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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of assets and liabilities measured at fair value


		March 31, 2025
		Fair Value Measurements Using
		Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	77,899		$	—		$	77,899
Mortgage Backed Securities-residential			—			535,842			—			535,842
Mortgage Backed Securities-commercial			—			13,722			—			13,722
Collateralized mortgage obligations			—			159,296			—			159,296
State and municipal			—			356,454			—			356,454
Municipal taxable			—			36,380			—			36,380
Collateralized debt obligations			—			—			2,902			2,902
TOTAL		$	—		$	1,179,593		$	2,902		$	1,182,495
Derivative Assets						2,946
Derivative Liabilities						(2,946)


		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
Collateralized debt obligations			—			—			2,896			2,896
TOTAL		$	—		$	1,192,289		$	3,701		$	1,195,990
Derivative Assets						3,060
Derivative Liabilities						(3,060)

Schedule of fair value measurements using significant unobservable inputs


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Three Months Ended
		March 31, 2025
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, January 1		$	805		$	2,896		$	3,701
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			6			6
Transfers			—			—			—
Settlements			(805)			—			(805)
Ending balance, March 31		$	—		$	2,902		$	2,902


		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)
Purchases			—			—			—
Settlements			(375)			—			(375)
Ending balance, December 31		$	805		$	2,896		$	3,701

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

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at March 31, 2025.


(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
Collateralized debt obligations		$	2,902		Discounted cash flow		Discount rate		6.29	%
Collateral dependent loans		$	2,590		Discounted cash flow		Discount rate for age of appraisal and market conditions		30.00%-100.00	%

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


(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	%

Schedule of carrying amount and estimated fair value of financial instruments


		March 31, 2025
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	86,211		$	31,843		$	54,368		$	—		$	86,211
Federal funds sold			427			—			427			—			427
Securities available-for-sale			1,182,495			—			1,179,593			2,902			1,182,495
Restricted stock			17,528			n/a			n/a			n/a			n/a
Loans, net			3,807,185			—			—			3,727,796			3,727,796
Accrued interest receivable			25,556			—			6,497			19,059			25,556
Deposits			(4,640,003)			—			(4,634,010)			—			(4,634,010)
Short-term borrowings			(137,609)			—			(137,609)			—			(137,609)
Other borrowings			(124,898)			—			(124,898)			—			(124,898)
Accrued interest payable			(3,378)			—			(3,378)			—			(3,378)


		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)

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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