0000950170-24-021373 | 10-K | XBRL Viewer | Farmers Merchants Bancorp INC

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Loans (Tier Risk Rating System) - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Nonaccrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income on nonaccrual loans	$ 1,600	$ 157
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period of loan with a reasonable reduction of principal balance	2 years

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Federal funds purchased	$ 0	$ 22,600,000
Securities sold under agreements to repurchase	28,200,000
Pledged as Collateral
Variable Interest Entity [Line Items]
Securities sold under agreements to repurchase	$ 42,600,000	$ 43,600,000

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Detail)		3 Months Ended								12 Months Ended
	Apr. 10, 2023	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) Bank	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Period for federal funds sold outstanding										1 day
Accrued interest receivable										$ 10,200,000	$ 8,600,000
Delinquent loan is well secured and process of collection										90 days
Mortgage loans charged off days past due										180 days
Consumer and credit card loans to accrue interest charged off										120 days
Unrecognized interest income until loan balance reduced										$ 0
Maximum time for re-evaluation (in months)										12 months
Re-evaluation period for real estate										2 years
Amount of fair value of capital over carrying value			$ 8,800,000
Percentage of fair value of capital over carrying value			2.70%
Number of times fair value of capital in excess of carrying value of goodwill description										over 0.1 times
Foreclosed real estate										$ 0	0
Percentage of likelihood of realization of recognized tax benefit, minimum										50.00%
Provision for credit losses - loans		$ 278,000	$ 460,000	$ 143,000	$ 817,000	$ 755,000	$ 1,637,000	$ 1,628,000	$ 580,000	$ 1,698,000	4,600,000	$ 3,444,000
Number of peer group banks \| Bank										307
Reserve portion of allowance of credit loss										$ 400,000	$ 2,000,000
Captives provision existence period	10 years
Commercial and Agricultural [member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of external and independent loan										35.00%
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true								true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2023								Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]		true								true
Current expected credit losses		$ 3,600,000								$ 3,600,000			$ 26,043,000
Tax impact portion of deferred tax asset		1,100,000								1,100,000
ASU 2016-13 [Member] \| Letter of credit
Summary Of Significant Accounting Policies [Line Items]
Current expected credit losses		3,400,000								3,400,000
ASU 2016-13 [Member] \| Unfunded loan commitment
Summary Of Significant Accounting Policies [Line Items]
Current expected credit losses		$ 900,000								$ 900,000
ASU 2022-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true								true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2023								Jan. 01, 2023
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Maturity period of cash equivalents										3 months
Asset value of peer group banks										$ 5,000,000,000
Percentage of captive claims listed transaction loss ratio	65.00%
Percentage of captive claims transaction of interest loss ratio	70.00%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Market Capitalization From Increased Bank Equities		$ 85,000,000
Increase in fair value estimate										$ 8,800,000

Business Combination & Asset Purchase

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combination & Asset Purchase

Note 2 – Business Combination & Asset Purchase

On October 1, 2022, the Company acquired Peoples-Sidney Financial Corporation (PPSF), the bank holding company for Peoples Federal Savings and Loan Bank, a community bank with three full-service offices in Sidney, Anna and Jackson Center, Ohio in addition to a separate drive-thru location in Sidney, Ohio. PPSF shareholders had 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 Farmers & Merchants Bancorp, Inc. (FMAO) shares in the merger was no less than 758,566. Fractional shares of FMAO common stock were not issued in respect of fractional interests arising from the merger but were paid in cash pursuant to the merger agreement. PPSF had 1,167,025 shares outstanding on October 1, 2022. The share price of FMAO stock on October 1, 2022 was $26.87. Total consideration for the acquisition was approximately $23.2 million consisting of which $9.8 million was in cash and $13.4 million in stock. As a result of the acquisition, the Company increased its deposit base in Sidney and the greater Shelby County and reduced transaction costs. The Company has reduced costs through economies of scale.

In 2022, the Company incurred additional third-party acquisition-related costs of $2.4 million. These expenses were comprised primarily of data processing costs of $1.1 million, consulting fees of $542.9 thousand, employee benefits of $126.5 thousand and other general and administrative expense of $501.0 thousand in the Company’s consolidated statement of income for the year ended December 31, 2022.

In 2023, the Company has incurred additional third-party acquisition-related costs of $200 thousand. These expenses are comprised of employee benefits of $137.2 thousand, data processing costs of $12.9 thousand, consulting fees of $5.2 thousand and other general and administrative expense of $44.7 thousand in the Company’s consolidated statement of income for the year ended December 31, 2023.

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 $23.2 million, $6.0 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 $5.9 million, which resulted from the acquisition, consists largely of the synergies and economies of scale expected from combining the operations of the Company and Peoples Federal Savings and Loan Bank. Of that total amount, none of the purchase price is deductible for tax purposes. The following table summarizes the consideration paid for Peoples Federal Savings and Loan Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	9,806
Common Shares (500,426 shares)		13,446
Treasury stock repurchased (125 shares)		(3	)
Total	$	23,249

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	18,881
Other securities, at cost		1,271
Loans, net		101,755
Premises and equipment		1,906
Goodwill		5,924
Other assets		12,081
Total Assets Purchased	$	141,818

Liabilities
Deposits
Noninterest bearing	$	7,139
Interest bearing		104,719
Total deposits		111,858
Federal Home Loan Bank (FHLB) advances		896
Accrued expenses and other liabilities		5,815
Total Liabilities Assumed	$	118,569

The fair value of the assets acquired included loans with a fair value of $101.8 million and a weighted average life of 44.4 months. The gross principal and contractual interest due under the contracts was $116.1 million of which none were expected to be uncollectible.

The fair value of building and land included in premises and equipment was written up $581 thousand with $597 thousand attributable to the buildings and is being amortized over the remaining life of each building. The combined average remaining life was 12.8 years.

The fair value for certificates of deposit incorporated a valuation amount of $662 thousand which was amortized over 1.1 years. The fair value of Federal Home Loan Bank (FHLB) advances included a valuation amount of $69 thousand which is being amortized over 5.2 years.

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


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	798		$	-
Additions		6			856
Accretion		(232	)		(58	)
Reclassification from nonaccretable difference		-			-
Disposals		(6	)		-
Ending Balance	$	566		$	798

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 increased its deposit base and reduced transaction costs. The Company also reduced costs through economies of scale.

In 2021, the Company incurred additional third-party acquisition-related costs of $1.7 million. These expenses were comprised of employee benefits of $131.5 thousand, data processing costs of $444.9 thousand, consulting fees of $636.8 thousand and other general and administrative expense of $488.3 thousand in the Company’s consolidated statement of income for the year ended December 31, 2021.

In 2022, the Company incurred additional third-party acquisition-related costs of $148.5 thousand. These expenses were comprised of employee benefits of $90.8 thousand and other general and administrative expense of $57.7 thousand in the Company’s consolidated statement of income for the year ended December 31, 2022.

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, which resulted 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 was 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 (1,833,845 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 included loans with a fair value of $334.7 million and a weighted average life of 52 months. The gross principal and contractual interest due under the contracts was $403.3 million, of which $5.6 million was expected to be uncollectible.

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 incorporated a valuation amount of $3.9 million which was 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.

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


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	4,236		$	5,262
Additions		39			294
Accretion		(1,480	)		(1,318	)
Reclassification from nonaccretable difference		-			-
Disposals		-			(2	)
Ending Balance	$	2,795		$	4,236

On April 30, 2021, the Company acquired Ossian Financial Services, Inc., (OSFI), 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 OSFI received $67.71 in cash for each share. OSFI 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 reduced transaction costs. The Company has also reduced costs through economies of scale.

In 2021, the Company incurred additional third-party acquisition-related costs of $2.2 million. These expenses were comprised of employee benefits of $694.1 thousand, data processing costs of $938.9 thousand, consulting fees of $255.2 thousand, ATM expense of $13.8 thousand and other general and administrative expense of $255.0 thousand in the Company’s consolidated statement of income for the year ended December 31, 2021.

In 2022, the Company incurred additional third-party acquisition-related costs of $31.6 thousand. These expenses were included in other general and administrative expense in the Company’s consolidated statement of income for the year ended December 31, 2022.

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

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

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

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


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	470		$	645
Additions		-			1
Accretion		(176	)		(176	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	294		$	470

Changes in accretable yield, or income expected to be collected, for the acquisition of Bank of Geneva completed in 2019, are as follows:


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	785		$	1,198
Additions		11			13
Accretion		(433	)		(426	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	363		$	785

The results of operations of Ossian State Bank, Perpetual Federal Savings Bank and Peoples Federal Savings and Loan Bank have been included in the Company’s consolidated financial statements since the acquisition dates of April 30, 2021, October 1, 2021 and October 1, 2022, respectively. The following schedule includes pro-forma results for the years ended December 31, 2023, 2022 and 2021 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.


	2023		2022		2021
Summary of Operations
Net Interest Income - Before Provision for Credit Losses and Unfunded*	$	81,397	$	90,754	$	84,749
Provision for Credit Losses and Unfunded*		1,682		4,513		3,445
Net Interest Income After Provision for Credit Losses and Unfunded*		79,715		86,241		81,304
Noninterest Income		16,040		14,100		18,931
Noninterest Expense		67,193		58,105		58,300
Income Before Income Taxes		28,562		42,236		41,935
Income Taxes		5,609		8,141		8,397
Net Income	$	22,953	$	34,095	$	33,538
Basic and Diluted Earnings Per Share	$	1.68	$	2.51	$	2.48

*ASU 2016-13 adopted during the first quarter of 2023; therefore, 2022 and 2021 provision amounts reflect the incurred loss method.

The pro-forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the branches acquired and the related income tax effects.

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 acquisition been consummated as of that time, nor is it intended to be a projection of future results.

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, the acquisition of Perpetual Federal Savings Bank resulted in the recognition of $668 thousand in core deposits and the acquisition of Peoples Federal Savings and Loan resulted in the recognition of $6.0 million in core deposits which are all being amortized over the remaining economic useful life of 7 years on a straight line basis. Core deposit intangible is included in other assets on the Company's consolidated balance sheets.

The amortization expense for the years ended December 31, 2023, 2022 and 2021 was $1.7 million, $1.0 million and $677 thousand, respectively.

Future amortization expense of core deposit intangible assets is as follows:


	Geneva		Ossian		Perpetual		Peoples		Total
	(In thousands)
2024	$	560	$	140	$	95	$	861	$	1,656
2025		560		140		95		861		1,656
2026		-		140		95		861		1,096
2027		-		140		95		861		1,096
2028		-		47		73		861		981
Thereafter		-		-		-		646		646
Total	$	1,120	$	607	$	453	$	4,951	$	7,131

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. 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 customer list intangible amortization expense for the years ended December 31, 2023, 2022 and 2021 was $123 thousand for each of the three years presented. Future amortization expense of customer list intangible is as follows:


	(In thousands)
2024	$	123
2025		123
2026		123
2027		48
2028		-
Thereafter		-
Total	$	417

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cumulative Basis Adjustments for Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges

The following table presents amounts that were recorded on the Company's consolidated balance sheets related to cumulative basis adjustments for interest rate swap derivatives designated as fair value accounting hedges as of December 31, 2023. There were no interest rate swaps during the year ending December 31, 2022.


	(In Thousands)
	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included	December 31, 2023		December 31, 2023
Loans	$	276,991	$	2,719

Summary of Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges of Fixed-rate Receivables

The following table presents a summary of interest rate swap derivatives designated as fair value accounting hedges of fixed-rate receivables used in the Bank's asset/liability management activities at December 31, 2023, identified by the underlying interest rate-sensitive instruments.


Instruments Associated With	Notional Value (000's)		Weighted Average Remaining Maturity (years)		Fair Value (000's)		Receive	Pay
Loans	$	100,000		3.6	$	2,719	USD-SOFR-OIS		4.47	%
Total swap portfolio at December 31, 2023	$	100,000		3.6	$	2,719	USD-SOFR-OIS		4.47	%

Schedule of Notional Amount and Fair Value of Interest Rate Swaps

The following table presents the notional amount and fair value of interest rate swaps utilized by the Bank at December 31, 2023.


	(In Thousands)
	December 31, 2023
	Notional Amount		Fair Value
Asset Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans	$	-	$	-
Total contracts	$	-	$	-
Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans	$	100,000	$	(2,679	)
Total contracts	$	100,000	$	(2,679	)

Schedule of Effects of Interest Rate Swap Agreements on Consolidated Statements of Income

The following table presents the effects of the Bank's interest rate swap agreements on the Company’s consolidated statement of income during the year ended December 31, 2023.


	(In Thousands)
Line Item in the Consolidated Statements of Income	December 31, 2023
Interest Income
Loans, including fees	$	40
Other		144
Total interest income	$	184

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase - Schedule of Remaining Contractual Maturity in Repurchase Agreements and Collateral Pledged (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Federal funds purchased	$ 0	$ 22,600,000
Repurchase agreements, Remaining contractual maturity of the agreements	28,200,000
Total	28,218,000	$ 54,206,000
US Treasury & Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	28,218,000
Greater Than 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Total	28,218,000
Greater Than 90 Days [Member] \| US Treasury & Agency Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, Remaining contractual maturity of the agreements	$ 28,218,000

- Definition

+ References

+ Details

Leases - Operating Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 5,918	$ 1,033
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Other assets	Other assets
Operating lease liabilities	$ 5,918	$ 1,033
Operating lease, liability, statement of financial position [Extensible Enumeration]	Accrued expenses and other liabilities	Accrued expenses and other liabilities

Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets


Balance Sheets
	(In Thousands)
	2023		2022
Assets
Cash	$	3,790	$	16,901
Interest-bearing time deposits		2,466		498
Related party receivables:
Dividends and accounts receivable from subsidiary		3,928		2,114
Accrued interest receivable - available-for-sale securities / interest bearing time deposits		46		38
Securities - US Treasuries / municipals		5,675		7,460
Investment in subsidiaries		338,893		319,371
Total Assets	$	354,798	$	346,382

Liabilities
Other borrowings	$	-	$	10,000
Subordinated notes, net of unamortized issuance costs		34,769		34,586
Dividends payable		2,974		2,832
Accrued interest payable		474		618
Accrued expenses		38		206
Total Liabilities		38,255		48,242
Stockholders' Equity		316,543		298,140
Total Liabilities and Stockholders' Equity	$	354,798	$	346,382

Schedule of Condensed Income and Comprehensive Income Statements


Statements of Income and Comprehensive Income
	(In Thousands)
	2023			2022			2021
Income
Dividends from subsidiaries	$	7,500		$	44,285		$	23,200
Distributed earnings of dissolved subsidiary		1,005			-			-
Interest - available-for-sale securities / interest-bearing time deposits		162			308			253
Noninterest income		4			-			-
Gain on sales of available-for-sale securities		-			-			293
Total income		8,671			44,593			23,746
Expenses
Interest		1,258			1,588			743
Operating expenses		1,143			1,176			1,335
Total expenses		2,401			2,764			2,078

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		6,270			41,829			21,668
Income Taxes (Benefit)		(495	)		(535	)		(347	)
		6,765			42,364			22,015
Equity in undistributed (distributions in excess of) earnings of subsidiaries		16,022			(9,849	)		1,480
Net Income		22,787			32,515			23,495
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes		9,221			(35,049	)		(8,881	)
Comprehensive Income (Loss)	$	32,008		$	(2,534	)	$	14,614

Schedule of Condensed Cash Flow Statement


Statements of Cash Flows
	(In Thousands)
	2023			2022			2021
Cash Flows from Operating Activities
Net income	$	22,787		$	32,515		$	23,495
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (distributions in excess of) net income		(16,022	)		9,849			(1,480	)
Amortization of premiums on available-for-sale securities, net		29			61			81
Amortization of subordinated notes issuance fees		116			116			49
Stock-based compensation expense		1,281			899			822
Director stock awards		180			120			73
Gain on sale of available-for-sale securities		-			-			(293	)
Changes in assets and liabilities:
Other assets and liabilities		(1,981	)		2,560			(456	)
Net cash provided by operating activities		6,390			46,120			22,291
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		1,445			1,540			795
Sales		1,105			-			7,773
Purchases		-			(398	)		-
Activity in certificates of deposit
Maturities		-			1,234			493
Purchases		(498	)		(498	)		-
Cash used for acquisitions		-			(9,806	)		(79,235	)
Net cash provided by (used in) investing activities		2,052			(7,928	)		(70,174	)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings		(10,000	)		(30,000	)		35,000
Purchase of treasury stock		(218	)		(308	)		(338	)
Proceeds from issuance of subordinated notes		-			-			34,421
Payment of dividends		(11,335	)		(10,276	)		(7,670	)
Net cash provided by (used in) financing activities		(21,553	)		(40,584	)		61,413
Net Change in Cash and Cash Equivalents		(13,111	)		(2,392	)		13,530
Cash and Cash Equivalents - Beginning of year		16,901			19,293			5,763
Cash and Cash Equivalents - End of year	$	3,790		$	16,901		$	19,293

Fair Value of Financial Instruments - Changes in the Level 3 Fair Value Category of Unobservable Inputs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
State and Local Governments Tax-Exempt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 2,071	$ 2,307
Change in Fair Value	$ 38	$ (76)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Payments & Maturities	$ (921)	$ (160)
Ending Balance	1,188	2,071
State and Local Governments Taxable[Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,274	2,466
Change in Fair Value	$ (2)	$ (203)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Reclassification and Adjustments		$ (989)
Ending Balance	$ 1,272	1,274
State and Local Governments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	3,345	4,773
Change in Fair Value	$ 36	$ (279)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Payments & Maturities	$ (921)	$ (160)
Reclassification and Adjustments		(989)
Ending Balance	$ 2,460	$ 3,345

Premises and Equipment - Major Categories of Banking Premises and Equipment and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and Equipment (Gross)	$ 78,094	$ 67,845
Less: Accumulated depreciation	(42,304)	(39,464)
Premises and Equipment (Net)	35,790	28,381
Land [Member]
Property, Plant and Equipment [Line Items]
Premises and Equipment (Gross)	6,838	6,896
Buildings [Member]
Property, Plant and Equipment [Line Items]
Premises and Equipment (Gross)	40,831	34,501
Furnishings [Member]
Property, Plant and Equipment [Line Items]
Premises and Equipment (Gross)	$ 30,425	$ 26,448

Servicing - Summary of Mortgage Servicing Rights Capitalized and Amortized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]
Beginning of Year	$ 3,549
Valuation Allowance	(7)
End of Year	5,648	$ 3,549
Mortgage Servicing Rights [Member]
Servicing Assets at Fair Value [Line Items]
Beginning of Year	3,549	3,571
Capitalized Additions	2,710	537
Amortization	(604)	(559)
Valuation Allowance	(7)
End of Year	5,655	3,549
Mortgage Servicing Rights net, December 31	$ 5,648	$ 3,549

Loans - Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	$ 329,142
Distribution of variable rate loans by major loan category, Variable Rate	192,753
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	123,783
Distribution of variable rate loans by major loan category, Variable Rate	100,008
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	56,269
Distribution of variable rate loans by major loan category, Variable Rate	76,291
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	1,024,989
Distribution of variable rate loans by major loan category, Variable Rate	312,777
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	131,385
Distribution of variable rate loans by major loan category, Variable Rate	123,550
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	79,526
Distribution of variable rate loans by major loan category, Variable Rate	65
Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Distribution of fixed rate loans by major loan category, Fixed Rate	20,552
Distribution of variable rate loans by major loan category, Variable Rate	$ 9,584

Off Balance Sheet Activities

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Off Balance Sheet Activities

Note 15 - Off Balance Sheet Activities

Credit Related Financial Instruments

The Bank is a party to credit related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing need of its customers. These financial instruments include commitments to extend credit, Standby Letters of Credit, and Commercial Letters of Credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Company's consolidated balance sheets.

The Bank's exposure to credit loss is represented by the contractual amount of these commitments. The Bank follows the same credit policies in making commitments as it does for on-balance-sheet instruments. The allowance for credit losses as it relates to unfunded loan commitments (AULC) is included under other liabilities. The AULC as of December 31, 2023 and 2022 was $825 thousand and $1.0 million, respectively.

At December 31, 2023 and 2022, the following financial instruments were outstanding whose contract amounts represent credit risk:


	(In Thousands)
	2023		2022
Commitments to extend credit	$	640,023	$	691,501
Standby letters of credit		825		1,046

Commitments to extend credit and Standby Letters of Credit all include exposure to some credit loss in the event of nonperformance of the customer. The Bank’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded in the financial statements. Due to the fact that these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they generally do not present any significant liquidity risk to the Bank. On May 1, 2022, the Bank sold the credit card portfolio thus eliminating credit risk for 2022.

Collateral Requirements

To reduce credit risk related to the use of credit-related financial instruments, the Bank might deem it necessary to obtain collateral. The amount and nature of the collateral obtained is based on the Bank's credit evaluation of the customer. Collateral held varies but may include cash, securities, accounts receivable, inventory, property, plant, and real estate.

Legal Contingencies

Various legal claims also arise from time to time in the normal course of business, which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements.

Condensed Financial Statements of Parent Company - Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Interest-bearing time deposits	$ 2,740	$ 4,442
Related party receivables:
Total Assets	3,283,229	3,015,351
Liabilities
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	34,702	34,586
Dividends payable	2,974	2,832
Total liabilities	2,966,686	2,717,211
Stockholders' Equity	316,543	298,140	$ 297,167	$ 249,160
Total Liabilities and Stockholders' Equity	3,283,229	3,015,351
Farmers & Merchants State Bank [Member]
Assets
Cash	3,790	16,901
Interest-bearing time deposits	2,466	498
Related party receivables:
Dividends and accounts receivable from subsidiary	3,928	2,114
Accrued interest receivable - available-for-sale securities / interest bearing time deposits	46	38
Securities - US Treasuries / municipals	5,675	7,460
Investment in subsidiaries	338,893	319,371
Total Assets	354,798	346,382
Liabilities
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	34,769	34,586
Dividends payable	2,974	2,832
Accrued interest payable	474	618
Accrued expenses	38	206
Total liabilities	38,255	48,242
Stockholders' Equity	316,543	298,140
Total Liabilities and Stockholders' Equity	$ 354,798	$ 346,382

Business Combination & Asset Purchase - Schedule of Future Amortization of Core Deposit Intangible Assets (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Core Deposits [Member]
Business Acquisition [Line Items]
2024	$ 1,656
2025	1,656
2026	1,096
2027	1,096
2028	981
Thereafter	646
Total	7,131
Core Deposits [Member] \| Geneva [Member]
Business Acquisition [Line Items]
2024	560
2025	560
Total	1,120
Core Deposits [Member] \| Ossian [Member]
Business Acquisition [Line Items]
2024	140
2025	140
2026	140
2027	140
2028	47
Total	607
Core Deposits [Member] \| Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
2024	95
2025	95
2026	95
2027	95
2028	73
Total	453
Core Deposits [Member] \| Peoples Federal Savings and Loan [Member]
Business Acquisition [Line Items]
2024	861
2025	861
2026	861
2027	861
2028	861
Thereafter	646
Total	4,951
Customer Lists [Member] \| Adams County Financial Resources [Member]
Business Acquisition [Line Items]
2024	123
2025	123
2026	123
2027	48
Total	$ 417

Servicing - Additional Information (Detail) $ in Thousands	12 Months Ended
Servicing - Additional Information (Detail) $ in Thousands	Dec. 31, 2023 USD ($) Loan Strata	Dec. 31, 2022 USD ($)
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
Valuation allowance	$ 7
1-4 Family Real Estate Loans [Member]
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
Loans serviced for others unpaid principal amount	367,800	$ 375,600
Capitalized service right assets included in other assets	3,500	3,500
Fair value of the capitalized servicing rights	$ 5,500	$ 5,100
Number of loans \| Loan	3,749
Number of strata which included loan \| Strata	2
Prepayment rate	6.30%	7.70%
Discount yield	5.70%
Valuation allowance	$ 2
Agricultural Real Estate Loans [Member]
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
Loans serviced for others unpaid principal amount	135,800
Capitalized service right assets included in other assets	2,200
Fair value of the capitalized servicing rights	$ 2,600
Number of loans \| Loan	593
Number of strata which included loan \| Strata	11
Discount yield	8.66%	5.94%
Valuation allowance	$ 5
Two 1-4 Family Real Estate Strata [Member]
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
Number of loans \| Loan	103
Eleven Agricultural Real Estate Strata [Member]
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
Number of loans \| Loan	41

Summary of Significant Accounting Policies - Schedule of Impact of Adopting ASU (Details) - ASU 2016-13 [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses	$ 3,600	$ 26,043
Consumer Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		3,872
Agricultural Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		183
Agricultural [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		101
Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		15,425
Commercial and Industrial [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		3,217
Consumer [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		1,079
Unfunded Loan Commitment & Letters of Credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		2,166
Pre-ASU 2016-13 Adoption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		21,575
Pre-ASU 2016-13 Adoption [Member] \| Consumer Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		998
Pre-ASU 2016-13 Adoption [Member] \| Agricultural Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		349
Pre-ASU 2016-13 Adoption [Member] \| Agricultural [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		751
Pre-ASU 2016-13 Adoption [Member] \| Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		11,924
Pre-ASU 2016-13 Adoption [Member] \| Commercial and Industrial [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		5,382
Pre-ASU 2016-13 Adoption [Member] \| Consumer [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		909
Pre-ASU 2016-13 Adoption [Member] \| Unfunded Loan Commitment & Letters of Credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		1,262
Impact of ASU 2016-13 Adoption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		4,468
Impact of ASU 2016-13 Adoption [Member] \| Consumer Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		2,874
Impact of ASU 2016-13 Adoption [Member] \| Agricultural Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		(166)
Impact of ASU 2016-13 Adoption [Member] \| Agricultural [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		(650)
Impact of ASU 2016-13 Adoption [Member] \| Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		3,501
Impact of ASU 2016-13 Adoption [Member] \| Commercial and Industrial [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		(2,165)
Impact of ASU 2016-13 Adoption [Member] \| Consumer [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		170
Impact of ASU 2016-13 Adoption [Member] \| Unfunded Loan Commitment & Letters of Credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current expected credit losses		$ 904

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 140,917	$ 83,085
Federal funds sold	1,284	1,324
Total cash and cash equivalents	142,201	84,409
Interest-bearing time deposits	2,740	4,442
Securities - available-for-sale	358,478	390,789
Other securities, at cost	17,138	9,799
Loans held for sale	1,576	827
Loans, net of allowance for credit losses of $25,024 and $20,313	2,556,167	2,336,074
Premises and equipment	35,790	28,381
Construction in progress	8	278
Goodwill	86,358	86,358
Loan servicing rights	5,648	3,549
Bank owned life insurance	33,907	33,073
Other assets	43,218	37,372
Total Assets	3,283,229	3,015,351
Deposits
Noninterest-bearing	528,465	532,794
Interest-bearing
NOW accounts	816,790	750,887
Savings	599,191	627,203
Time	663,017	557,980
Total deposits	2,607,463	2,468,864
Federal funds purchased and securities sold under agreement to repurchase	28,218	54,206
Federal Home Loan Bank (FHLB) advances	265,750	127,485
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	34,702	34,586
Dividend payable	2,974	2,832
Accrued expenses and other liabilities	27,579	19,238
Total liabilities	2,966,686	2,717,211
Commitments and Contingencies
Stockholders' Equity
Common stock - No par value 20,000,000 shares authorized; issued and outstanding 14,564,425 shares 12/31/23 and 12/31/22	135,515	135,497
Treasury stock - 899,784 shares 12/31/23 and 956,003 shares 12/31/22	(11,040)	(11,573)
Retained earnings	221,080	212,449
Accumulated other comprehensive loss	(29,012)	(38,233)
Total stockholders' equity	316,543	298,140
Total Liabilities and Stockholders' Equity	$ 3,283,229	$ 3,015,351

Minimum Regulatory Capital Requirements - Additional Information (Detail)	Dec. 31, 2023	Jan. 01, 2019
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Minimum ratio of capital to risk-weighted assets	0.0800	0.080
Minimum ratio of capital to risk-weighted assets including capital conservation buffer		10.50%
Minimum leverage ratio calculated as ratio of Tier 1 capital to average quarterly assets	0.0786	0.040
Common Equity Tier 1 Capital [Member]
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Minimum ratio of capital to risk-weighted assets		0.045
Capital conservation buffer		2.50%
Minimum ratio of capital to risk-weighted assets including capital conservation buffer		7.00%
Tier 1 Capital [Member]
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Minimum ratio of capital to risk-weighted assets		0.060
Minimum ratio of capital to risk-weighted assets including capital conservation buffer		8.50%

Securities - Gross Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	$ (26)	$ (6,965)
Fair Value, Less Than Twelve Months	5,797	99,357
Gross Unrealized Losses, Twelve Months and Over	(36,835)	(41,501)
Fair Value, Twelve Months and Over	345,911	286,095
U.S. Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(4)	(207)
Fair Value, Less Than Twelve Months	494	9,121
Gross Unrealized Losses, Twelve Months and Over	(6,909)	(9,622)
Fair Value, Twelve Months and Over	79,528	85,557
U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months		(1,081)
Fair Value, Less Than Twelve Months		24,560
Gross Unrealized Losses, Twelve Months and Over	(12,738)	(15,969)
Fair Value, Twelve Months and Over	128,222	114,906
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(20)	(2,454)
Fair Value, Less Than Twelve Months	4,372	26,905
Gross Unrealized Losses, Twelve Months and Over	(11,909)	(11,687)
Fair Value, Twelve Months and Over	77,759	60,022
State and Local Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses, Less Than Twelve Months	(2)	(3,223)
Fair Value, Less Than Twelve Months	931	38,771
Gross Unrealized Losses, Twelve Months and Over	(5,279)	(4,223)
Fair Value, Twelve Months and Over	$ 60,402	$ 25,610

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Time Deposits

Time deposits as of December 31 consist of the following:


	(In Thousands)
	2023		2022
Time deposits under $250,000	$	523,895	$	495,891
Time deposits of $250,000 or more		139,122		62,089
	$	663,017	$	557,980

Scheduled Maturities for Time Deposits

At December 31, 2023 the scheduled maturities for time deposits are as follows:


	(In Thousands)
2024	$	476,304
2025		132,232
2026		33,124
2027		12,262
2028		8,869
Thereafter		226
	$	663,017

Loans - Summary of Activities in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Loan Losses
Balance at beginning of year				$ 20,313					$ 20,313
Provision for credit losses-Loans	$ 278	$ 460	$ 143	817	$ 755	$ 1,637	$ 1,628	$ 580	1,698	$ 4,600	$ 3,444
Charge Offs									(990)	(827)
Recoveries									439	298
Balance at ending of year	25,024				20,313				25,024	20,313
Consumer Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				998					998
Provision for credit losses-Loans									(326)	121
Charge Offs										0
Recoveries									35	20
Balance at ending of year	3,581				998				3,581	998
Agricultural Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				349					349
Provision for credit losses-Loans									24	(691)
Charge Offs										0
Recoveries									105
Balance at ending of year	312				349				312	349
Agricultural [Member]
Allowance for Loan Losses
Balance at beginning of year				751					751
Provision for credit losses-Loans									225	35
Charge Offs										0
Recoveries									10	7
Balance at ending of year	336				751				336	751
Commercial Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				11,924					11,924
Provision for credit losses-Loans									1,967	2,785
Recoveries									8	9
Balance at ending of year	17,400				11,924				17,400	11,924
Commercial and Industrial [Member]
Allowance for Loan Losses
Balance at beginning of year				5,382					5,382
Provision for credit losses-Loans									(643)	1,860
Charge Offs									(565)	(418)
Recoveries									84	93
Balance at ending of year	2,093				5,382				2,093	5,382
Consumer [Member]
Allowance for Loan Losses
Balance at beginning of year				909					909
Provision for credit losses-Loans									451	506
Charge Offs									(425)	(409)
Recoveries									197	169
Balance at ending of year	$ 1,302				909				1,302	909
Cumulative Effect, Period of Adoption, Adjustment [Member]
Allowance for Loan Losses
Balance at beginning of year				3,564					$ 3,564
Accounting Standards Update [Extensible Enumeration]									Accounting Standards Update 2016-13 [Member]
Balance at ending of year					3,564					3,564
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Consumer Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				2,874					$ 2,874
Balance at ending of year					2,874					2,874
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Agricultural Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				(166)					(166)
Balance at ending of year					(166)					(166)
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Agricultural [Member]
Allowance for Loan Losses
Balance at beginning of year				(650)					(650)
Balance at ending of year					(650)					(650)
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Commercial Real Estate [Member]
Allowance for Loan Losses
Balance at beginning of year				3,501					3,501
Balance at ending of year					3,501					3,501
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Commercial and Industrial [Member]
Allowance for Loan Losses
Balance at beginning of year				(2,165)					(2,165)
Balance at ending of year					(2,165)					(2,165)
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Consumer [Member]
Allowance for Loan Losses
Balance at beginning of year				$ 170					$ 170
Balance at ending of year					$ 170					$ 170

Business Combination & Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Detail) - USD ($) $ in Thousands				12 Months Ended
	Oct. 01, 2022	Oct. 01, 2021	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Assets
Goodwill				$ 86,358		$ 86,358
Peoples Federal Savings and Loan [Member]
Business Acquisition [Line Items]
Cash	$ 9,806			$ 9,806
Common Shares	13,446
Treasury stock repurchased	(3)
Total	23,249
Assets
Cash and cash equivalents	18,881
Other securities, at cost	1,271
Loans, net	101,755
Premises and equipment	1,906
Goodwill	5,924
Other assets	12,081
Total Assets Purchased	141,818
Deposits
Noninterest bearing	7,139
Interest bearing	104,719
Total deposits	111,858
Federal Home Loan Bank (FHLB) advances	896
Accrued expenses and other liabilities	5,815
Total Liabilities Assumed	$ 118,569
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Cash		$ 59,234			$ 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

Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loans

Loans at December 31 are summarized below:


	(In Thousands)
Loans:	2023			2022
Consumer Real Estate	$	521,895		$	494,423
Agricultural Real Estate		223,791			220,819
Agricultural		132,560			128,733
Commercial Real Estate		1,337,766			1,152,603
Commercial and Industrial		254,935			242,360
Consumer		79,591			89,147
Other		30,136			29,818
		2,580,674			2,357,903
Less: Net deferred loan fees and costs and other*		517			(1,516	)
		2,581,191			2,356,387
Less: Allowance for credit losses		(25,024	)		(20,313	)
Loans - Net	$	2,556,167		$	2,336,074

*This chart contains fair value adjustments to the basis of derivatives in the amount of $2.7 million at December 31, 2023. No derivatives existed at December 31, 2022.

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

The following is a maturity schedule by major category of loans excluding fair value adjustments at December 31, 2023:


	(In Thousands)
			After One		After Five
	Within		Year Within		Years Within		After
	One Year		Five Years		Fifteen Years		Fifteen Years		Total
Consumer Real Estate	$	12,307	$	33,817	$	157,139	$	322,639	$	525,902
Agricultural Real Estate		546		6,149		63,073		154,648		224,416
Agricultural		62,926		47,053		19,184		3,430		132,593
Commercial Real Estate		109,232		382,123		619,438		227,126		1,337,919
Commercial and Industrial		97,823		103,806		52,981		828		255,438
Consumer		2,036		58,115		19,561		94		79,806
Other		2,855		1,452		16,251		9,584		30,142
	$	287,725	$	632,515	$	947,627	$	718,349	$	2,586,216

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

The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of December 31, 2023:


	(In Thousands)
	Fixed		Variable
	Rate		Rate
Consumer Real Estate	$	329,142	$	192,753
Agricultural Real Estate		123,783		100,008
Agricultural		56,269		76,291
Commercial Real Estate		1,024,989		312,777
Commercial and Industrial		131,385		123,550
Consumer		79,526		65
Other		20,552		9,584

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

The following table represents the contractual aging of the recorded investment in past due loans by portfolio classification of loans as of December 31, 2023 and 2022, net of deferred loan fees and costs:


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


	(In Thousands)
December 31, 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	$	1,536	$	635	$	90	$	2,261	$	492,162	$	494,423	$	-
Agricultural Real Estate		118		2		1,550		1,670		218,844		220,514		-
Agricultural		433		-		152		585		128,341		128,926		-
Commercial Real Estate		74		-		180		254		1,150,257		1,150,511		-
Commercial and Industrial		953		-		182		1,135		270,984		272,119		-
Consumer		83		37		-		120		89,774		89,894		-
Total	$	3,197	$	674	$	2,154	$	6,025	$	2,350,362	$	2,356,387	$	-

Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans

The following tables present the recorded investment in nonaccrual loans by portfolio class of loans as of December 31, 2023 and December 31, 2022:


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

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

Interest income that would have been recorded under the original terms of these loans would have aggregated $1.6 million for 2023 and $157 thousand for 2022.


	(In Thousands)
	2022
Consumer Real Estate	$	612
Agricultural Real Estate		1,921
Agriculture		152
Commercial Real Estate		903
Commercial and Industrial		1,096
Consumer		5
Total	$	4,689

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

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


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

Consumer Real Estate
Risk Rating
Pass (1-4)	$	77,298	$	88,695	$	90,139	$	82,680	$	126,596	$	465,408	$	52,904	$	518,312
Special Mention (5)		1,228		40		-		-		134		1,402		-		1,402
Substandard (6)		-		261		558		163		1,198		2,180		14		2,194
Doubtful (7)		-		-		-		-		-		-		-		-
Total Consumer Real Estate	$	78,526	$	88,996	$	90,697	$	82,843	$	127,928	$	468,990	$	52,918	$	521,908
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural Real Estate
Risk Rating
Pass (1-4)	$	30,504	$	37,199	$	25,168	$	25,874	$	87,107	$	205,852	$	97	$	205,949
Special Mention (5)		-		861		14		-		508		1,383		-		1,383
Substandard (6)		-		-		12,196		186		3,765		16,147		-		16,147
Doubtful (7)		-		-		-		-		-		-		-		-
Total Agricultural Real Estate	$	30,504	$	38,060	$	37,378	$	26,060	$	91,380	$	223,382	$	97	$	223,479
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural
Risk Rating
Pass (1-4)	$	17,787	$	20,330	$	8,356	$	4,476	$	5,736	$	56,685	$	69,824	$	126,509
Special Mention (5)		38		621		112		-		-		771		330		1,101
Substandard (6)		514		634		2,009		498		-		3,655		1,498		5,153
Doubtful (7)		-		-		-		-		-		-		-		-
Total Agricultural	$	18,339	$	21,585	$	10,477	$	4,974	$	5,736	$	61,111	$	71,652	$	132,763
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-


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

Commercial Real Estate
Risk Rating
Pass (1-4)	$	224,232	$	438,716	$	245,273	$	122,656	$	235,603	$	1,266,480	$	-	$	1,266,480
Special Mention (5)		34,864		9,100		-		10,793		12,968		67,725		-		67,725
Substandard (6)		-		-		-		-		795		795		-		795
Doubtful (7)		-		-		-		75		-		75		-		75
Total Commercial Real Estate	$	259,096	$	447,816	$	245,273	$	133,524	$	249,366	$	1,335,075	$	-	$	1,335,075
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Commercial & Industrial
Risk Rating
Pass (1-4)	$	56,224	$	51,663	$	24,876	$	20,071	$	3,074	$	155,908	$	90,018	$	245,926
Special Mention (5)		716		69		211		146		794		1,936		6,016		7,952
Substandard (6)		74		454		-		-		48		576		122		698
Doubtful (7)		-		-		-		182		-		182		-		182
Total Commercial & Industrial	$	57,014	$	52,186	$	25,087	$	20,399	$	3,916	$	158,602	$	96,156	$	254,758
Gross charge-offs YTD	$	-	$	-	$	-	$	565	$	-	$	565	$	-	$	565

Other
Risk Rating
Pass (1-4)	$	2,810	$	-	$	16,761	$	5,790	$	4,775	$	30,136	$	-	$	30,136
Special Mention (5)		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-
Total Other	$	2,810	$	-	$	16,761	$	5,790	$	4,775	$	30,136	$	-	$	30,136
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

The following table presents payment performance as of December 31, 2023 by year of origination:


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

Consumer
Payment Performance
Performing	$	21,511	$	40,729	$	10,666	$	5,006	$	2,305	$	80,217	$	44	$	80,261
Nonperforming		26		58		-		6		2		92		-		92
Total Consumer	$	21,537	$	40,787	$	10,666	$	5,012	$	2,307	$	80,309	$	44	$	80,353
Gross charge-offs YTD	$	236	$	51	$	100	$	38	$	-	$	425	$	-	$	425

Collateral-dependent Loans

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


	(In Thousands)
	Collateral
	Dependent Loans
Consumer Real Estate	$	1,518
Agricultural Real Estate		15,888
Agricultural		4,998
Commercial Real Estate		255
Commercial & Industrial		17
Consumer		-
Total	$	22,676

Risk Category of Loans by Portfolio Class

The following table represents the risk category of loans by portfolio class, net of deferred fees, based on the most recent analysis performed as of the time periods shown of December 31, 2022:


	(In Thousands)
	Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Other
	2022		2022		2022		2022		2022
1-2	$	9,912	$	5,857	$	8,718	$	780	$	-
3		47,405		33,671		370,035		67,506		10,921
4		146,143		88,992		737,745		167,291		18,897
5		10,389		228		9,751		3,592		-
6		6,665		178		24,262		3,132		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	220,514	$	128,926	$	1,150,511	$	242,301	$	29,818

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 December 31, 2022:


	(In Thousands)
	Consumer Real Estate
	2022
Grade
Pass	$	492,575
Special mention (5)		676
Substandard (6)		1,172
Doubtful (7)		-
Total	$	494,423


	(In Thousands)
	Consumer - Other
	2022
Performing	$	89,853
Nonperforming		41
Total	$	89,894

Schedule of Impaired Loans

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


	(In Thousands)
	2022
Impaired loans without a valuation allowance	$	4,194
Impaired loans with a valuation allowance		4,663
Total impaired loans	$	8,857
Valuation allowance related to impaired loans	$	1,996
Total nonaccrual loans	$	4,689
Total loans past-due ninety days or more and still accruing	$	-


	(In Thousands)
	2022		2021
Average investment in impaired loans	$	10,710	$	12,247
Interest income recognized on impaired loans	$	361	$	292
Interest income recognized on a cash basis on impaired loans	$	97	$	188

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


December 31, 2023							December 31, 2022
			(In thousands)							(In thousands)
Modified Loans for Borrowers Experiencing Financial Difficulty	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Troubled Debt Restructurings	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Consumer Real Estate		-	$	-	$	-	Consumer Real Estate		1	$	95	$	95
Commercial Real Estate		1		1,024		1,024	Commercial Real Estate		1		74		74
Commercial and Industrial		-		-		-	Commercial and Industrial		2		1,232		1,232

Loans Individually Evaluated for Impairment by Portfolio Class of Loans

The following tables present loans individually evaluated for impairment by portfolio class of loans as of December 31, 2022:


	(In Thousands)
2022	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized		Interest Income Recognized Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	509	$	509	$	-	$	355	$	5	$	12
Agricultural Real Estate		2,280		2,385		-		2,048		25		6
Agricultural		152		152		-		588		-		2
Commercial Real Estate		1,234		1,272		-		1,252		29		43
Commercial and Industrial		17		417		-		135		2		10
Consumer		2		2		-		15		1		-
With a specific allowance recorded:
Consumer Real Estate		60		60		6		15		-		1
Agricultural Real Estate		-		-		-		1,388		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,874		2,874		438		3,176		150		-
Commercial and Industrial		1,564		1,564		1,551		1,736		149		23
Consumer		165		165		1		2		-		-
Totals:
Consumer Real Estate	$	569	$	569	$	6	$	370	$	5	$	13
Agricultural Real Estate	$	2,280	$	2,385	$	-	$	3,436	$	25	$	6
Agricultural	$	152	$	152	$	-	$	588	$	-	$	2
Commercial Real Estate	$	4,108	$	4,146	$	438	$	4,428	$	179	$	43
Commercial and Industrial	$	1,581	$	1,981	$	1,551	$	1,871	$	151	$	33
Consumer	$	167	$	167	$	1	$	17	$	1	$	-

Analysis of Allowance for Credit Losses

Additional analysis related to the allowance for credit losses as of December 31, 2023 and 2022 is as follows:


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


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


	(In Thousands)
2022	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:
Beginning balance	$	857	$	1,040		$	709	$	9,130	$	3,847		$	625		$	1,041	$	34		$	17,283
Charge-Offs		-		-			-		-		(418	)		(409	)		-		-			(827	)
Recoveries		20		-			7		9		93			169			-		-			298
Provision (Credit)		121		(691	)		35		2,785		1,860			506			-		(16	)		4,600
Other Non-interest expense related to unfunded		-		-			-		-		-			-			221		-			221
Ending Balance	$	998	$	349		$	751	$	11,924	$	5,382		$	891		$	1,262	$	18		$	21,575
Ending balance: individually evaluated for impairment	$	6	$	-		$	-	$	438	$	1,551		$	1		$	-	$	-		$	1,996
Ending balance: collectively evaluated for impairment	$	992	$	349		$	751	$	11,486	$	3,831		$	890		$	1,262	$	18		$	19,579
Ending balance: loans acquired with deteriorated credit quality	$	-	$	-		$	-	$	-	$	-		$	-		$	-	$	-		$	-
FINANCING RECEIVABLES:
Ending balance	$	494,423	$	220,514		$	128,926	$	1,150,511	$	272,119		$	89,894		$	-	$	-		$	2,356,387
Ending balance: individually evaluated for impairment	$	569	$	2,280		$	152	$	4,108	$	1,581		$	167		$	-	$	-		$	8,857
Ending balance: collectively evaluated for impairment	$	493,449	$	218,039		$	128,774	$	1,146,389	$	270,493		$	89,727		$	-	$	-		$	2,346,871
Ending balance: loans acquired with deteriorated credit quality	$	405	$	195		$	-	$	14	$	45		$	-		$	-	$	-		$	659

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 and 2022, are reflected below. The aggregate fair values in the table below do not represent the total market value of the Bank’s assets and liabilities. The table excludes the following: Bank Premises and Equipment, Goodwill, Loan Servicing Rights, Other Real Estate Owned, Other Assets, Other Liabilities and Accrued Expenses.


	(In Thousands)
	December 31, 2023										December 31, 2022
	Carrying		Fair								Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3		Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	142,201	$	142,201	$	142,201	$	-	$	-	$	84,409	$	84,409	$	84,409	$	-	$	-
Interest-bearing time deposits		2,740		2,725		-		2,725		-		4,442		4,440		-		4,440		-
Securities - available-for-sale		358,478		358,478		99,900		256,118		2,460		390,789		390,789		94,678		292,766		3,345
Other securities		17,138		17,138		-		-		17,138		9,799		9,799		-		-		9,799
Loans held for sale		1,576		1,552		-		-		1,552		827		815		-		-		815
Loans, net		2,556,167		2,396,540		-		-		2,396,540		2,336,074		2,171,152		-		-		2,171,152
Interest receivable		11,774		11,774		-		-		11,774		10,440		10,440		-		-		10,440

Financial Liabilities:
Interest bearing deposits	$	1,415,981	$	1,416,007	$	-	$	-	$	1,416,007	$	1,378,090	$	1,377,944	$	-	$	-	$	1,377,944
Noninterest bearing deposits		528,465		528,465		528,465		-		-		532,794		532,794		532,794		-		-
Time deposits		663,017		656,141		-		-		656,141		557,980		543,737		-		-		543,737
Total Deposits		2,607,463		2,600,613		528,465		-		2,072,148		2,468,864		2,454,475		532,794		-		1,921,681
Fed funds purchased and securities sold under agreement to repurchase		28,218		28,218		-		-		28,218		54,206		54,206		-		-		54,206
Federal Home Loan Bank advances		265,750		260,400		-		-		260,400		127,485		125,761		-		-		125,761
Other borrowings		-		-		-		-		-		10,000		10,000		-		10,000		-
Subordinated notes		34,702		30,676		-		30,676		-		34,586		30,993		-		30,993		-
Interest payable		5,441		5,441		-		-		5,441		1,739		1,739		-		-		1,739

Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 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)

	Quoted Prices in		Significant			Significant
	Active Markets		Observable			Observable
	for Identical		Inputs			Inputs
December 31, 2023	Assets (Level 1)		(Level 2)			(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury	$	80,270	$	-		$	-
U.S. Government agencies		19,630		108,592			-
Mortgage-backed securities		-		82,132			-
State and local governments		-		65,394			2,460
Total Securities Available-for-Sale	$	99,900	$	256,118		$	2,460
Interest rate swaps liabilities	$	-	$	(2,679	)	$	-


	Quoted Prices in		Significant		Significant
	Active Markets		Observable		Observable
	for Identical		Inputs		Inputs
December 31, 2022	Assets (Level 1)		(Level 2)		(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury	$	94,678	$	-	$	-
U.S. Government agencies		-		139,767		-
Mortgage-backed securities		-		86,927		-
State and local governments		-		66,072		3,345
Total Securities Available-for-Sale	$	94,678	$	292,766	$	3,345

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			State and Local			State and Local
	Governments			Governments			Governments
	Tax-Exempt			Taxable			Total
Balance at January 1, 2023	$	2,071		$	1,274		$	3,345
Change in Fair Value		38			(2	)		36
Purchases		-			-			-
Sales		-			-			-
Payments & Maturities		(921	)		-			(921	)
Reclassification and Adjustments		-			-			-
Balance at December 31, 2023	$	1,188		$	1,272		$	2,460


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local			State and Local			State and Local
	Governments			Governments			Governments
	Tax-Exempt			Taxable			Total
Balance at January 1, 2022	$	2,307		$	2,466		$	4,773
Change in Fair Value		(76	)		(203	)		(279	)
Purchases		-			-			-
Sales		-			-			-
Payments & Maturities		(160	)		-			(160	)
Reclassification and Adjustments		-			(989	)		(989	)
Balance at December 31, 2022	$	2,071		$	1,274		$	3,345

Assets Measured at Fair Value on Nonrecurring Basis

The following tables present assets measured at fair value on a nonrecurring basis:


	($ in Thousands)
	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2023
			Quoted Prices in
			Markets for		Significant		Significant
	Balance at		Identical		Observable Inputs		Unobservable Inputs
	December 31, 2023		Assets (Level 1)		(Level 2)		(Level 3)
Collateral dependent loans	$	22,676	$	-	$	-	$	22,676
Loan servicing rights		58		-		-		58


	($ in Thousands)
	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2022
			Quoted Prices in
			Markets for		Significant		Significant
	Balance at		Identical		Observable Inputs		Unobservable Inputs
	December 31, 2022		Assets (Level 1)		(Level 2)		(Level 3)
Collateral dependent impaired loans	$	2,667	$	-	$	-	$	2,667
Loan servicing rights		-		-		-		-

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)
	Fair Value at December 31, 2023		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
State and local government	$	2,460	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	-0.17-4.92% (3.49%)
Collateral dependent loans		22,676	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0.00-50.00% (0.41%)
Loan servicing rights		58	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	5.11-22.80% (10.87%)


	(In Thousands)
	Fair Value at December 31, 2022		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
State and local government	$	3,345	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	2.08-5.01% (4.38%)
Collateral dependent impaired loans		2,667	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-29.01% (24.13%)
Loan servicing rights		-	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	— % ( — )

Consolidated Statements of Changes to Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Issuance of shares of restricted stock, Shares	64,225	56,496	48,750
Cash dividends declared, per share	$ 0.85	$ 0.8125	$ 0.71
Common Stock [Member]
Issuance of shares of restricted stock, Shares	64,425	56,496	48,750
Issuance of shares of restricted stock, forfeitures	6,350	8,000	2,575
Issuance of shares of common stock in acquisition		500,426	1,833,845
Issuance of shares, purchase of common stock in acquisition		125

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Off Balance Sheet Activities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk

At December 31, 2023 and 2022, the following financial instruments were outstanding whose contract amounts represent credit risk:


	(In Thousands)
	2023		2022
Commitments to extend credit	$	640,023	$	691,501
Standby letters of credit		825		1,046

Restrictions of Dividends & Inter-company Borrowings

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Restrictions of Dividends & Inter-company Borrowings

Note 17 - Restrictions of Dividends & Inter-company Borrowings

The Bank is restricted as to the amount of dividends that can be paid. Dividends declared by the Bank that exceed the net income for the current year plus retained income for the preceding two years must be approved by federal and state regulatory agencies. Under this formula and excluding the $40 million of a special one time dividend approved by the Federal Reserve for the acquisition of Perpetual Federal Saving Bank in 2022, dividends of $47.4 million may be paid without prior regulatory approval. Regardless of formal regulatory restrictions, the Bank may not pay dividends that would result in its capital levels being reduced below the minimum requirements shown above. Under current Federal Reserve regulations, the Bank is limited as to the amount and type of loans it may make to the Company. These loans are subject to qualifying collateral requirements on which the amount of the loan may be based.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net income	$ 22,787	$ 32,515	$ 23,495
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	3,383	2,739	2,610
Amortization of premiums on available-for-sale securities, net	1,500	2,090	2,203
Capitalized additions to servicing rights	(2,710)	(537)	(1,417)
Servicing rights amortization and impairment	611	145	1,580
Amortization of core deposit intangible	1,657	1,011	677
Amortization of customer list intangible	123	123	123
Net accretion of fair value adjustments	(3,569)	(4,531)	(1,231)
Amortization of subordinated note issuance costs	116	115	50
Stock-based compensation expense	1,281	899	822
Director stock awards	180	120	73
Deferred income taxes	2,228	171	(1,805)
Provision for credit losses - loans	1,698	4,600	3,444
Provision for credit losses-Off balance sheet credit exposures	46
Gain on sale of loans held for sale	(699)	(1,353)	(3,897)
Originations of loans held for sale	(36,399)	(69,410)	(121,172)
Proceeds from sale of loans held for sale	36,349	77,650	125,095
Gain on derivatives	(40)
(Gain) loss on sale of other assets owned	135	(259)	434
(Gain) loss on sales of available-for-sale securities	891		(293)
Increase in cash surrender value of bank owned life insurance	(834)	(691)	(636)
Change in other assets and other liabilities, net	(6,588)	(4,728)	4,586
Net cash provided by operating activities	22,146	40,669	34,741
Activity in available-for-sale securities:
Maturities, prepayments and calls	24,021	31,064	56,310
Sales	21,963		9,292
Purchases	(4,392)	(38,377)	(170,629)
Activity in other securities, at cost:
Purchases	(9,004)	(1,615)	(670)
Change in interest-bearing time deposits	1,702	6,471	20,216
Proceeds from redemption of FHLB stock	1,665	1,249	1,522
Proceeds from sales of other assets owned	219	440	457
Additions to premises and equipment	(10,929)	(2,600)	(1,965)
Loan originations and principal collections, net	(219,333)	(395,610)	(167,867)
Net cash used in investing activities	(194,088)	(389,904)	(265,694)
Cash Flows from Financing Activities
Net change in deposits	138,939	165,861	170,785
Net change in federal funds purchased and securities sold under agreements to repurchase	(25,988)	24,938	(971)
Proceeds of FHLB advances	324,000	140,000
Repayment of FHLB advances	(185,664)	(37,394)	(157)
Proceeds (Repayment) of other borrowings	(10,000)	(30,000)	40,000
Purchase of treasury stock	(218)	(308)	(338)
Proceeds from issuance of subordinated notes			34,421
Cash dividends paid on common stock	(11,335)	(10,276)	(7,670)
Net cash provided by financing activities	229,734	252,821	236,070
Net Increase (Decrease) in Cash and Cash Equivalents	57,792	(96,414)	5,117
Cash and Cash Equivalents - Beginning of Year	84,409	180,823	175,706
Cash and Cash Equivalents - End of Year	142,201	84,409	180,823
Supplemental cash flow information:
Interest paid	55,119	13,748	7,048
Income taxes paid	5,421	7,702	6,150
Supplemental noncash disclosures:
Transfer of loans to other real estate owned			287
Cash dividends declared not paid	2,974	2,832	2,461
Treasury stock repurchased	$ (218)	(308)	(338)
Ossian Financial Services, Inc. [Member]
Activity in other securities, at cost:
Acquisition, 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
Perpetual Federal Savings Bank [Member]
Activity in other securities, at cost:
Acquisition, net of cash received			(12,588)
Supplemental noncash disclosures:
Fair value of assets acquired			420,162
Less: common stock issued			41,078
Cash paid for the capital stock			59,234
Liabilities assumed			$ 319,850
Peoples Federal Savings And Loan [Member]
Activity in other securities, at cost:
Acquisition, net of cash received		9,074
Supplemental noncash disclosures:
Fair value of assets acquired		141,818
Less: common stock issued		13,446
Treasury stock repurchased		(3)
Cash paid for the capital stock		9,806
Liabilities assumed		$ 118,569

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Income
Loans, including fees	$ 129,344	$ 94,264	$ 71,645
Debt securities:
U.S. Treasury and government agencies	4,090	4,225	3,496
Municipalities	1,598	1,415	1,170
Dividends	882	318	174
Federal funds sold	44	21	31
Other	3,850	906	324
Total interest income	139,808	101,149	76,840
Interest Expense
Deposits	46,923	9,883	5,418
Federal funds purchased and securities sold under agreements to repurchase	1,474	1,197	649
Borrowed funds	8,876	2,160	785
Subordinated notes	1,138	1,122	490
Total interest expense	58,411	14,362	7,342
Net Interest Income - Before Provision for Credit Losses*	81,397	86,787	69,498
Provision for Credit Losses - Loans*	1,698	4,600	3,444
Provision for Credit Losses - Off Balance Sheet Credit Exposures*	46
Net Interest Income After Provision for Credit Losses	79,653	82,187	66,054
Noninterest Income
Net gain on sale of loans	699	1,353	3,897
Net gain (loss) on sale of available-for-sale securities	(891)		293
Total noninterest income	16,040	15,537	17,609
Noninterest Expense
Salaries and wages	26,915	22,700	20,184
Employee benefits	7,520	6,903	7,322
Net occupancy expense	3,833	2,566	2,184
Furniture and equipment	5,022	4,207	3,324
Data processing	3,147	3,956	3,501
Franchise taxes	1,487	1,384	1,473
ATM expense	2,611	2,217	1,846
Advertising	2,606	1,646	1,436
Net (gain) loss on sale of other assets owned	135	(259)	434
FDIC assessment	1,982	905	1,073
Servicing rights amortization - net	611	145	1,580
Consulting fees	832	1,302	1,634
Other general and administrative	10,638	9,577	8,175
Total noninterest expense	67,339	57,249	54,166
Income Before Income Taxes	28,354	40,475	29,497
Income Taxes	5,567	7,960	6,002
Net Income	$ 22,787	$ 32,515	$ 23,495
Basic Earnings Per Share	$ 1.67	$ 2.46	$ 2.01
Diluted Earnings Per Share	1.67	2.46	2.01
Dividends Declared	$ 0.85	$ 0.8125	$ 0.71
Customer Service Fees [Member]
Noninterest Income
Noninterest income	$ 9,592	$ 9,958	$ 9,671
Other Service Charges and Fees [Member]
Noninterest Income
Noninterest income	$ 6,640	$ 4,226	$ 3,748

Loans - Loans Individually Evaluated for Impairment by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	$ 4,194
With a specific allowance recorded, Recorded Investment	4,663
Recorded Investment	8,857
Related Allowance	1,996
Average Recorded Investment	10,710	$ 12,247
Interest Income Recognized	361	292
Interest Income Recognized Cash Basis	97	$ 188
Consumer Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	509
With no related allowance recorded, Unpaid Principal Balance	509
With no related allowance recorded, Average Recorded Investment	355
With no related allowance recorded, Interest Income Recognized	5
With no related allowance recorded, Interest Income Recognized Cash Basis	12
With a specific allowance recorded, Recorded Investment	60
With a specific allowance recorded, Unpaid Principal Balance	60
With a specific allowance recorded, Related Allowance	6
With a specific allowance recorded, Average Recorded Investment	15
With a specific allowance recorded, Interest Income Recognized Cash Basis	1
Recorded Investment	569
Unpaid Principal Balance	569
Related Allowance	6
Average Recorded Investment	370
Interest Income Recognized	5
Interest Income Recognized Cash Basis	13
Agricultural Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	2,280
With no related allowance recorded, Unpaid Principal Balance	2,385
With no related allowance recorded, Average Recorded Investment	2,048
With no related allowance recorded, Interest Income Recognized	25
With no related allowance recorded, Interest Income Recognized Cash Basis	6
With a specific allowance recorded, Average Recorded Investment	1,388
Recorded Investment	2,280
Unpaid Principal Balance	2,385
Average Recorded Investment	3,436
Interest Income Recognized	25
Interest Income Recognized Cash Basis	6
Agricultural [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	152
With no related allowance recorded, Unpaid Principal Balance	152
With no related allowance recorded, Average Recorded Investment	588
With no related allowance recorded, Interest Income Recognized Cash Basis	2
Recorded Investment	152
Unpaid Principal Balance	152
Average Recorded Investment	588
Interest Income Recognized Cash Basis	2
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	1,234
With no related allowance recorded, Unpaid Principal Balance	1,272
With no related allowance recorded, Average Recorded Investment	1,252
With no related allowance recorded, Interest Income Recognized	29
With no related allowance recorded, Interest Income Recognized Cash Basis	43
With a specific allowance recorded, Recorded Investment	2,874
With a specific allowance recorded, Unpaid Principal Balance	2,874
With a specific allowance recorded, Related Allowance	438
With a specific allowance recorded, Average Recorded Investment	3,176
With a specific allowance recorded, Interest Income Recognized	150
Recorded Investment	4,108
Unpaid Principal Balance	4,146
Related Allowance	438
Average Recorded Investment	4,428
Interest Income Recognized	179
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	17
With no related allowance recorded, Unpaid Principal Balance	417
With no related allowance recorded, Average Recorded Investment	135
With no related allowance recorded, Interest Income Recognized	2
With no related allowance recorded, Interest Income Recognized Cash Basis	10
With a specific allowance recorded, Recorded Investment	1,564
With a specific allowance recorded, Unpaid Principal Balance	1,564
With a specific allowance recorded, Related Allowance	1,551
With a specific allowance recorded, Average Recorded Investment	1,736
With a specific allowance recorded, Interest Income Recognized	149
With a specific allowance recorded, Interest Income Recognized Cash Basis	23
Recorded Investment	1,581
Unpaid Principal Balance	1,981
Related Allowance	1,551
Average Recorded Investment	1,871
Interest Income Recognized	151
Interest Income Recognized Cash Basis	33
Consumer [Member]
Financing Receivable, Impaired [Line Items]
With no related allowance recorded, Recorded Investment	2
With no related allowance recorded, Unpaid Principal Balance	2
With no related allowance recorded, Average Recorded Investment	15
With no related allowance recorded, Interest Income Recognized	1
With a specific allowance recorded, Recorded Investment	165
With a specific allowance recorded, Unpaid Principal Balance	165
With a specific allowance recorded, Related Allowance	1
With a specific allowance recorded, Average Recorded Investment	2
Recorded Investment	167
Unpaid Principal Balance	167
Related Allowance	1
Average Recorded Investment	17
Interest Income Recognized	$ 1

Earnings Per Share - Additional Information (Detail)	Jun. 03, 2022 USD ($) Director shares	Jun. 04, 2021 USD ($) Director shares	Jun. 02, 2023 USD ($) shares	Oct. 01, 2021 USD ($) shares	Jun. 05, 2020 USD ($)
Earnings Per Share Basic [Line Items]
Compensation annual basis committee award \| $	$ 10,013	$ 6,000	$ 14,997	$ 1,523	$ 4,000
Number of directors received shares \| shares	240	272	754	68
Number of directors received shares	12	10
Number of directors received prorated dollar value of shares		4

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 19 - 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.


	(In Thousands)
	December 31, 2023										December 31, 2022
	Carrying		Fair								Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3		Amount		Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	142,201	$	142,201	$	142,201	$	-	$	-	$	84,409	$	84,409	$	84,409	$	-	$	-
Interest-bearing time deposits		2,740		2,725		-		2,725		-		4,442		4,440		-		4,440		-
Securities - available-for-sale		358,478		358,478		99,900		256,118		2,460		390,789		390,789		94,678		292,766		3,345
Other securities		17,138		17,138		-		-		17,138		9,799		9,799		-		-		9,799
Loans held for sale		1,576		1,552		-		-		1,552		827		815		-		-		815
Loans, net		2,556,167		2,396,540		-		-		2,396,540		2,336,074		2,171,152		-		-		2,171,152
Interest receivable		11,774		11,774		-		-		11,774		10,440		10,440		-		-		10,440

Financial Liabilities:
Interest bearing deposits	$	1,415,981	$	1,416,007	$	-	$	-	$	1,416,007	$	1,378,090	$	1,377,944	$	-	$	-	$	1,377,944
Noninterest bearing deposits		528,465		528,465		528,465		-		-		532,794		532,794		532,794		-		-
Time deposits		663,017		656,141		-		-		656,141		557,980		543,737		-		-		543,737
Total Deposits		2,607,463		2,600,613		528,465		-		2,072,148		2,468,864		2,454,475		532,794		-		1,921,681
Fed funds purchased and securities sold under agreement to repurchase		28,218		28,218		-		-		28,218		54,206		54,206		-		-		54,206
Federal Home Loan Bank advances		265,750		260,400		-		-		260,400		127,485		125,761		-		-		125,761
Other borrowings		-		-		-		-		-		10,000		10,000		-		10,000		-
Subordinated notes		34,702		30,676		-		30,676		-		34,586		30,993		-		30,993		-
Interest payable		5,441		5,441		-		-		5,441		1,739		1,739		-		-		1,739

Fair Value Measurements

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and 2022, and the valuation techniques used by the Company to determine those fair values. There were no changes to valuation techniques during 2023.

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. The quoted prices are not adjusted.

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 ten 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.


Assets and Liabilities Measured at Fair Value on a Recurring Basis (in Thousands)

	Quoted Prices in		Significant			Significant
	Active Markets		Observable			Observable
	for Identical		Inputs			Inputs
December 31, 2023	Assets (Level 1)		(Level 2)			(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury	$	80,270	$	-		$	-
U.S. Government agencies		19,630		108,592			-
Mortgage-backed securities		-		82,132			-
State and local governments		-		65,394			2,460
Total Securities Available-for-Sale	$	99,900	$	256,118		$	2,460
Interest rate swaps liabilities	$	-	$	(2,679	)	$	-


	Quoted Prices in		Significant		Significant
	Active Markets		Observable		Observable
	for Identical		Inputs		Inputs
December 31, 2022	Assets (Level 1)		(Level 2)		(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury	$	94,678	$	-	$	-
U.S. Government agencies		-		139,767		-
Mortgage-backed securities		-		86,927		-
State and local governments		-		66,072		3,345
Total Securities Available-for-Sale	$	94,678	$	292,766	$	3,345


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local			State and Local			State and Local
	Governments			Governments			Governments
	Tax-Exempt			Taxable			Total
Balance at January 1, 2023	$	2,071		$	1,274		$	3,345
Change in Fair Value		38			(2	)		36
Purchases		-			-			-
Sales		-			-			-
Payments & Maturities		(921	)		-			(921	)
Reclassification and Adjustments		-			-			-
Balance at December 31, 2023	$	1,188		$	1,272		$	2,460


	(In Thousands)
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	State and Local			State and Local			State and Local
	Governments			Governments			Governments
	Tax-Exempt			Taxable			Total
Balance at January 1, 2022	$	2,307		$	2,466		$	4,773
Change in Fair Value		(76	)		(203	)		(279	)
Purchases		-			-			-
Sales		-			-			-
Payments & Maturities		(160	)		-			(160	)
Reclassification and Adjustments		-			(989	)		(989	)
Balance at December 31, 2022	$	2,071		$	1,274		$	3,345

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.

There were no securities that transferred in or out of Level 3 during 2023; however, there was one security transferred out of Level 3 to Level 2 in 2022.

The Company also has assets that, under certain conditions, are subject to measurement at fair value on a nonrecurring basis. At December 31, 2023, such assets consist of collateral dependent loans and loan servicing rights. Collateral dependent loans categorized as Level 3 assets consist of non-homogeneous loans that have expected credit losses. At December 31, 2022, such assets consist 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 December 31, 2023, collateral dependent loans categorized as Level 3 were $22.7 million compared with collateral dependent impaired loans categorized as Level 3 of $2.7 million at December 31, 2022. The specific allocation for collateral dependent loans was $386 thousand as of December 31, 2023 and $2.0 million for collateral dependent impaired loans as of December 31, 2022. The specific allocations are accounted for in the allowance for credit losses (see Note 4).

During 2023, impairment of $7 thousand ($2 thousand on 1-4 family real estate loans and $5 thousand on agricultural real estate loans) was recognized on loan 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 loan 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. There was no valuation allowance needed in 2022 as all strata were positive.

Other real estate is reported at the lower of either the fair value of the real estate, minus the estimated costs to sell the asset, or the cost of the asset. The determination of the 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 tables present assets measured at fair value on a nonrecurring basis:


	($ in Thousands)
	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2023
			Quoted Prices in
			Markets for		Significant		Significant
	Balance at		Identical		Observable Inputs		Unobservable Inputs
	December 31, 2023		Assets (Level 1)		(Level 2)		(Level 3)
Collateral dependent loans	$	22,676	$	-	$	-	$	22,676
Loan servicing rights		58		-		-		58


	($ in Thousands)
	Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2022
			Quoted Prices in
			Markets for		Significant		Significant
	Balance at		Identical		Observable Inputs		Unobservable Inputs
	December 31, 2022		Assets (Level 1)		(Level 2)		(Level 3)
Collateral dependent impaired loans	$	2,667	$	-	$	-	$	2,667
Loan servicing rights		-		-		-		-

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


	(In Thousands)
	Fair Value at December 31, 2023		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
State and local government	$	2,460	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	-0.17-4.92% (3.49%)
Collateral dependent loans		22,676	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0.00-50.00% (0.41%)
Loan servicing rights		58	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	5.11-22.80% (10.87%)


	(In Thousands)
	Fair Value at December 31, 2022		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
State and local government	$	3,345	Discounted Cash Flow	Credit strength of underlying project or entity / Discount rate	2.08-5.01% (4.38%)
Collateral dependent impaired loans		2,667	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	20.00-29.01% (24.13%)
Loan servicing rights		-	Discounted Cash Flow	Constant prepayment rate and probability of default / Discount rate	— % ( — )

- 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

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

Securities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Realized gains on sales	$ 22.0	$ 9.3
Investments pledged, carrying value	255.8		$ 134.8
Investments pledged, carrying par value	30.0
Federal Reserve's Bank Term Funding Program [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments pledged, carrying value	61.7
Investments pledged, carrying par value	$ 69.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 6 - Leases

The Bank leases space for retail branches, Loan Production Offices (LPOs) and ATMs. Our leases have remaining lease terms of 1 year to 15 years, some of which may include options to renew the leases and some of which may include options to terminate the leases prior to the end date of the lease term. The Bank does receive rental income for the leasing of available space.

The below tables provide information on the Bank’s operating leases:


	(In Thousands)
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost (1)	$	540	$	244	$	197
Operating cash flows (2)	$	45	$	26	$	15

(1) Included in net occupancy expense on Company's consolidated statement of income
(2) Included in customer service fees on Company's consolidated statement of income


	(In Thousands)
	December 31, 2023		December 31, 2022
Operating lease assets (1)	$	5,918	$	1,033
Operating lease liabilities (2)	$	5,918	$	1,033

(1) Included in other assets on Company's consolidated balance sheets
(2) Included in accrued interest and other liabilities on Company's consolidated balance sheets

Operating lease term and discount rates of our lessee arrangements at December 31, 2023 and 2022 were as follows:


	December 31, 2023			December 31, 2022
Weighted average remaining lease term (years)		9.78			11.99
Weighted average discount rate		4.34	%		2.54	%

The future lease payments based on maturity for our lessee liability arrangements at December 31, 2023 are as follows:


	(In Thousands)
2024	$	872
2025		848
2026		814
2027		771
2028		693
2029 and thereafter		3,212
Total future lease payments	$	7,210
Less: interest		1,292
Present value of operating lease liability arrangements	$	5,918

Deposits - Scheduled Maturities for Time Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Maturities of Time Deposits [Abstract]
2024	$ 476,304
2025	132,232
2026	33,124
2027	12,262
2028	8,869
Thereafter	226
Total	$ 663,017	$ 557,980

Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 20 – Condensed Financial Statements of Parent Company


Balance Sheets
	(In Thousands)
	2023		2022
Assets
Cash	$	3,790	$	16,901
Interest-bearing time deposits		2,466		498
Related party receivables:
Dividends and accounts receivable from subsidiary		3,928		2,114
Accrued interest receivable - available-for-sale securities / interest bearing time deposits		46		38
Securities - US Treasuries / municipals		5,675		7,460
Investment in subsidiaries		338,893		319,371
Total Assets	$	354,798	$	346,382

Liabilities
Other borrowings	$	-	$	10,000
Subordinated notes, net of unamortized issuance costs		34,769		34,586
Dividends payable		2,974		2,832
Accrued interest payable		474		618
Accrued expenses		38		206
Total Liabilities		38,255		48,242
Stockholders' Equity		316,543		298,140
Total Liabilities and Stockholders' Equity	$	354,798	$	346,382


Statements of Income and Comprehensive Income
	(In Thousands)
	2023			2022			2021
Income
Dividends from subsidiaries	$	7,500		$	44,285		$	23,200
Distributed earnings of dissolved subsidiary		1,005			-			-
Interest - available-for-sale securities / interest-bearing time deposits		162			308			253
Noninterest income		4			-			-
Gain on sales of available-for-sale securities		-			-			293
Total income		8,671			44,593			23,746
Expenses
Interest		1,258			1,588			743
Operating expenses		1,143			1,176			1,335
Total expenses		2,401			2,764			2,078

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		6,270			41,829			21,668
Income Taxes (Benefit)		(495	)		(535	)		(347	)
		6,765			42,364			22,015
Equity in undistributed (distributions in excess of) earnings of subsidiaries		16,022			(9,849	)		1,480
Net Income		22,787			32,515			23,495
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes		9,221			(35,049	)		(8,881	)
Comprehensive Income (Loss)	$	32,008		$	(2,534	)	$	14,614


Statements of Cash Flows
	(In Thousands)
	2023			2022			2021
Cash Flows from Operating Activities
Net income	$	22,787		$	32,515		$	23,495
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (distributions in excess of) net income		(16,022	)		9,849			(1,480	)
Amortization of premiums on available-for-sale securities, net		29			61			81
Amortization of subordinated notes issuance fees		116			116			49
Stock-based compensation expense		1,281			899			822
Director stock awards		180			120			73
Gain on sale of available-for-sale securities		-			-			(293	)
Changes in assets and liabilities:
Other assets and liabilities		(1,981	)		2,560			(456	)
Net cash provided by operating activities		6,390			46,120			22,291
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		1,445			1,540			795
Sales		1,105			-			7,773
Purchases		-			(398	)		-
Activity in certificates of deposit
Maturities		-			1,234			493
Purchases		(498	)		(498	)		-
Cash used for acquisitions		-			(9,806	)		(79,235	)
Net cash provided by (used in) investing activities		2,052			(7,928	)		(70,174	)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings		(10,000	)		(30,000	)		35,000
Purchase of treasury stock		(218	)		(308	)		(338	)
Proceeds from issuance of subordinated notes		-			-			34,421
Payment of dividends		(11,335	)		(10,276	)		(7,670	)
Net cash provided by (used in) financing activities		(21,553	)		(40,584	)		61,413
Net Change in Cash and Cash Equivalents		(13,111	)		(2,392	)		13,530
Cash and Cash Equivalents - Beginning of year		16,901			19,293			5,763
Cash and Cash Equivalents - End of year	$	3,790		$	16,901		$	19,293

Securities (Tables)

12 Months Ended

Dec. 31, 2023

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, follows:


	(In Thousands)
	2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	87,182	$	1	$	(6,913	)	$	80,270
U.S. Government agencies		140,960		-		(12,738	)		128,222
Mortgage-backed securities		94,061		-		(11,929	)		82,132
State and local governments		73,000		135		(5,281	)		67,854
Total available-for-sale securities	$	395,203	$	136	$	(36,861	)	$	358,478


	(In Thousands)
	2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	104,507	$	-	$	(9,829	)	$	94,678
U.S. Government agencies		156,817		-		(17,050	)		139,767
Mortgage-backed securities		101,068		-		(14,141	)		86,927
State and local governments		76,794		69		(7,446	)		69,417
Total available-for-sale securities	$	439,186	$	69	$	(48,466	)	$	390,789

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

Information pertaining to securities with gross unrealized losses at December 31, 2023 and 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:


	2023
	(In Thousands)					(In Thousands)
	Less Than Twelve Months					Twelve Months & Over
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
U.S. Treasury	$	(4	)	$	494	$	(6,909	)	$	79,528
U.S. Government agencies		-			-		(12,738	)		128,222
Mortgage-backed securities		(20	)		4,372		(11,909	)		77,759
State and local governments		(2	)		931		(5,279	)		60,402
Total available-for-sales securities	$	(26	)	$	5,797	$	(36,835	)	$	345,911


	2022
	(In Thousands)					(In Thousands)
	Less Than Twelve Months					Twelve Months & Over
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
U.S. Treasury	$	(207	)	$	9,121	$	(9,622	)	$	85,557
U.S. Government agencies		(1,081	)		24,560		(15,969	)		114,906
Mortgage-backed securities		(2,454	)		26,905		(11,687	)		60,022
State and local governments		(3,223	)		38,771		(4,223	)		25,610
Total available-for-sales securities	$	(6,965	)	$	99,357	$	(41,501	)	$	286,095

Gross Realized Gains and Losses

gross realized gains and losses for the years ended December 31, as presented below:


	(In Thousands)
	2023			2022		2021
Gross realized gains	$	-		$	-	$	293
Gross realized losses		(891	)		-		-
Net realized gains (losses)	$	(891	)	$	-	$	293
Tax expense (benefit) related to net realized gains (losses)	$	(187	)	$	-	$	62

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

The amortized cost and fair value of debt securities at December 31, 2023, 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	$	24,878	$	24,274
After one year through five years		244,319		223,135
After five years through ten years		31,945		28,937
After ten years		-		-
Total	$	301,142	$	276,346
Mortgage-backed securities		94,061		82,132
Total	$	395,203	$	358,478

Loans (Impaired Loans) - Additional Information (Detail)		1 Months Ended	12 Months Ended
	Jul. 30, 2021	Apr. 30, 2022 Loan	Dec. 31, 2023 USD ($) Loan Contract	Dec. 31, 2022 USD ($) Loan Contract	Jan. 01, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loans classified as modifications to borrowers experiencing financial difficulty				$ 3,600,000
Number of contracts modified \| Loan			1	3
TDR impaired loans paid off \| Loan		2		1
Increase to loan balance			$ 411,000
Term of loan	5 years
Allowance for loan losses			$ 25,024,000	$ 20,313,000
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
Litigation and any deficiency charged off period			150 days
Delinquent period for charging down/allocated commercial and agricultural credits			120 days
ASU 2016-13 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses and unfunded commitment liability					$ 4,500,000
Allowance for redit losses and unfunded commitment liability, net of tax					$ 3,400,000
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts modified \| Contract				1
Allowance for loan losses			$ 3,581,000	$ 998,000
Foreclosed residential real estate property			$ 0	0
Principal Forgiveness [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts modified \| Contract			0
Payment Changes from Monthly Payment to Principal and Interest at Maturity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses				$ 837,000

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Security
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transferred of assets in or out of level 3	$ 0
Transferred of liabilities in or out of level 3	0
Security transfer from Level 3 to Level 2 \| Security		1
Collateral dependent loans categorized as Level 3		$ 8,857
Specific allocation for collateral dependent impaired loans		1,996
Impairment	7
Collateral Dependent [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Specific allocation for collateral dependent impaired loans	386	2,000
Level 3 [Member] \| Collateral Dependent [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Collateral dependent loans categorized as Level 3	22,700	2,700
1-4 Family Real Estate Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment	2
Agricultural Real Estate Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Collateral dependent loans categorized as Level 3		$ 2,280
Impairment	$ 5

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax at statutory rates									$ 5,954	$ 8,489	$ 6,194
(Decrease) increase resulting from:
State income tax, net of federal benefit									264	239	167
Tax exempt interest									(129)	(133)	(116)
Section 831 deduction									(187)	(270)	(294)
Other									(335)	(365)	51
Total Income Tax	$ 1,332	$ 1,121	$ 1,531	$ 1,583	$ 1,706	$ 2,253	$ 2,050	$ 1,951	$ 5,567	$ 7,960	$ 6,002

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefit Plans - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Employee shares	Dec. 31, 2022 USD ($) Employee shares	Dec. 31, 2021 USD ($) Employee shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum percentage of eligible compensation on a pre-tax or post-tax basis for eligible employees to save	1.00%
Employee contribution matching percentage	50.00%
Percentage of total eligible compensation, contribution by Bank, maximum limit	6.00%
Vesting percentage in participant's deferral contributions and employer matching contributions	100.00%
Nonelective employer contribution vesting percentage	100.00%
Defined contribution plan employer matching contribution description	In order to be eligible for discretionary contributions, employees must work 1,000 hours in the plan year and be employed on the last day of the year.
Employer matching contribution and the discretionary contribution \| $	$ 1,400	$ 1,700	$ 1,500
Restricted stock awards, shares issued	64,225	56,496	48,750
Awards grants originated in 2019, 2020 and 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees, received the stock \| Employee		3
Number of shares vested		3,775
Awards grants originated in 2018, 2019 and 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees, received the stock \| Employee			7
Number of shares vested			4,425
Awards grants originated in 2020, 2021 and 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees, received the stock \| Employee	4
Number of shares vested	2,350
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock awards, shares issued	64,225	56,496	48,750
Stock issued to number of employees \| Employee	113	109	96
Shares vest under the plan	100.00%	100.00%	100.00%
Shares forfeited due to employee termination	6,350	8,000	2,575
Number of shares vested	35,477	30,675	23,270
Number of employees, received the stock \| Employee	69	60	50
Number of shares vested	2,350	3,775	4,425
Compensation expense \| $	$ 1,300	$ 899	$ 822
Unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan \| $	$ 2,100
Unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan, period for recognition	3 years
Restricted Stock Awards [Member] \| 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested	2,996
Number of employees, received the stock \| Employee	4
Restricted Stock Awards [Member] \| 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested	29,431
Number of employees, received the stock \| Employee	65
Restricted Stock Awards [Member] \| 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested		26,900
Number of employees, received the stock \| Employee		60
Restricted Stock Awards [Member] \| 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested			18,845
Number of employees, received the stock \| Employee			50
Restricted Stock Awards [Member] \| Awards grants originated in 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested	700
Number of employees, received the stock \| Employee	1

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

Note 9 – Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

The Bank’s policy requires qualifying securities to be used as collateral for the underlying repurchase agreements. As of December 31, 2023 and 2022, securities with a fair value of $42.6 million and $43.6 million, respectively, were pledged to secure the repurchase agreements. The table below presents the daily securities sold under agreement to repurchase and the term repurchase agreements. It does not include the Bank’s federal funds purchased.


	Daily Securities Sold Under Agreement to Repurchase

	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	-		0.00	%	$	1,694	$	1,176		1.19	%
2022	$	1,115		0.95	%	$	1,450	$	1,169		0.43	%


	Term CD's Sold Under Agreement to Repurchase

	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	28,218		0.98	%	$	28,968	$	28,918		3.97	%
2022	$	30,518		0.97	%	$	34,504	$	31,573		2.54	%

The Company had no federal funds purchased as of December 31, 2023 and $22.6 million federal funds purchased as of December 31, 2022. The $28.2 million in Securities Sold Under Agreements to Repurchase were comprised of U.S. Treasuries and government agency securities. The table below shows the remaining contractual maturity in the repurchase agreements and the collateral pledged as of December 31, 2023.


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	-	$	-	$	-	$	-	$	-
Repurchase agreements
US Treasury & agency securities		-		-		-		28,218		28,218
Total	$	-	$	-	$	-	$	28,218	$	28,218

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 18 - Derivative Financial Instruments

The Bank uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. The Bank enters into interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position.

The Bank entered into three pay-fixed receive variable interest rate swap transactions, with a combined notional value of $100 million, designated and qualifying as accounting hedges during the last quarter of 2023. Designating an interest rate swap as an accounting hedge allows the Company to recognize gains and losses, less any ineffectiveness, in the Company's consolidated statement of income within the same period that the hedged item affects earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related interest rate swaps. The fair value of interest rate swaps with a positive fair value are reported in other assets in the Company's consolidated balance sheets while interest rate swaps with a negative fair value are reported in accrued expenses and other liabilities in the Company's consolidated balance sheets.


	(In Thousands)
	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included	December 31, 2023		December 31, 2023
Loans	$	276,991	$	2,719


Instruments Associated With	Notional Value (000's)		Weighted Average Remaining Maturity (years)		Fair Value (000's)		Receive	Pay
Loans	$	100,000		3.6	$	2,719	USD-SOFR-OIS		4.47	%
Total swap portfolio at December 31, 2023	$	100,000		3.6	$	2,719	USD-SOFR-OIS		4.47	%

These derivative financial instruments were entered into for the purpose of managing the interest rate risk of certain assets and liabilities. The Bank pledged $2.8 million of cash collateral to counterparties as security for its obligations related to these interest rate swap transactions at December 31, 2023 which yielded $144 thousand of other interest income. Collateral posted and received is dependent on the market valuation of the underlying hedges.

The following table presents the notional amount and fair value of interest rate swaps utilized by the Bank at December 31, 2023.


	(In Thousands)
	December 31, 2023
	Notional Amount		Fair Value
Asset Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans	$	-	$	-
Total contracts	$	-	$	-
Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps associated with loans	$	100,000	$	(2,679	)
Total contracts	$	100,000	$	(2,679	)

The following table presents the effects of the Bank's interest rate swap agreements on the Company’s consolidated statement of income during the year ended December 31, 2023.


	(In Thousands)
Line Item in the Consolidated Statements of Income	December 31, 2023
Interest Income
Loans, including fees	$	40
Other		144
Total interest income	$	184

Employee Benefit Plans - Activity of Restricted Stock Awards (Detail) - Restricted Stock Awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning of period	128,952	111,131	88,226
Number of Shares, Granted	64,225	56,496	48,750
Number of Shares, Vested	(35,477)	(30,675)	(23,270)
Number of Shares, Forfeited	(6,350)	(8,000)	(2,575)
Number of Shares, Nonvested, end of period	151,350	128,952	111,131
Weighted average fair value per award, Beginning of period	$ 25.75	$ 23.02	$ 28.4
Weighted average fair value per award, Granted	22.24	30.46	22.7
Weighted average fair value per award, Vested	22.54	24.77	42.03
Weighted average fair value per award, Forfeited	21.72	30.15	24.28
Weighted average fair value per award, Nonvested, end of period	$ 25	$ 25.75	$ 23.02

Premises and Equipment - Major Categories of Banking Premises and Equipment and Accumulated Depreciation (Parenthetical) (Detail)	Dec. 31, 2023
Buildings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years
Furnishings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furnishings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years

Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value	$ 100,000,000
Carrying Amount of the Hedged Assets	276,991,000	$ 0
Cash collateral pledged to counterparties as security for its obligations	2,800,000
Gain (loss) recognized on consolidated statements of income	$ 144,000
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income, Other

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loans - Additional Information (Detail) - USD ($)	12 Months Ended
Loans - Additional Information (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 1,576,000	$ 827,000
Fair value adjustment of derivative	2,700,000	0
Loans	2,580,674,000	2,357,903,000
Allowance for loan losses	25,024,000	20,313,000
Increase to loan balance	411,000
Commercial & Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	254,935,000	242,360,000
Allowance for loan losses	$ 0
Commercial & Industrial [Member] \| PPP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 2,900,000

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 14 – Related Party Transactions

In the ordinary course of business, the Bank has granted loans to senior officers and directors and their affiliated companies amounting to $54.3 million and $20.2 million at December 31, 2023 and 2022, respectively. Two new loans were approved during 2023 for $34.2 million. During 2023, subsequent advances totaled $8.6 million and payments of $8.7 million were received. The difference in related borrowings amounted to $34.1 million, net increase. Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2023 and 2022, amounted to $47.1 million and $41.5 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Loans - Schedule of Collateral-dependent Loans (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	$ 22,676
Consumer Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	1,518
Agricultural Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	15,888
Agricultural [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	4,998
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	255
Commercial and Industrial [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral dependent loans	$ 17

Derivative Financial Instruments - Schedule of Effects of Interest Rate Swap Agreements on Consolidated Statements of Income (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Effects of derivatives on consolidated statement of income	$ 144
Loans, Including Fees [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Effects of derivatives on consolidated statement of income	40
Other [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Effects of derivatives on consolidated statement of income	144
Interest Income [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Effects of derivatives on consolidated statement of income	$ 184

Servicing

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Servicing

Note 7 - Servicing

Loans serviced for others are not included in the accompanying Company's consolidated balance sheets. The unpaid principal balances of 1-4 family real estate loans serviced for others were $367.8 and $375.6 million at December 31, 2023 and 2022, respectively. Unpaid principal balances of agricultural real estate loans serviced for others were $135.8 million at December 31, 2023.

The balance of capitalized servicing rights included in other assets at December 31, 2023 and 2022 for 1-4 family real estate loans, was $3.5 million each year. Agricultural real estate loan servicing rights, established in 2023, were $2.2 million at December 31 2023. The capitalized addition of servicing rights is included in net gain on sale of loans on the Company's consolidated statement of income.

The fair value of the capitalized servicing rights for 1-4 family real estate loans as of December 31, 2023 and 2022 was $5.5 million and $5.1 million, respectively. Capitalized servicing rights for agricultural real estate loans had a fair value of $2.6 million as of December 31, 2023. The valuations were completed by stratifying the loans into like groups based on loan type and term. Impairment was measured by estimating the fair value of each stratum, taking into consideration an estimated level of prepayment based upon current market conditions. An average constant prepayment rate for 1-4 family real estate loans of 6.3% and 7.7% were utilized for 2023 and 2022, respectively. In 2023, two 1-4 family real estate strata, which included 103 of the total 3,749 loans, were slightly below the carrying value using a discount yield of 5.70% which resulted in the need to establish a $2 thousand valuation allowance. The carrying value of eleven agricultural real estate strata, which included 41 of the total 593 loans, using an approximate discount rate of 8.66% were lower than market value requiring a $5 thousand valuation allowance to be established. All strata did show positive values in 2022 compared to the carrying values using a discount yield of 5.94%.

The following summarizes servicing rights capitalized and amortized during each year:


	(In Thousands)
	2023			2022
Beginning of Year	$	3,549		$	3,571
Capitalized Additions		2,710			537
Amortization		(604	)		(559	)
Ending Balance, December 31		5,655			3,549
Valuation Allowance		(7	)		-
Servicing Rights net, December 31	$	5,648		$	3,549

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

+ Details

Leases - Operating Lease Term and Discount Rates of Lessee Arrangements (Detail)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (years)	9 years 9 months 10 days	11 years 11 months 26 days
Weighted average discount rate	4.34%	2.54%

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

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

Daily Securities under Agreement to Repurchase

The table below presents the daily securities sold under agreement to repurchase and the term repurchase agreements. It does not include the Bank’s federal funds purchased.


	Daily Securities Sold Under Agreement to Repurchase

	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	-		0.00	%	$	1,694	$	1,176		1.19	%
2022	$	1,115		0.95	%	$	1,450	$	1,169		0.43	%


	Term CD's Sold Under Agreement to Repurchase

	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	28,218		0.98	%	$	28,968	$	28,918		3.97	%
2022	$	30,518		0.97	%	$	34,504	$	31,573		2.54	%

Schedule of Remaining Contractual Maturity in Repurchase Agreements and Collateral Pledged

The table below shows the remaining contractual maturity in the repurchase agreements and the collateral pledged as of December 31, 2023.


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	-	$	-	$	-	$	-	$	-
Repurchase agreements
US Treasury & agency securities		-		-		-		28,218		28,218
Total	$	-	$	-	$	-	$	28,218	$	28,218

Consolidated Statements of Changes to Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect Period of Adoption Adjusted Balance [Member]	Common Stock [Member]	Common Stock [Member] Cumulative Effect Period of Adoption Adjusted Balance [Member]	Treasury Stock [Member]	Treasury Stock [Member] Cumulative Effect Period of Adoption Adjusted Balance [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member] Cumulative Effect Period of Adoption Adjusted Balance [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect Period of Adoption Adjusted Balance [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	23,495							23,495
Other comprehensive income (loss)	(8,881)										(8,881)
Issuance of common stock in acquisition	41,078			$ 41,078
Issuance of common stock in acquisition, shares				1,833,845
Purchase of treasury stock	(338)					(338)
Purchase of treasury stock, shares				(14,611)
Issuance of restricted stock (Net of forfeitures)				$ (1,030)		507		523
Issuance of restricted stock (Net of forfeitures), Shares				46,175
Stock-based compensation expense	822			$ 822
Director stock awards	73					39		34
Director stock awards, shares				3,280
Cash dividends declared	(8,242)							(8,242)
Ending balance at Dec. 31, 2021	297,167			$ 122,674		(11,724)		189,401			(3,184)
Ending balance, shares at Dec. 31, 2021				13,066,233
Net income	32,515							32,515
Other comprehensive income (loss)	(35,049)										(35,049)
Issuance of common stock in acquisition, shares				500,426
Issuance of common stock in acquisition, net off repurchases	13,443			$ 13,446		(3)
Issuance of common stock in acquisition, net off repurchases, shares				500,301
Purchase of treasury stock	(308)					(308)
Purchase of treasury stock, shares				(9,488)
Issuance of restricted stock (Net of forfeitures)				$ (1,522)		428		1,094
Issuance of restricted stock (Net of forfeitures), Shares				48,496
Stock-based compensation expense	899			$ 899
Director stock awards	120					34		86
Director stock awards, shares				2,880
Cash dividends declared	(10,647)							(10,647)
Ending balance at Dec. 31, 2022	298,140	$ (3,371)	$ 294,769	$ 135,497	$ 135,497	(11,573)	$ (11,573)	212,449	$ (3,371)	$ 209,078	(38,233)	$ (38,233)
Ending balance, shares at Dec. 31, 2022				13,608,422	13,608,422
Net income	22,787							22,787
Other comprehensive income (loss)	9,221										9,221
Purchase of treasury stock	(218)					(218)
Purchase of treasury stock, shares				(10,704)
Issuance of restricted stock (Net of forfeitures)				$ (1,263)		641		622
Issuance of restricted stock (Net of forfeitures), Shares				57,875
Stock-based compensation expense	1,281			$ 1,281
Director stock awards	180					110		70
Director stock awards, shares				9,048
Cash dividends declared	(11,477)							(11,477)
Ending balance at Dec. 31, 2023	$ 316,543			$ 135,515		$ (11,040)		$ 221,080			$ (29,012)
Ending balance, shares at Dec. 31, 2023				13,664,641

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 5,543	$ 4,777	$ 6,001	$ 6,466	$ 7,188	$ 8,954	$ 8,271	$ 8,102	$ 22,787	$ 32,515	$ 23,495
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities									10,781	(44,366)	(10,948)
Reclassification adjustment for realized (gain) loss on sale of available-for-sale securities									891		(293)
Net unrealized gain (loss) on available-for-sale securities									11,672	(44,366)	(11,241)
Tax expense (benefit)									2,451	(9,317)	(2,360)
Other comprehensive income (loss)									9,221	(35,049)	(8,881)
Comprehensive Income (Loss)									$ 32,008	$ (2,534)	$ 14,614

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Condensed Financial Statements of Parent Company - Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net income	$ 22,787	$ 32,515	$ 23,495
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums on available-for-sale securities, net	1,500	2,090	2,203
Amortization of subordinated notes issuance fees	116	115	50
Stock-based compensation expense	1,281	899	822
Director stock awards	180	120	73
Gain on sale of available-for-sale securities	891		(293)
Changes in assets and liabilities:
Other assets and liabilities	(6,588)	(4,728)	4,586
Net cash provided by operating activities	22,146	40,669	34,741
Activity in available-for-sale securities:
Maturities, prepayments and calls	24,021	31,064	56,310
Sales	21,963		9,292
Purchases	(4,392)	(38,377)	(170,629)
Activity in certificates of deposit
Net cash used in investing activities	(194,088)	(389,904)	(265,694)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings	(10,000)	(30,000)	40,000
Purchase of treasury stock	(218)	(308)	(338)
Proceeds from issuance of subordinated notes			34,421
Payment of dividends	(11,335)	(10,276)	(7,670)
Net cash provided by financing activities	229,734	252,821	236,070
Net Increase (Decrease) in Cash and Cash Equivalents	57,792	(96,414)	5,117
Cash and Cash Equivalents - Beginning of Year	84,409	180,823	175,706
Cash and Cash Equivalents - End of Year	142,201	84,409	180,823
Farmers & Merchants State Bank [Member]
Cash Flows from Operating Activities
Net income	22,787	32,515	23,495
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (distributions in excess of) net income	(16,022)	9,849	(1,480)
Amortization of premiums on available-for-sale securities, net	29	61	81
Amortization of subordinated notes issuance fees	116	116	49
Stock-based compensation expense	1,281	899	822
Director stock awards	180	120	73
Gain on sale of available-for-sale securities			(293)
Changes in assets and liabilities:
Other assets and liabilities	(1,981)	2,560	(456)
Net cash provided by operating activities	6,390	46,120	22,291
Activity in available-for-sale securities:
Maturities, prepayments and calls	1,445	1,540	795
Sales	1,105		7,773
Purchases		(398)
Activity in certificates of deposit
Maturities		1,234	493
Purchases	(498)	(498)
Acquisition, net of cash received		(9,806)	(79,235)
Net cash used in investing activities	2,052	(7,928)	(70,174)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings	(10,000)	(30,000)	35,000
Purchase of treasury stock	(218)	(308)	(338)
Proceeds from issuance of subordinated notes			34,421
Payment of dividends	(11,335)	(10,276)	(7,670)
Net cash provided by financing activities	(21,553)	(40,584)	61,413
Net Increase (Decrease) in Cash and Cash Equivalents	(13,111)	(2,392)	13,530
Cash and Cash Equivalents - Beginning of Year	16,901	19,293	5,763
Cash and Cash Equivalents - End of Year	$ 3,790	$ 16,901	$ 19,293

Summary of Significant Accounting Policies - Components of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract]
Net unrealized gain (loss) on available-for-sale securities	$ 10,781	$ (44,366)	$ (10,948)
Reclassification adjustment for (gain) loss on sale of available-for-sale securities	891		(293)
Net unrealized gain (loss) on available-for-sale securities	11,672	(44,366)	(11,241)
Tax expense (benefit)	2,451	(9,317)	(2,360)
Other comprehensive income (loss)	$ 9,221	$ (35,049)	$ (8,881)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 25,024	$ 20,313
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	14,564,425	14,564,425
Common stock, shares outstanding	14,564,425	14,564,425
Treasury Stock, shares	899,784	956,003

Loans

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loans

Note 4 - Loans

The Company had $1.6 million in loans held for sale at December 31, 2023 as compared to $827 thousand in loans held for sale at December 31, 2022.

Loans at December 31 are summarized below:


	(In Thousands)
Loans:	2023			2022
Consumer Real Estate	$	521,895		$	494,423
Agricultural Real Estate		223,791			220,819
Agricultural		132,560			128,733
Commercial Real Estate		1,337,766			1,152,603
Commercial and Industrial		254,935			242,360
Consumer		79,591			89,147
Other		30,136			29,818
		2,580,674			2,357,903
Less: Net deferred loan fees and costs and other*		517			(1,516	)
		2,581,191			2,356,387
Less: Allowance for credit losses		(25,024	)		(20,313	)
Loans - Net	$	2,556,167		$	2,336,074

*This chart contains fair value adjustments to the basis of derivatives in the amount of $2.7 million at December 31, 2023. No derivatives existed at December 31, 2022.

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 the future contracts. The risk related to weather is often mitigated by requiring 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, 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. During 2022, the remaining Protection Program (PPP) loan balances of $2.9 million were forgiven and consequently paid off. The PPP provided loans to eligible business through financial institutions like the Bank, with loans being eligible for forgiveness of some or all of the principal amount by the Small Business Administration (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 credit 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 other factors.

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 following is a maturity schedule by major category of loans excluding fair value adjustments at December 31, 2023:


	(In Thousands)
			After One		After Five
	Within		Year Within		Years Within		After
	One Year		Five Years		Fifteen Years		Fifteen Years		Total
Consumer Real Estate	$	12,307	$	33,817	$	157,139	$	322,639	$	525,902
Agricultural Real Estate		546		6,149		63,073		154,648		224,416
Agricultural		62,926		47,053		19,184		3,430		132,593
Commercial Real Estate		109,232		382,123		619,438		227,126		1,337,919
Commercial and Industrial		97,823		103,806		52,981		828		255,438
Consumer		2,036		58,115		19,561		94		79,806
Other		2,855		1,452		16,251		9,584		30,142
	$	287,725	$	632,515	$	947,627	$	718,349	$	2,586,216

The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of December 31, 2023:


	(In Thousands)
	Fixed		Variable
	Rate		Rate
Consumer Real Estate	$	329,142	$	192,753
Agricultural Real Estate		123,783		100,008
Agricultural		56,269		76,291
Commercial Real Estate		1,024,989		312,777
Commercial and Industrial		131,385		123,550
Consumer		79,526		65
Other		20,552		9,584

Other loans are included in the commercial and industrial category for the remainder of the tables in this Note 4, unless specifically noted separately.


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


	(In Thousands)
December 31, 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	$	1,536	$	635	$	90	$	2,261	$	492,162	$	494,423	$	-
Agricultural Real Estate		118		2		1,550		1,670		218,844		220,514		-
Agricultural		433		-		152		585		128,341		128,926		-
Commercial Real Estate		74		-		180		254		1,150,257		1,150,511		-
Commercial and Industrial		953		-		182		1,135		270,984		272,119		-
Consumer		83		37		-		120		89,774		89,894		-
Total	$	3,197	$	674	$	2,154	$	6,025	$	2,350,362	$	2,356,387	$	-

The following tables present the recorded investment in nonaccrual loans by portfolio class of loans as of December 31, 2023 and December 31, 2022:


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

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

Interest income that would have been recorded under the original terms of these loans would have aggregated $1.6 million for 2023 and $157 thousand for 2022.


	(In Thousands)
	2022
Consumer Real Estate	$	612
Agricultural Real Estate		1,921
Agriculture		152
Commercial Real Estate		903
Commercial and Industrial		1,096
Consumer		5
Total	$	4,689

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.

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


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

Consumer Real Estate
Risk Rating
Pass (1-4)	$	77,298	$	88,695	$	90,139	$	82,680	$	126,596	$	465,408	$	52,904	$	518,312
Special Mention (5)		1,228		40		-		-		134		1,402		-		1,402
Substandard (6)		-		261		558		163		1,198		2,180		14		2,194
Doubtful (7)		-		-		-		-		-		-		-		-
Total Consumer Real Estate	$	78,526	$	88,996	$	90,697	$	82,843	$	127,928	$	468,990	$	52,918	$	521,908
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural Real Estate
Risk Rating
Pass (1-4)	$	30,504	$	37,199	$	25,168	$	25,874	$	87,107	$	205,852	$	97	$	205,949
Special Mention (5)		-		861		14		-		508		1,383		-		1,383
Substandard (6)		-		-		12,196		186		3,765		16,147		-		16,147
Doubtful (7)		-		-		-		-		-		-		-		-
Total Agricultural Real Estate	$	30,504	$	38,060	$	37,378	$	26,060	$	91,380	$	223,382	$	97	$	223,479
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Agricultural
Risk Rating
Pass (1-4)	$	17,787	$	20,330	$	8,356	$	4,476	$	5,736	$	56,685	$	69,824	$	126,509
Special Mention (5)		38		621		112		-		-		771		330		1,101
Substandard (6)		514		634		2,009		498		-		3,655		1,498		5,153
Doubtful (7)		-		-		-		-		-		-		-		-
Total Agricultural	$	18,339	$	21,585	$	10,477	$	4,974	$	5,736	$	61,111	$	71,652	$	132,763
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-


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

Commercial Real Estate
Risk Rating
Pass (1-4)	$	224,232	$	438,716	$	245,273	$	122,656	$	235,603	$	1,266,480	$	-	$	1,266,480
Special Mention (5)		34,864		9,100		-		10,793		12,968		67,725		-		67,725
Substandard (6)		-		-		-		-		795		795		-		795
Doubtful (7)		-		-		-		75		-		75		-		75
Total Commercial Real Estate	$	259,096	$	447,816	$	245,273	$	133,524	$	249,366	$	1,335,075	$	-	$	1,335,075
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Commercial & Industrial
Risk Rating
Pass (1-4)	$	56,224	$	51,663	$	24,876	$	20,071	$	3,074	$	155,908	$	90,018	$	245,926
Special Mention (5)		716		69		211		146		794		1,936		6,016		7,952
Substandard (6)		74		454		-		-		48		576		122		698
Doubtful (7)		-		-		-		182		-		182		-		182
Total Commercial & Industrial	$	57,014	$	52,186	$	25,087	$	20,399	$	3,916	$	158,602	$	96,156	$	254,758
Gross charge-offs YTD	$	-	$	-	$	-	$	565	$	-	$	565	$	-	$	565

Other
Risk Rating
Pass (1-4)	$	2,810	$	-	$	16,761	$	5,790	$	4,775	$	30,136	$	-	$	30,136
Special Mention (5)		-		-		-		-		-		-		-		-
Substandard (6)		-		-		-		-		-		-		-		-
Doubtful (7)		-		-		-		-		-		-		-		-
Total Other	$	2,810	$	-	$	16,761	$	5,790	$	4,775	$	30,136	$	-	$	30,136
Gross charge-offs YTD	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

The following table presents payment performance as of December 31, 2023 by year of origination:


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

Consumer
Payment Performance
Performing	$	21,511	$	40,729	$	10,666	$	5,006	$	2,305	$	80,217	$	44	$	80,261
Nonperforming		26		58		-		6		2		92		-		92
Total Consumer	$	21,537	$	40,787	$	10,666	$	5,012	$	2,307	$	80,309	$	44	$	80,353
Gross charge-offs YTD	$	236	$	51	$	100	$	38	$	-	$	425	$	-	$	425

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


	(In Thousands)
	Collateral
	Dependent Loans
Consumer Real Estate	$	1,518
Agricultural Real Estate		15,888
Agricultural		4,998
Commercial Real Estate		255
Commercial & Industrial		17
Consumer		-
Total	$	22,676

The following table represents the risk category of loans by portfolio class, net of deferred fees, based on the most recent analysis performed as of the time periods shown of December 31, 2022:


	(In Thousands)
	Agricultural Real Estate		Agricultural		Commercial Real Estate		Commercial and Industrial		Other
	2022		2022		2022		2022		2022
1-2	$	9,912	$	5,857	$	8,718	$	780	$	-
3		47,405		33,671		370,035		67,506		10,921
4		146,143		88,992		737,745		167,291		18,897
5		10,389		228		9,751		3,592		-
6		6,665		178		24,262		3,132		-
7		-		-		-		-		-
8		-		-		-		-		-
Total	$	220,514	$	128,926	$	1,150,511	$	242,301	$	29,818

For consumer residential real estate, the Company also evaluates credit quality based on the aging status of the loan, which 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 December 31, 2022:


	(In Thousands)
	Consumer Real Estate
	2022
Grade
Pass	$	492,575
Special mention (5)		676
Substandard (6)		1,172
Doubtful (7)		-
Total	$	494,423


	(In Thousands)
	Consumer - Other
	2022
Performing	$	89,853
Nonperforming		41
Total	$	89,894

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


	(In Thousands)
	2022
Impaired loans without a valuation allowance	$	4,194
Impaired loans with a valuation allowance		4,663
Total impaired loans	$	8,857
Valuation allowance related to impaired loans	$	1,996
Total nonaccrual loans	$	4,689
Total loans past-due ninety days or more and still accruing	$	-


	(In Thousands)
	2022		2021
Average investment in impaired loans	$	10,710	$	12,247
Interest income recognized on impaired loans	$	361	$	292
Interest income recognized on a cash basis on impaired loans	$	97	$	188

The Bank had approximately $3.6 million of its impaired loans classified as modifications to borrowers experiencing financial difficulty as of December 31, 2022.

Under ASC 310-40, TDRs were eliminated from being classified as such for 2023 and will no longer be reported as such. Modification programs focused 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 2023, one new loan was considered a modification to a borrower experiencing financial difficulty. The modification consisted of refinancing at a higher balance to a borrower experiencing financial difficulty that would not have otherwise been granted to a borrower. The amount of new money increase to the loan balance was $411 thousand. This loan was subsequently paid off during 2023. During 2022, three new loans were considered modifications to borrowers experiencing financial difficulty 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. One of the three loans was charged off in December of 2022. The ACL includes a $837 thousand specific allocation for one of the loans as of December 31, 2022. The fourth loan was a work-out loan that was included on Peoples modification list which had some debt written off when the loan was granted. Two loans previously reported as modifications to borrowers experiencing financial difficulty were paid off in April 2022.


December 31, 2023							December 31, 2022
			(In thousands)							(In thousands)
Modified Loans for Borrowers Experiencing Financial Difficulty	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Troubled Debt Restructurings	Number of Contracts Modified in the Last 12 Months		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Consumer Real Estate		-	$	-	$	-	Consumer Real Estate		1	$	95	$	95
Commercial Real Estate		1		1,024		1,024	Commercial Real Estate		1		74		74
Commercial and Industrial		-		-		-	Commercial and Industrial		2		1,232		1,232

For the years ended December 31, 2023 and 2022, there were no modifications to borrowers experiencing financial difficulty that subsequently defaulted after modification.

For the majority of the Bank’s impaired loans, the Bank applied a measurement incorporating the present value of expected future cash flows discounted at the loan's effective rate of interest or the fair value of collateral if the loan is collateral dependent. To determine the 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 and heavily relied upon. 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 down 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 portfolio class of loans as of December 31, 2022:


	(In Thousands)
2022	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized		Interest Income Recognized Cash Basis
With no related allowance recorded:
Consumer Real Estate	$	509	$	509	$	-	$	355	$	5	$	12
Agricultural Real Estate		2,280		2,385		-		2,048		25		6
Agricultural		152		152		-		588		-		2
Commercial Real Estate		1,234		1,272		-		1,252		29		43
Commercial and Industrial		17		417		-		135		2		10
Consumer		2		2		-		15		1		-
With a specific allowance recorded:
Consumer Real Estate		60		60		6		15		-		1
Agricultural Real Estate		-		-		-		1,388		-		-
Agricultural		-		-		-		-		-		-
Commercial Real Estate		2,874		2,874		438		3,176		150		-
Commercial and Industrial		1,564		1,564		1,551		1,736		149		23
Consumer		165		165		1		2		-		-
Totals:
Consumer Real Estate	$	569	$	569	$	6	$	370	$	5	$	13
Agricultural Real Estate	$	2,280	$	2,385	$	-	$	3,436	$	25	$	6
Agricultural	$	152	$	152	$	-	$	588	$	-	$	2
Commercial Real Estate	$	4,108	$	4,146	$	438	$	4,428	$	179	$	43
Commercial and Industrial	$	1,581	$	1,981	$	1,551	$	1,871	$	151	$	33
Consumer	$	167	$	167	$	1	$	17	$	1	$	-

As of December 31, 2023 and 2022 the Company had no foreclosed residential real estate property obtained by physical possession or consumer real estate loans secured by residential real estate properties for which foreclosure proceedings are in process according to local jurisdictions.

On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") No. 2016-13 - "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and implemented the current expected credit losses accounting standard. As a result, the Company recorded a one-time adjustment from equity into the allowance for credit losses for loan losses and unfunded commitment liability in the amount of $4.5 million, or $3.4 million, net of tax.

Allowance for Credit Losses (ACL) has a direct impact on the provision expense. An increase in the ACL is funded through recoveries and provision expense.

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

Additional analysis related to the allowance for credit losses as of December 31, 2023 and 2022 is as follows:


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


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


	(In Thousands)
2022	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:
Beginning balance	$	857	$	1,040		$	709	$	9,130	$	3,847		$	625		$	1,041	$	34		$	17,283
Charge-Offs		-		-			-		-		(418	)		(409	)		-		-			(827	)
Recoveries		20		-			7		9		93			169			-		-			298
Provision (Credit)		121		(691	)		35		2,785		1,860			506			-		(16	)		4,600
Other Non-interest expense related to unfunded		-		-			-		-		-			-			221		-			221
Ending Balance	$	998	$	349		$	751	$	11,924	$	5,382		$	891		$	1,262	$	18		$	21,575
Ending balance: individually evaluated for impairment	$	6	$	-		$	-	$	438	$	1,551		$	1		$	-	$	-		$	1,996
Ending balance: collectively evaluated for impairment	$	992	$	349		$	751	$	11,486	$	3,831		$	890		$	1,262	$	18		$	19,579
Ending balance: loans acquired with deteriorated credit quality	$	-	$	-		$	-	$	-	$	-		$	-		$	-	$	-		$	-
FINANCING RECEIVABLES:
Ending balance	$	494,423	$	220,514		$	128,926	$	1,150,511	$	272,119		$	89,894		$	-	$	-		$	2,356,387
Ending balance: individually evaluated for impairment	$	569	$	2,280		$	152	$	4,108	$	1,581		$	167		$	-	$	-		$	8,857
Ending balance: collectively evaluated for impairment	$	493,449	$	218,039		$	128,774	$	1,146,389	$	270,493		$	89,727		$	-	$	-		$	2,346,871
Ending balance: loans acquired with deteriorated credit quality	$	405	$	195		$	-	$	14	$	45		$	-		$	-	$	-		$	659

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 12 - Employee Benefit Plans

The Bank has established a 401(k) defined contribution plan which allows eligible employees to save at a minimum one percent of eligible compensation on a pre-tax or post-tax basis, subject to certain Internal Revenue Service limitations. The Bank will match 50% of employee 401(k) contributions up to six percent of total eligible compensation. In addition, the Bank may make a discretionary contribution from time to time as is deemed advisable. A participant is 100% vested in the participant’s deferral contributions. Employer matching contributions are funded each payroll period and are immediately vested. Non elective employer contributions are immediately vested at 100%. Employees are immediately eligible upon hire to contribute to the plan and receive matching contributions. In order to be eligible for discretionary contributions, employees must work 1,000 hours in the plan year and be employed on the last day of the year. Contributions expensed for the 401(k) profit sharing plan for both the employer matching contribution and the discretionary contribution were $1.4 million, $1.7 million and $1.5 million for 2023, 2022 and 2021, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 64,225 shares of the Company’s restricted stock were issued to 113 employees during 2023, 56,496 shares of restricted stock were issued to 109 employees during 2022 and 48,750 shares of restricted stock were issued to 96 employees during 2021. Under the plan, the shares generally vest 100% in three years. During the 3 year vesting period, the employees receive dividends or dividend equivalent compensation on the shares. Due to employee termination, there were 6,350, 8,000 and 2,575 shares forfeited during 2023, 2022 and 2021, respectively. During 2023, four employees retired and received 2,350 shares from the shares awarded in 2020, 2021 and 2022. In 2022, three employees retired and received 3,775 shares from the shares awarded in 2019, 2020 and 2021. During 2021, due to retirement, seven employees received 4,425 shares from awards granted in 2018, 2019 and 2020. In 2023, 29,431 shares awarded in 2020 were 100% vested and 65 employees received the stock. Also during 2023, 2,996 shares awarded in 2022 were 100% vested and four employees received the stock. One employee received accelerated vesting of 700 shares awarded in 2020. During 2022, 26,900 shares awarded in 2019 were 100% vested and 60 employees received the stock. During 2021, 18,845 shares awarded in 2018 were 100% vested and 50 employees received the stock. Compensation expense applicable to the restricted stock awards totaled $1.3 million, $899 thousand and $822 thousand for the years ending December 31, 2023, 2022 and 2021, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2023, 2022 and 2021.


	Year Ended December 31,
	2023				2022				2021
	Number of Shares		Number of Employees		Number of Shares		Number of Employees		Number of Shares		Number of Employees
Restricted shares issued		64,225		113		56,496		109		48,750		96
Restricted shares vested		32,427		69		26,900		60		18,845		50
Restricted shares awarded due to retirement		2,350		4		3,775		3		4,425		7
Restricted shares awarded for other		700		1		-		-		-		-
Restricted shares forfeited		6,350		8		8,000		9		2,575		4

The following table summarizes the activity of restricted stock awards as of December 31:


	Year Ended December 31,
	2023					2022					2021
	Number of Shares			Weighted average fair value per award		Number of Shares			Weighted average fair value per award		Number of Shares			Weighted average fair value per award
Beginning of period		128,952		$	25.75		111,131		$	23.02		88,226		$	28.40
Granted		64,225			22.24		56,496			30.46		48,750			22.70
Vested		(35,477	)		22.54		(30,675	)		24.77		(23,270	)		42.03
Forfeited		(6,350	)		21.72		(8,000	)		30.15		(2,575	)		24.28
Nonvested, end of period		151,350		$	25.00		128,952		$	25.75		111,131		$	23.02

As of December 31, 2023, there was $2.1 million of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan to be recognized over the next three years.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Securities - Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-Sale Securities, Debt Maturities [Abstract]
Amortized Cost, One year or less	$ 24,878
Amortized Cost, After one year through five years	244,319
Amortized Cost, After five years through ten years	31,945
Amortized Cost, Total	301,142
Amortized Cost, Mortgage-backed securities	94,061
Amortized Cost	395,203	$ 439,186
Fair Value, One year or less	24,274
Fair Value, After one year through five years	223,135
Fair Value, After five years through ten years	28,937
Fair Value, Total	276,346
Fair Value, Mortgage-backed securities	82,132
Total, Fair Value	$ 358,478	$ 390,789

Restrictions of Dividends & Inter-company Borrowings - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends may be paid without prior regulatory approval	$ 47.4
Perpetual Federal Savings Bank [Member]
Class of Stock [Line Items]
Dividend approved by federal reserve for the acquisition		$ 40.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Perpetual Federal Savings Bank [Member]
Income Taxes [Line Items]
Deferred taxes business combination allocated to additional paid in capital			$ 2,779,000
Unrecognized deferred taxes	$ 1,040,000
Peoples Federal Savings and Loan [Member]
Income Taxes [Line Items]
Operating loss carryforwards	2,000	$ 2,600
Operating loss carryforward at acquisition	$ 2,789,124
Deferred taxes business combination allocated to additional paid in capital		$ 2,174,000

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	FMAO
Entity Registrant Name	FARMERS & MERCHANTS BANCORP, INC.
Entity Central Index Key	0000792966
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
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, Postal Zip Code	43502
City Area Code	419
Local Phone Number	446-2501
Entity Incorporation, State or Country Code	OH
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	OH
Title of 12(b) Security	Common Stock, No Par Value
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		13,664,345
Entity Public Float			$ 306,921,869
Auditor Name	FORVIS, LLP
Auditor Location	Fort Wayne, Indiana
Auditor Firm ID	686
Documents Incorporated by Reference	Part III of Form 10-K – Portions of the definitive Proxy Statement for the 2024 Annual Meeting of Shareholders of Farmers & Merchants Bancorp, Inc.
Document Fin Stmt Error Correction	false

Borrowings and Subordinated Notes - Additional Information (Detail)		12 Months Ended
	Jul. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Sep. 29, 2022 USD ($)
Debt Instrument [Line Items]
Number of loans secured \| Loan		2
Term note		$ 30,000,000
Line of credit		$ 10,000,000		$ 10,000,000	$ 10,000,000
Percentage of interest on loan accrued rate		2.50%
Percentage of line of credit accrues rate					5.50%
Maturity date		Sep. 30, 2023
Total borrowings excluding for fair value related to acquisition		$ 265,773,000	$ 127,400,000
Total borrowings, fair value related to acquisition		23,000	47,000
Advances, secured by mortgage loans			659,000
Unsecured borrowings through correspondent banks		128,000,000	73,000,000.0
Borrowing capacity under the Federal Reserve's BTFP		69,900,000
Unpledged securities which could be sold or used as collateral		97,300,000	249,600,000
Additional borrowings available from the Federal Home Loan Bank based on current pledging		42,500,000	2,000,000
Debt instrument basis points	2.63%
Debt instrument, frequency of periodic payment	semi-annually
Term of loan	5 years
Redemption price of principal amount of notes redeemed	100.00%
Prime Rate [Member]
Debt Instrument [Line Items]
Variable line of credit		$ 15,000,000
Maturity date		Sep. 27, 2024
Private Placement
Debt Instrument [Line Items]
Subordinated notes	$ 35,000,000
Fixed-to-floating interest rate	3.25%
Subordinated notes, due date	Jul. 30, 2031
Percentage of notes prices on principal amount	100.00%
Peoples Federal Savings and Loan Association [Member]
Debt Instrument [Line Items]
Bank undertook amount		$ 965,000
Peoples Federal Savings and Loan Association [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Bank loan maturity year		2022
Peoples Federal Savings and Loan Association [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Bank loan maturity year		2028
Perpetual Federal Savings Bank {Member]
Debt Instrument [Line Items]
Bank undertook amount		$ 6,000,000
Collateral Pledged [Member] \| Federal Home Loan Bank Advances [Member]
Debt Instrument [Line Items]
Pledging of eligible commercial real estate loans		158,900,000
Asset Pledged as Collateral without Right [Member] \| Federal Home Loan Bank Advances [Member] \| 1-4 Family Real Estate Loans [Member]
Debt Instrument [Line Items]
Advances, secured by mortgage loans		223,000
Asset Pledged as Collateral without Right [Member] \| Federal Home Loan Bank Advances [Member] \| HALOC [Member]
Debt Instrument [Line Items]
Advances, secured by mortgage loans			232,900
Cash Management Advance
Debt Instrument [Line Items]
Unsecured borrowings through correspondent banks		$ 150,100,000	$ 130,400,000
Term Note [Member]
Debt Instrument [Line Items]
Short term debt, term		12-month
Line of Credit [Member]
Debt Instrument [Line Items]
Short term debt, term		12-month
Outstanding borrowings		$ 0

Subsequent Events - Additional Information (Detail) - shares	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, shares outstanding		14,564,425	14,564,425
Maximum [Member] \| Subsequent Event [Member] \| Board of Directors [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding	650,000

Securities - Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 395,203	$ 439,186
Gross Unrealized Gains	136	69
Gross Unrealized Losses	(36,861)	(48,466)
Fair Value	358,478	390,789
U.S. Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	87,182	104,507
Gross Unrealized Gains	1
Gross Unrealized Losses	(6,913)	(9,829)
Fair Value	80,270	94,678
U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	140,960	156,817
Gross Unrealized Losses	(12,738)	(17,050)
Fair Value	128,222	139,767
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	94,061	101,068
Gross Unrealized Losses	(11,929)	(14,141)
Fair Value	82,132	86,927
State and Local Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	73,000	76,794
Gross Unrealized Gains	135	69
Gross Unrealized Losses	(5,281)	(7,446)
Fair Value	$ 67,854	$ 69,417

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Loans - Loans (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Loans:
Loans - Gross	$ 2,580,674,000	$ 2,357,903,000
Less: Net deferred loan fees and costs and other	517,000	(1,516,000)
Loans after net deferred loan fees and costs	2,581,191,000	2,356,387,000
Less: Allowance for credit losses	(25,024,000)	(20,313,000)
Loans - Net	2,556,167,000	2,336,074,000
Consumer Real Estate [Member]
Loans:
Loans - Gross	521,895,000	494,423,000
Less: Allowance for credit losses	(3,581,000)	(998,000)
Agricultural Real Estate [Member]
Loans:
Loans - Gross	223,791,000	220,819,000
Less: Allowance for credit losses	(312,000)	(349,000)
Agricultural [Member]
Loans:
Loans - Gross	132,560,000	128,733,000
Less: Allowance for credit losses	(336,000)	(751,000)
Commercial Real Estate [Member]
Loans:
Loans - Gross	1,337,766,000	1,152,603,000
Less: Allowance for credit losses	(17,400,000)	(11,924,000)
Commercial and Industrial [Member]
Loans:
Loans - Gross	254,935,000	242,360,000
Less: Allowance for credit losses	0
Consumer [Member]
Loans:
Loans - Gross	79,591,000	89,147,000
Less: Allowance for credit losses	(1,302,000)	(909,000)
Other Loan [Member]
Loans:
Loans - Gross	$ 30,136,000	$ 29,818,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31 are as follows:


	(In Thousands)
	2023		2022			2021
Current:
Federal	$	3,052	$	7,430		$	7,536
State		287		359			271
Total current		3,339		7,789			7,807
Deferred:
Federal		2,182		227			(1,746	)
State		46		(56	)		(59	)
Total deferred		2,228		171			(1,805	)
Total Income Tax	$	5,567	$	7,960		$	6,002

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:


	(In Thousands)
	2023			2022			2021
Federal income tax at statutory rates	$	5,954		$	8,489		$	6,194
(Decrease) increase resulting from:
State income tax, net of federal benefit		264			239			167
Tax exempt interest		(129	)		(133	)		(116	)
Section 831 deduction		(187	)		(270	)		(294	)
Other		(335	)		(365	)		51
Total Income Tax	$	5,567		$	7,960		$	6,002

Components of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at December 31 are comprised of the following:


	(In Thousands)
	2023		2022
Deferred Tax Assets:
Allowance for credit losses	$	5,888	$	4,623
Deferred compensation		547		570
Net unrealized loss on available-for-sale securities		7,712		10,163
Fair value adjustments		1,179		2,152
Other		307		554
Total deferred tax assets		15,633		18,062
Deferred Tax Liabilities:
Accreted discounts on bonds		95		54
Depreciation		2,409		1,083
FHLB stock dividends		880		1,011
Intangible amortization		2,421		2,640
Loan servicing rights		1,252		787
Prepaids		244		500
Other		488		424
Total deferred tax liabilities		7,789		6,499
Net Deferred Tax Asset	$	7,844	$	11,563

Loans - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Impaired loans without a valuation allowance	$ 4,194
Impaired loans with a valuation allowance	4,663
Total impaired loans	8,857
Valuation allowance related to impaired loans	1,996
Total nonaccrual loans	4,689
Total loans past-due ninety days or more and still accruing	0
Average investment in impaired loans	10,710	$ 12,247
Interest income recognized on impaired loans	361	292
Interest income recognized on a cash basis on impaired loans	$ 97	$ 188

Leases - Additional Information (Detail)	12 Months Ended
Leases - Additional Information (Detail)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Option to Extend	some of which may include options to renew the leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Option to Terminate	some of which may include options to terminate the leases prior to the end date of the lease term.
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, Remaining lease team	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, Remaining lease team	15 years

Quarterly Financial Data

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

Note 21 – Quarterly Financial Data


Quarterly Financial Data - UNAUDITED
	Quarter Ended in 2023
	Mar 31			June 30			Sep 30			Dec 31
Summary of Income:
Interest income	$	31,802		$	33,377		$	36,359		$	38,270
Interest expense		10,120			13,259			16,697			18,335
Net Interest Income		21,682			20,118			19,662			19,935
Provision for Credit Losses - Loans*		817			143			460			278
Provision for Credit Losses - Off Balance Sheet Credit Exposures*		62			(129	)		(76	)		189
Net Interest Income After Provision for Credit Losses*		20,803			20,104			19,278			19,468
Other income (expense)		(12,754	)		(12,572	)		(13,380	)		(12,593	)
Net income before income taxes		8,049			7,532			5,898			6,875
Income taxes		1,583			1,531			1,121			1,332
Net income	$	6,466		$	6,001		$	4,777		$	5,543
Earnings per Common Share	$	0.47		$	0.44		$	0.35		$	0.41
Average common shares outstanding		13,615,655			13,632,440			13,650,823			13,665,773


	Quarter Ended in 2022
	Mar 31			June 30			Sep 30			Dec 31
Summary of Income:
Interest income	$	21,899		$	23,911		$	25,847		$	29,492
Interest expense		2,116			2,047			3,264			6,935
Net Interest Income		19,783			21,864			22,583			22,557
Provision for loan loss		580			1,628			1,637			755
Net interest income after provision for loan loss		19,203			20,236			20,946			21,802
Other income (expense)		(9,150	)		(9,915	)		(9,739	)		(12,908	)
Net income before income taxes		10,053			10,321			11,207			8,894
Income taxes		1,951			2,050			2,253			1,706
Net income	$	8,102		$	8,271		$	8,954		$	7,188
Earnings per Common Share	$	0.62		$	0.63		$	0.68		$	0.53
Average common shares outstanding		12,955,107			12,957,126			12,983,307			13,606,876

Derivative Financial Instruments - Summary of Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges of Fixed-rate Receivables (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member]	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value	$ 100,000,000
USD-SOFR-OIS [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value	$ 100,000,000
Weighted Average Remaining Maturity (years)	3 years 7 months 6 days
Fair Value	$ 2,719,000
Pay	4.47%
Loans [Member] \| USD-SOFR-OIS [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Value	$ 100,000,000
Weighted Average Remaining Maturity (years)	3 years 7 months 6 days
Fair Value	$ 2,719,000
Pay	4.47%

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Allowance for credit losses	$ 5,888	$ 4,623
Deferred compensation	547	570
Net unrealized loss on available-for-sale securities	7,712	10,163
Fair value adjustments	1,179	2,152
Other	307	554
Total deferred tax assets	15,633	18,062
Deferred Tax Liabilities:
Accreted discounts on bonds	95	54
Depreciation	2,409	1,083
FHLB stock dividends	880	1,011
Intangible amortization	2,421	2,640
Loan servicing rights	1,252	787
Prepaids	244	500
Other	488	424
Total deferred tax liabilities	7,789	6,499
Net Deferred Tax Asset	$ 7,844	$ 11,563

Servicing (Tables)

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Summary of Mortgage Servicing Rights Capitalized and Amortized

The following summarizes servicing rights capitalized and amortized during each year:


	(In Thousands)
	2023			2022
Beginning of Year	$	3,549		$	3,571
Capitalized Additions		2,710			537
Amortization		(604	)		(559	)
Ending Balance, December 31		5,655			3,549
Valuation Allowance		(7	)		-
Servicing Rights net, December 31	$	5,648		$	3,549

Fair Value of Financial Instruments - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 358,478	$ 390,789
State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	67,854	69,417
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	2,460	3,345
Level 3 [Member] \| State and Local Governments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 2,460	$ 3,345
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	$ 22,676	$ 2,667
Valuation Technique	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Unobservable Inputs	us-gaap:MeasurementInputAppraisedValueMember	us-gaap:MeasurementInputAppraisedValueMember
Level 3 [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 58
Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Unobservable Inputs	us-gaap:MeasurementInputDiscountRateMember
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	(0.0017)	0.0208
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	0	0.20
Level 3 [Member] \| Minimum [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	0.0511
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	0.0492	0.0501
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	0.50	0.2901
Level 3 [Member] \| Maximum [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	0.228
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	0.0349	0.0438
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	0.0041	0.2413
Level 3 [Member] \| Weighted Average \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	0.1087

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The table below presents basic and diluted earnings per share for the years ended December 31, 2023, 2022, and 2021.


	Year Ended
	December 31,			December 31,			December 31,
	2023			2022			2021
Earnings per share
Net income	$	22,787		$	32,515		$	23,495
Less: distributed earnings allocated to participating securities		(128	)		(97	)		(70	)
Less: undistributed earnings allocated to participating securities		(120	)		(187	)		(121	)
Net earnings available to common shareholders	$	22,539		$	32,231		$	23,304
Weighted average common shares outstanding including participating securities		13,641,336			13,206,713			11,664,852
Less: average unvested restricted shares		(148,433	)		(115,291	)		(94,634	)
Weighted average common shares outstanding		13,492,903			13,091,422			11,570,218
Basic and diluted earnings per share	$	1.67		$	2.46		$	2.01

Borrowings and Subordinated Notes - Schedule of Subordinated Notes (Detail) - Subordinated Notes - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 35,000	$ 35,000
Unamortized Note Issuance Costs	$ (298)	$ (414)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Business Combination & Asset Purchase (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Schedule of Pro-forma Results

The following schedule includes pro-forma results for the years ended December 31, 2023, 2022 and 2021 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.


	2023		2022		2021
Summary of Operations
Net Interest Income - Before Provision for Credit Losses and Unfunded*	$	81,397	$	90,754	$	84,749
Provision for Credit Losses and Unfunded*		1,682		4,513		3,445
Net Interest Income After Provision for Credit Losses and Unfunded*		79,715		86,241		81,304
Noninterest Income		16,040		14,100		18,931
Noninterest Expense		67,193		58,105		58,300
Income Before Income Taxes		28,562		42,236		41,935
Income Taxes		5,609		8,141		8,397
Net Income	$	22,953	$	34,095	$	33,538
Basic and Diluted Earnings Per Share	$	1.68	$	2.51	$	2.48

*ASU 2016-13 adopted during the first quarter of 2023; therefore, 2022 and 2021 provision amounts reflect the incurred loss method.

Schedule of Future Amortization of Core Deposit Intangible Assets

Future amortization expense of core deposit intangible assets is as follows:


	Geneva		Ossian		Perpetual		Peoples		Total
	(In thousands)
2024	$	560	$	140	$	95	$	861	$	1,656
2025		560		140		95		861		1,656
2026		-		140		95		861		1,096
2027		-		140		95		861		1,096
2028		-		47		73		861		981
Thereafter		-		-		-		646		646
Total	$	1,120	$	607	$	453	$	4,951	$	7,131

Customer Lists [Member]

Business Acquisition [Line Items]

Schedule of Future Amortization of Core Deposit Intangible Assets

Future amortization expense of customer list intangible is as follows:


	(In thousands)
2024	$	123
2025		123
2026		123
2027		48
2028		-
Thereafter		-
Total	$	417

Peoples Federal Savings and Loan [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 Peoples Federal Savings and Loan Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


Fair Value of Consideration Transferred
	(In Thousands)
Cash	$	9,806
Common Shares (500,426 shares)		13,446
Treasury stock repurchased (125 shares)		(3	)
Total	$	23,249

Recognized amounts of identifiable assets acquired and liabilities assumed

Assets
Cash and cash equivalents	$	18,881
Other securities, at cost		1,271
Loans, net		101,755
Premises and equipment		1,906
Goodwill		5,924
Other assets		12,081
Total Assets Purchased	$	141,818

Liabilities
Deposits
Noninterest bearing	$	7,139
Interest bearing		104,719
Total deposits		111,858
Federal Home Loan Bank (FHLB) advances		896
Accrued expenses and other liabilities		5,815
Total Liabilities Assumed	$	118,569

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:


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	798		$	-
Additions		6			856
Accretion		(232	)		(58	)
Reclassification from nonaccretable difference		-			-
Disposals		(6	)		-
Ending Balance	$	566		$	798

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 (1,833,845 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 Changes in Accretable Yield or Income Expected to be Collected

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


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	4,236		$	5,262
Additions		39			294
Accretion		(1,480	)		(1,318	)
Reclassification from nonaccretable difference		-			-
Disposals		-			(2	)
Ending Balance	$	2,795		$	4,236

Ossian Financial Services, Inc. [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 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 Changes in Accretable Yield or Income Expected to be Collected

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


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	470		$	645
Additions		-			1
Accretion		(176	)		(176	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	294		$	470

Limberlost Bancshares, 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, for the acquisition of Bank of Geneva completed in 2019, are as follows:


	2023			2022
	(In Thousands)			(In Thousands)
Beginning Balance	$	785		$	1,198
Additions		11			13
Accretion		(433	)		(426	)
Reclassification from nonaccretable difference		-			-
Disposals		-			-
Ending Balance	$	363		$	785

Minimum Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2023

Federal Home Loan Banks [Abstract]

Summary of Bank's Actual and Required Capital Amounts and Ratios

The Company and Bank's actual and required capital amounts and ratios as of December 31, 2023 are as follows:


	Actual					Minimum Capital Required					Required to be Considered Well-Capitalized
	(000's)					(000's)					(000's)
As of December 31, 2023	Amount		Ratio			Amount		Ratio			Amount		Ratio
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	251,649		9.75	%	$	116,147		4.50	%	$	167,768		6.50	%
Farmers & Merchants State Bank		276,467		10.77	%		115,534		4.50	%		166,882		6.50	%

Total Risk-Based Capital (to Risk Weighted Assets):
Consolidated		297,179		11.51	%		206,484		8.00	%		258,105		10.00	%
Farmers & Merchants State Bank		301,176		11.73	%		205,393		8.00	%		256,742		10.00	%

Tier 1 Capital (to Risk Weighted Assets):
Consolidated		251,649		9.75	%		154,863		6.00	%		206,484		8.00	%
Farmers & Merchants State Bank		276,467		10.77	%		154,045		6.00	%		205,393		8.00	%

Tier 1 Leverage Capital (to Adjusted Total Assets):
Consolidated		251,649		7.86	%		128,081		4.00	%		160,102		5.00	%
Farmers & Merchants State Bank		276,467		8.66	%		127,674		4.00	%		159,593		5.00	%

The following table presents the Bank’s actual and required capital amounts and ratios as of December 31, 2022.


	Actual					Minimum Capital Required					Required to be Considered Well-Capitalized
	(000's)					(000's)					(000's)
As of December 31, 2022	Amount		Ratio			Amount		Ratio			Amount		Ratio
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank	$	259,510		11.15	%	$	104,763		4.50	%	$	151,324		6.50	%

Total Risk-Based Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank		281,085		12.07	%		186,245		8.00	%		232,806		10.00	%

Tier 1 Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank		259,510		11.15	%		139,684		6.00	%		186,245		8.00	%

Tier 1 Leverage Capital (to Adjusted Total Assets):
Farmers & Merchants State Bank		259,510		9.03	%		114,972		4.00	%		143,714		5.00	%

Business Combination & Asset Purchase - Summary of Changes in Accretable Yield or Income Expected to be Collected (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Peoples Federal Savings and Loan [Member]
Business Acquisition [Line Items]
Beginning Balance	$ 798
Additions	6	$ 856
Accretion	(232)	(58)
Disposals	(6)
Ending Balance	566	798
Perpetual Federal Savings Bank [Member]
Business Acquisition [Line Items]
Beginning Balance	4,236	5,262
Additions	39	294
Accretion	(1,480)	(1,318)
Disposals		(2)
Ending Balance	2,795	4,236
Ossian Financial Services, Inc. [Member]
Business Acquisition [Line Items]
Beginning Balance	470	645
Additions		1
Accretion	(176)	(176)
Ending Balance	294	470
Limberlost Bancshares, Inc. [Member]
Business Acquisition [Line Items]
Beginning Balance	785	1,198
Additions	11	13
Accretion	(433)	(426)
Ending Balance	$ 363	$ 785

Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

Note 8 - Deposits

Time deposits as of December 31 consist of the following:


	(In Thousands)
	2023		2022
Time deposits under $250,000	$	523,895	$	495,891
Time deposits of $250,000 or more		139,122		62,089
	$	663,017	$	557,980

At December 31, 2023 the scheduled maturities for time deposits are as follows:


	(In Thousands)
2024	$	476,304
2025		132,232
2026		33,124
2027		12,262
2028		8,869
Thereafter		226
	$	663,017

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 22 – Subsequent Events

On January 16, 2024, the Company announced the authorization by its Board of Directors for the Company’s repurchase, either on the open market, or in privately negotiated transactions, of up to 650,000 shares of its outstanding common stock commencing January 16, 2024 and ending December 31, 2024.

Business Combination & Asset Purchase - Additional Information (Detail)					12 Months Ended
	Oct. 01, 2022 USD ($) Office $ / shares shares	Oct. 01, 2021 USD ($) Office $ / shares shares	Apr. 30, 2021 USD ($) Office $ / shares shares	Nov. 16, 2020 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Nov. 30, 2020 USD ($) Client
Business Acquisition [Line Items]
Common stock, shares outstanding \| shares					14,564,425	14,564,425
Goodwill					$ 86,358,000	$ 86,358,000
Amortization expense					1,657,000	1,011,000	$ 677,000
Customer Lists [Member]
Business Acquisition [Line Items]
Amortization expense					123,000	123,000	123,000
Peoples Federal Savings and Loan [Member]
Business Acquisition [Line Items]
Number of full-service offices \| Office	3
Common stock issued in exchange of each outstanding share	0.6597
Cash payment for exchange of each share \| $ / shares	$ 24
Minimum number of shares to be exchanged under merger agreement \| shares	758,566
Common stock, shares outstanding \| shares	1,167,025
Share price \| $ / shares	$ 26.87
Total consideration for acquisition	$ 23,249,000
Cash paid for the capital stock	9,806,000					9,806,000
Stock issued for acquisition	13,446,000
Business combination, acquisition related costs					200,000	2,400,000
Goodwill	5,924,000
Fair value of assets acquired	101,800,000
Gross principal and contractual interest	116,100,000
Acquisition expected to be uncollectible	$ 0
Loan receivable weighted average life	44 months 12 days
Business combination, premises and equipment written up value	$ 581,000
Business combination, average remaining life	12 years 9 months 18 days
Fair value for certificate of deposit, valuation amount	$ 662,000
Fair value for certificate of deposit, amortization period	1 year 1 month 6 days
Fair value of Federal Home Loan Bank (FHLB) advances, valuation amount	$ 69,000
Fair value of Federal Home Loan Bank (FHLB) advances, amortization period	5 years 2 months 12 days
Peoples Federal Savings and Loan [Member] \| Building [Member]
Business Acquisition [Line Items]
Business combination, premises and equipment written up value	$ 597,000
Peoples Federal Savings and Loan [Member] \| Core Deposits [Member]
Business Acquisition [Line Items]
Recognition of core deposit intangible asset with acquired purchase	$ 6,000,000				6,000,000
Remaining economic useful life	7 years
Peoples Federal Savings and Loan [Member] \| Data Processing [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs					12,900	1,100,000
Peoples Federal Savings and Loan [Member] \| Consulting Fees [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs					5,200	542,900
Peoples Federal Savings and Loan [Member] \| Employee Benefits [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs					137,200	126,500
Peoples Federal Savings and Loan [Member] \| Other General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs					44,700	501,000
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					59,234,000
Stock issued for acquisition		41,078,000
Business combination, acquisition related costs						148,500,000	1,700,000
Goodwill		25,220,000
Fair value of assets acquired		334,700,000
Gross principal and contractual interest		403,300,000
Acquisition expected to be uncollectible		$ 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
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
Fair value of Federal Home Loan Bank (FHLB) advances, amortization period		2 years 7 months 6 days
Common stock issued in exchange of each outstanding share \| shares	500,426	1,833,845
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			668,000
Remaining economic useful life		7 years
Perpetual Federal Savings Bank [Member] \| Data Processing [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							444,900
Perpetual Federal Savings Bank [Member] \| Consulting Fees [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							636,800
Perpetual Federal Savings Bank [Member] \| Employee Benefits [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs						90,800	131,500
Perpetual Federal Savings Bank [Member] \| Other General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs						57,700	488,300
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 intangible 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
Business combination, acquisition related costs						$ 31,600	2,200,000
Goodwill			7,874,000
Fair value of assets acquired			52,400,000
Gross principal and contractual interest			63,700,000
Acquisition expected to be uncollectible			$ 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
Fair value for certificate of deposit, amortization period			1 year 4 months 24 days
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
Ossian Financial Services, Inc. [Member] \| Data Processing [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							938,900
Ossian Financial Services, Inc. [Member] \| Consulting Fees [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							255,200
Ossian Financial Services, Inc. [Member] \| Employee Benefits [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							694,100
Ossian Financial Services, Inc. [Member] \| ATM Expense [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							13,800
Ossian Financial Services, Inc. [Member] \| Other General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business combination, acquisition related costs							$ 255,000.0
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
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

Loans - Impaired Loans Classified as Modified Loans for Borrowers Experiencing Financial Difficulty and Troubled Debt Restructurings (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Loan Contract	Dec. 31, 2022 USD ($) Loan Contract
Financing Receivable Modifications [Line Items]
Number of Contracts Modified in the Last 12 Months \| Loan	1	3
Consumer Real Estate [Member]
Financing Receivable Modifications [Line Items]
Number of Contracts Modified in the Last 12 Months \| Contract		1
Pre-Modification Outstanding Recorded Investment		$ 95
Post-Modification Outstanding Recorded Investment		$ 95
Commercial Real Estate [Member]
Financing Receivable Modifications [Line Items]
Number of Contracts Modified in the Last 12 Months \| Contract	1	1
Pre-Modification Outstanding Recorded Investment	$ 1,024	$ 74
Post-Modification Outstanding Recorded Investment	$ 1,024	$ 74
Commercial and Industrial [Member]
Financing Receivable Modifications [Line Items]
Number of Contracts Modified in the Last 12 Months \| Contract		2
Pre-Modification Outstanding Recorded Investment		$ 1,232
Post-Modification Outstanding Recorded Investment		$ 1,232

Derivative Financial Instruments - Schedule of Notional Amount and Fair Value of Interest Rate Swaps (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member]	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability Derivatives, Notional Amount	$ 100,000,000
Liability Derivatives, Fair Value	2,679,000
Loans [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability Derivatives, Notional Amount	100,000,000
Liability Derivatives, Fair Value	$ 2,679,000

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	$ 358,478	$ 390,789
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	99,900	94,678
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	99,900	94,678
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	256,118	292,766
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	256,118	292,766
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	2,460	3,345
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	2,460	3,345
Interest rate swaps \| Fair Value on a Recurring Basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Liabilities	(2,679)
U.S. Treasury [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	80,270	94,678
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	80,270	94,678
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	128,222	139,767
U.S. Government Agencies [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	19,630
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	108,592	139,767
Mortgage-backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Securities Available-for-Sale	82,132	86,927
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	82,132	86,927
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	67,854	69,417
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	65,394	66,072
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	2,460	3,345
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	$ 2,460	$ 3,345

Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 5 – Premises and Equipment

The major categories of banking premises and equipment and accumulated depreciation at December 31 are summarized below:


	(In Thousands)
	2023			2022
Land	$	6,838		$	6,896
Buildings (useful life 15-39 years)		40,831			34,501
Furnishings (useful life 3-15 years)		30,425			26,448
		78,094			67,845
Less: Accumulated depreciation		(42,304	)		(39,464	)
Premises and Equipment (Net)	$	35,790		$	28,381

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 amounted to $3.4, $2.7, and $2.6 million, respectively.

At the end of 2023, construction in progress was $8 thousand for a new LPO to be opened by end of 2024. Construction in progress of $278 thousand as of December 31, 2022 related to the construction of three new offices which were operational by end of October 2023.

Loans - Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		$ 4,689
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		612
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		1,921
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		152
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		903
Commercial & Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		1,096
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans		$ 5
Nonaccrual With No Allowance For Credit Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	$ 22,169
Nonaccrual With No Allowance For Credit Loss [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	1,006
Nonaccrual With No Allowance For Credit Loss [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	15,949
Nonaccrual With No Allowance For Credit Loss [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	4,671
Nonaccrual With No Allowance For Credit Loss [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	254
Nonaccrual With No Allowance For Credit Loss [Member] \| Commercial & Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	198
Nonaccrual With No Allowance For Credit Loss [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	91
Nonaccrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	22,353
Nonaccrual [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	1,190
Nonaccrual [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	15,949
Nonaccrual [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	4,671
Nonaccrual [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	254
Nonaccrual [Member] \| Commercial & Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	198
Nonaccrual [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in nonaccrual loans	$ 91

Minimum Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2023

Federal Home Loan Banks [Abstract]

Minimum Regulatory Capital Requirements

Note 16 - Minimum Regulatory Capital Requirements

The Company (on a consolidated basis) and the Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's and Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off balance-sheet items as calculated under regulatory accounting practices.

The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.

Quantitative measures established by the Basel III Capital Rules, the comprehensive capital framework for U.S. banking organizations, to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital, Tier 1 capital and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined).

In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1.

Common Equity Tier 1 is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities, and subject to transition provisions.

The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. Risk-weighted assets are calculated based on regulatory requirements and include total assets, with certain exclusions, allocated by risk weight category, and certain off-balance-sheet items, among other things. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things.

The Basel III Capital Rules require the Company and Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 7.0%), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio, effectively resulting in a minimum Tier 1 capital ratio of 8.5%), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio, effectively resulting

in a minimum total capital ratio of 10.5%) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets.

The capital conservation buffer is designed to absorb losses during periods of economic stress and, as detailed above, effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall.

Management believes, as of December 31, 2023, that the Bank meets all the capital adequacy requirements to which it is subject.

As of December 31, 2023, the most recent notification from the FDIC indicated the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To remain categorized as well capitalized, the Bank will have to maintain minimum total risk-based, Tier I risk-based, Common Equity Tier 1 and Tier I leverage ratios as disclosed in the table to follow. There are no conditions or events since the most recent notification that management believes have changed the Bank’s prompt corrective action category.

The following tables present actual and required capital ratios as of December 31, 2023 and December 31, 2022 under the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.

The Company and Bank's actual and required capital amounts and ratios as of December 31, 2023 are as follows:


	Actual					Minimum Capital Required					Required to be Considered Well-Capitalized
	(000's)					(000's)					(000's)
As of December 31, 2023	Amount		Ratio			Amount		Ratio			Amount		Ratio
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	251,649		9.75	%	$	116,147		4.50	%	$	167,768		6.50	%
Farmers & Merchants State Bank		276,467		10.77	%		115,534		4.50	%		166,882		6.50	%

Total Risk-Based Capital (to Risk Weighted Assets):
Consolidated		297,179		11.51	%		206,484		8.00	%		258,105		10.00	%
Farmers & Merchants State Bank		301,176		11.73	%		205,393		8.00	%		256,742		10.00	%

Tier 1 Capital (to Risk Weighted Assets):
Consolidated		251,649		9.75	%		154,863		6.00	%		206,484		8.00	%
Farmers & Merchants State Bank		276,467		10.77	%		154,045		6.00	%		205,393		8.00	%

Tier 1 Leverage Capital (to Adjusted Total Assets):
Consolidated		251,649		7.86	%		128,081		4.00	%		160,102		5.00	%
Farmers & Merchants State Bank		276,467		8.66	%		127,674		4.00	%		159,593		5.00	%

The following table presents the Bank’s actual and required capital amounts and ratios as of December 31, 2022.


	Actual					Minimum Capital Required					Required to be Considered Well-Capitalized
	(000's)					(000's)					(000's)
As of December 31, 2022	Amount		Ratio			Amount		Ratio			Amount		Ratio
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank	$	259,510		11.15	%	$	104,763		4.50	%	$	151,324		6.50	%

Total Risk-Based Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank		281,085		12.07	%		186,245		8.00	%		232,806		10.00	%

Tier 1 Capital (to Risk Weighted Assets):
Farmers & Merchants State Bank		259,510		11.15	%		139,684		6.00	%		186,245		8.00	%

Tier 1 Leverage Capital (to Adjusted Total Assets):
Farmers & Merchants State Bank		259,510		9.03	%		114,972		4.00	%		143,714		5.00	%

The above tables exclude the capital conservation buffer requirements.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Business Combination & Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Parenthetical) (Detail) - Perpetual Federal Savings Bank [Member] - shares	Oct. 01, 2022	Oct. 01, 2021
Business Acquisition [Line Items]
Common stock issued in exchange of each outstanding share	500,426	1,833,845
Treasury stock repurchased	125

- Definition

+ References + Details

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal									$ 3,052	$ 7,430	$ 7,536
State									287	359	271
Total current									3,339	7,789	7,807
Deferred:
Federal									2,182	227	(1,746)
State									46	(56)	(59)
Total deferred									2,228	171	(1,805)
Total Income Tax	$ 1,332	$ 1,121	$ 1,531	$ 1,583	$ 1,706	$ 2,253	$ 2,050	$ 1,951	$ 5,567	$ 7,960	$ 6,002

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Major Categories of Banking Premises and Equipment and Accumulated Depreciation

The major categories of banking premises and equipment and accumulated depreciation at December 31 are summarized below:


	(In Thousands)
	2023			2022
Land	$	6,838		$	6,896
Buildings (useful life 15-39 years)		40,831			34,501
Furnishings (useful life 3-15 years)		30,425			26,448
		78,094			67,845
Less: Accumulated depreciation		(42,304	)		(39,464	)
Premises and Equipment (Net)	$	35,790		$	28,381

Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Income:
Interest income	$ 38,270	$ 36,359	$ 33,377	$ 31,802	$ 29,492	$ 25,847	$ 23,911	$ 21,899	$ 139,808	$ 101,149	$ 76,840
Interest expense	18,335	16,697	13,259	10,120	6,935	3,264	2,047	2,116	58,411	14,362	7,342
Net Interest Income - Before Provision for Credit Losses*	19,935	19,662	20,118	21,682	22,557	22,583	21,864	19,783	81,397	86,787	69,498
Provision for Credit Losses - Loans*	278	460	143	817	755	1,637	1,628	580	1,698	4,600	3,444
Provision for Credit Losses - Off Balance Sheet Credit Exposures*	189	(76)	(129)	62					46
Net Interest Income After Provision for Credit Losses	19,468	19,278	20,104	20,803	21,802	20,946	20,236	19,203	79,653	82,187	66,054
Other income (expense)	(12,593)	(13,380)	(12,572)	(12,754)	(12,908)	(9,739)	(9,915)	(9,150)
Income Before Income Taxes	6,875	5,898	7,532	8,049	8,894	11,207	10,321	10,053	28,354	40,475	29,497
Income Taxes	1,332	1,121	1,531	1,583	1,706	2,253	2,050	1,951	5,567	7,960	6,002
Net Income	$ 5,543	$ 4,777	$ 6,001	$ 6,466	$ 7,188	$ 8,954	$ 8,271	$ 8,102	$ 22,787	$ 32,515	$ 23,495
Earnings per Common Share, Basic	$ 0.41	$ 0.35	$ 0.44	$ 0.47	$ 0.53	$ 0.68	$ 0.63	$ 0.62	$ 1.67	$ 2.46	$ 2.01
Earnings per Common Share, Diluted	$ 0.41	$ 0.35	$ 0.44	$ 0.47	$ 0.53	$ 0.68	$ 0.63	$ 0.62	$ 1.67	$ 2.46	$ 2.01
Average common shares outstanding	13,665,773	13,650,823	13,632,440	13,615,655	13,606,876	12,983,307	12,957,126	12,955,107	13,492,903	13,091,422	11,570,218

Deposits - Time Deposits (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Time deposits under $250,000	$ 523,895	$ 495,891
Time deposits of $250,000 or more	139,122	62,089
Total	$ 663,017	$ 557,980

Related Party Transactions - Additional Information (Detail) - Directors and Executive Officers [Member] $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) SecurityLoan	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Granted loans to affiliate companies	$ 54.3	$ 20.2
New loans approved	34.2
Subsequent advances	8.6
Payment received	8.7
Difference in related borrowings amounts	34.1
Ownership interest amount	$ 47.1	$ 41.5
Number of new loans approved \| SecurityLoan	2

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of Restricted Shares Issued, Vested and Forfeited

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2023, 2022 and 2021.


	Year Ended December 31,
	2023				2022				2021
	Number of Shares		Number of Employees		Number of Shares		Number of Employees		Number of Shares		Number of Employees
Restricted shares issued		64,225		113		56,496		109		48,750		96
Restricted shares vested		32,427		69		26,900		60		18,845		50
Restricted shares awarded due to retirement		2,350		4		3,775		3		4,425		7
Restricted shares awarded for other		700		1		-		-		-		-
Restricted shares forfeited		6,350		8		8,000		9		2,575		4

Activity of Restricted Stock Awards

The following table summarizes the activity of restricted stock awards as of December 31:


	Year Ended December 31,
	2023					2022					2021
	Number of Shares			Weighted average fair value per award		Number of Shares			Weighted average fair value per award		Number of Shares			Weighted average fair value per award
Beginning of period		128,952		$	25.75		111,131		$	23.02		88,226		$	28.40
Granted		64,225			22.24		56,496			30.46		48,750			22.70
Vested		(35,477	)		22.54		(30,675	)		24.77		(23,270	)		42.03
Forfeited		(6,350	)		21.72		(8,000	)		30.15		(2,575	)		24.28
Nonvested, end of period		151,350		$	25.00		128,952		$	25.75		111,131		$	23.02

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Lease Costs and Cash Flows

The below tables provide information on the Bank’s operating leases:


	(In Thousands)
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost (1)	$	540	$	244	$	197
Operating cash flows (2)	$	45	$	26	$	15

(1) Included in net occupancy expense on Company's consolidated statement of income
(2) Included in customer service fees on Company's consolidated statement of income

Operating Lease Assets and Liabilities


	(In Thousands)
	December 31, 2023		December 31, 2022
Operating lease assets (1)	$	5,918	$	1,033
Operating lease liabilities (2)	$	5,918	$	1,033

(1) Included in other assets on Company's consolidated balance sheets
(2) Included in accrued interest and other liabilities on Company's consolidated balance sheets

Operating Lease Term and Discount Rates of Lessee Arrangements

Operating lease term and discount rates of our lessee arrangements at December 31, 2023 and 2022 were as follows:


	December 31, 2023			December 31, 2022
Weighted average remaining lease term (years)		9.78			11.99
Weighted average discount rate		4.34	%		2.54	%

Summary of Future Lease Payments Based on Maturity for Lessee Liability Arrangements

The future lease payments based on maturity for our lessee liability arrangements at December 31, 2023 are as follows:


	(In Thousands)
2024	$	872
2025		848
2026		814
2027		771
2028		693
2029 and thereafter		3,212
Total future lease payments	$	7,210
Less: interest		1,292
Present value of operating lease liability arrangements	$	5,918

Employee Benefit Plans - Summary of Restricted Shares Issued, Vested and Forfeited (Detail)	12 Months Ended
	Dec. 31, 2023 Employee shares	Dec. 31, 2022 Employee shares	Dec. 31, 2021 Employee shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, shares issued	64,225	56,496	48,750
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, shares issued	64,225	56,496	48,750
Restricted shares vested	32,427	26,900	18,845
Restricted shares awarded due to retirement	2,350	3,775	4,425
Restricted shares awarded for other	700
Restricted shares forfeited	6,350	8,000	2,575
Restricted shares issued \| Employee	113	109	96
Restricted shares vested \| Employee	69	60	50
Restricted shares awarded due to retirement \| Employee	4	3	7
Restricted shares awarded for other \| Employee	1
Restricted shares forfeited \| Employee	8	9	4

Loans - Risk Category of Loans by Portfolio Class Based on Year of Origination (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Consumer Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 78,526
2022	88,996
2021	90,697
2020	82,843
Prior	127,928
Term Total	468,990
Revolving Loans Amortized Cost Basis	52,918
Grand Total	521,908
Consumer Real Estate [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	77,298
2022	88,695
2021	90,139
2020	82,680
Prior	126,596
Term Total	465,408
Revolving Loans Amortized Cost Basis	52,904
Grand Total	518,312
Consumer Real Estate [Member] \| Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,228
2022	40
Prior	134
Term Total	1,402
Grand Total	1,402
Consumer Real Estate [Member] \| Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	261
2021	558
2020	163
Prior	1,198
Term Total	2,180
Revolving Loans Amortized Cost Basis	14
Grand Total	2,194
Agricultural Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	30,504
2022	38,060
2021	37,378
2020	26,060
Prior	91,380
Term Total	223,382
Revolving Loans Amortized Cost Basis	97
Grand Total	223,479
Agricultural Real Estate [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	30,504
2022	37,199
2021	25,168
2020	25,874
Prior	87,107
Term Total	205,852
Revolving Loans Amortized Cost Basis	97
Grand Total	205,949
Agricultural Real Estate [Member] \| Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2022	861
2021	14
Prior	508
Term Total	1,383
Grand Total	1,383
Agricultural Real Estate [Member] \| Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2021	12,196
2020	186
Prior	3,765
Term Total	16,147
Grand Total	16,147
Agricultural [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	18,339
2022	21,585
2021	10,477
2020	4,974
Prior	5,736
Term Total	61,111
Revolving Loans Amortized Cost Basis	71,652
Grand Total	132,763
Agricultural [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	17,787
2022	20,330
2021	8,356
2020	4,476
Prior	5,736
Term Total	56,685
Revolving Loans Amortized Cost Basis	69,824
Grand Total	126,509
Agricultural [Member] \| Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	38
2022	621
2021	112
Term Total	771
Revolving Loans Amortized Cost Basis	330
Grand Total	1,101
Agricultural [Member] \| Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	514
2022	634
2021	2,009
2020	498
Term Total	3,655
Revolving Loans Amortized Cost Basis	1,498
Grand Total	5,153
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	259,096
2022	447,816
2021	245,273
2020	133,524
Prior	249,366
Term Total	1,335,075
Grand Total	1,335,075
Commercial Real Estate [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	224,232
2022	438,716
2021	245,273
2020	122,656
Prior	235,603
Term Total	1,266,480
Grand Total	1,266,480
Commercial Real Estate [Member] \| Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	34,864
2022	9,100
2020	10,793
Prior	12,968
Term Total	67,725
Grand Total	67,725
Commercial Real Estate [Member] \| Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Prior	795
Term Total	795
Grand Total	795
Commercial Real Estate [Member] \| Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2020	75
Term Total	75
Grand Total	75
Commercial & Industrial [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	57,014
2022	52,186
2021	25,087
2020	20,399
Prior	3,916
Term Total	158,602
Revolving Loans Amortized Cost Basis	96,156
Grand Total	254,758
Gross charge-offs - fiscal year 2020	565
Gross charge-offs - Term Total	565
Gross charge-offs - Grand Total	565
Commercial & Industrial [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	56,224
2022	51,663
2021	24,876
2020	20,071
Prior	3,074
Term Total	155,908
Revolving Loans Amortized Cost Basis	90,018
Grand Total	245,926
Commercial & Industrial [Member] \| Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	716
2022	69
2021	211
2020	146
Prior	794
Term Total	1,936
Revolving Loans Amortized Cost Basis	6,016
Grand Total	7,952
Commercial & Industrial [Member] \| Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	74
2022	454
Prior	48
Term Total	576
Revolving Loans Amortized Cost Basis	122
Grand Total	698
Commercial & Industrial [Member] \| Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2020	182
Term Total	182
Grand Total	182
Other Loan [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,810
2021	16,761
2020	5,790
Prior	4,775
Term Total	30,136
Grand Total	30,136
Other Loan [Member] \| Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,810
2021	16,761
2020	5,790
Prior	4,775
Term Total	30,136
Grand Total	30,136
Consumer [Member] \| Payment Performance [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	21,537
2022	40,787
2021	10,666
2020	5,012
Prior	2,307
Term Total	80,309
Revolving Loans Amortized Cost Basis	44
Grand Total	80,353
Gross charge-offs - fiscal year 2023	236
Gross charge-offs - fiscal year 2022	51
Gross charge-offs - fiscal year 2021	100
Gross charge-offs - fiscal year 2020	38
Gross charge-offs - Term Total	425
Gross charge-offs - Grand Total	425
Consumer [Member] \| Performing [Member] \| Payment Performance [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	21,511
2022	40,729
2021	10,666
2020	5,006
Prior	2,305
Term Total	80,217
Revolving Loans Amortized Cost Basis	44
Grand Total	80,261
Consumer [Member] \| Nonperforming [Member] \| Payment Performance [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	26
2022	58
2020	6
Prior	2
Term Total	92
Grand Total	$ 92

Loans - Analysis of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				$ 21,575				$ 17,283	$ 21,575	$ 17,283
Charge Offs									(990)	(827)
Recoveries									439	298
Provision for credit losses - loans	$ 278	$ 460	$ 143	817	$ 755	$ 1,637	$ 1,628	580	1,698	4,600	$ 3,444
Provision for credit losses-Off balance sheet credit exposures	189	$ (76)	$ (129)	62					46
Other Non-interest expense related to unfunded										221
Balance at ending of year					21,575					21,575	17,283
Ending balance: individually evaluated for impairment					1,996					1,996
Ending balance: collectively evaluated for impairment					19,579					19,579
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	2,578,472				2,356,387				$ 2,578,472	2,356,387
Ending balance: individually evaluated for impairment					8,857					8,857
Ending balance: collectively evaluated for impairment					2,346,871					2,346,871
Ending balance: loans acquired with deteriorated credit quality					659					659
Cumulative Effect, Period of Adoption, Adjustment [Member]
ALLOWANCE FOR CREDIT LOSSES:
Accounting Standards Update [Extensible Enumeration]									Accounting Standards Update 2016-13 [Member]
Consumer Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				998				857	$ 998	857
Charge Offs										0
Recoveries									35	20
Provision for credit losses - loans									(326)	121
Balance at ending of year					998					998	857
Ending balance: individually evaluated for impairment					6					6
Ending balance: collectively evaluated for impairment					992					992
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	521,908				494,423				521,908	494,423
Ending balance: individually evaluated for impairment					569					569
Ending balance: collectively evaluated for impairment					493,449					493,449
Ending balance: loans acquired with deteriorated credit quality					405					405
Agricultural Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				349				1,040	349	1,040
Charge Offs										0
Recoveries									105
Provision for credit losses - loans									24	(691)
Balance at ending of year					349					349	1,040
Ending balance: individually evaluated for impairment					0					0
Ending balance: collectively evaluated for impairment					349					349
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	223,479				220,514				223,479	220,514
Ending balance: individually evaluated for impairment					2,280					2,280
Ending balance: collectively evaluated for impairment					218,039					218,039
Ending balance: loans acquired with deteriorated credit quality					195					195
Agricultural [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				751				709	751	709
Charge Offs										0
Recoveries									10	7
Provision for credit losses - loans									225	35
Balance at ending of year					751					751	709
Ending balance: individually evaluated for impairment					0					0
Ending balance: collectively evaluated for impairment					751					751
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	132,763				128,926				132,763	128,926
Ending balance: individually evaluated for impairment					152					152
Ending balance: collectively evaluated for impairment					128,774					128,774
Commercial Real Estate [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				11,924				9,130	11,924	9,130
Recoveries									8	9
Provision for credit losses - loans									1,967	2,785
Balance at ending of year					11,924					11,924	9,130
Ending balance: individually evaluated for impairment					438					438
Ending balance: collectively evaluated for impairment					11,486					11,486
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	1,335,075				1,150,511				1,335,075	1,150,511
Ending balance: individually evaluated for impairment					4,108					4,108
Ending balance: collectively evaluated for impairment					1,146,389					1,146,389
Ending balance: loans acquired with deteriorated credit quality					14					14
Commercial and Industrial [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				5,382				3,847	5,382	3,847
Charge Offs									(565)	(418)
Recoveries									84	93
Provision for credit losses - loans									(643)	1,860
Balance at ending of year					5,382					5,382	3,847
Ending balance: individually evaluated for impairment					1,551					1,551
Ending balance: collectively evaluated for impairment					3,831					3,831
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	284,894				272,119				284,894	272,119
Ending balance: individually evaluated for impairment					1,581					1,581
Ending balance: collectively evaluated for impairment					270,493					270,493
Ending balance: loans acquired with deteriorated credit quality					45					45
Consumer [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				891				625	891	625
Charge Offs									(425)	(409)
Recoveries									197	169
Provision for credit losses - loans									451	506
Balance at ending of year					891					891	625
Ending balance: individually evaluated for impairment					1					1
Ending balance: collectively evaluated for impairment					890					890
Ending balance: loans acquired with deteriorated credit quality					0					0
FINANCING RECEIVABLES:
Ending balance	80,353				89,894				80,353	89,894
Ending balance: individually evaluated for impairment					167					167
Ending balance: collectively evaluated for impairment					89,727					89,727
Unallocated [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				18				34	18	34
Provision for credit losses - loans										(16)
Balance at ending of year					18					18	34
Ending balance: collectively evaluated for impairment					18					18
Ending balance: loans acquired with deteriorated credit quality					0					0
Unfunded Loan Commitment & Letters of Credit [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of year				$ 1,262				$ 1,041	1,262	1,041
Provision for credit losses-Off balance sheet credit exposures									46
Other Non-interest expense related to unfunded										221
Balance at ending of year	2,212				1,262				2,212	1,262	$ 1,041
Ending balance: collectively evaluated for impairment					1,262					1,262
Ending balance: loans acquired with deteriorated credit quality					$ 0					$ 0
Unfunded Loan Commitment & Letters of Credit [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
ALLOWANCE FOR CREDIT LOSSES:
Balance at ending of year	$ 904								$ 904

Fair Value of Financial Instruments - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Level 3 [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	$ 22,676	$ 2,667
Level 3 [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	58
Fair Value on Nonrecurring Basis [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	22,676	2,667
Fair Value on Nonrecurring Basis [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	58
Fair Value on Nonrecurring Basis [Member] \| Level 3 [Member] \| Collateral Dependent Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	22,676	$ 2,667
Fair Value on Nonrecurring Basis [Member] \| Level 3 [Member] \| Loan Servicing Right [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis, Total	$ 58

Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 5,543	$ 4,777	$ 6,001	$ 6,466	$ 7,188	$ 8,954	$ 8,271	$ 8,102	$ 22,787	$ 32,515	$ 23,495
Less: distributed earnings allocated to participating securities									(128)	(97)	(70)
Less: undistributed earnings allocated to participating securities									(120)	(187)	(121)
Net earnings available to common shareholders									$ 22,539	$ 32,231	$ 23,304
Weighted average common shares outstanding including participating securities									13,641,336	13,206,713	11,664,852
Less: average unvested restricted shares									(148,433)	(115,291)	(94,634)
Weighted average common shares outstanding	13,665,773	13,650,823	13,632,440	13,615,655	13,606,876	12,983,307	12,957,126	12,955,107	13,492,903	13,091,422	11,570,218
Basic earnings per share	$ 0.41	$ 0.35	$ 0.44	$ 0.47	$ 0.53	$ 0.68	$ 0.63	$ 0.62	$ 1.67	$ 2.46	$ 2.01
Diluted earnings per share	$ 0.41	$ 0.35	$ 0.44	$ 0.47	$ 0.53	$ 0.68	$ 0.63	$ 0.62	$ 1.67	$ 2.46	$ 2.01

Securities - Gross Realized Gains and Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract]
Gross realized gains		$ 293
Gross realized losses	$ (891)
Net realized gains (losses)	(891)	293
Tax expense (benefit) related to net realized gains (losses)	$ (187)	$ 62

Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

Note 3 – Securities

The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:


	(In Thousands)
	2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	87,182	$	1	$	(6,913	)	$	80,270
U.S. Government agencies		140,960		-		(12,738	)		128,222
Mortgage-backed securities		94,061		-		(11,929	)		82,132
State and local governments		73,000		135		(5,281	)		67,854
Total available-for-sale securities	$	395,203	$	136	$	(36,861	)	$	358,478


	(In Thousands)
	2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	104,507	$	-	$	(9,829	)	$	94,678
U.S. Government agencies		156,817		-		(17,050	)		139,767
Mortgage-backed securities		101,068		-		(14,141	)		86,927
State and local governments		76,794		69		(7,446	)		69,417
Total available-for-sale securities	$	439,186	$	69	$	(48,466	)	$	390,789

Investment securities will at times depreciate to an unrealized loss position. The Bank utilizes the following criteria to assess whether the unrealized loss requires an allowance for credit losses on investment securities. No one item by itself will necessarily signal that an allowance for credit losses on investment securities should be established.

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.

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 unrealized loss is determined to be the result of a credit loss, the present value of the cash flows expected to be collected is compared to the amortized cost basis. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Adjustments to the allowance are recorded in the Company's consolidated statement of income as a component of the provision for credit losses. The table below is presented by category of security and length of time in a continuous loss position. The Company did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributed to changes in interest rates, not credit quality.


	2023
	(In Thousands)					(In Thousands)
	Less Than Twelve Months					Twelve Months & Over
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
U.S. Treasury	$	(4	)	$	494	$	(6,909	)	$	79,528
U.S. Government agencies		-			-		(12,738	)		128,222
Mortgage-backed securities		(20	)		4,372		(11,909	)		77,759
State and local governments		(2	)		931		(5,279	)		60,402
Total available-for-sales securities	$	(26	)	$	5,797	$	(36,835	)	$	345,911


	2022
	(In Thousands)					(In Thousands)
	Less Than Twelve Months					Twelve Months & Over
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
U.S. Treasury	$	(207	)	$	9,121	$	(9,622	)	$	85,557
U.S. Government agencies		(1,081	)		24,560		(15,969	)		114,906
Mortgage-backed securities		(2,454	)		26,905		(11,687	)		60,022
State and local governments		(3,223	)		38,771		(4,223	)		25,610
Total available-for-sales securities	$	(6,965	)	$	99,357	$	(41,501	)	$	286,095

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 rate changes, 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.

Sales of $22.0 and $9.3 million for 2023 and 2021, respectively, generated gross realized gains and losses for the years ended December 31, as presented below:


	(In Thousands)
	2023			2022		2021
Gross realized gains	$	-		$	-	$	293
Gross realized losses		(891	)		-		-
Net realized gains (losses)	$	(891	)	$	-	$	293
Tax expense (benefit) related to net realized gains (losses)	$	(187	)	$	-	$	62

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


	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	24,878	$	24,274
After one year through five years		244,319		223,135
After five years through ten years		31,945		28,937
After ten years		-		-
Total	$	301,142	$	276,346
Mortgage-backed securities		94,061		82,132
Total	$	395,203	$	358,478

Investments with a carrying value and fair value of $255.8 million at December 31, 2023 and $134.8 million at December 31, 2022 were pledged to secure public deposits and securities sold under repurchase agreements. In addition, investments with a carrying value of $61.7 million and a par value of $69.9 million were pledged to the Federal Reserve Bank's Term Funding Program (BTFP) to secure additional borrowing capacity as of December 31, 2023. The BTFP utilizes the par value of securities pledged to collateralize loans it has made to member banks.

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase - Daily Securities Sold under Agreement to Repurchase (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amount Outstanding at End of Period	$ 28,200
Daily Securities Sold Under Agreement to Repurchase [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amount Outstanding at End of Period		$ 1,115
Weighted Average Rate End of Period	0.00%	0.95%
Maximum Amount Borrowings Outstanding Month End	$ 1,694	$ 1,450
Approximate Average Outstanding in Period	$ 1,176	$ 1,169
Approximate Weighted Average Interest Rate For the Period	1.19%	0.43%
Term CDs Sold Under Agreement to Repurchase [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amount Outstanding at End of Period	$ 28,218	$ 30,518
Weighted Average Rate End of Period	0.98%	0.97%
Maximum Amount Borrowings Outstanding Month End	$ 28,968	$ 34,504
Approximate Average Outstanding in Period	$ 28,918	$ 31,573
Approximate Weighted Average Interest Rate For the Period	3.97%	2.54%

- Definition

+ References

+ Details

Leases - Operating Lease Costs and Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 540	$ 244	$ 197
Operating cash flows	$ 45	$ 26	$ 15

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 11 – Income Taxes

The components of income tax expense for the years ended December 31 are as follows:


	(In Thousands)
	2023		2022			2021
Current:
Federal	$	3,052	$	7,430		$	7,536
State		287		359			271
Total current		3,339		7,789			7,807
Deferred:
Federal		2,182		227			(1,746	)
State		46		(56	)		(59	)
Total deferred		2,228		171			(1,805	)
Total Income Tax	$	5,567	$	7,960		$	6,002

The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:


	(In Thousands)
	2023			2022			2021
Federal income tax at statutory rates	$	5,954		$	8,489		$	6,194
(Decrease) increase resulting from:
State income tax, net of federal benefit		264			239			167
Tax exempt interest		(129	)		(133	)		(116	)
Section 831 deduction		(187	)		(270	)		(294	)
Other		(335	)		(365	)		51
Total Income Tax	$	5,567		$	7,960		$	6,002

Deferred tax assets and liabilities at December 31 are comprised of the following:


	(In Thousands)
	2023		2022
Deferred Tax Assets:
Allowance for credit losses	$	5,888	$	4,623
Deferred compensation		547		570
Net unrealized loss on available-for-sale securities		7,712		10,163
Fair value adjustments		1,179		2,152
Other		307		554
Total deferred tax assets		15,633		18,062
Deferred Tax Liabilities:
Accreted discounts on bonds		95		54
Depreciation		2,409		1,083
FHLB stock dividends		880		1,011
Intangible amortization		2,421		2,640
Loan servicing rights		1,252		787
Prepaids		244		500
Other		488		424
Total deferred tax liabilities		7,789		6,499
Net Deferred Tax Asset	$	7,844	$	11,563

The Peoples Federal Savings and Loan acquisition included a net operating loss (NOL) carryforward of $2,789,124 that had a remaining balance of $2.0 million and $2.6 million at December 31, 2023 and 2022, respectively.

The Corporation has additional paid-in capital that is considered restricted resulting from the acquisition of Perpetual in 2021 of approximately $2,779,000 and from the acquisition of Peoples in 2022 of approximately $2,174,000. No

deferred tax liability is required to be recorded for the Corporation’s tax bad debt reserves arising before December 31, 1987, unless it is apparent that the reserves will reverse in the near future. Unrecognized deferred taxes on these reserves would total $1,040,000. If the portion of retained earnings representing these reserves is used for any purpose other than to absorb bad debts, it will be added to future taxable income and the related tax will be recognized as expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivative Financial Instruments - Schedule of Cumulative Basis Adjustments for Interest Rate Swap Derivatives Designated as Fair Value Accounting Hedges (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Assets	$ 276,991,000	$ 0
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	$ 2,719,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Loans and Leases Receivable, Net Amount

- Definition

+ References

+ Details

Condensed Financial Statements of Parent Company - Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income
Noninterest income									$ 16,040	$ 15,537	$ 17,609
Gain on sales of available-for-sale securities									(891)		293
Total interest income	$ 38,270	$ 36,359	$ 33,377	$ 31,802	$ 29,492	$ 25,847	$ 23,911	$ 21,899	139,808	101,149	76,840
Expenses
Interest	18,335	16,697	13,259	10,120	6,935	3,264	2,047	2,116	58,411	14,362	7,342
Income Before Income Taxes	6,875	5,898	7,532	8,049	8,894	11,207	10,321	10,053	28,354	40,475	29,497
Income Taxes (Benefit)	1,332	1,121	1,531	1,583	1,706	2,253	2,050	1,951	5,567	7,960	6,002
Net Income	$ 5,543	$ 4,777	$ 6,001	$ 6,466	$ 7,188	$ 8,954	$ 8,271	$ 8,102	22,787	32,515	23,495
Other Comprehensive Income (Loss):
Comprehensive Income (Loss)									32,008	(2,534)	14,614
Farmers & Merchants State Bank [Member]
Income
Dividends from subsidiaries									7,500	44,285	23,200
Distributed earnings of dissolved subsidiary									1,005
Interest - available-for-sale securities / interest-bearing time deposits									162	308	253
Noninterest income									4
Gain on sales of available-for-sale securities											293
Total interest income									8,671	44,593	23,746
Expenses
Interest									1,258	1,588	743
Operating expenses									1,143	1,176	1,335
Total expenses									2,401	2,764	2,078
Income Before Income Taxes									6,270	41,829	21,668
Income Taxes (Benefit)									(495)	(535)	(347)
Income from operation before equity in undistributed (distributions in excess of) earnings of subsidiaries									6,765	42,364	22,015
Equity in undistributed (distributions in excess of) earnings of subsidiaries									16,022	(9,849)	1,480
Net Income									22,787	32,515	23,495
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes									9,221	(35,049)	(8,881)
Comprehensive Income (Loss)									$ 32,008	$ (2,534)	$ 14,614

Borrowings and Subordinated Notes - Schedule of Maturities of Borrowings Exclusive of Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 32,500
2025	56,500
2026	50,000
2027	52,149
2028	74,624
Total	$ 265,773	$ 127,400

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 13 – Earnings Per Share

Basic earnings per share is 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 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 approximately $4,000, 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. 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 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 worth of shares which equated to 240 shares. On June 2, 2023, twelve Directors each received

$14,997 worth of shares which equated to 754 shares. The use of stock for Directors' retainer, does not have an effect on diluted earnings per share as it is immediately vested.

The table below presents basic and diluted earnings per share for the years ended December 31, 2023, 2022, and 2021.


	Year Ended
	December 31,			December 31,			December 31,
	2023			2022			2021
Earnings per share
Net income	$	22,787		$	32,515		$	23,495
Less: distributed earnings allocated to participating securities		(128	)		(97	)		(70	)
Less: undistributed earnings allocated to participating securities		(120	)		(187	)		(121	)
Net earnings available to common shareholders	$	22,539		$	32,231		$	23,304
Weighted average common shares outstanding including participating securities		13,641,336			13,206,713			11,664,852
Less: average unvested restricted shares		(148,433	)		(115,291	)		(94,634	)
Weighted average common shares outstanding		13,492,903			13,091,422			11,570,218
Basic and diluted earnings per share	$	1.67		$	2.46		$	2.01

Leases - Summary of Future Lease Payments Based on Maturity for Lessee Liability Arrangements (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 872
2025	848
2026	814
2027	771
2028	693
2029 and thereafter	3,212
Total future lease payments	7,210
Less: Interest	1,292
Lease liabilities	$ 5,918	$ 1,033

Loans - Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 2,578,472	$ 2,356,387
Recorded Investment > 90 Days and Accruing		0
30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,657	3,197
60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	4,735	674
Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	4,182	2,154
Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	11,574	6,025
Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,566,898	2,350,362
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	521,908
Loans after net deferred loan fees and costs	521,908	494,423
Consumer Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,914	1,536
Consumer Real Estate [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	137	635
Consumer Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	670	90
Consumer Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,721	2,261
Consumer Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	519,187	492,162
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	223,479	220,514
Agricultural Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	118
Agricultural Real Estate [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	3,429	2
Agricultural Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	55	1,550
Agricultural Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	3,484	1,670
Agricultural Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	219,995	218,844
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	132,763
Loans after net deferred loan fees and costs	132,763	128,926
Agricultural [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	433
Agricultural [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,132	0
Agricultural [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	2,977	152
Agricultural [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	4,109	585
Agricultural [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	128,654	128,341
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,335,075
Loans after net deferred loan fees and costs	1,335,075	1,150,511
Commercial Real Estate [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	380	74
Commercial Real Estate [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	0
Commercial Real Estate [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	255	180
Commercial Real Estate [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	635	254
Commercial Real Estate [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	1,334,440	1,150,257
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	284,894	272,119
Commercial and Industrial [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	145	953
Commercial and Industrial [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	0	0
Commercial and Industrial [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	199	182
Commercial and Industrial [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	344	1,135
Commercial and Industrial [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	284,550	270,984
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	80,353	89,894
Consumer [Member] \| 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	218	83
Consumer [Member] \| 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	37	37
Consumer [Member] \| Greater Than 90 Days [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	26
Consumer [Member] \| Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	281	120
Consumer [Member] \| Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Past Due	$ 80,072	$ 89,774

Loans - Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 2,578,472	$ 2,356,387
Performing		659
Consumer - Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing		89,894
Consumer - Other [Member] \| Performing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing		89,853
Consumer - Other [Member] \| Nonperforming [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Performing		41
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs	$ 521,908	494,423
Performing		405
Pass [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs		492,575
Special Mention [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs		676
Substandard [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans after net deferred loan fees and costs		$ 1,172

Borrowings and Subordinated Notes (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Borrowings Exclusive of Fair Value

The table below shows the maturities of the borrowings exclusive of the fair value adjustment.


	(In Thousands)
2024	$	32,500
2025		56,500
2026		50,000
2027		52,149
2028		74,624
Thereafter		-
Total	$	265,773

Schedule of Subordinated Notes


	December 31, 2023					December 31, 2022
(In Thousands)	Principal		Unamortized Note Issuance Costs			Principal		Unamortized Note Issuance Costs
Subordinated Notes	$	35,000	$	(298	)	$	35,000	$	(414	)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1 - Summary of Significant Accounting Policies

Nature of Operations

The Farmers & Merchants Bancorp, Inc. (the Company) through its bank subsidiary, The Farmers & Merchants State Bank (the Bank) provides a variety of financial services to individuals and small businesses through its offices in Northwest Ohio, Northeast Indiana and Southern Michigan.

Consolidation Policy

The consolidated financial statements include the accounts of Farmers & Merchants Bancorp, Inc. and its wholly-owned subsidiaries, The Farmers & Merchants State Bank (the Bank), a commercial banking institution and Farmers & Merchants Risk Management, Inc. (the Captive), a Captive insurance company. The Bank includes FM Insurance Agency, LLC, a subsidiary offering insurance products which was formed in November 2023. All significant inter-company balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of loan servicing rights, interest rate swaps and the valuation of goodwill. Actual results could differ from those estimates.

The determination of the adequacy of the allowance for credit losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral.

The Bank’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the communities we serve.

While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.

Cash and Cash Equivalents

For purposes of the consolidated statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. This includes cash on hand, amounts due from banks, and federal funds sold. Generally, federal funds sold are outstanding for one day periods.

Restrictions on Cash and Amounts Due from Banks

Effective March 26, 2020, the Bank is no longer required to maintain average balances on hand with the Federal Reserve Bank. The Company and its subsidiaries maintain cash balances with high quality financial institutions. At times such balances may be in excess of the federally insured limits.

Securities

Debt securities are classified as available-for-sale. Securities available-for-sale are carried at fair value with unrealized gains and losses reported in other comprehensive income (loss). Net realized gains and losses on securities available for sale are included in noninterest income and, when applicable, are reported as a reclassification adjustment, net of

tax, in other comprehensive income (loss). Gains and losses on sales of securities are determined on the specific-identification method.

Declines in the fair value of securities below their cost that are deemed to be the result of credit quality are recorded in the Company's consolidated statement of income as a component of the provision for credit loss. In estimating whether the unrealized loss requires an allowance for credit losses, management considers (1) fair value of the security has significantly declined from book value, (2) downgrade has occurred that lowered the credit rating to below investment grade, (3) dividends have been reduced or eliminated or scheduled interest payments have not been made and (4) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Adjustments to the allowance are recorded in the Company's consolidated statement of income as part of the provision for credit losses.

Other Securities

Other Securities consist of stock in the Federal Home Loan Banks of Cincinnati and Indianapolis (the “FHLBs”), which is held to enable the Bank to conduct business with the entities. The FHLBs sell and purchase their stock at par. The FHLBs stock is carried at cost and held as collateral security for all indebtedness of the Bank to the Federal Home Loan Bank. The FHLBs stock is evaluated for impairment as conditions warrant. Other Securities also include the Bank’s capital contributions to four Ohio Equity Funds for Housing Limited Partnership.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Accrued interest receivable totaled $10.2 and $8.6 million at December 31, 2023 and December 31, 2022, respectively, and was reported in Other Assets on the Company’s consolidated balance sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipation repayments.

Interest income on mortgage and commercial loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans are charged off at 180 days past due, and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer and credit card loans continue to accrue interest until they are charged off no later than 120 days past due unless the loan is in the process of collection. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as a net adjustment to the related loan’s yield. The Bank is generally amortizing these costs over the contractual life of such loans.

Allowance for Credit Losses

The ACL represents management’s estimate of probable credit losses inherent in the Bank’s loan portfolio and unfunded loan commitments at the report date. The ACL methodology is regularly reviewed for its appropriateness and is approved annually by the Board of Directors. This written methodology is consistent with Generally Accepted Accounting Principles which provides for a consistently applied analysis.

The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL reflects the Company’s estimated credit losses over the life of the loan. Management assesses changes in prepayment assumptions, interest rates, collateral values, portfolio composition, trends in non-performing loans, and other economic factors. In addition to an extensive internal loan monitoring process, the Company also aims to have an external, independent loan review of approximately 35% of its commercial and agricultural loan portfolio. Management in turn assesses the results from the reviews to make changes in internal risk ratings of loans and the related ACL.

The Bank’s methodology provides an estimate of the probable credit losses either by calculating a reserve per credit or by applying our methodology to groupings based on similar risk characteristics. The loan portfolio was grouped based on loans of similar type, including acquired loans. The loan groupings for the CECL calculation consist of Commercial Real Estate, Construction & Land Development, Multi-family real estate, Commercial & Industrial, Farmland, Agriculture, Single Family real estate, Home Equity Lines of Credit, and Consumer. All groups use the average charge-off method for calculating the ACL. This incorporates a historical loss period from March 2000, since Call Report data became more granular regarding loan groupings, and includes several economic cycles. As a percentage, the reserves are the highest against construction and development loans, while farmland loans have the lowest overall reserve due to having such low loss rates.

Due to the Company’s loss history not being sufficient enough to predict future losses, the Company is utilizing peer data from a peer group of 307 banks in the region with asset sizes less than $5 billion. The reserves are calculated at the loan level and based on the note characteristics, essentially balances times loss rate + Qualitative factors + forward look, with the forward looking forecast eliminated after 12 months. In order to provide a reasonable and supportable forward looking forecast, a regression analysis of the bank’s historical loss rates against the Federal Open Market Committee (FOMC) quarterly economic projections for Change in real GDP and National Unemployment is completed. Annual projections are broken down using a straight-line approach for quarterly changes.

In addition to this quantitative analysis, management also utilizes qualitative analysis each quarter to assess the general reserve on the loan portfolio. The Qualitative factors include nine categories: ability of staff, changes in collateral values, changes in loan concentration levels, economic conditions, external factors such as regulatory, level and trends in non-accrual or adversely classified loans, loan review results, nature and volume of the portfolio and loan terms, and changes in lending policies and procedures. Items within these categories are ranked as baseline, low, medium, or high levels of risk, and the related risk level per categories dictates the level of qualitative factor that is used depending on the standard deviation level from historical loss.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation; reserves for expected credit losses for collateral-dependent loans are based on the expected shortfall of the loan based on the discounted collateral value. This specific reserve portion of the ACL was $0.4 million at December 31, 2023, and $2.0 million at December 31, 2022. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. 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.

Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a modification to a borrower experiencing financial difficulty will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

Inherent in most estimates is imprecision. Bank regulatory agencies and external auditors periodically review the Bank’s methodology and adequacy of the ACL. Any required changes in the ACL or loan charge-offs by these agencies or auditors may have a material effect on the ACL.

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The loan categories of off-balance sheet exposures are the same as the loan categories for the ACL. The funding assumptions are updated each quarter based on expected utilization percentages.

For more information regarding the actual composition and classification of loans involved in the establishment of the allowance for credit loss, please see Note 4 provided here with the notes to consolidated financial statements.

Loans Held for Sale

Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized in a valuation allowance by charges to income.

Derivative Financial Instruments

The Company uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. The Company enters into interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.

Designating an interest rate swap as an accounting hedge allows the Company to recognize gains and losses, less any ineffectiveness, in the Company's consolidated statements of income within the same period that the hedged item affects earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related interest rate swaps. The fair value of interest rate swaps with a positive fair value are reported in other assets in the Company's consolidated balance sheets while interest rate swaps with a negative fair value are reported in accrued expenses and other liabilities in the Company's consolidated balance sheets.

Servicing Assets

Servicing assets are recognized as separate assets when rights are acquired through purchase or sale of financial assets. These rights are composed of servicing rights for 1-4 family real estate loans and agricultural real estate loans. The Bank’s servicing rights relating to fixed rate 1-4 family real estate loans and agricultural real estate loans that it has sold without recourse but services for others for a fee represent an asset on the Bank’s balance sheet.

Capitalized servicing rights are amortized into noninterest expense in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. The 1-4 family real estate and agricultural real estate valuations are similar in concept; however, utilize different strata, prepayment speeds and other assumptions in order to account for the differences in behavior between agricultural real estate loans and 1-4 family real estate loans. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. Fees received for servicing loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in operating income as loan payments are received. Costs of servicing loans are charged to expense as incurred.

Goodwill and Other Intangible Assets

Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is assessed for impairment at least annually. If possible impairment is likely, the Bank will utilize the assistance of an independent third party for an appraisal and any such impairment is recognized in the period identified. The goodwill impairment analysis was

performed as of September 30, 2023 by an independent third party. The goodwill impairment analysis consisted of a first step goodwill impairment test which was used to identify potential impairment by comparing the fair value of the relevant reporting entity with its carrying value, including goodwill. The analysis was performed under guidance of FASB ASC 350. As of September 30, 2023, the excess fair value of capital was $8.8 million or 2.7% over the carrying value and was slightly over 0.1 times the value of goodwill being carried. Since the date of the goodwill impairment analysis, Farmers & Merchants Bancorp, Inc. (FMAO) has added more than $85 million in market capitalization as bank equities have dramatically increased in the fourth quarter of 2023. While not a dollar for dollar increase in the fair value estimate, there would have been a larger excess than $8.8 million. Therefore, the Bank concluded it is unlikely impairment of goodwill has occurred from the goodwill established from the Bank’s acquisition of Knisely on December 31, 2007, the acquisition of Bank of Geneva on January 1, 2019, the acquisition of Ossian State Bank on April 30, 2021, the acquisition of Perpetual Federal Savings Bank on October 1, 2021 and the acquisition of Peoples Federal Savings and Loan on October 1, 2022.

Other intangible assets consist of core deposit and customer list intangible assets arising from business acquisitions. They are initially measured at fair value and then are amortized on a straight line method over their estimated useful lives and evaluated for impairment. These assets are included in other assets on the Company's consolidated balance sheets.

Off Balance Sheet Instruments

In the ordinary course of business, the Bank has entered into commitments to extend credit, including commitments, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded.

Foreclosed Real Estate

Foreclosed real estate held for sale is carried at the lower of fair value minus estimated costs to sell, or cost. Costs of holding foreclosed real estate are charged to expense in the current period, except for significant property improvements, which are capitalized. Valuations are periodically performed by management and an allowance is established by a charge to noninterest expense if the carrying value exceeds the fair value minus the estimated costs to sell. Foreclosed real estate is classified as other real estate owned. The net loss from operations of foreclosed real estate held for sale is reported in noninterest expense. The Bank held no foreclosed real estate at December 31, 2023 or December 31, 2022.

Premises and Equipment

Land is carried at cost. Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is based on the estimated useful lives of the various properties and is computed using straight line and accelerated methods. Costs for maintenance and repairs are charged to operations as incurred. Gains and losses on dispositions are included in current operations.

Bank Owned Life Insurance

Bank owned life insurance policies are carried at their cash surrender value. The Bank recognizes tax-free income from the periodic increases in the cash surrender value of these policies and from death benefits.

Revenue Recognition

Accounting Standards Codification 606, “Revenue from Contracts with Customers" (ASC 606) provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue generated from financial instruments, including loans and investment securities, are not included within the scope of ASC 606. The adoption of ASC 606 did not result in a change to the accounting for any of the Company’s revenue streams that

are within scope of the amendments. Revenue-generating activities that are within the scope of ASC 606 that are presented as noninterest income in the Company’s consolidated statements of income include:

Customer service fees – these include miscellaneous service fees and transaction-based fees charged for certain services, such as debit card. Revenue is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services.

Other service charges and fees – these include service fees charged for deposit account maintenance and activity along with transaction-based fees charged for certain services, such as overdraft activities, returned check charges and wire transfers. Revenue is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services.

Income Tax

The Company’s income tax expense consists of the following components for federal and state: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.

Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in tax expense. Based on management’s analysis, the Company did not have any uncertain tax positions as of December 31, 2023 and 2022 With a few exceptions, the Company is no longer subject to U.S. Federal, state or local examinations by tax authorities for years before 2020.

Earnings Per Share

Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. See Note 13 for additional information.

Stock-Based Compensation

The fair value of restricted common stock is their fair market value on the date of grant. The fair value of restricted stock is amortized as compensation expense on a straight-line basis over the vesting period of the grants. Compensation expense recognized is included in salaries and wages in the consolidated statements of income.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation – put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Corporation does not maintain effective control over the transferred assets

through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Treasury Stock

Common stock shares repurchased are recorded at market value on date of purchase. Restricted shares when awarded are removed from treasury stock using the weighted average method.

Other Comprehensive Income (Loss)

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of other comprehensive income (loss).

The components of other comprehensive income (loss) and related tax effects are as follows:


	(In Thousands)
	2023		2022			2021
Net unrealized gain (loss) on available-for-sale securities	$	10,781	$	(44,366	)	$	(10,948	)
Reclassification adjustment for (gain) loss on sale of available-for-sale securities		891		-			(293	)
Net unrealized gain (loss) on available-for-sale securities		11,672		(44,366	)		(11,241	)
Tax expense (benefit)		2,451		(9,317	)		(2,360	)
Other comprehensive income (loss)	$	9,221	$	(35,049	)	$	(8,881	)

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 required the measurement of all expected credit losses for financial assets held at the reporting date to be based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations now use forward-looking information to better calculate their credit loss estimates. Many of the loss estimation techniques used prior to adoption of the ASU are still permitted, although the inputs to those techniques were changed to reflect the full amount of expected credit losses. Organizations continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU required 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 included qualitative and quantitative requirements that provided additional information about the amounts recorded in the financial statements. In addition, the ASU amended the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.

The Current Expected Credit Losses (“CECL”) methodology applies to loans held for investment, held to maturity debt securities, and off balance-sheet credit exposures. The ASU allows for several different methods of computing the ACL: closed pool, vintage, average charge-off, migration, probability of default / loss given default, discounted cash flow, and regression. Based on its analysis of observable data, the Company concluded the average charge-off method to be the most appropriate and statistically relevant.

The Company began working with its third-party service provider to review parallel reports 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 ACL under the ASU guidance. The Company contracted with a third party to perform an independent validation of its processes and methodology. This validation has been completed and, at this time, is anticipated to be performed on an annual basis. As the Company conducts its own risk-based audits, the audit risk assessment will determine the scope and frequency of future model validations.

The qualitative impact of the new accounting standard will still be directed by many of the same factors that impacted the previous methodology for computing the allowance including, but not limited to, quality and experience of staff, changes in the value of collateral, concentrations of credit in loan types or industries and changes to lending policies. In addition to this, the Company will also use reasonable and supportable forecasts. Examples of this are regression analyses of data from the Federal Open Market Committee, quarterly economic projections for change in real GDP and of national unemployment.

The Company adopted ASU 2016-13 on January 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with the incurred loss accounting standards. The Company did not make any material changes to its business practices as a result of implementing the ASU.

The transition adjustment of the CECL adoption included an increase in the allowance for loan losses of $3.6 million, an increase in the allowance for unfunded loan commitment and letters of credit of $0.9 million and a $3.4 million decrease to the retained earnings account to reflect the cumulative effect of adopting CECL on the Company's consolidated balance sheets, with the $1.1 million tax impact portion being recorded as part of the deferred tax asset in other assets on the Company's consolidated balance sheets.

The following table illustrates the impact of adopting the ASU:


	January 1, 2023
	(In Thousands)
	As Reported				Impact of
	Under		Pre-ASU 2016-13		ASU 2016-13
	ASU 2016-13		Adoption		Adoption
Consumer Real Estate	$	3,872	$	998	$	2,874
Agricultural Real Estate		183		349		(166	)
Agricultural		101		751		(650	)
Commercial Real Estate		15,425		11,924		3,501
Commercial & Industrial		3,217		5,382		(2,165	)
Consumer		1,079		909		170
Unfunded Loan Commitment & Letters of Credit		2,166		1,262		904
Current Expected Credit Losses	$	26,043	$	21,575	$	4,468

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 was effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 effective January 1, 2023. There was no financial impact as a result of adopting the standard.

In March 2022, the Sixth Circuit issued a ruling in CIC Services LLC v IRS vacating a previously referenced IRS Notice 2016-66. That ruling, as it stood, would remove the requirement of disclosure on Form 8886. However, on April 10, 2023, the IRS issued IR-2023-74 proposing regulations that classify Sec. 831(b) captives with less than a 65% claims loss ratio over a 10-year period as a "listed transaction." This provision would apply to only captives that have been in existence for at least 10 years. This is a change from Notice 2016-66 which classified Sec. 831(b) captives with less than a 70% claims loss ratio as a "transaction of interest." Final regulations are expected to be issued in Q1 2024. Management and its advisors are in the process of evaluating the impact of these proposed regulations. The Company dissolved its Captive insurance company, F&M Risk Management, in December 2023.

In October 2023, the FASB issued ASU 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative." The amendments in this Update are the result of the FASB’s decision to incorporate into the Accounting Standards Codification certain disclosure requirements, referred by the SEC, that require incremental information to US GAAP. Topics in the ASU that have applicability to the Company are as follows:

* Statement of Cash Flows - requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows.

* Debt - requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings.

* Derivatives and Hedging - adds cross-reference to disclosure requirements related to where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows.

The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Accounting Standards Codification and will not become effective for any entity. Management is reviewing the provisions of ASU 2023-06, and does not expect the adoption of the ASU to have a material effect on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update primarily require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker; require that a public entity disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Management is evaluating the Update and does not expect adoption of the Update to have a material effect on the Company’s financial position or results of operations.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). The amendments also require disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal (national) and state jurisdictions. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis and retrospective application is permitted. Management is evaluating the Update and does not expect adoption of the Update to have a material effect on the Company’s financial position or results of operations.

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Data


Quarterly Financial Data - UNAUDITED
	Quarter Ended in 2023
	Mar 31			June 30			Sep 30			Dec 31
Summary of Income:
Interest income	$	31,802		$	33,377		$	36,359		$	38,270
Interest expense		10,120			13,259			16,697			18,335
Net Interest Income		21,682			20,118			19,662			19,935
Provision for Credit Losses - Loans*		817			143			460			278
Provision for Credit Losses - Off Balance Sheet Credit Exposures*		62			(129	)		(76	)		189
Net Interest Income After Provision for Credit Losses*		20,803			20,104			19,278			19,468
Other income (expense)		(12,754	)		(12,572	)		(13,380	)		(12,593	)
Net income before income taxes		8,049			7,532			5,898			6,875
Income taxes		1,583			1,531			1,121			1,332
Net income	$	6,466		$	6,001		$	4,777		$	5,543
Earnings per Common Share	$	0.47		$	0.44		$	0.35		$	0.41
Average common shares outstanding		13,615,655			13,632,440			13,650,823			13,665,773


	Quarter Ended in 2022
	Mar 31			June 30			Sep 30			Dec 31
Summary of Income:
Interest income	$	21,899		$	23,911		$	25,847		$	29,492
Interest expense		2,116			2,047			3,264			6,935
Net Interest Income		19,783			21,864			22,583			22,557
Provision for loan loss		580			1,628			1,637			755
Net interest income after provision for loan loss		19,203			20,236			20,946			21,802
Other income (expense)		(9,150	)		(9,915	)		(9,739	)		(12,908	)
Net income before income taxes		10,053			10,321			11,207			8,894
Income taxes		1,951			2,050			2,253			1,706
Net income	$	8,102		$	8,271		$	8,954		$	7,188
Earnings per Common Share	$	0.62		$	0.63		$	0.68		$	0.53
Average common shares outstanding		12,955,107			12,957,126			12,983,307			13,606,876

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Components of Other Comprehensive Income (Loss) and Related Tax Effects

The components of other comprehensive income (loss) and related tax effects are as follows:


	(In Thousands)
	2023		2022			2021
Net unrealized gain (loss) on available-for-sale securities	$	10,781	$	(44,366	)	$	(10,948	)
Reclassification adjustment for (gain) loss on sale of available-for-sale securities		891		-			(293	)
Net unrealized gain (loss) on available-for-sale securities		11,672		(44,366	)		(11,241	)
Tax expense (benefit)		2,451		(9,317	)		(2,360	)
Other comprehensive income (loss)	$	9,221	$	(35,049	)	$	(8,881	)

Schedule of Impact of Adopting ASU

The following table illustrates the impact of adopting the ASU:


	January 1, 2023
	(In Thousands)
	As Reported				Impact of
	Under		Pre-ASU 2016-13		ASU 2016-13
	ASU 2016-13		Adoption		Adoption
Consumer Real Estate	$	3,872	$	998	$	2,874
Agricultural Real Estate		183		349		(166	)
Agricultural		101		751		(650	)
Commercial Real Estate		15,425		11,924		3,501
Commercial & Industrial		3,217		5,382		(2,165	)
Consumer		1,079		909		170
Unfunded Loan Commitment & Letters of Credit		2,166		1,262		904
Current Expected Credit Losses	$	26,043	$	21,575	$	4,468

Business Combination & Asset Purchase - Schedule of Pro-forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Operations
Net Interest Income - Before Provision for Credit Losses and Unfunded	$ 81,397	$ 90,754	$ 84,749
Provision for Credit Losses and Unfunded	1,682	4,513	3,445
Net Interest Income After Provision for Credit Losses and Unfunded	79,715	86,241	81,304
Noninterest Income	16,040	14,100	18,931
Noninterest Expense	67,193	58,105	58,300
Income Before Income Taxes	28,562	42,236	41,935
Income Taxes	5,609	8,141	8,397
Net Income	$ 22,953	$ 34,095	$ 33,538
Basic Earnings Per Share	$ 1.68	$ 2.51	$ 2.48
Diluted Earnings Per Share	$ 1.68	$ 2.51	$ 2.48

Minimum Regulatory Capital Requirements - Summary of Bank's Actual and Required Capital Amounts and Ratios (Detail) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2019
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Capital to Risk Weighted Assets Actual, Amount	$ 251,649
Total Risk-Based Capital to Risk Weighted Assets Actual, Amount	297,179
Tier 1 Capital to Risk Weighted Assets Actual, Amount	251,649
Tier 1 leverage Capital to Adjusted Total Assets Actual, Amount	$ 251,649
Common Equity Tier 1 Capital to Risk Weighted Assets Actual, Ratio	9.75%
Total Risk-Based Capital to Risk Weighted Assets Actual, Ratio	0.1151
Tier 1 Capital to Risk Weighted Assets Actual, Ratio	0.0975
Tier 1 leverage Capital to Adjusted Total Assets Actual, Ratio	0.0786		0.040
Common Equity Tier 1 Capital For Capital Adequacy Purposes, Amount	$ 116,147
Total Risk-Based Capital to Risk Weighted Assets For Capital Adequacy Purposes, Amount	206,484
Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Amount	154,863
Tier 1 leverage Capital to Adjusted Total Assets For Capital Adequacy Purposes, Amount	$ 128,081
Common Equity Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	4.50%
Total Risk-Based Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	0.0800		0.080
Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	0.0600
Tier 1 leverage Capital to Adjusted Total Assets For Capital Adequacy Purposes, Ratio	0.0400
Common Equity Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	$ 167,768
Total Risk-Based Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	258,105
Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	206,484
Tier 1 leverage Capital to Adjusted Total Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	$ 160,102
Common Equity Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	6.50%
Total Risk-Based Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.1000
Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.0800
Tier 1 leverage Capital to Adjusted Total Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.0500
Farmers & Merchants State Bank [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Capital to Risk Weighted Assets Actual, Amount	$ 276,467	$ 259,510
Total Risk-Based Capital to Risk Weighted Assets Actual, Amount	301,176	281,085
Tier 1 Capital to Risk Weighted Assets Actual, Amount	276,467	259,510
Tier 1 leverage Capital to Adjusted Total Assets Actual, Amount	$ 276,467	$ 259,510
Common Equity Tier 1 Capital to Risk Weighted Assets Actual, Ratio	10.77%	11.15%
Total Risk-Based Capital to Risk Weighted Assets Actual, Ratio	0.1173	0.1207
Tier 1 Capital to Risk Weighted Assets Actual, Ratio	0.1077	0.1115
Tier 1 leverage Capital to Adjusted Total Assets Actual, Ratio	0.0866	0.0903
Common Equity Tier 1 Capital For Capital Adequacy Purposes, Amount	$ 115,534	$ 104,763
Total Risk-Based Capital to Risk Weighted Assets For Capital Adequacy Purposes, Amount	205,393	186,245
Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Amount	154,045	139,684
Tier 1 leverage Capital to Adjusted Total Assets For Capital Adequacy Purposes, Amount	$ 127,674	$ 114,972
Common Equity Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	4.50%	4.50%
Total Risk-Based Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	0.0800	0.0800
Tier 1 Capital to Risk Weighted Assets For Capital Adequacy Purposes, Ratio	0.0600	0.0600
Tier 1 leverage Capital to Adjusted Total Assets For Capital Adequacy Purposes, Ratio	0.0400	0.0400
Common Equity Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	$ 166,882	$ 151,324
Total Risk-Based Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	256,742	232,806
Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	205,393	186,245
Tier 1 leverage Capital to Adjusted Total Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Amount	$ 159,593	$ 143,714
Common Equity Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	6.50%	6.50%
Total Risk-Based Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.1000	0.1000
Tier 1 Capital to Risk Weighted Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.0800	0.0800
Tier 1 leverage Capital to Adjusted Total Assets To Be Well Capitalized Under the Prompt Corrective Action Provisions, Ratio	0.0500	0.0500

Premises and Equipment - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Office	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation Expenses	$ 3,400	$ 2,700	$ 2,600
Construction in progress	$ 8	$ 278
Number of construction of new offices \| Office		3

Borrowings and Subordinated Notes

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings and Subordinated Notes

Note 10 – Borrowings and Subordinated Notes

Short Term Debt

Due to the funding requirement for the acquisition of PFSB to be provided from the holding company, the Company secured borrowings from a correspondent bank. Two loans were secured, the first a $30 million 12-month term note and the second a 12-month line of credit for $10 million. Both loans were advanced on October 1, 2021. Interest on both loans was due quarterly and accrued at a rate of 2.50% per annum with reporting and capital covenants included. The structure of the acquisition required all accounting of the transaction to be recorded at the Bank level as Perpetual did not have a holding company. The Company advanced funds from the Bank to the Company to facilitate payoff of the term note and line of credit balance after regulatory approval was granted in the second quarter of 2022. The line of credit remained open for future liquidity needs.

On September 29, 2022, the line of credit was advanced for $10 million for the acquisition of PFSL. Interest on the line of credit was due quarterly and accrued at a rate of 5.50% per annum with reporting and capital covenants included. The $10 million line of credit was paid off in the first quarter of 2023 and not renewed at maturity on September 30, 2023.

The Company has established a $15 million variable line of credit tied to prime with a correspondent bank that matures on September 27, 2024. As of December 31, 2023, there were no outstanding borrowings on the line of credit.

Long Term Debt

Federal Home Loan Bank Advances

Long term debt consists of various loans from the Federal Home Loan Banks. Repayment structures vary, ranging from monthly installments, annual payments or upon maturity. Interest payments are due monthly. Total borrowings were $265.8 million excluding an amortizing $23 thousand for fair value related to the acquisitions for December 31, 2023 compared to $127.4 million excluding an accretive $47 thousand for fair value for December 31, 2022. With the acquisition of Peoples Federal Savings and Loan Association, the Bank undertook $965 thousand in advances with varying maturity dates from 2022 through 2028. With the acquisition of Perpetual Federal Savings Bank, the Bank undertook $6 million in advances due in 2024. The advances were secured by a pledge of $223.0 and $232.9 million of 1-4 family real estate and HELOC loans as of December 31, 2023 and 2022, respectively under a blanket collateral agreement. During 2023, the Bank began pledging eligible commercial real estate loans of $158.9 million to the FHLB as of December 31, 2023.

The advances are subject to pre-payment penalties and the provisions and conditions of the credit policy of the Federal Home Loan Bank.

The Bank had access to $128.0 and $73.0 million unsecured borrowings through correspondent banks as of December 31, 2023 and December 31, 2022, respectively. The Bank had a borrowing capacity under the Federal Reserve's BTFP of $69.9 million at December 31, 2023. The Bank also had access to $150.1 million and $130.4 million through a Cash Management Advance with the Federal Home Loan Bank as of December 31, 2023 and December 31, 2022 respectively. The Bank had unpledged securities, which could be sold or used as collateral, of $97.3 million and $249.6 million at the end of the same time periods, respectively. An additional $42.5 million at December 31, 2023, and $2.0 million at December 31, 2022, were available from the Federal Home Loan Bank based on current pledging. The table below shows the maturities of the borrowings exclusive of the fair value adjustment.


	(In Thousands)
2024	$	32,500
2025		56,500
2026		50,000
2027		52,149
2028		74,624
Thereafter		-
Total	$	265,773

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 are qualify as Tier 2 capital for regulatory purposes in proportionate amounts until July 30, 2026. The Company used the net proceeds from the Offering for general corporate purposes, including financing acquisitions and organic growth.

Interest on the Notes accrues 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.


	December 31, 2023					December 31, 2022
(In Thousands)	Principal		Unamortized Note Issuance Costs			Principal		Unamortized Note Issuance Costs
Subordinated Notes	$	35,000	$	(298	)	$	35,000	$	(414	)

Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying or Notional Amounts (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets:
Securities - available-for-sale	$ 358,478	$ 390,789
Financial Liabilities:
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	34,702	34,586
Reported Value Measurement [Member]
Financial Assets:
Cash and cash equivalents	142,201	84,409
Interest-bearing time deposits	2,740	4,442
Securities - available-for-sale	358,478	390,789
Other securities	17,138	9,799
Loans held for sale	1,576	827
Loans, net	2,556,167	2,336,074
Interest receivable	11,774	10,440
Financial Liabilities:
Total Deposits	2,607,463	2,468,864
Fed funds purchased and securities sold under agreement to repurchase	28,218	54,206
Federal Home Loan Bank advances	265,750	127,485
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	34,702	34,586
Interest payable	5,441	1,739
Fair Value [Member]
Financial Assets:
Cash and cash equivalents	142,201	84,409
Interest-bearing time deposits	2,725	4,440
Securities - available-for-sale	358,478	390,789
Other securities	17,138	9,799
Loans held for sale	1,552	815
Loans, net	2,396,540	2,171,152
Interest receivable	11,774	10,440
Financial Liabilities:
Total Deposits	2,600,613	2,454,475
Fed funds purchased and securities sold under agreement to repurchase	28,218	54,206
Federal Home Loan Bank advances	260,400	125,761
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	30,676	30,993
Interest payable	5,441	1,739
Level 1 [Member]
Financial Assets:
Cash and cash equivalents	142,201	84,409
Securities - available-for-sale	99,900	94,678
Financial Liabilities:
Total Deposits	528,465	532,794
Level 2 [Member]
Financial Assets:
Interest-bearing time deposits	2,725	4,440
Securities - available-for-sale	256,118	292,766
Financial Liabilities:
Other borrowings		10,000
Subordinated notes, net of unamortized issuance costs	30,676	30,993
Level 3 [Member]
Financial Assets:
Securities - available-for-sale	2,460	3,345
Other securities	17,138	9,799
Loans held for sale	1,552	815
Loans, net	2,396,540	2,171,152
Interest receivable	11,774	10,440
Financial Liabilities:
Total Deposits	2,072,148	1,921,681
Fed funds purchased and securities sold under agreement to repurchase	28,218	54,206
Federal Home Loan Bank advances	260,400	125,761
Interest payable	5,441	1,739
Interest Bearing Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	1,415,981	1,378,090
Interest Bearing Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	1,416,007	1,377,944
Interest Bearing Deposits [Member] \| Level 3 [Member]
Financial Liabilities:
Total Deposits	1,416,007	1,377,944
Non Interest Bearing Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	528,465	532,794
Non Interest Bearing Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	528,465	532,794
Non Interest Bearing Deposits [Member] \| Level 1 [Member]
Financial Liabilities:
Total Deposits	528,465	532,794
Time Deposits [Member] \| Reported Value Measurement [Member]
Financial Liabilities:
Total Deposits	663,017	557,980
Time Deposits [Member] \| Fair Value [Member]
Financial Liabilities:
Total Deposits	656,141	543,737
Time Deposits [Member] \| Level 3 [Member]
Financial Liabilities:
Total Deposits	$ 656,141	$ 543,737

Off Balance Sheet Activities - Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Standby letters of credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Concentration of Risk	$ 825	$ 1,046
Commitments to extend credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Concentration of Risk	$ 640,023	$ 691,501

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Nature of Operations

Consolidation Policy

Use of Estimates

Cash and Cash Equivalents

Restrictions on Cash and Amounts Due from Banks

Securities

tax, in other comprehensive income (loss). Gains and losses on sales of securities are determined on the specific-identification method.

Other Securities

Loans

Allowance for Credit Losses

Loans Held for Sale

Derivative Financial Instruments

Servicing Assets

Goodwill and Other Intangible Assets

Off Balance Sheet Instruments

Foreclosed Real Estate

Premises and Equipment

Bank Owned Life Insurance

Revenue Recognition

Income Tax

Earnings Per Share

Stock-Based Compensation

Transfers of Financial Assets

through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Treasury Stock

Common stock shares repurchased are recorded at market value on date of purchase. Restricted shares when awarded are removed from treasury stock using the weighted average method.

Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) and related tax effects are as follows:


	(In Thousands)
	2023		2022			2021
Net unrealized gain (loss) on available-for-sale securities	$	10,781	$	(44,366	)	$	(10,948	)
Reclassification adjustment for (gain) loss on sale of available-for-sale securities		891		-			(293	)
Net unrealized gain (loss) on available-for-sale securities		11,672		(44,366	)		(11,241	)
Tax expense (benefit)		2,451		(9,317	)		(2,360	)
Other comprehensive income (loss)	$	9,221	$	(35,049	)	$	(8,881	)

Recent Accounting Pronouncements

The following table illustrates the impact of adopting the ASU:


	January 1, 2023
	(In Thousands)
	As Reported				Impact of
	Under		Pre-ASU 2016-13		ASU 2016-13
	ASU 2016-13		Adoption		Adoption
Consumer Real Estate	$	3,872	$	998	$	2,874
Agricultural Real Estate		183		349		(166	)
Agricultural		101		751		(650	)
Commercial Real Estate		15,425		11,924		3,501
Commercial & Industrial		3,217		5,382		(2,165	)
Consumer		1,079		909		170
Unfunded Loan Commitment & Letters of Credit		2,166		1,262		904
Current Expected Credit Losses	$	26,043	$	21,575	$	4,468

* Debt - requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings.

Loans - Contractual Maturity Schedule by Major Category of Loans Excluding Fair Value Adjustments (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	$ 2,586,216
Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	525,902
Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	224,416
Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	132,593
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	1,337,919
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	255,438
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	79,806
Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	30,142
Major Category Of Receivables Due Within One Year [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	287,725
Major Category Of Receivables Due Within One Year [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	12,307
Major Category Of Receivables Due Within One Year [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	546
Major Category Of Receivables Due Within One Year [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	62,926
Major Category Of Receivables Due Within One Year [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	109,232
Major Category Of Receivables Due Within One Year [Member] \| Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	97,823
Major Category Of Receivables Due Within One Year [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	2,036
Major Category Of Receivables Due Within One Year [Member] \| Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	2,855
Major Category Of Receivables Due Within One Year to Five Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	632,515
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	33,817
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	6,149
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	47,053
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	382,123
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	103,806
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	58,115
Major Category Of Receivables Due Within One Year to Five Years [Member] \| Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	1,452
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	947,627
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	157,139
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	63,073
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	19,184
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	619,438
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	52,981
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	19,561
Major Category Of Receivables Due After Five Years Within Fifteen Years [Member] \| Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	16,251
Major Category Of Receivables After Fifteen Years [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	718,349
Major Category Of Receivables After Fifteen Years [Member] \| Consumer Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	322,639
Major Category Of Receivables After Fifteen Years [Member] \| Agricultural Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	154,648
Major Category Of Receivables After Fifteen Years [Member] \| Agricultural [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	3,430
Major Category Of Receivables After Fifteen Years [Member] \| Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	227,126
Major Category Of Receivables After Fifteen Years [Member] \| Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	828
Major Category Of Receivables After Fifteen Years [Member] \| Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	94
Major Category Of Receivables After Fifteen Years [Member] \| Other Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans excluding fair value adjustments	$ 9,584