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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis:

 

Fair Value Measurements at March 31, 2025 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at March 31, 2025
Assets
Investment securities:
Obligations of states and political subdivisions						$	—					$	191,438					$	—					$	191,438
U.S. Government sponsored entities’ asset-backed securities						—						526,178						—						526,178
Collateralized loan obligations						—						200,974						—						200,974
Corporate debt securities						—						12,927						6,722						19,649
Equity securities						11,390						—						611						12,001
Mortgage loans held for sale						—						4,903						—						4,903
Mortgage IRLCs						—						132						—						132
Loan interest rate swaps						—						774						—						774
Liabilities
Fair value swap						$	—					$	—					$	233					$	233
Loan interest rate swaps						—						774						—						774

 

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

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 three-month periods ended March 31, 2025 and 2024, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
Three months ended March 31, 2025 and 2024
(In thousands)						Corporate debt securities						Equity securities						Fair value swap
Balance at January 1, 2025						$	6,664					$	603					$	(103)
Transfer into (out of) level 3, net						—						—						—
Total gains / (losses)
Included in other income / other (expense)						—						8						(130)
Included in other comprehensive income						58						—						—
Balance at March 31, 2025						$	6,722					$	611					$	(233)
Balance at January 1, 2024						$	6,349					$	473					$	(123)
Transfers into (out of) level 3, net						—						—						—
Total gains
Included in other income						—						22						—
Included in other comprehensive income						23						—						—
Balance at March 31, 2024						$	6,372					$	495					$	(123)

Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis

The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At March 31, 2025 and December 31, 2024, there were no PCD loans carried at fair value. Additionally, there were no accruing, individually evaluated, collateral-dependent loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair

value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. There were no OREO properties recorded at fair value as of March 31, 2025.

Fair Value Measurements at March 31, 2025 using:
(In thousands)						Level 1						Level 2						Level 3						Balance at March 31, 2025
Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value:
Commercial real estate						$	—					$	—					$	943					$	943
Residential real estate						—						—						18						18
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value						$	—					$	—					$	961					$	961
MSRs						$	—					$	356					$	—					$	356

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

Impaired Financing Receivables at fair value

						March 31, 2025
(In thousands)						Loan Balance						Prior Charge-Offs						Specific Valuation Allowance						Carrying Balance
Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value						$	1,029					$	488					$	68					$	961
Remaining nonaccrual, individually evaluated loans						46,689						2,928						976						45,713
Total nonaccrual, individually evaluated loans						$	47,718					$	3,416					$	1,044					$	46,674

						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

Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024:

March 31, 2025

(In thousands)

Fair Value

Valuation Technique

Unobservable Input(s)

Range (Weighted Average)

Nonaccrual, individually evaluated, collateral-dependent loans:

Commercial real estate

$

943

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

$

18

Sales comparison approach

Adj to comparables

11.9% - 38.9% (25.4%)

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%)

Fair Value, by Balance Sheet Grouping

The fair value of certain financial instruments at March 31, 2025 and at December 31, 2024, was as follows:

						March 31, 2025
												Fair Value Measurements
(In thousands)						Carrying value						Level 1						Level 2						Level 3						Total fair value
Financial assets:
Cash and money market instruments						$	237,614					$	237,614					$	—					$	—					$	237,614
Investment securities (1)						938,239						—						931,517						6,722						938,239
Other investment securities (2)						12,001						11,390						—						611						12,001
Mortgage loans held for sale						4,903						—						4,903						—						4,903
Mortgage IRLCs						132						—						132						—						132
Individually evaluated loans carried at fair value						961						—						—						961						961
Other loans, net						7,789,609						—						—						7,659,057						7,659,057
Loans receivable, net						$	7,795,605					$	—					$	5,035					$	7,660,018					$	7,665,053
Financial liabilities:
Time deposits						$	764,722					$	—					$	765,367					$	—					$	765,367
Brokered deposits and Bid Ohio CDs						45,499						—						45,488						—						45,488
Other						2,314						2,314						—						—						2,314
Deposits (excluding demand deposits)						$	812,535					$	2,314					$	810,855					$	—					$	813,169
Short-term borrowings						$	80,977					$	—					$	80,977					$	—					$	80,977
Subordinated notes						189,780						—						187,681						—						187,681
Derivative financial instruments - assets:
Loan interest rate swaps						$	774					$	—					$	774					$	—					$	774
Derivative financial instruments - liabilities:
Fair value swap						$	233					$	—					$	—					$	233					$	233
Loan interest rate swaps						774						—						774						—						774

(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, 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.

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Impaired Financing Receivables at fair value

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Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis.

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Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring 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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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Topic 820
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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

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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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