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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value of Mortgage Loans Held for Sale

The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:


(Dollars in thousands)	March 31, 2025	December 31, 2024
Aggregate fair value	$21,953	$21,708
Aggregate principal balance	21,440	21,420
Difference between fair value and principal balance	$513	$288

Items Recorded at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:


(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
March 31, 2025
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$39,252	$—	$39,252	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	855,560	—	855,560	—
Obligations of states and political subdivisions	642	—	642	—
Individual name issuer trust preferred debt securities	9,249	—	9,249	—

Corporate bonds	12,842	—	12,842	—
Mortgage loans held for sale	21,953	—	21,953	—
Derivative assets	40,659	—	40,659	—



Total assets at fair value on a recurring basis	$980,157	$—	$980,157	$—
Liabilities:
Derivative liabilities	$40,250	$—	$40,250	$—




Total liabilities at fair value on a recurring basis	$40,250	$—	$40,250	$—


(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
December 31, 2024
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$38,612	$—	$38,612	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	855,147	—	855,147	—
Obligations of states and political subdivisions	655	—	655	—
Individual name issuer trust preferred debt securities	9,221	—	9,221	—

Corporate bonds	12,670	—	12,670	—

Mortgage loans held for sale	21,708	—	21,708	—
Derivative assets	54,302	—	54,302	—




Total assets at fair value on a recurring basis	$992,315	$—	$992,315	$—
Liabilities:
Derivative liabilities	$51,663	$—	$51,663	$—





Total liabilities at fair value on a recurring basis	$51,663	$—	$51,663	$—

Items Recorded at Fair Value on a Nonrecurring Basis

The following table presents the carrying value of assets held at March 31, 2025, which were written down to fair value during the three months ended March 31, 2025:



(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)

Assets:
Collateral dependent individually analyzed loans	$4,405	$—	$—	$4,405



Total assets at fair value on a nonrecurring basis	$4,405	$—	$—	$4,405

The following table presents the carrying value of assets held at December 31, 2024, which were written down to fair value during the year ended December 31, 2024.



(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)

Assets:
Collateral dependent individually analyzed loans	$9,057	$—	$—	$9,057


Mortgage loans held for sale, at lower of cost or market	281,706	—	281,706	—
Total assets at fair value on a nonrecurring basis	$290,763	$—	$281,706	$9,057

Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis

The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring

basis for which the Corporation has utilized Level 3 inputs to determine fair value:

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range of Inputs Utilized
(Weighted Average)

March 31, 2025

Collateral dependent individually analyzed loans

$4,405

Appraisals of collateral

Discount for costs to sell

14% - 15% (15%)

Appraisal adjustments

0% - 60% (3%)

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Inputs Utilized
(Weighted Average)

December 31, 2024

Collateral dependent individually analyzed loans

$9,057

Appraisals of collateral

Discount for costs to sell

14% - 49% (16%)

Appraisal adjustments

0% - 10% (7%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented in the tables below:


(Dollars in thousands)
March 31, 2025	Carrying Amount	Total Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$120,239	$120,239	$120,239	$—	$—

Loans, net of allowance for credit losses on loans (1)	5,055,154	4,850,461	—	—	4,850,461
FHLB stock	38,899	38,899	—	38,899	—
Investment in BOLI	107,546	107,546	—	107,546	—

Financial Liabilities:
Non-maturity deposits	$3,799,971	$3,799,971	$—	$3,799,971	$—
Time deposits	1,240,610	1,234,345	—	1,234,345	—
FHLB advances	850,000	853,446	—	853,446	—
Junior subordinated debentures	22,681	19,416	—	19,416	—

(1)The estimated fair value excludes a $699 thousand negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.


(Dollars in thousands)
December 31, 2024	Carrying Amount	Total Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$113,889	$113,889	$113,889	$—	$—

Loans, net of allowance for credit losses on loans (1)	5,095,878	4,952,110	—	—	4,952,110
FHLB stock	49,817	49,817	—	49,817	—
Investment in BOLI	106,777	106,777	—	106,777	—

Financial Liabilities:
Non-maturity deposits	$3,626,152	$3,626,152	$—	$3,626,152	$—
Time deposits	1,489,648	1,479,267	—	1,479,267	—
FHLB advances	1,125,000	1,125,819	—	1,125,819	—
Junior subordinated debentures	22,681	19,602	—	19,602	—

(1)The estimated fair value excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.