Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2024 and 2023 (in thousands):

			Fair Value Measurements Using:
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
	Fair Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)
December 31, 2024
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	191,358	$	—	$	191,358	$	—
Obligations of states and political subdivisions		267,740		—		267,740		—
Mortgage-backed securities		539,742		—		539,742		—
Other securities		64,452		—		58,693		5,759
Total available-for-sale securities		1,063,292		—		1,057,533		5,759
Equity securities		4,439		4,439		—		—
Loans held for sale		6,614		—		6,614		—
Derivative assets: interest rate swaps		2,949		—		2,949		—
Total assets	$	1,077,294	$	4,439	$	1,067,096	$	5,759
Derivative liabilities: interest swaps	$	2,006	$	—	$	2,006	$	—
December 31, 2023
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	211,656	$	—	$	211,656	$	—
Obligations of states and political subdivisions		288,616		—		288,616		—
Mortgage-backed securities		602,300		—		602,300		—
Other securities		69,000		—		62,837		6,163
Total available-for-sale securities		1,171,572		—		1,165,409		6,163
Equity securities		4,074		4,074		—		—
Loans held for sale		4,980		—		4,980		—
Derivative assets: interest rate swaps		3,166		—		3,166		—
Total assets	$	1,183,792	$	4,074	$	1,173,555	$	6,163
Derivative liabilities: interest swaps	$	2,217	$	—	$	2,217	$	—

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023 is summarized as follows (in thousands):

	Total
December 31, 2024
Beginning balance	$	6,163
Transfers into Level 3		3
Maturities		(407	)
Ending balance	$	5,759
December 31, 2023
Beginning balance	$	9,250
Transfers into Level 3		1,163
Transfers out of Level 3		(4,250	)
Ending balance	$	6,163

Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2024 and 2023 (in thousands):

	Fair Value Measurements Using
			Quoted Prices
			in Active		Significant		Significant
			Markets for		Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
December 31, 2024
Collateral dependent loans	$	16,604	$	—	$	—	$	16,604
Foreclosed assets held for sale		48		—		—		48
December 31, 2023
Collateral dependent loans	$	1,028	$	—	$	—	$	1,028
Foreclosed assets held for sale		24		—		—		24

Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2024.

	Fair Value		Valuation		Range
	(in thousands)		Technique	Unobservable Inputs	(Weighted Average)
Collateral dependent loans	$	16,604	Third party valuations	Discount to reflect realizable value	0% - 40%	(20%)
Foreclosed assets held for sale		48	Third party valuations	Discount to reflect realizable value less estimated selling costs	0% - 40%	(35%)

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2023.

	Fair Value		Valuation		Range
	(in thousands)		Technique	Unobservable Inputs	(Weighted Average)
Collateral dependent loans	$	1,028	Third party valuations	Discount to reflect realizable value	0% - 40%	(20%)
Foreclosed assets held for sale		24	Third party valuations	Discount to reflect realizable value less estimated selling costs	0% - 40%	(35%)

Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at December 31, 2024 and 2023 (in thousands):

	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
December 31, 2024
Financial assets
Cash and due from banks	$	121,141	$	121,141	$	121,141	$	—	$	—
Federal funds sold		75		75		75		—		—
Certificates of deposit investments		3,500		3,500		—		3,500		—
Available-for-sale securities		1,063,292		1,063,292		—		1,057,533		5,759
Held-to-maturity securities		2,279		2,279		2,279		—		—
Equity securities		4,439		4,439		4,439		—		—
Loans held for sale		6,614		6,614		—		6,614		—
Loans net of allowance for credit losses		5,595,666		5,314,756		—		—		5,314,756
Interest receivable		38,639		38,639		—		38,639		—
Federal Reserve Bank stock		19,855		19,855		—		19,855		—
Federal Home Loan Bank stock		9,501		9,501		—		9,501		—
Financial liabilities
Deposits	$	6,057,096	$	5,977,113	$	—	$	5,069,853	$	907,260
Securities sold under agreements to repurchase		204,122		204,122		—		204,122		—
Interest payable		5,280		5,280		—		5,280		—
Federal Home Loan Bank borrowings		242,520		240,125		—		240,125		—
Subordinated debentures		87,472		86,062		—		86,062		—
Junior subordinated debentures		24,280		21,411		—		21,411		—
December 31, 2023
Financial assets
Cash and due from banks	$	134,082	$	134,082	$	134,082	$	—	$	—
Federal funds sold		8,982		8,982		8,982		—		—
Certificates of deposit investments		1,470		1,470		—		1,470		—
Available-for-sale securities		1,171,572		1,171,572		—		1,165,409		6,163
Held-to-maturity securities		2,286		2,286		2,286		—		—
Equity securities		4,074		4,074		4,074		—		—
Loans held for sale		4,980		4,980		—		4,980		—
Loans net of allowance for credit losses		5,506,910		5,235,525		—		—		5,235,525
Interest receivable		35,082		35,082		—		35,082		—
Federal Reserve Bank stock		19,855		19,855		—		19,855		—
Federal Home Loan Bank stock		9,758		9,758		—		9,758		—
Financial liabilities
Deposits	$	6,123,659	$	6,042,277	$	—	$	5,076,066	$	966,211
Securities sold under agreements to repurchase		213,721		213,714		—		213,714		—
Interest payable		5,437		5,437		—		5,437		—
Federal Home Loan Bank borrowings		263,787		261,206		—		261,206		—
Subordinated debentures		106,755		102,018		—		102,018		—
Junior subordinated debentures		24,058		21,524		—		21,524		—