FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUES OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).

	December 31, 2024
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	78,982	$	—	$	78,982
Mortgage Backed Securities-residential		—		541,320		—		541,320
Mortgage Backed Securities-commercial		—		13,661		—		13,661
Collateralized mortgage obligations		—		163,026		—		163,026
State and municipal		—		359,523		805		360,328
Municipal taxable		—		35,777		—		35,777
U.S. Treasury		—		—		—		—
Collateralized debt obligations		—		—		2,896		2,896
TOTAL	$	—	$	1,192,289	$	3,701	$	1,195,990
Derivative Assets				3,060
Derivative Liabilities				(3,060)

	December 31, 2023
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	91,440	$	—	$	91,440
Mortgage Backed Securities-residential		—		569,885		—		569,885
Mortgage Backed Securities-commercial		—		7,483		—		7,483
Collateralized mortgage obligations		—		180,829		—		180,829
State and municipal		—		369,631		1,180		370,811
Municipal taxable		—		34,285		—		34,285
U.S. Treasury		—		1,402		—		1,402
Collateralized debt obligations		—		—		3,002		3,002
TOTAL	$	—	$	1,254,955	$	4,182	$	1,259,137
Derivative Assets				2,878
Derivative Liabilities				(2,878)

Schedule of financial instruments having fair value measurements using significant unobservable inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the twelve months ended December 31, 2024 and 2023.

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2024
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,180	$	3,002	$	4,182
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		(106)		(106)
Transfers		—		—		—
Settlements		(375)		—		(375)
Ending balance, December 31	$	805	$	2,896	$	3,701

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2023
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,545	$	2,986	$	4,531
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		16		16
Purchases		—		—		—
Settlements		(365)		—		(365)
Ending balance, December 31	$	1,180	$	3,002	$	4,182

Schedule of quantitative information about recurring and non-recurring Level 3

The following tables present quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2024 and 2023.

(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	805	Discounted cash flow	Discount rate	4.24%-4.44	%
Collateralized debt obligations	$	2,896	Discounted cash flow	Discount rate	6.62	%
Collateral dependent loans	$	3,099	Discounted cash flow	Discount rate for age of appraisal and market conditions	20.00%-100.00	%

(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,180	Discounted cash flow	Discount rate	4.04%-4.44	%
Collateralized debt obligations	$	3,002	Discounted cash flow	Discount rate	7.36	%
Collateral dependent loans		11,306	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-100.00	%

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial assets and liabilities are presented in the tables below and were determined based on the above assumptions:

	December 31, 2024
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	93,526	$	35,889	$	57,637	$	—	$	93,526
Federal funds sold		820		—		820		—		820
Securities available-for-sale		1,195,990		—		1,192,289		3,701		1,195,990
Restricted stock		17,555		n/a		n/a		n/a		n/a
Loans, net		3,790,409		—		—		3,717,843		3,717,843
Accrued interest receivable		26,934		—		6,543		20,391		26,934
Deposits		(4,718,914)		—		(4,723,356)		—		(4,723,356)
Short-term borrowings		(187,057)		—		(187,057)		—		(187,057)
Other borrowings		(28,120)		—		(29,693)		—		(29,693)
Accrued interest payable		(3,799)		—		(3,799)		—		(3,799)

	December 31, 2023
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	76,759	$	25,467	$	51,292	$	—	$	76,759
Federal funds sold		282		—		282		—		282
Securities available-for-sale		1,259,137		—		1,254,955		4,182		1,259,137
Restricted stock		15,364		n/a		n/a		n/a		n/a
Loans, net		3,128,054		—		—		3,025,621		3,025,621
Accrued interest receivable		24,877		—		6,755		18,122		24,877
Deposits		(4,090,068)		—		(4,094,552)		—		(4,094,552)
Short-term borrowings		(67,221)		—		(67,221)		—		(67,221)
Other borrowings		(108,577)		—		(108,496)		—		(108,496)
Accrued interest payable		(2,588)		—		(2,588)		—		(2,588)