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Fair Value (Tables)

12 Months Ended

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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Financing Receivables Impaired

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Schedule Of Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis [Table Text Block]

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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.

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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).

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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

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-Topic 820
-SubTopic 10
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