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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis


	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	(In Thousands)
	Total Carrying Value in the Consolidated Balance Sheet		Quoted Market Prices in an Active Market (Level 1)		Models with Significant Observable Market Parameters (Level 2)		Models with Significant Unobservable Market Parameters (Level 3)
September 30, 2024
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agencies	$	4,586	$	4,586	$	—	$	—
U.S. Government sponsored enterprises		156,629		—		156,629		—
Mortgage-backed securities		450,441		—		450,441		—
Asset-backed securities		48,836		—		48,836		—
Corporate bonds		2,396		—		2,396		—
State and municipal securities		161,167		—		161,167		—
Total investment securities available-for-sale		824,055		4,586		819,469		—
Mortgage loans held for sale		2,953		—		2,953		—
Derivative instruments		90		—		90		—
Other investments		2,185		—		—		2,185
Total assets	$	829,283	$	4,586	$	822,512	$	2,185



December 31, 2023
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agencies	$	4,429	$	4,429	$	—	$	—
U.S. Government sponsored enterprises		144,168		—		144,168		—
Mortgage-backed securities		417,030		—		417,030		—
Asset-backed securities		49,973		—		49,973		—
Corporate bonds		2,423		—		2,423		—
State and municipal securities		193,058		—		193,058		—
Total investment securities available-for-sale		811,081		4,429		806,652		—
Mortgage loans held for sale		2,294		—		2,294		—
Derivative instruments		65		—		65		—
Other investments		2,045		—	—			2,045
Total assets	$	815,485	$	4,429	$	809,011	$	2,045

Derivative instruments		13		—		13		—
Total liabilities	$	13	$	—	$	13	$	—

Schedule of Fair Value of Financial Instruments Measured on a Non-recurring Basis


	Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
	(In Thousands)
	Total Carrying Value in the Consolidated Balance Sheet		Quoted Market Prices in an Active Market (Level 1)		Models with Significant Observable Market Parameters (Level 2)		Models with Significant Unobservable Market Parameters (Level 3)
September 30, 2024
Other real estate owned	$	—		—		—		—
Collateral dependent loans (¹)		37,349		—		—		37,349
Total	$	37,349		—		—		37,349
December 31, 2023
Other real estate owned	$	—		—		—		—
Collateral dependent loans (¹)		4,838		—		—		4,838
Total	$	4,838		—		—		4,838

Schedule of Fair Value Assets Measured At Nonrecurring Basis


	Valuation Techniques (1)	Significant Unobservable Inputs	Weighted Average
Collateral dependent loans	Appraisal	Estimated costs to sell	10%
Other real estate owned	Appraisal	Estimated costs to sell	10%

Summary of Changes in Fair Value Due to Observable Factors


	For the Three Months Ended September 30,
	2024				2023
	Other Assets		Other Liabilities		Other Assets			Other Liabilities
Fair value, July 1	$	2,101		—	$	2,047			—
Total realized gains (losses) included in income		84		—		(42	)		—
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30		—		—		—			—
Purchases, issuances and settlements, net		—		—		—			—
Transfers out of Level 3		—		—		—			—
Fair value, September 30	$	2,185		—	$	2,005			—
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30	$	84		—	$	(42	)		—


	For the Nine Months Ended September 30,
	2024				2023
	Other Assets		Other Liabilities		Other Assets		Other Liabilities
Fair value, January 1	$	2,045		—	$	1,965		—
Total realized gains included in income		140		—		40		—
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30		—		—		—		—
Purchases, issuances and settlements, net		—		—		—		—
Transfers out of Level 3		—		—		—		—
Fair value, September 30	$	2,185		—	$	2,005		—
Total realized gains included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30	$	140		—	$	40		—

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments


	Carrying/ Notional		Estimated		Quoted Market Prices in an Active Market		Models with Significant Observable Market Parameters		Models with Significant Unobservable Market Parameters
(in Thousands)	Amount		Fair Value (¹)		(Level 1)		(Level 2)		(Level 3)
September 30, 2024
Financial assets:
Cash and cash equivalents	$	251,756		251,756		251,756		—		—
Loans, net		3,941,332		3,870,520		—		—		3,870,520
Mortgage servicing rights		1,072		1,362		—		1,362		—
Financial liabilities:
Deposits		4,706,581		4,276,100		—		—		4,276,100

December 31, 2023
Financial assets:
Cash and cash equivalents	$	252,635		252,635		252,635		—		—
Loans, net		3,550,675		3,372,666		—		—		3,372,666
Mortgage servicing rights		1,083		1,398		—		1,398		—
Financial liabilities:
Deposits		4,367,106		3,885,724		—		—		3,885,724

- Definition

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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