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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis
The tables below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):
Fair value at December 31, 2024TotalLevel 1Level 2Level 3
Marketable equity securities$2,609 $2,609 $— $— 
Debt securities available for sale:
Obligations of U.S. government agencies1,094,185 — 1,094,185 — 
Obligations of states and political subdivisions220,744 — 220,744 — 
Corporate bonds5,837 — 5,837 — 
Asset backed securities314,263 — 314,263 — 
Non-agency collateralized mortgage obligations269,856 — 269,856 — 
Loans held for sale709 — 709 — 
Mortgage servicing rights6,626 — — 6,626 
Total assets measured at fair value$1,914,829 $2,609 $1,905,594 $6,626 

Fair value at December 31, 2023TotalLevel 1Level 2Level 3
Marketable equity securities$2,634 $2,634 $— $— 
Debt securities available for sale:
Obligations of U.S. government agencies1,221,737 — 1,221,737 — 
Obligations of states and political subdivisions236,375 — 236,375 — 
Corporate bonds5,602 — 5,602 — 
Asset backed securities355,281 — 355,281 — 
Non-agency collateralized mortgage obligation333,509 — 333,509 — 
Loans held for sale458 — 458 — 
Mortgage servicing rights6,606 — — 6,606 
Total assets measured at fair value$2,162,202 $2,634 $2,152,962 $6,606 
Reconciliation of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) on Recurring Basis
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2024, 2023, and 2022. Had there been any transfer into or out of Level 3 during 2024, 2023, or 2022, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):
Year ended December 31,Beginning
Balance
Transfers
into (out of)
Level 3
Change
Included
in Earnings
IssuancesEnding
Balance
2024: Mortgage servicing rights$6,606 — $(480)$500 $6,626 
2023: Mortgage servicing rights$6,712 — $(506)$400 $6,606 
2022: Mortgage servicing rights$5,874 — $301 $537 $6,712 
Quantitative Information about Recurring Level 3 Fair Value Measurements
The following table present quantitative information about recurring Level 3 fair value measurements at December 31, 2024 and 2023:
December 31, 2024Fair Value
(in thousands)
Valuation
Technique
Unobservable
Inputs
Range,
Weighted
Average
Mortgage Servicing Rights$6,626Discounted
cash flow
Constant
prepayment rate
6%-11%, 7%
Discount rate
10%-14%, 12%
December 31, 2023
Mortgage Servicing Rights$6,606Discounted
cash flow
Constant
prepayment rate
6%-13%, 7%
Discount rate
10%-14%, 12%
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated.
December 31, 2024TotalLevel 1Level 2Level 3
Fair value:
Individually evaluated loans$8,770 — — $8,770 
Real estate owned709 — — 709 
Total assets measured at fair value$9,479 — — $9,479 
December 31, 2023TotalLevel 1Level 2Level 3
Fair value:
Individually evaluated loans$4,175 — — $4,175 
Real estate owned50 — — 50 
Total assets measured at fair value$4,225 — — $4,225 
The tables below present the gains (losses) resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated, regardless of whether the asset is still being held at fair value at period end (in thousands):
December 31,
20242023
Individually evaluated loans$(4,575)$(4,498)
Real estate owned(19)(312)
Total losses from non-recurring measurements$(4,594)$(4,810)
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Nonrecurring Basis
The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2024 and 2023:
December 31, 2024Fair Value
(in thousands)
Valuation TechniqueUnobservable InputsRange,
Weighted Average
Individually evaluated loans$8,770 Sales comparison
approach;
Income approach
Adjustment for differences between
comparable sales; Capitalization rate
Not meaningful;
N/A
Real estate owned (Residential)$709 Sales comparison
approach;
Income approach
Adjustment for differences between
comparable sales; Capitalization rate
Not meaningful;
N/A
December 31, 2023Fair Value
(in thousands)
Valuation TechniqueUnobservable InputsRange,
Weighted Average
Individually evaluated loans$4,175 Sales comparison
approach;
Income approach
Adjustment for differences between
comparable sales; Capitalization rate
Not meaningful;
N/A
Real estate owned (Residential)$50 Sales comparison
approach
Adjustment for differences between
comparable sales
Not meaningful;
N/A
Estimated Fair Values of Financial Instruments that are Reported at Amortized Cost in Consolidated Balance Sheets
The estimated fair values of financial instruments that are reported at amortized cost in the Corporation’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (in thousands):

December 31, 2024December 31, 2023
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$85,409 $85,409 $81,626 $81,626 
Cash at Federal Reserve and other banks59,547 59,547 17,075 17,075 
Level 2 inputs:
Securities held to maturity111,866 104,349 133,494 125,126 
Level 3 inputs:
Loans, net
6,643,157 6,293,727 6,672,948 6,278,577 
Financial liabilities:
Level 2 inputs:
Deposits8,087,576 8,085,150 7,834,038 7,828,554 
Other borrowings89,610 89,780 632,582 632,582 
Level 3 inputs:
Junior subordinated debt101,191 103,630 101,099 95,407