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Beginning Balance	$ 4,710		$ 5,262
Additions	28		125
Accretion	(330)		(979)
Disposals	(2)		(2)
Ending Balance	4,406		4,406		$ 5,262
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Beginning Balance	557	$ 733	645
Additions	1		1	$ 762
Accretion	(44)	(44)	(132)	(73)
Ending Balance	514	689	514	689	645
Limberlost Bancshares, Inc. [Member]
Business Acquisition [Line Items]
Beginning Balance	994	1,439	1,198	1,653	1,653
Additions	2	3	10	8
Accretion	(107)	(108)	(319)	(323)
Disposals				(4)
Ending Balance	$ 889	$ 1,334	$ 889	$ 1,334	$ 1,198

Business Combination and Asset Purchase - Schedule of Pro-forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary of Operations
Net Interest Income - Before Provision for Loan Losses	$ 22,583	$ 22,124	$ 64,230	$ 61,019
Provision for Loan Losses	1,637	659	3,845	3,001
Net Interest Income After Provision for Loan Losses	20,946	21,465	60,385	58,018
Noninterest Income	3,732	4,664	11,394	14,031
Noninterest Expense	12,941	14,167	39,668	41,436
Income Before Income Taxes	11,737	11,962	32,111	30,613
Income Taxes	2,320	2,433	6,321	6,101
Net Income	$ 9,417	$ 9,529	$ 25,790	$ 24,512
Basic and Diluted Earnings Per Share	$ 0.72	$ 0.73	$ 1.97	$ 1.88

Business Combination and Asset Purchase - Schedule of Annual Amortization of Core Deposit Intangible Assets (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Core Deposits [Member]
Business Acquisition [Line Items]
2022	$ 795
2023	795
2024	795
2025	795
2026	235
Thereafter	356
Finite-Lived Intangible Assets, Net	3,771
Core Deposits [Member] \| Geneva [Member]
Business Acquisition [Line Items]
2022	560
2023	560
2024	560
2025	560
Finite-Lived Intangible Assets, Net	2,240
Core Deposits [Member] \| Ossian [Member]
Business Acquisition [Line Items]
2022	140
2023	140
2024	140
2025	140
2026	140
Thereafter	187
Finite-Lived Intangible Assets, Net	887
Core Deposits [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
2022	95
2023	95
2024	95
2025	95
2026	95
Thereafter	169
Finite-Lived Intangible Assets, Net	644
Customer Lists [Member]
Business Acquisition [Line Items]
2022	123
Customer Lists [Member] \| Adams County Financial Resources [Member]
Business Acquisition [Line Items]
2022	123
2023	123
2024	123
2025	123
2026	123
Thereafter	47
Finite-Lived Intangible Assets, Net	$ 662

Securities - Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 443,254	$ 433,962
Gross Unrealized Gains	46	3,032
Gross Unrealized Losses	(47,815)	(7,063)
Fair Value	395,485	429,931
U.S. Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	105,219	90,775
Gross Unrealized Losses	(10,057)	(1,598)
Fair Value	95,162	89,177
U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	154,905	159,673
Gross Unrealized Gains		695
Gross Unrealized Losses	(16,885)	(3,482)
Fair Value	138,020	156,886
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	104,242	118,550
Gross Unrealized Gains		839
Gross Unrealized Losses	(13,978)	(1,462)
Fair Value	90,264	117,927
State and Local Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	78,888	64,964
Gross Unrealized Gains	46	1,498
Gross Unrealized Losses	(6,895)	(521)
Fair Value	$ 72,039	$ 65,941

Securities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Investments pledged, carrying value	$ 133,000	$ 115,000
Other securities	8,227	8,162
Total committed securities	4,000	3,000
Federal Home Loan Bank of Cincinnati and Indianapolis Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Other securities	6,800	7,300
Ohio Equity Fund for Housing Limited Partnership [Member]
Schedule of Available-for-sale Securities [Line Items]
Other securities	$ 1,500	$ 820
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Underwater security	10 years
Loss position existed	3 years

Securities - Gross Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	$ (9,604)	$ (4,842)
Fair Value, Less Than Twelve Months	137,638	256,800
Gross Unrealized Losses, Twelve Months and Over	(38,211)	(2,221)
Fair Value, Twelve Months and Over	255,941	63,659
Gross Unrealized Losses, Total	(47,815)	(7,063)
Fair Value, Total	393,579	320,459
U.S. Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(1,522)	(1,598)
Fair Value, Less Than Twelve Months	29,827	89,177
Gross Unrealized Losses, Twelve Months and Over	(8,535)
Fair Value, Twelve Months and Over	65,335
Gross Unrealized Losses, Total	(10,057)	(1,598)
Fair Value, Total	95,162	89,177
U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(1,066)	(1,898)
Fair Value, Less Than Twelve Months	22,597	86,739
Gross Unrealized Losses, Twelve Months and Over	(15,819)	(1,584)
Fair Value, Twelve Months and Over	115,423	41,738
Gross Unrealized Losses, Total	(16,885)	(3,482)
Fair Value, Total	138,020	128,477
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(3,176)	(1,050)
Fair Value, Less Than Twelve Months	33,338	63,157
Gross Unrealized Losses, Twelve Months and Over	(10,802)	(412)
Fair Value, Twelve Months and Over	56,926	16,434
Gross Unrealized Losses, Total	(13,978)	(1,462)
Fair Value, Total	90,264	79,591
State and Local Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(3,840)	(296)
Fair Value, Less Than Twelve Months	51,876	17,727
Gross Unrealized Losses, Twelve Months and Over	(3,055)	(225)
Fair Value, Twelve Months and Over	18,257	5,487
Gross Unrealized Losses, Total	(6,895)	(521)
Fair Value, Total	$ 70,133	$ 23,214

Securities - Gross Realized Gains and Losses (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Available For Sale Securities Gross Realized Gain Loss [Abstract]
Gross realized gains	$ 293
Net realized gains	293
Tax expense related to net realized gains	$ 62

Securities - Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Available For Sale Securities Debt Maturities [Abstract]
Amortized Cost, One year or less	$ 17,262
Amortized Cost, After one year through five years	184,900
Amortized Cost, After five years through ten years	131,050
Amortized Cost, After ten years	5,800
Amortized Cost, Total	339,012
Amortized Cost, Mortgage-backed securities	104,242
Amortized Cost	443,254	$ 433,962
Fair Value, One year or less	16,909
Fair Value, After one year through five years	168,802
Fair Value, After five years through ten years	113,882
Fair Value, After ten years	5,628
Fair Value, Total	305,221
Fair Value, Mortgage-backed securities	90,264
Total, Fair Value	$ 395,485	$ 429,931

Loans - Loans (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Loans:
Loans - Gross	$ 2,144,018,000	$ 1,859,157,000
Less: Net deferred loan fees and costs	(1,402,000)	(1,738,000)
Loans after net deferred loan fees and costs	2,142,616,000	1,857,419,000	$ 1,495,562,000
Less: Allowance for loan losses	(19,990,000)	(16,242,000)		$ (13,672,000)
Loans - Net	2,122,626,000	1,841,177,000
Consumer Real Estate [Member]
Loans:
Loans - Gross	416,001,000	395,873,000
Loans after net deferred loan fees and costs	416,044,000	395,805,000	202,370,000
Agricultural Real Estate [Member]
Loans:
Loans - Gross	205,089,000	198,343,000
Loans after net deferred loan fees and costs	204,787,000	198,033,000	179,051,000
Agricultural [Member]
Loans:
Loans - Gross	128,615,000	118,368,000
Loans after net deferred loan fees and costs	128,818,000	118,504,000	105,722,000
Commercial Real Estate [Member]
Loans:
Loans - Gross	1,063,661,000	848,477,000
Loans after net deferred loan fees and costs	1,061,904,000	847,110,000	727,418,000
Commercial and Industrial [Member]
Loans:
Loans - Gross	229,388,000	208,270,000
Loans after net deferred loan fees and costs	229,338,000	208,049,000
Less: Allowance for loan losses	0
Consumer [Member]
Loans:
Loans - Gross	70,602,000	57,737,000
Loans after net deferred loan fees and costs	71,063,000	57,829,000	$ 55,619,000
Other Loan [Member]
Loans:
Loans - Gross	30,662,000	32,089,000
Loans after net deferred loan fees and costs	$ 30,662,000	$ 32,089,000

Loans - Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	$ 293,912
Distribution of variable rate loans by major loan category, Variable Rate	122,089
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	130,078
Distribution of variable rate loans by major loan category, Variable Rate	75,011
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	50,658
Distribution of variable rate loans by major loan category, Variable Rate	77,957
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	871,664
Distribution of variable rate loans by major loan category, Variable Rate	191,997
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	113,171
Distribution of variable rate loans by major loan category, Variable Rate	116,217
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	67,154
Distribution of variable rate loans by major loan category, Variable Rate	3,448
Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	20,862
Distribution of variable rate loans by major loan category, Variable Rate	$ 9,800

Loans - Additional Information (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage loan	$ 732,000	$ 1,449,000	$ 659,000
Loans	2,144,018,000	1,859,157,000
Allowance for loan losses	19,990,000	16,242,000		$ 13,672,000
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	229,388,000	208,270,000
Allowance for loan losses	0
Commercial and Industrial [Member] \| PPP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,000	2,900,000
Asset Pledged as Collateral without Right [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential mortgage loan	$ 182,700,000	$ 193,200,000

Loans - Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 2,142,616	$ 1,857,419	$ 1,495,562
Recorded Investment > 90 Days and Accruing	0	0	0
30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,898	749
60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	568	131
Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,847	575
Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	5,313	1,455
Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,137,303	1,855,964
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	416,044	395,805	202,370
Consumer Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,056	228
Consumer Real Estate [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	167
Consumer Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	216	246
Consumer Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,439	474
Consumer Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	414,605	395,331
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	204,787	198,033	179,051
Agricultural Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	189	436
Agricultural Real Estate [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	216
Agricultural Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,550
Agricultural Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,955	436
Agricultural Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	202,832	197,597
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	128,818	118,504	105,722
Agricultural [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	435
Agricultural [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	88
Agricultural [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	831
Agricultural [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,354
Agricultural [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	127,464	118,504
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	1,061,904	847,110	727,418
Commercial Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1
Commercial Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	180	180
Commercial Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	181	180
Commercial Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,061,723	846,930
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	260,000	240,138	225,382
Commercial and Industrial [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	203	21
Commercial and Industrial [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	52	131
Commercial and Industrial [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	23	149
Commercial and Industrial [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	278	301
Commercial and Industrial [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	259,722	239,837
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	71,063	57,829	$ 55,619
Consumer [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	14	64
Consumer [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	45
Consumer [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	47
Consumer [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	106	64
Consumer [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 70,957	$ 57,765

Loans - Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	$ 5,470	$ 8,076	$ 6,248
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	636	824
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	2,214	6,477
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	1,334	20
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	1,178	600
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	57	149
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	$ 51	$ 6

Loans (Tier Risk Rating System) - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period of loan with a reasonable reduction of principal balance	2 years

Loans - Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 2,142,616	$ 1,857,419	$ 1,495,562
Performing	732	1,449	659
Consumer - Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing	1	3,919
Consumer - Credit [Member] \| Performing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing	1	3,906
Consumer - Credit [Member] \| Nonperforming [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing		13
Consumer - Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing	71,062	53,910
Consumer - Other [Member] \| Performing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing	71,003	53,820
Consumer - Other [Member] \| Nonperforming [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing	59	90
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	416,044	395,805	202,370
Performing	469	712	$ 61
Pass [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	414,490	392,940
Special Mention [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	555	1,673
Substandard [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 999	$ 1,192

Loans - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
Impaired loans without a valuation allowance	$ 5,835	$ 1,228	$ 2,461	$ 5,835	$ 2,461	$ 1,228
Impaired loans with a valuation allowance	4,918	10,711	9,388	4,918	9,388	10,711
Total impaired loans	10,753	11,939	11,849	10,753	11,849	11,939
Valuation allowance related to impaired loans	2,436	2,184	2,400	2,436	2,400	2,184
Total non-accrual loans	5,470	8,076	6,248	5,470	6,248	8,076
Total loans past-due ninety days or more and still accruing	0	0	0	0	0	0
Average investment in impaired loans	$ 10,662	$ 11,676	$ 11,639	$ 11,059	$ 12,360	$ 12,247

Loans (Impaired Loans) - Additional Information (Detail)		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jun. 30, 2021 Loan	Sep. 30, 2022 USD ($) Contract Loan	Sep. 30, 2021 USD ($) Contract Loan	Sep. 30, 2022 USD ($) Contract Loan	Sep. 30, 2021 USD ($) Contract Loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional funds available to be advanced in connection with impaired loans			$ 0		$ 0
Impaired loans classified as troubled debt restructured			$ 4,000,000.0	$ 6,000,000.0	4,000,000.0	$ 6,000,000.0	$ 7,600,000
Number of contracts modified \| Loan			3	1		2
TDR impaired loans paid off \| Loan		2
Term of loan	5 years			3 years
Loan amortization period				10 years
Allowance for loan losses			$ 19,990,000		$ 19,990,000		16,242,000	$ 13,672,000
TDR loans, subsequently defaulted during the period			0	0
Maximum time for re-evaluation (in months)					12 months
Re-evaluation period for real estate					2 years
Unsecured consumer loans, credit card credits and overdraft lines of credit reach					90 days
Delinquent period for charging down consumer loans					90 days
Delinquent period for charging down/allocated commercial and agricultural credits					120 days
Foreclosed residential real estate property							159,000
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Litigation and any deficiency charged off period					150 days
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans classified as troubled debt restructured			$ 4,500,000		$ 4,500,000
TDR impaired loans paid off \| Loan					2
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans classified as troubled debt restructured				$ 480,000		$ 480,000
Number of contracts modified \| Contract			2	1	2	1
TDR impaired loans paid off \| Loan						1
Allowance for loan losses			$ 0		$ 0
TDR impaired loans charged off \| Loan						3
TDR impaired loans charged off amount						$ 809,000
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans classified as troubled debt restructured				$ 86,000		$ 86,000
Number of contracts modified \| Contract			1		1	1
TDR impaired loans paid off \| Loan						1
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Foreclosed residential real estate property			$ 0	167,000	$ 0	$ 167,000	159,000
Residential real estate properties foreclosure proceedings			$ 211,000	129,000	$ 211,000	129,000	$ 255,000
Principal Forgiveness [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts modified \| Contract					0
Specific Allocation on Principal Balance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses				$ 1,000,000.0		$ 1,000,000.0

Loans - Impaired Loans Classified as Troubled Debt Restructured (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Contract Loan	Sep. 30, 2021 USD ($) Contract Loan	Sep. 30, 2022 USD ($) Contract	Sep. 30, 2021 USD ($) Contract Loan
Financing Receivable Modifications [Line Items]
Number of contracts modified \| Loan	3	1		2
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts	0	0
Commercial Real Estate [Member]
Financing Receivable Modifications [Line Items]
Number of contracts modified \| Contract	1		1	1
Pre-Modification Outstanding Recorded Investment	$ 74		$ 74	$ 382
Post-Modification Outstanding Recorded Investment	$ 74		$ 74	$ 382
Commercial and Industrial [Member]
Financing Receivable Modifications [Line Items]
Number of contracts modified \| Contract	2	1	2	1
Pre-Modification Outstanding Recorded Investment	$ 1,232	$ 1,000	$ 1,232	$ 1,000
Post-Modification Outstanding Recorded Investment	$ 1,232	$ 1,000	$ 1,232	$ 1,000

Loans - Loans Individually Evaluated for Impairment by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	$ 5,835	$ 1,228	$ 2,461	$ 5,835	$ 2,461	$ 1,228
With a specific allowance recorded, Recorded Investment	4,918	10,711	9,388	4,918	9,388	10,711
Related Allowance	2,436	2,184	2,400	2,436	2,400	2,184
Recorded Investment	10,753	11,939	11,849	10,753	11,849	11,939
Average Recorded Investment	10,662	11,676	11,639	11,059	12,360	12,247
Consumer Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	624	604	714	624	714	604
With no related allowance recorded, Unpaid Principal Balance	624	604	714	624	714	604
With no related allowance recorded, Average Recorded Investment	352		453	372	485	456
With no related allowance recorded, Interest Income Recognized	1		1	3	4	5
With no related allowance recorded, Interest Income Recognized Cash Basis	5		3	10	10	15
With a specific allowance recorded, Average Recorded Investment						59
Recorded Investment	624	604	714	624	714	604
Unpaid Principal Balance	624	604	714	624	714	604
Average Recorded Investment	352		453	372	485	515
Interest Income Recognized	1		1	3	4	5
Interest Income Recognized Cash Basis	5		3	10	10	15
Agricultural Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	2,588	423	1,207	2,588	1,207	423
With no related allowance recorded, Unpaid Principal Balance	2,693	423	1,207	2,693	1,207	423
With no related allowance recorded, Average Recorded Investment	2,467		1,047	1,953	1,191	1,000
With no related allowance recorded, Interest Income Recognized	6		19	19	53
With no related allowance recorded, Interest Income Recognized Cash Basis	1			6
With a specific allowance recorded, Recorded Investment		6,302	4,844		4,844	6,302
With a specific allowance recorded, Unpaid Principal Balance		6,406	4,844		4,844	6,406
Related Allowance		691	636		636	691
With a specific allowance recorded, Average Recorded Investment			5,104	1,850	5,273	5,414
With a specific allowance recorded, Interest Income Recognized			4		15	54
Recorded Investment	2,588	6,725	6,051	2,588	6,051	6,725
Unpaid Principal Balance	2,693	6,829	6,051	2,693	6,051	6,829
Average Recorded Investment	2,467		6,151	3,803	6,464	6,414
Interest Income Recognized	6		23	19	68	87
Interest Income Recognized Cash Basis	1			6
With no related allowance recorded, Adjusted Interest Income Recognized						33
Agricultural [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	1,334		130	1,334	130
With no related allowance recorded, Unpaid Principal Balance	1,334		130	1,334	130
With no related allowance recorded, Average Recorded Investment	1,309		130	591	161	143
With no related allowance recorded, Interest Income Recognized			4		8	18
With no related allowance recorded, Interest Income Recognized Cash Basis				2		3
With a specific allowance recorded, Recorded Investment		20	117		117	20
With a specific allowance recorded, Unpaid Principal Balance		20	117		117	20
Related Allowance		1	54		54	1
With a specific allowance recorded, Average Recorded Investment			117		123	94
With a specific allowance recorded, Interest Income Recognized					4
Recorded Investment	1,334	20	247	1,334	247	20
Unpaid Principal Balance	1,334	20	247	1,334	247	20
Average Recorded Investment	1,309		247	591	284	237
Interest Income Recognized			4		12	18
Interest Income Recognized Cash Basis				2		3
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	1,251	180	180	1,251	180	180
With no related allowance recorded, Unpaid Principal Balance	1,251	180	180	1,251	180	180
With no related allowance recorded, Average Recorded Investment	1,505		2,519	1,162	1,768	1,445
With no related allowance recorded, Interest Income Recognized	9		4	20	38	70
With no related allowance recorded, Interest Income Recognized Cash Basis	14		1	33	7	9
With a specific allowance recorded, Recorded Investment	2,936	3,381	3,427	2,936	3,427	3,381
With a specific allowance recorded, Unpaid Principal Balance	2,936	3,381	3,427	2,936	3,427	3,381
Related Allowance	500	664	710	500	710	664
With a specific allowance recorded, Average Recorded Investment	2,960		1,395	3,270	1,800	2,199
With a specific allowance recorded, Interest Income Recognized	39		31	113	58	70
With a specific allowance recorded, Interest Income Recognized Cash Basis					3	3
Recorded Investment	4,187	3,561	3,607	4,187	3,607	3,561
Unpaid Principal Balance	4,187	3,561	3,607	4,187	3,607	3,561
Average Recorded Investment	4,465		3,914	4,432	3,568	3,644
Interest Income Recognized	48		35	133	96	140
Interest Income Recognized Cash Basis	14		1	33	10	12
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	21	21	215	21	215	21
With no related allowance recorded, Unpaid Principal Balance	21	21	215	21	215	21
With no related allowance recorded, Average Recorded Investment	63		525	175	1,206	920
With no related allowance recorded, Interest Income Recognized				2	24	24
With no related allowance recorded, Interest Income Recognized Cash Basis			1	10	4	158
With a specific allowance recorded, Recorded Investment	1,982	982	1,000	1,982	1,000	982
With a specific allowance recorded, Unpaid Principal Balance	1,982	982	1,000	1,982	1,000	982
Related Allowance	1,936	825	1,000	1,936	1,000	825
With a specific allowance recorded, Average Recorded Investment	1,989		333	1,665	334	498
With a specific allowance recorded, Interest Income Recognized	72		2	138	2	17
Recorded Investment	2,003	1,003	1,215	2,003	1,215	1,003
Unpaid Principal Balance	2,003	1,003	1,215	2,003	1,215	1,003
Average Recorded Investment	2,052		858	1,840	1,540	1,418
Interest Income Recognized	72		2	140	26	41
Interest Income Recognized Cash Basis			1	10	4	158
Consumer [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	17		15	17	15
With no related allowance recorded, Unpaid Principal Balance	17		15	17	15
With no related allowance recorded, Average Recorded Investment	17		16	18	19	17
With no related allowance recorded, Interest Income Recognized				1	1
With a specific allowance recorded, Recorded Investment		26				26
With a specific allowance recorded, Unpaid Principal Balance		26				26
Related Allowance		3				3
With a specific allowance recorded, Average Recorded Investment				3		2
With a specific allowance recorded, Interest Income Recognized						1
Recorded Investment	17	26	15	17	15	26
Unpaid Principal Balance	17	$ 26	15	17	15	26
Average Recorded Investment	$ 17		$ 16	21	19	19
Interest Income Recognized				$ 1	$ 1	$ 1

Loans - Summary of Activities in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Allowance for Loan Losses
Balance at beginning of year			$ 16,242	$ 13,672	$ 13,672
Provision for loan loss	$ 1,637	$ 659	3,845	3,000	3,444
Loans charged off	(123)	(103)	(334)	(1,154)	(1,332)
Recoveries	52	55	237	180	458
Balance at ending of year	19,990		19,990		16,242
Allowance for Unfunded Loan Commitments & Letters of Credit	1,118		1,118		1,041
Total Allowance for Credit Losses	$ 21,108	$ 16,737	$ 21,108	$ 16,737	$ 17,283	$ 19,591	$ 16,232	$ 14,313

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Loans (ALLL) - Additional Information (Detail) - Geneva in 2019 and Ossian State Bank in 2021 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accretable yield related to acquisition	$ 5,800	$ 7,100
Reclassification from nonaccretable difference	$ 151	$ 510

Loans - Analysis of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	$ 19,591	$ 16,232	$ 17,283	$ 14,313	$ 14,313
Charge Offs	(123)	(103)	(334)	(1,154)	(1,332)
Recoveries	52	55	237	180	458
Provision (Credit)	1,637	659	3,845	3,000	3,444
Other Non-interest expense related to unfunded	(49)	(106)	77	398
Ending Balance	21,108	16,737	21,108	16,737	17,283
Ending balance: individually evaluated for impairment	2,436	2,400	2,436	2,400	2,184
Ending balance: collectively evaluated for impairment	18,672	14,337	18,672	14,337	15,099
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	37
FINANCING RECEIVABLES:
Ending balance	2,142,616	1,495,562	2,142,616	1,495,562	1,857,419
Ending balance: individually evaluated for impairment	10,753	11,849	10,753	11,849	11,939
Ending balance: collectively evaluated for impairment	2,131,131	1,483,054	2,131,131	1,483,054	1,844,031
Ending balance: loans acquired with deteriorated credit quality	732	659	732	659	1,449
Consumer Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	939	649	857	633	633
Charge Offs		(2)		(2)
Recoveries	6	3	15	9
Provision (Credit)	(19)	146	54	156
Ending Balance	926	796	926	796	857
Ending balance: collectively evaluated for impairment	926	796	926	796	857
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	37
FINANCING RECEIVABLES:
Ending balance	416,044	202,370	416,044	202,370	395,805
Ending balance: individually evaluated for impairment	624	714	624	714	604
Ending balance: collectively evaluated for impairment	414,951	201,595	414,951	201,595	394,489
Ending balance: loans acquired with deteriorated credit quality	469	61	469	61	712
Agricultural Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	346	1,217	1,040	958	958
Provision (Credit)	10	(291)	(684)	(32)
Ending Balance	356	926	356	926	1,040
Ending balance: individually evaluated for impairment		636		636	691
Ending balance: collectively evaluated for impairment	356	290	356	290	349
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
FINANCING RECEIVABLES:
Ending balance	204,787	179,051	204,787	179,051	198,033
Ending balance: individually evaluated for impairment	2,588	6,051	2,588	6,051	6,725
Ending balance: collectively evaluated for impairment	202,003	173,000	202,003	173,000	191,107
Ending balance: loans acquired with deteriorated credit quality	196		196		201
Agricultural [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	754	720	709	701	701
Charge Offs		(1)		(143)
Recoveries	1	1	1	7
Provision (Credit)	1	(33)	46	122
Ending Balance	756	687	756	687	709
Ending balance: individually evaluated for impairment		54		54	1
Ending balance: collectively evaluated for impairment	756	633	756	633	708
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
FINANCING RECEIVABLES:
Ending balance	128,818	105,722	128,818	105,722	118,504
Ending balance: individually evaluated for impairment	1,334	247	1,334	247	20
Ending balance: collectively evaluated for impairment	127,484	105,475	127,484	105,475	118,484
Commercial Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	10,427	8,831	9,130	7,415	7,415
Recoveries	2	3	7	8
Provision (Credit)	1,122	(469)	2,414	942
Ending Balance	11,551	8,365	11,551	8,365	9,130
Ending balance: individually evaluated for impairment	500	710	500	710	664
Ending balance: collectively evaluated for impairment	11,051	7,655	11,051	7,655	8,466
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
FINANCING RECEIVABLES:
Ending balance	1,061,904	727,418	1,061,904	727,418	847,110
Ending balance: individually evaluated for impairment	4,187	3,607	4,187	3,607	3,561
Ending balance: collectively evaluated for impairment	1,057,699	723,577	1,057,699	723,577	843,299
Ending balance: loans acquired with deteriorated credit quality	18	234	18	234	250
Commercial and Industrial [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	5,365	2,837	3,847	3,346	3,346
Charge Offs		(5)	(6)	(814)
Recoveries	8	9	82	19
Provision (Credit)	297	973	1,747	1,263
Ending Balance	5,670	3,814	5,670	3,814	3,847
Ending balance: individually evaluated for impairment	1,936	1,000	1,936	1,000	825
Ending balance: collectively evaluated for impairment	3,734	2,814	3,734	2,814	3,022
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
FINANCING RECEIVABLES:
Ending balance	260,000	225,382	260,000	225,382	240,138
Ending balance: individually evaluated for impairment	2,003	1,215	2,003	1,215	1,003
Ending balance: collectively evaluated for impairment	257,948	223,803	257,948	223,803	238,849
Ending balance: loans acquired with deteriorated credit quality	49	364	49	364	286
Consumer [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	567	613	625	606	606
Charge Offs	(123)	(95)	(328)	(195)
Recoveries	35	39	132	137
Provision (Credit)	246	49	296	58
Ending Balance	725	606	725	606	625
Ending balance: individually evaluated for impairment					3
Ending balance: collectively evaluated for impairment	725	606	725	606	622
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
FINANCING RECEIVABLES:
Ending balance	71,063	55,619	71,063	55,619	57,829
Ending balance: individually evaluated for impairment	17	15	17	15	26
Ending balance: collectively evaluated for impairment	71,046	55,604	71,046	55,604	57,803
Unallocated [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	26	220	34	13	13
Provision (Credit)	(20)	284	(28)	491
Ending Balance	6	504	6	504	34
Ending balance: collectively evaluated for impairment	6	504	6	504	34
Ending balance: loans acquired with deteriorated credit quality	0	0	0	0	0
Unfunded Loan Commitment & Letters of Credit [Member]
ALLOWANCE FOR CREDIT LOSSES:
Beginning balance	1,167	1,145	1,041	641	641
Other Non-interest expense related to unfunded	(49)	(106)	77	398
Ending Balance	1,118	1,039	1,118	1,039	1,041
Ending balance: collectively evaluated for impairment	1,118	1,039	1,118	1,039	1,041
Ending balance: loans acquired with deteriorated credit quality	$ 0	$ 0	$ 0	$ 0	$ 0

Earnings Per Share - Additional Information (Detail)	Jun. 03, 2022 USD ($) Director shares	Jun. 04, 2021 USD ($) Director shares	Oct. 01, 2021 USD ($) shares
Earnings Per Share [Abstract]
Number of directors received shares \| shares	240	272	68
Number of directors received shares	12	10
Number of directors received prorated dollar value of shares		4
Compensation annual basis committee award \| $	$ 10,013	$ 6,000	$ 1,523

Earnings Per Share - Calculation of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 8,954	$ 8,271	$ 8,102	$ 5,920	$ 4,983	$ 4,909	$ 25,327	$ 15,812
Less: distributed earnings allocated to participating securities	(26)			(20)			(67)	(49)
Less: undistributed earnings allocated to participating securities	(42)			(31)			(148)	(77)
Net earnings available to common shareholders	$ 8,886			$ 5,869			$ 25,112	$ 15,686
Weighted average common shares outstanding including participating securities	13,083,145			11,209,732			13,071,859	11,199,309
Less: average unvested restricted shares	(99,838)			(96,197)			(111,209)	(89,075)
Weighted average common shares outstanding	12,983,307			11,113,535			12,960,650	11,110,234
Basic earnings per share	$ 0.68			$ 0.53			$ 1.94	$ 1.41
Diluted earnings per share	$ 0.68			$ 0.53			$ 1.94	$ 1.41

Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying or Notional Amounts (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial Assets:
Securities - available-for-sale	$ 395,485	$ 429,931
Financial Liabilities:
Other borrowings	10,000	40,000
Subordinated notes, net of unamortized issuance costs	34,557	34,471
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	70,670	180,823
Interest-bearing time deposits	5,187	10,913
Securities - available-for-sale	395,485	429,931
Other securities	8,227	8,162
Loans held for sale	2,182	7,714
Loans, net	2,122,626	1,841,177
Interest receivable	9,856	7,209
Financial Liabilities:
Total Deposits	2,283,036	2,193,462
Federal funds purchased and securities sold under agreement to repurchase	55,802	29,268
Federal Home Loan Bank advances	102,147	24,065
Other borrowings	10,000	40,000
Subordinated notes, net of unamortized issuance costs	34,557	34,471
Interest payable	787	1,125
Fair Value [Member]
Financial Assets:
Cash and cash equivalents	70,670	180,823
Interest-bearing time deposits	5,187	10,933
Securities - available-for-sale	395,485	429,931
Other securities	8,227	8,162
Loans held for sale	2,219	7,844
Loans, net	2,080,950	1,864,386
Interest receivable	9,856	7,209
Financial Liabilities:
Total Deposits	2,270,176	2,197,543
Federal funds purchased and securities sold under agreement to repurchase	55,802	29,268
Federal Home Loan Bank advances	103,588	24,305
Other borrowings	10,000	40,000
Subordinated notes, net of unamortized issuance costs	35,003	35,000
Interest payable	787	1,125
Level 1 [Member]
Financial Assets:
Cash and cash equivalents	70,670	180,823
Securities - available-for-sale	95,162	89,177
Level 2 [Member]
Financial Assets:
Interest-bearing time deposits	5,187	10,933
Securities - available-for-sale	296,957	335,981
Financial Liabilities:
Total Deposits	506,928	473,689
Other borrowings	10,000	40,000
Subordinated notes, net of unamortized issuance costs	35,003	35,000
Level 3 [Member]
Financial Assets:
Securities - available-for-sale	3,366	4,773
Other securities	8,227	8,162
Loans held for sale	2,219	7,844
Loans, net	2,080,950	1,864,386
Interest receivable	9,856	7,209
Financial Liabilities:
Total Deposits	1,763,248	1,723,854
Federal funds purchased and securities sold under agreement to repurchase	55,802	29,268
Federal Home Loan Bank advances	103,588	24,305
Interest payable	787	1,125
Interest Bearing Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	1,313,263	1,248,294
Interest Bearing Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	1,313,263	1,248,044
Interest Bearing Deposits [Member] \| Level 3 [Member]
Financial Liabilities:
Total Deposits	1,313,263	1,248,044
Non Interest Bearing Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	506,928	473,689
Non Interest Bearing Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	506,928	473,689
Non Interest Bearing Deposits [Member] \| Level 2 [Member]
Financial Liabilities:
Total Deposits	506,928	473,689
Time Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	462,845	471,479
Time Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	449,985	475,810
Time Deposits [Member] \| Level 3 [Member]
Financial Liabilities:
Total Deposits	$ 449,985	$ 475,810

Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	$ 395,485	$ 429,931
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	95,162	89,177
Level 1 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	95,162	89,177
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	296,957	335,981
Level 2 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	296,957	335,981
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	3,366	4,773
Level 3 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	3,366	4,773
U.S. Treasury [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	95,162	89,177
U.S. Treasury [Member] \| Level 1 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	95,162	89,177
U.S. Government Agencies [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	138,020	156,886
U.S. Government Agencies [Member] \| Level 2 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	138,020	156,886
Mortgage-backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	90,264	117,927
Mortgage-backed Securities [Member] \| Level 2 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	90,264	117,927
State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	72,039	65,941
State and Local Governments [Member] \| Level 2 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	68,673	61,168
State and Local Governments [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	3,366	4,773
State and Local Governments [Member] \| Level 3 [Member] \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	$ 3,366	$ 4,773

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022 Security	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Security transfer from Level 3 to Level 2 \| Security	1
Collateral dependent impaired loans categorized as Level 3		$ 10,753	$ 11,939	$ 11,849
Specific allocation for collateral dependent impaired loans		2,436	2,184	$ 2,400
Impairment		1	414
Collateral Dependent [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Specific allocation for collateral dependent impaired loans		2,400	2,200
Level 3 [Member] \| Collateral Dependent [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Collateral dependent impaired loans categorized as Level 3		$ 2,500	$ 8,500

Fair Value of Financial Instruments - Changes in the Level 3 Fair Value Category of Unobservable Inputs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
State and Local Governments Tax-Exempt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 2,089	$ 2,410	$ 2,307	$ 0
Change in Market Value	(19)	(9)	(77)	(17)
Purchases	0	0	0	2,418
Payments & Maturities	0	(155)	(160)	(155)
Reclassification & Adjustments	0	0		0
Ending Balance	2,070	2,246	2,070	2,246
State and Local Governments Taxable[Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,325	1,538	2,466	1,562
Change in Market Value	(29)	(17)	(181)	(41)
Purchases	0	0	0	0
Payments & Maturities	0	0		0
Reclassification & Adjustments	0	0	(989)	0
Ending Balance	1,296	1,521	1,296	1,521
State and Local Governments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	3,414	3,948	4,773	1,562
Change in Market Value	(48)	(26)	(258)	(58)
Purchases	0	0	0	2,418
Payments & Maturities	0	(155)	(160)	(155)
Reclassification & Adjustments	0	0	(989)	0
Ending Balance	$ 3,366	$ 3,767	$ 3,366	$ 3,767

Fair Value of Financial Instruments - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 395,485	$ 429,931
State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	72,039	65,941
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	3,366	4,773
Level 3 [Member] \| State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 3,366	$ 4,773
Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Unobservable Inputs	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 2,482	$ 8,527
Valuation Technique	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Level 3 [Member] \| Mortgage Servicing Rights [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 52	$ 3,157
Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Unobservable Inputs	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 [Member] \| Other Real Estate Owned-Residential [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		$ 99
Valuation Technique		us-gaap:MarketApproachValuationTechniqueMember
Unobservable Inputs		us-gaap:MeasurementInputAppraisedValueMember
Discount rate		32.72
Level 3 [Member] \| Minimum [Member] \| State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	2.13	0.21
Level 3 [Member] \| Minimum [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	20.00	20.00
Level 3 [Member] \| Minimum [Member] \| Mortgage Servicing Rights [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	0.09	1.94
Level 3 [Member] \| Weighted Average \| State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	3.96	1.33
Level 3 [Member] \| Weighted Average \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	23.80	34.78
Level 3 [Member] \| Weighted Average \| Mortgage Servicing Rights [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	1.81	18.44
Level 3 [Member] \| Weighted Average \| Other Real Estate Owned-Residential [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate		32.72
Level 3 [Member] \| Maximum [Member] \| State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	4.59	1.77
Level 3 [Member] \| Maximum [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	23.87	53.95
Level 3 [Member] \| Maximum [Member] \| Mortgage Servicing Rights [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	1.85	27.70

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fees And Commissions Income [Abstract]
Federal funds purchased	$ 20,356,000	$ 0
Securities sold under agreements to repurchase	$ 35,400,000	$ 29,300,000

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity in Repurchase Agreements (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Federal funds purchased	$ 20,356,000	$ 0
Repurchase agreements, Remaining contractual maturity of the agreements	35,400,000	29,300,000
Total	55,802,000	29,268,000
Overnight & Continuous [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Federal funds purchased	20,356,000
Total	21,715,000	1,062,000
30-90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Total	5,069,000	3,900,000
Greater Than 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Total	29,018,000	24,306,000
US Treasury & Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	35,446,000	29,268,000
US Treasury & Agency Securities [Member] \| Overnight & Continuous [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	1,359,000	1,062,000
US Treasury & Agency Securities [Member] \| 30-90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	5,069,000	3,900,000
US Treasury & Agency Securities [Member] \| Greater Than 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	$ 29,018,000	$ 24,306,000

Subordinated Notes - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Jul. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Debt instrument basis points	2.63%
Debt instrument, frequency of periodic payment	semi-annually
Term of loan	5 years	3 years
Redemption price of principal amount of notes redeemed	100.00%
Private Placement
Debt Instrument [Line Items]
Subordinated notes	$ 35
Fixed-to-floating interest rate	3.25%
Percentage of notes prices on principal amount	100.00%

Subordinated Notes - Schedule of Subordinated Notes (Detail) - Subordinated Notes - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 35,000	$ 35,000
Unamortized Note Issuance Costs	$ (443)	$ (529)

Subsequent Event - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 14, 2022	Sep. 30, 2022	Sep. 30, 2022
Subsequent Event [Line Items]
Business combination, acquisition related costs		$ 357,100	$ 357,100
Merger Agreement [Member]
Subsequent Event [Line Items]
Maximum number of shares exchanged in merger agreement	758,566
PPSF [Member] \| Merger Agreement [Member]
Subsequent Event [Line Items]
Share price per share	$ 34.28
Transaction value for common stock and cash	$ 27,000,000
Number of shares elect to receive in merger agreement	0.6597
Share price	$ 24.00