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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair value measurements  
Schedule of differences between the fair value carrying amount of mortgages held for sale measured at fair value and the aggregate unpaid principal amount
The following table shows the differences between the fair value carrying amount of mortgages held for sale measured at fair value and the aggregate unpaid principal amount the Company is contractually entitled to receive at maturity.
(Dollars in thousands)Fair value 
carrying
amount		Aggregate
unpaid principal		Excess of fair value carrying amount over (under) unpaid principal 
June 30, 2025    
Mortgages held for sale reported at fair value$4,334 $4,025 $309 (1)
December 31, 2024    
Mortgages held for sale reported at fair value$2,569 $2,343 $226 (1)
(1)The excess of fair value carrying amount over (under) unpaid principal is included in mortgage banking income and includes changes in fair value at and subsequent to funding and gains and losses on the related loan commitment prior to funding.
Schedule of assets and liabilities measured at fair value on a recurring basis
The following table shows the balance of assets and liabilities measured at fair value on a recurring basis.
(Dollars in thousands)Level 1Level 2Level 3Total
June 30, 2025    
Assets:    
Investment securities available-for-sale:    
U.S. Treasury and Federal agencies securities$402,230 $287,201 $— $689,431 
U.S. States and political subdivisions securities— 98,892 971 99,863 
Mortgage-backed securities — Federal agencies— 666,863 — 666,863 
Total debt securities available-for-sale402,230 1,052,956 971 1,456,157 
Mortgages held for sale— 4,334 — 4,334 
Accrued income and other assets (interest rate swap agreements)— 18,496 — 18,496 
Total$402,230 $1,075,786 $971 $1,478,987 
Liabilities:    
Accrued expenses and other liabilities (interest rate swap agreements)$— $18,843 $— $18,843 
Total$— $18,843 $— $18,843 
December 31, 2024    
Assets:    
Investment securities available-for-sale:    
U.S. Treasury and Federal agencies securities$446,021 $311,728 $— $757,749 
U.S. States and political subdivisions securities— 81,600 1,032 82,632 
Mortgage-backed securities — Federal agencies— 695,918 — 695,918 
Total debt securities available-for-sale446,021 1,089,246 1,032 1,536,299 
Mortgages held for sale— 2,569 — 2,569 
Accrued income and other assets (interest rate swap agreements)— 16,424 — 16,424 
Total$446,021 $1,108,239 $1,032 $1,555,292 
Liabilities:    
Accrued expenses and other liabilities (interest rate swap agreements)$— $16,727 $— $16,727 
Total$— $16,727 $— $16,727 
Schedule of changes in investment securities available-for-sale Level 3 assets measured at fair value on a recurring basis
The following table shows changes in Level 3 assets measured at fair value on a recurring basis for the quarter ended June 30, 2025, and 2024.
(Dollars in thousands)U.S. States and
political
subdivisions
securities
Beginning balance April 1, 2025$958 
Total gains or losses (realized/unrealized): 
Included in earnings— 
Included in other comprehensive income (loss)13 
Purchases— 
Issuances— 
Sales— 
Settlements— 
Maturities— 
Transfers into Level 3— 
Transfers out of Level 3— 
Ending balance June 30, 2025$971 
Beginning balance April 1, 2024$1,044 
Total gains or losses (realized/unrealized): 
Included in earnings— 
Included in other comprehensive income (loss)(7)
Purchases— 
Issuances— 
Sales— 
Settlements— 
Maturities— 
Transfers into Level 3— 
Transfers out of Level 3— 
Ending balance June 30, 2024$1,037 
Schedule of carrying value of assets measured at fair value on a non-recurring basis
The following table shows the carrying value of assets measured at fair value on a non-recurring basis.
(Dollars in thousands)Level 1Level 2Level 3Total
June 30, 2025    
Collateral-dependent impaired loans$— $— $33,725 $33,725 
Accrued income and other assets (mortgage servicing rights)— — 3,313 3,313 
Accrued income and other assets (repossessions)— — 3,549 3,549 
Total$— $— $40,587 $40,587 
December 31, 2024    
Collateral-dependent impaired loans$— $— $725 $725 
Accrued income and other assets (mortgage servicing rights)— — 3,436 3,436 
Accrued income and other assets (repossessions)— — 155 155 
Accrued income and other assets (other real estate)— — 460 460 
Total$— $— $4,776 $4,776 
Schedule of fair values of financial instruments
The following table shows the fair values of the Company’s financial instruments.
(Dollars in thousands)Carrying or Contract ValueFair ValueLevel 1Level 2Level 3
June 30, 2025     
Assets:     
Cash and due from banks$88,810 $88,810 $88,810 $— $— 
Federal funds sold and interest bearing deposits with other banks60,298 60,298 60,298 — — 
Investment securities, available-for-sale1,456,157 1,456,157 402,230 1,052,956 971 
Other investments22,140 22,140 22,140 — — 
Mortgages held for sale4,334 4,334 — 4,334 — 
Loans and leases, net of allowance for loan and lease losses6,934,485 6,902,532 — — 6,902,532 
Mortgage servicing rights3,313 7,732 — — 7,732 
Accrued interest receivable32,368 32,368 — 32,368 — 
Interest rate swaps18,496 18,496 — 18,496 — 
Liabilities:     
Deposits$7,442,669 $7,438,185 $5,544,815 $1,893,370 $— 
Short-term borrowings110,058 110,058 60,011 50,047 — 
Long-term debt and mandatorily redeemable securities41,850 41,639 — 41,639 — 
Subordinated notes58,764 59,081 — 59,081 — 
Accrued interest payable26,113 26,113 — 26,113 — 
Interest rate swaps18,843 18,843 — 18,843 — 
Off-balance-sheet instruments *— 110 — 110 — 
December 31, 2024     
Assets:     
Cash and due from banks$76,837 $76,837 $76,837 $— $— 
Federal funds sold and interest bearing deposits with other banks47,989 47,989 47,989 — — 
Investment securities, available-for-sale1,536,299 1,536,299 446,021 1,089,246 1,032 
Other investments23,855 23,855 23,855 — — 
Mortgages held for sale2,569 2,569 — 2,569 — 
Loans and leases, net of allowance for loan and lease losses6,699,268 6,608,109 — — 6,608,109 
Mortgage servicing rights3,436 7,480 — — 7,480 
Accrued interest receivable32,790 32,790 — 32,790 — 
Interest rate swaps16,424 16,424 — 16,424 — 
Liabilities:     
Deposits$7,230,035 $7,226,239 $5,440,309 $1,785,930 $— 
Short-term borrowings249,198 249,198 74,198 175,000 — 
Long-term debt and mandatorily redeemable securities39,156 38,784 — 38,784 — 
Subordinated notes58,764 56,903 — 56,903 — 
Accrued interest payable36,494 36,494 — 36,494 — 
Interest rate swaps16,727 16,727 — 16,727 — 
Off-balance-sheet instruments *— 144 — 144 — 
* Represents estimated cash outflows required to currently settle the obligations at current market rates.
Recurring  
Fair value measurements  
Schedule of valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis
The following table shows the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis.
(Dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
June 30, 2025    
Debt securities available-for sale    
Direct placement municipal securities
$971 Discounted cash flowsCredit spread assumption
3.30% - 4.26%
3.70 %
December 31, 2024    
Debt securities available-for sale
    
Direct placement municipal securities
$1,032 Discounted cash flowsCredit spread assumption
1.15% - 4.59%
3.96 %
Non-recurring  
Fair value measurements  
Schedule of valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis
The following table below shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a non-recurring basis.
(Dollars in thousands)Carrying ValueFair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
June 30, 2025     
Collateral-dependent impaired loans$33,725 $33,725 Collateral based measurements including appraisals, trade publications, and auction valuesDiscount for lack of marketability and current conditions
10% - 50%
31.7 %
Mortgage servicing rights3,313 7,732 Discounted cash flowsConstant prepayment rate (CPR)
6.0% - 25.6%
6.7 %
    Discount rate
10.8% - 12.8%
10.9 %
Repossessions3,549 3,639 Appraisals, trade publications and auction valuesDiscount for lack of marketability
0% - 40%
2 %
December 31, 2024     
Collateral-dependent impaired loans$725 $725 Collateral based measurements including appraisals, trade publications, and auction valuesDiscount for lack of marketability and current conditions
25% - 30%
28.0 %
Mortgage servicing rights3,436 7,480 Discounted cash flowsConstant prepayment rate (CPR)
7.6% - 23.0%
7.6 %
    Discount rate
11.1% - 13.1%
11.3 %
Repossessions155 170 Appraisals, trade publications and auction valuesDiscount for lack of marketability
0% - 10%
9 %
Other real estate460 500 AppraisalsDiscount for lack of marketability
0% - 8%
8 %