Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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, 2026	December 31, 2025
Aggregate fair value	$32,127	$35,833
Aggregate principal balance	31,958	35,130
Difference between fair value and principal balance	$169	$703

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, 2026
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$39,865	$—	$39,865	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	854,722	—	854,722	—
Obligations of states and political subdivisions	653	—	653	—
Individual name issuer trust preferred debt securities	6,073	—	6,073	—
Corporate bonds	10,645	—	10,645	—
Mortgage loans held for sale	32,127	—	32,127	—
Derivative assets	30,550	—	30,550	—
Total assets at fair value on a recurring basis	$974,635	$—	$974,635	$—
Liabilities:
Derivative liabilities	$29,345	$—	$29,345	$—
Total liabilities at fair value on a recurring basis	$29,345	$—	$29,345	$—

(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, 2025
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$39,958	$—	$39,958	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	880,894	—	880,894	—
Obligations of states and political subdivisions	663	—	663	—
Individual name issuer trust preferred debt securities	6,103	—	6,103	—
Corporate bonds	12,724	—	12,724	—
Mortgage loans held for sale	35,833	—	35,833	—
Derivative assets	28,770	—	28,770	—
Total assets at fair value on a recurring basis	$1,004,945	$—	$1,004,945	$—
Liabilities:
Derivative liabilities	$29,545	$—	$29,545	$—
Total liabilities at fair value on a recurring basis	$29,545	$—	$29,545	$—

Items Recorded at Fair Value on a Nonrecurring Basis

The following table presents the carrying value of assets held at March 31, 2026, which were written down to fair value during the three months ended March 31, 2026:

(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	$5,074	$—	$—	$5,074
Total assets at fair value on a nonrecurring basis	$5,074	$—	$—	$5,074

Assets written down to fair value for the year ended December 31, 2025 consisted of two collateral dependent individually analyzed loan relationships, which had no carrying value at December 31, 2025. See additional disclosure on these two relationships in Note 10 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025

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

The following table presents 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, 2026
Collateral dependent individually analyzed loans	$5,074	Appraisals of collateral	Discount for costs to sell	10%
			Appraisal adjustments	0%

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, 2026	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	$100,184	$100,184	$100,184	$—	$—
Loans, net of allowance for credit losses on loans (1)	4,973,759	4,858,427	—	—	4,858,427
FHLB stock	28,273	28,273	—	28,273	—
Investment in BOLI	116,010	116,010	—	116,010	—
Financial Liabilities:
Non-maturity deposits	$3,998,202	$3,998,202	$—	$3,998,202	$—
Time deposits	1,166,431	1,162,582	—	1,162,582	—
FHLB advances	576,000	577,807	—	577,807	—
Junior subordinated debentures	22,681	19,461	—	19,461	—

(1)The estimated fair value excludes a $923 thousand negative basis adjustment associated with fair value hedges. See Note 6 for additional disclosure.

(Dollars in thousands)
December 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	$103,734	$103,734	$103,734	$—	$—
Loans, net of allowance for credit losses on loans (1)	5,097,152	4,972,651	—	—	4,972,651
FHLB stock	29,473	29,473	—	29,473	—
Investment in BOLI	115,126	115,126	—	115,126	—
Financial Liabilities:
Non-maturity deposits	$4,049,307	$4,049,307	$—	$4,049,307	$—
Time deposits	1,220,683	1,218,361	—	1,218,361	—
FHLB advances	626,000	629,484	—	629,484	—
Junior subordinated debentures	22,681	19,953	—	19,953	—

(1)The estimated fair value excludes a $335 thousand negative basis adjustment associated with fair value hedges. See Note 6 for additional disclosure.