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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and Liabilities Recorded at Fair Value on a 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:
| December 31, 2024
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 92,768 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,768 |
Obligations of U.S. government corporations and agencies | — |  |  | 15,071 |  |  | — |  |  | 15,071 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 596,284 |  |  | — |  |  | 596,284 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 33,207 |  |  | — |  |  | 33,207 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 224,798 |  |  | — |  |  | 224,798 |
Obligations of states and political subdivisions | — |  |  | 24,287 |  |  | — |  |  | 24,287 |
Total Available-for-Sale Debt Securities | 92,768 |  |  | 893,647 |  |  | — |  |  | 986,415 |
Equity securities | 1,176 |  |  | — |  |  | — |  |  | 1,176 |
Total Securities Available for Sale | 93,944 |  |  | 893,647 |  |  | — |  |  | 987,591 |
Securities held in a deferred compensation plan | 10,876 |  |  | — |  |  | — |  |  | 10,876 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swap contracts - commercial loans | — |  |  | 60,890 |  |  | — |  |  | 60,890 |
Total Assets | $ | 104,820 |  |  | $ | 954,537 |  |  | $ | — |  |  | $ | 1,059,357 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swap contracts - commercial loans | $ | — |  |  | $ | 61,271 |  |  | $ | — |  |  | $ | 61,271 |
Interest rate swap contracts - cash flow hedge | — |  |  | 9,589 |  |  | — |  |  | 9,589 |
Total Liabilities | $ | — |  |  | $ | 70,860 |  |  | $ | — |  |  | $ | 70,860 |
| 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 swap contracts - commercial loans | — |  |  | 63,018 |  |  | — |  |  | 63,018 |
Total Assets | $ | 144,195 |  |  | $ | 898,613 |  |  | $ | — |  |  | $ | 1,042,808 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swap contracts - commercial loans | $ | — |  |  | $ | 63,554 |  |  | $ | — |  |  | $ | 63,554 |
Interest rate swap contracts - cash flow hedge | — |  |  | 14,739 |  |  | — |  |  | 14,739 |
Total Liabilities | $ | — |  |  | $ | 78,293 |  |  | $ | — |  |  | $ | 78,293 |
Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at both December 31, 2024 and December 31, 2023. There were $6.8 million of individually evaluated loans measured at fair value and classified as Level 3 on a nonrecurring basis as of December 31, 2024 and $5.9 million of individually evaluated loans measured at fair value and classified as Level 2 on a nonrecurring basis as of December 31, 2023. Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis were as follows at December 31, 2024:
| December 31, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs | Range | Weighted Average
(dollars in thousands)
Loans individually evaluated | $6,830 |  | Appraisals of collateral |  | Appraisal adjustments(1) | 20.00% | - | 75.00% | 63.06%
(1) Represents adjustments to appraised values related to market conditions and liquidation estimates based on management judgement.
Fair Value 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 December 31, 2024
(dollars in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 244,820 |  |  | $ | 244,820 |  |  | $ | 244,820 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 987,591 |  |  | 987,591 |  |  | 93,944 |  |  | 893,647 |  |  | — |
Portfolio loans, net | 7,641,464 |  |  | 7,362,898 |  |  | — |  |  | — |  |  | 7,362,898 |
Collateral receivable | 2,034 |  |  | 2,034 |  |  | 2,034 |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 10,876 |  |  | 10,876 |  |  | 10,876 |  |  | — |  |  | — |
Mortgage servicing rights | 5,646 |  |  | 8,533 |  |  | — |  |  | — |  |  | 8,533 |
Interest rate swap contracts - commercial loans | 60,890 |  |  | 60,890 |  |  | — |  |  | 60,890 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,783,117 |  |  | $ | 7,778,740 |  |  | $ | 5,916,154 |  |  | $ | 1,862,586 |  |  | $ | — |
Collateral payable | 52,516 |  |  | 52,516 |  |  | 52,516 |  |  | — |  |  | — |
Short-term borrowings | 150,000 |  |  | 150,000 |  |  | — |  |  | 150,000 |  |  | — |
Long-term borrowings | 50,896 |  |  | 50,652 |  |  | — |  |  | 50,652 |  |  | — |
Junior subordinated debt securities | 49,418 |  |  | 49,418 |  |  | — |  |  | 49,418 |  |  | — |
Interest rate swap contracts - commercial loans | 61,271 |  |  | 61,271 |  |  | — |  |  | 61,271 |  |  | — |
Interest rate swap contracts - cash flow hedge | 9,589 |  |  | 9,589 |  |  | — |  |  | 9,589 |  |  | — |
(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 |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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