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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of financial assets and liabilities measured on a recurring basis | The following tables present assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements at December 31, 2024 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2024
Assets |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Obligations of U.S. Government sponsored entities |  | $ | — |  |  | $ | 249 |  |  | $ | — |  |  | $ | 249 |
Obligations of states and political subdivisions |  | — |  |  | 186,883 |  |  | — |  |  | 186,883 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 518,576 |  |  | — |  |  | 518,576 |
Collateralized loan obligations |  | — |  |  | 271,833 |  |  | — |  |  | 271,833 |
Corporate debt securities |  | — |  |  | 12,419 |  |  | 6,664 |  |  | 19,083 |
Equity securities |  | 10,885 |  |  | — |  |  | 603 |  |  | 11,488 |
Mortgage loans held for sale |  | — |  |  | 5,550 |  |  | — |  |  | 5,550 |
Mortgage IRLCs |  | — |  |  | 85 |  |  | — |  |  | 85 |
Loan interest rate swaps |  | — |  |  | 1,009 |  |  | — |  |  | 1,009 |
Liabilities |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 103 |  |  | $ | 103 |
Loan interest rate swaps |  | — |  |  | 1,009 |  |  | — |  |  | 1,009 |
Fair Value Measurements at December 31, 2023 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2023
Assets |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | — |  |  | $ | 241,184 |  |  | $ | — |  |  | $ | 241,184 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 635,475 |  |  | — |  |  | 635,475 |
Collateralized loan obligations |  | — |  |  | 438,286 |  |  | — |  |  | 438,286 |
Corporate debt securities |  | — |  |  | 11,548 |  |  | 6,349 |  |  | 17,897 |
Equity securities |  | 1,616 |  |  | — |  |  | 473 |  |  | 2,089 |
Mortgage loans held for sale |  | — |  |  | 3,235 |  |  | — |  |  | 3,235 |
Mortgage IRLCs |  | — |  |  | 87 |  |  | — |  |  | 87 |
Loan interest rate swaps |  | — |  |  | 1,069 |  |  | — |  |  | 1,069 |
Liabilities |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 123 |  |  | $ | 123 |
Loan interest rate swaps |  | — |  |  | 1,069 |  |  | — |  |  | 1,069 |
The following methods and assumptions were used by the Company in determining the fair value of the financial assets and financial liabilities discussed above: Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses and is classified as Level 3. Interest rate swaps: The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using DCF (Level 3). Mortgage interest rate lock commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2.
Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis | The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2024 and 2023, for financial instruments measured on a recurring basis and classified as Level 3:
Level 3 Fair Value Measurements
(In thousands) |  | Corporate debt securities |  | Equity securities |  | Fair value swap
Balance at January 1, 2024 |  | $ | 6,349 |  |  | $ | 473 |  |  | $ | (123) |
Transfers into (out of) level 3, net |  | — |  |  | — |  |  | — |
Total gains / (losses) |  |  |  |  |  |
Included in other income / other (expense) |  | — |  |  | 130 |  |  | (500) |
Included in other comprehensive income |  | 315 |  |  | — |  |  | — |
Purchases, sales, issuances and settlements, other, net |  | — |  |  | — |  |  | 520 |
Balance at December 31, 2024 |  | $ | 6,664 |  |  | $ | 603 |  |  | $ | (103) |
Balance at January 1, 2023 |  | $ | 7,000 |  |  | $ | 439 |  |  | $ | (243) |
Transfers into level 3 |  | 11 |  |  | — |  |  | — |
Total gains / (losses) |  |  |  |  |  |
Included in other income / other (expense) |  | — |  |  | 34 |  |  | (175) |
Included in other comprehensive income |  | (662) |  |  | — |  |  | — |
Purchases, sales, issuances and settlements, other, net |  | — |  |  | — |  |  | 295 |
Balance at December 31, 2023 |  | $ | 6,349 |  |  | $ | 473 |  |  | $ | (123) |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis |
Fair Value Measurements at December 31, 2024 Using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2024
Nonaccrual individually evaluated collateral dependent loans recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 1,022 |  |  | $ | 1,022 |
Residential real estate |  | — |  |  | — |  |  | 1,924 |  |  | 1,924 |
Total nonaccrual individually evaluated collateral dependent loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 2,946 |  |  | $ | 2,946 |
MSRs |  | $ | — |  |  | $ | 371 |  |  | $ | — |  |  | $ | 371 |
OREO recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 938 |  |  | $ | 938 |
Total OREO recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 938 |  |  | $ | 938 |
Fair Value Measurements at December 31, 2023 Using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2023
Nonaccrual individually evaluated collateral dependent loans recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 2,315 |  |  | $ | 2,315 |
Residential real estate |  | — |  |  | — |  |  | 182 |  |  | 182 |
Total nonaccrual individually evaluated collateral dependent loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 2,497 |  |  | $ | 2,497 |
MSRs |  | $ | — |  |  | $ | 866 |  |  | $ | — |  |  | $ | 866 |
OREO recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 938 |  |  | $ | 938 |
Total OREO recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 938 |  |  | $ | 938 |
Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2024 and December 31, 2023:
December 31, 2024
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Nonaccrual individually evaluated collateral dependent loans: |  |  |  |
Commercial real estate |  | $ | 1,022 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 30.0% (15.2%)
|  |  |  | Income approach |  | Capitalization rate |  | 9.5% - 10.0% (9.6%)
Residential real estate |  | $ | 1,924 |  |  | Sales comparison approach |  | Adj to comparables |  | 4.7% - 45.5% (21.6%)
|  |  |  | Income approach |  | Capitalization rate |  | 6.3% (6.3%)
Other real estate owned: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 938 |  |  | Sales comparison approach |  | Adj to comparables |  | 5.0% - 10.0% (7.5%)
|  |  |  | Cost approach |  | Entrepreneurial profit |  | 5.0% (5.0%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 50.0% (50.0%)
December 31, 2023
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Nonaccrual individually evaluated collateral dependent loans: |  |  |  |
Commercial real estate |  | $ | 2,315 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.2% - 89.0% (21.2%)
|  |  |  | Income approach |  | Capitalization rate |  | 7.5% - 9.5% (8.9%)
Residential real estate |  | $ | 182 |  |  | Sales comparison approach |  | Adj to comparables |  | 1.2% - 78.6% (7.6%)
Other real estate owned: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 938 |  |  | Sales comparison approach |  | Adj to comparables |  | 5.0% - 10.0% (7.5%)
|  |  |  | Cost approach |  | Entrepreneurial profit |  | 5.0% (5.0%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 50.0% (50.0%)
Fair value, by balance sheet grouping | The fair value of certain financial instruments at December 31, 2024 and December 31, 2023 was as follows:
|  | December 31, 2024
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 160,566 |  |  | $ | 160,566 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,566 |
Investment securities (1) |  | 996,624 |  |  | — |  |  | 989,960 |  |  | 6,664 |  |  | 996,624 |
Other investment securities (2) |  | 11,488 |  |  | 10,885 |  |  | — |  |  | 603 |  |  | 11,488 |
Mortgage loans held for sale |  | 5,550 |  |  | — |  |  | 5,550 |  |  | — |  |  | 5,550 |
Mortgage IRLCs |  | 85 |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Individually evaluated loans carried at fair value |  | 2,946 |  |  | — |  |  | — |  |  | 2,946 |  |  | 2,946 |
Other loans, net |  | 7,720,581 |  |  | — |  |  | — |  |  | 7,586,111 |  |  | 7,586,111 |
Loans receivable, net |  | $ | 7,729,162 |  |  | $ | — |  |  | $ | 5,635 |  |  | $ | 7,589,057 |  |  | $ | 7,594,692 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 735,297 |  |  | $ | — |  |  | $ | 736,188 |  |  | $ | — |  |  | $ | 736,188 |
Brokered deposits and Bid Ohio CDs |  | 176,486 |  |  | — |  |  | 176,522 |  |  | — |  |  | 176,522 |
Other |  | 1,265 |  |  | 1,265 |  |  | — |  |  | — |  |  | 1,265 |
Deposits (excluding demand deposits) |  | $ | 913,048 |  |  | $ | 1,265 |  |  | $ | 912,710 |  |  | $ | — |  |  | $ | 913,975 |
Short-term borrowings |  | $ | 90,432 |  |  | $ | — |  |  | $ | 90,432 |  |  | $ | — |  |  | $ | 90,432 |
Subordinated notes |  | 189,651 |  |  | — |  |  | 185,599 |  |  | — |  |  | 185,599 |
Derivative financial instruments - assets: |  |  |  |  |  |  |  |  |  |
Loan interest rate swaps |  | $ | 1,009 |  |  | $ | — |  |  | $ | 1,009 |  |  | $ | — |  |  | $ | 1,009 |
Derivative financial instruments - liabilities: |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |  |  | $ | 103 |
Loan interest rate swaps |  | 1,009 |  |  | — |  |  | 1,009 |  |  | — |  |  | 1,009 |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
|  | December 31, 2023
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 218,268 |  |  | $ | 218,268 |  |  | $ | — |  |  | $ | — |  |  | $ | 218,268 |
Investment securities (1) |  | 1,332,842 |  |  | — |  |  | 1,326,493 |  |  | 6,349 |  |  | 1,332,842 |
Other investment securities (2) |  | 2,089 |  |  | 1,616 |  |  | — |  |  | 473 |  |  | 2,089 |
Mortgage loans held for sale |  | 3,235 |  |  | — |  |  | 3,235 |  |  | — |  |  | 3,235 |
Mortgage IRLCs |  | 87 |  |  | — |  |  | 87 |  |  | — |  |  | 87 |
Individually evaluated loans carried at fair value |  | 2,497 |  |  | — |  |  | — |  |  | 2,497 |  |  | 2,497 |
Other loans, net |  | 7,386,657 |  |  | — |  |  | — |  |  | 7,200,851 |  |  | 7,200,851 |
Loans receivable, net |  | $ | 7,392,476 |  |  | $ | — |  |  | $ | 3,322 |  |  | $ | 7,203,348 |  |  | $ | 7,206,670 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 641,615 |  |  | $ | — |  |  | $ | 641,180 |  |  | $ | — |  |  | $ | 641,180 |
Brokered deposits and Bid Ohio CDs |  | 164,985 |  |  | — |  |  | 165,059 |  |  | — |  |  | 165,059 |
Other |  | 1,261 |  |  | 1,261 |  |  | — |  |  | — |  |  | 1,261 |
Deposits (excluding demand deposits) |  | $ | 807,861 |  |  | $ | 1,261 |  |  | $ | 806,239 |  |  | $ | — |  |  | $ | 807,500 |
Short-term borrowings |  | $ | 328,182 |  |  | $ | — |  |  | $ | 328,182 |  |  | $ | — |  |  | $ | 328,182 |
Subordinated notes |  | 189,147 |  |  | — |  |  | 172,059 |  |  | — |  |  | 172,059 |
Derivative financial instruments - assets: |  |  |  |  |  |  |  |  |  |
Loan interest rate swaps |  | $ | 1,069 |  |  | $ | — |  |  | $ | 1,069 |  |  | $ | — |  |  | $ | 1,069 |
Derivative financial instruments - liabilities: |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 123 |  |  | $ | — |  |  | $ | — |  |  | $ | 123 |  |  | $ | 123 |
Loan interest rate swaps |  | 1,069 |  |  | — |  |  | 1,069 |  |  | — |  |  | 1,069 |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
Financing Receivables Impaired |
|  | December 31, 2024
(In thousands) |  | Loan Balance |  | Prior Charge-Offs |  | Specific Valuation Allowance |  | Carrying Balance
Total nonaccrual individually evaluated collateral dependent loans recorded at fair value |  | $ | 2,986 |  |  | $ | 488 |  |  | $ | 40 |  |  | $ | 2,946 |
Remaining nonaccrual individually evaluated loans |  | 50,163 |  |  | 4,521 |  |  | 1,259 |  |  | 48,904 |
Total nonaccrual individually evaluated loans |  | $ | 53,149 |  |  | $ | 5,009 |  |  | $ | 1,299 |  |  | $ | 51,850 |
|  | December 31, 2023
(In thousands) |  | Recorded Investment |  | Prior Charge-Offs |  | Specific Valuation Allowance |  | Carrying Balance
Total nonaccrual individually evaluated collateral dependent loans recorded at fair value |  | $ | 2,499 |  |  | $ | 2,048 |  |  | $ | 2 |  |  | $ | 2,497 |
Remaining nonaccrual individually evaluated loans |  | 42,716 |  |  | 301 |  |  | 4,981 |  |  | 37,735 |
Total nonaccrual individually evaluated loans |  | $ | 45,215 |  |  | $ | 2,349 |  |  | $ | 4,983 |  |  | $ | 40,232 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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