Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value [Abstract]

Assets Measured at Fair Value on a Recurring and Non-recurring Basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

March 31, 2025			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	2,497	$	-	$	2,497	$	-	$	2,497
Mortgage-backed securities		470,894		-		470,894		-		470,894
Commercial mortgage-backed securities		1,243		-		1,243		-		1,243
Collateralized mortgage obligations		5,562		-		5,562		-		5,562
Corporate securities		14,927		-		14,927		-		14,927
Other		310		-		310		-		310
Other equity investments	$	35	$	35	$	-	$	-	$	35
Fair valued on a non-recurring basis:
Other real estate owned	$	873	$	-	$	-	$	873	$	873

December 31, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Available-for-sale securities
U.S. Government-sponsored securities	$	2,644	$	-	$	2,644	$	-	$	2,644
Mortgage-backed securities		439,858		-		439,858		-		439,858
Commercial mortgage-backed securities		1,212		-		1,212		-		1,212
Collateralized mortgage obligations		5,497		-		5,497		-		5,497
Corporate securities		14,856		-		14,856		-		14,856
Other		347		-		347		-		347
Fair valued on a non-recurring basis:
Collateral dependent loans	$	929	$	-	$	-	$	929	$	929
Other real estate owned		873		-		-		873		873

Carrying Amount and Estimated Fair Value of Financial Assets and Liabilities

The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

March 31, 2025			Fair Value Measurement
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial assets:
Cash and cash equivalents	$	607,254	$	607,254	$	-	$	-	$	607,254
Held-to-maturity securities, net		759,321		-		541,096		73,767		614,863
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,508,751		-		-		3,485,526		3,485,526
Derivatives not designated as hedging instruments		131,500		-		131,500		-		131,500
Financial liabilities:
Total deposits	$	4,977,968	$	-	$	4,974,300	$	-	$	4,979,862
Derivatives not designated as hedging instruments		142,017		-		142,017		-		142,017
Subordinated debentures		10,310		-		12,044		-		12,044

December 31, 2024			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial assets:
Cash and cash equivalents	$	212,563	$	212,563	$	-	$	-	$	212,563
Held-to-maturity securities, net		768,993		-		537,384		73,569		610,953
Non-marketable securities, at cost		15,549		-		15,549		-		15,549
Loans and leases, net		3,603,105		-		-		3,523,057		3,523,057
Financial liabilities:
Total deposits	$	4,699,139	$	-	$	4,695,388	$	-	$	4,695,388
Subordinated debentures		10,310		-		11,738		-		11,738