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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:

			June 30, 2024
(dollars in thousands)			Level 1						Level 2						Level 3						Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities			$	113,449					$	—					$	—					$	113,449
Obligations of U.S. government corporations and agencies			—						24,786						—						24,786
Collateralized mortgage obligations of U.S. government corporations and agencies			—						519,325						—						519,325
Residential mortgage-backed securities of U.S. government corporations and agencies			—						35,298						—						35,298
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						256,540						—						256,540
Obligations of states and political subdivisions			—						24,441						—						24,441
Total Available-for-Sale Debt Securities			113,449						860,390						—						973,839
Equity securities			4,119						—						—						4,119
Total Securities Available for Sale			117,568						860,390						—						977,958
Securities held in a deferred compensation plan			10,503						—						—						10,503
Derivative financial assets:
Interest rate swaps - commercial loans			—						70,313						—						70,313
Total Assets			$	128,071					$	930,703					$	—					$	1,058,774
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans			$	—					$	70,765					$	—					$	70,765
Interest rate swaps - cash flow hedge			—						17,156						—						17,156
Total Liabilities			$	—					$	87,921					$	—					$	87,921

			December 31, 2023
(dollars in thousands)			Level 1						Level 2						Level 3						Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities			$	133,786					$	—					$	—					$	133,786
Obligations of U.S. government corporations and agencies			—						32,513						—						32,513
Collateralized mortgage obligations of U.S. government corporations and agencies			—						460,939						—						460,939
Residential mortgage-backed securities of U.S. government corporations and agencies			—						38,177						—						38,177
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						273,425						—						273,425
Obligations of states and political subdivisions			—						30,468						—						30,468
Total Available-for-Sale Debt Securities			133,786						835,522						—						969,308
Equity securities			1,010						73						—						1,083
Total Securities Available for Sale			134,796						835,595						—						970,391
Securities held in a deferred compensation plan			9,399						—						—						9,399
Derivative financial assets:
Interest rate swaps - commercial loans			—						63,018						—						63,018
Total Assets			$	144,195					$	898,613					$	—					$	1,042,808
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans			$	—					$	63,554					$	—					$	63,554
Interest rate swaps - cash flow hedge			—						14,739						—						14,739
Total Liabilities			$	—					$	78,293					$	—					$	78,293

Schedule of Carrying Values and Fair Values of Financial Instruments

The following tables present the carrying values and fair values of our financial instruments at the dates presented:

			Carrying Value(1)						Fair Value Measurements at June 30, 2024
(dollars in thousands)									Total						Level 1						Level 2						Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits			$	246,310					$	246,310					$	246,310					$	—					$	—
Securities available for sale			977,958						977,958						117,568						860,390						—
Loans held for sale			188						188						—						188						—
Portfolio loans, net			7,607,420						7,306,637						—						—						7,306,637
Collateral receivable			6,265						6,265						6,265						—						—
Securities held in a deferred compensation plan			10,503						10,503						10,503						—						—
Mortgage servicing rights			5,972						8,664						—						—						8,664
Interest rate swaps - commercial loans			70,313						70,313						—						70,313						—
LIABILITIES
Deposits			$	7,680,336					$	7,669,604					$	5,911,186					$	1,758,418					$	—
Collateral payable			56,680						56,680						56,680						—						—
Short-term borrowings			275,000						274,593						—						274,593						—
Long-term borrowings			39,034						38,881						—						38,881						—
Junior subordinated debt securities			49,388						49,388						—						49,388						—
Interest rate swaps - commercial loans			70,765						70,765						—						70,765						—
Interest rate swaps - cash flow hedge			17,156						17,156						—						17,156						—
(1) As reported in the Consolidated Balance Sheets

			Carrying Value(1)						Fair Value Measurements at December 31, 2023
(dollars in thousands)									Total						Level 1						Level 2						Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits			$	233,612					$	233,612					$	233,612					$	—					$	—
Securities available for sale			970,391						970,391						134,796						835,595						—
Loans held for sale			153						153						—						153						—
Portfolio loans, net			7,545,375						7,263,270						—						—						7,263,270
Collateral receivable			5,356						5,356						5,356						—						—
Securities held in a deferred compensation plan			9,399						9,399						9,399						—						—
Mortgage servicing rights			6,345						8,704						—						—						8,704
Interest rate swaps - commercial loans			63,018						63,018						—						63,018						—
LIABILITIES
Deposits			$	7,521,769					$	7,511,598					$	5,940,117					$	1,571,481					$	—
Collateral payable			50,920						50,920						50,920						—						—
Short-term borrowings			415,000						415,000						—						415,000						—
Long-term borrowings			39,277						38,995						—						38,995						—
Junior subordinated debt securities			49,358						49,358						—						49,358						—
Interest rate swaps - commercial loans			63,554						63,554						—						63,554						—
Interest rate swaps - cash flow hedge			14,739						14,739						—						14,739						—
(1) As reported in the Consolidated Balance Sheets

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

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X

- 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

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