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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025
(dollars in thousands)			Level 1						Level 2						Level 3						Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities			$	93,992					$	—					$	—					$	93,992
Obligations of U.S. government corporations and agencies			—						10,163						—						10,163
Collateralized mortgage obligations of U.S. government corporations and agencies			—						648,306						—						648,306
Residential mortgage-backed securities of U.S. government corporations and agencies			—						32,569						—						32,569
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						230,030						—						230,030
Obligations of states and political subdivisions			—						4,959						—						4,959
Total Available-for-Sale Debt Securities			93,992						926,027						—						1,020,019
Equity securities			1,164						—						—						1,164
Total Securities Available for Sale			95,156						926,027						—						1,021,183
Securities held in a deferred compensation plan			13,041						—						—						13,041
Derivative financial assets:
Interest rate swap contracts - commercial loans			—						39,907						—						39,907
Total Assets			$	108,197					$	965,934					$	—					$	1,074,131
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans			$	—					$	40,245					$	—					$	40,245
Interest rate swap contracts - cash flow hedge			—						4,686						—						4,686
Total Liabilities			$	—					$	44,931					$	—					$	44,931

			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

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

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.

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, 2025
(dollars in thousands)									Total						Level 1						Level 2						Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits			$	203,118					$	203,118					$	203,118					$	—					$	—
Securities available for sale			1,021,183						1,021,183						95,156						926,027						—
Portfolio loans, net			7,835,854						7,625,921						—						—						7,625,921
Collateral receivable			602						602						602						—						—
Securities held in a deferred compensation plan			13,041						13,041						13,041						—						—
Mortgage servicing rights			5,316						7,846						—						—						7,846
Interest rate swap contracts - commercial loans			39,907						39,907						—						39,907						—
LIABILITIES
Deposits			$	7,920,920					$	7,915,269					$	6,036,149					$	1,879,120					$	—
Collateral payable			32,880						32,880						32,880						—						—
Short-term borrowings			150,000						150,000						—						150,000						—
Long-term borrowings			50,856						50,816						—						50,816						—
Junior subordinated debt securities			49,448						49,448						—						49,448						—
Interest rate swap contracts - commercial loans			40,245						40,245						—						40,245						—
Interest rate swap contracts - cash flow hedge			4,686						4,686						—						4,686						—
(1) As reported in the Consolidated Balance Sheets

			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 swaps - 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 swaps - commercial loans			61,271						61,271						—						61,271						—
Interest rate swaps - cash flow hedge			9,589						9,589						—						9,589						—
(1) As reported in the Consolidated Balance Sheets

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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-Topic 820
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-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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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

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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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-Publisher FASB
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