Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule assets and liabilities measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
June 30, 2024
U.S. Treasuries	$	240,054	$	—	$	240,054	$	—
U.S. Government agency obligations	491,750		—		491,750		—
Residential mortgage-backed securities	73,263		—		73,263		—
Commercial mortgage-backed securities	12,212		—		12,212		—
Corporate investments	47,108		—		47,108		—
State and political subdivisions	42,564		—		42,564		—
Total securities available for sale	$	906,951	$	—	$	906,951	$	—

December 31, 2023
U.S. Treasuries	$	210,118	$	—	$	210,118	$	—
U.S. Government agency obligations	454,923		—		454,923		—
Residential mortgage-backed securities	82,028		—		82,028		—
Commercial mortgage-backed securities	12,273		—		12,273		—
Asset backed securities	6,949		—		6,949		—
Corporate investments	45,539		—		45,539		—
State and political subdivisions	44,191		—		44,191		—
Total securities available for sale	$	856,021	$	—	$	856,021	$	—

Schedule of assets measured at fair value on a non-recurring basis

Assets measured at fair value on a non-recurring basis are summarized below.

	Fair		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Collateral-dependent loans, net of allowance for credit losses:
June 30, 2024	$	25,117	$	—	$	—	$	25,117
December 31, 2023	$	15,224	$	—	$	—	$	15,224
Other real estate owned:
June 30, 2024	$	6,467	$	—	$	—	$	6,467
December 31, 2023	$	2,368	$	—	$	—	$	2,368

Schedule of quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
June 30, 2024
Collateral-dependent loans, net of specific allowance	$	25,117	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	6,467	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

	Qualitative Information about Level 3 Fair Value Measurements
(In thousands)	Carrying Value		Valuation Methods	Unobservable Inputs	Range	Weighted Average
December 31, 2023
Collateral-dependent loans, net of specific allowance	$	15,224	Third-party appraisals	Selling costs	5% - 10%	6%
Other real estate owned	$	2,368	Third-party appraisals and internal evaluations	Selling costs	5% - 10%	6%

Schedule of estimated fair values of the Company’s financial instruments not previously disclosed

The following table presents estimated fair values of the Company’s financial instruments that are not recorded at fair value:

	June 30, 2024				December 31, 2023
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	223,477	$	223,477	$	266,591	$	266,591
Level 2 inputs:
Securities held to maturity	52,075		51,874		55,170		55,045
FHLB stock	16,518		16,518		23,634		23,634
Accrued interest receivable	33,657		33,657		30,086		30,086
Level 3 inputs:
Loans held for sale	15,713		15,713		6,525		6,525
Loans, net	6,101,401		5,915,552		6,016,139		5,804,169
Financial liabilities:
Level 2 inputs:
Deposits	6,586,403		6,105,869		6,325,736		6,318,082
FHLB and other borrowings	230,052		228,042		375,059		374,325
Subordinated debentures	133,775		140,326		133,677		137,428
Accrued interest payable	12,631		12,631		10,539		10,539