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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Recorded on a Recurring Basis | The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at December 31, 2024, and December 31, 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. There were no changes in the valuation techniques during 2024 or 2023.
| December 31, 2024 |
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
State and municipal securities | $ | — |  |  | $ | 221,222 |  |  | $ | 34,754 |  |  | $ | 255,976 |  |
Corporate bonds | — |  |  | 77,236 |  |  | 1,000 |  |  | 78,236 |  |
U.S. government agency securities | — |  |  | 13,805 |  |  | — |  |  | 13,805 |  |
Commercial mortgage-backed securities | — |  |  | 44,284 |  |  | — |  |  | 44,284 |  |
Residential mortgage-backed securities | — |  |  | 540,834 |  |  | — |  |  | 540,834 |  |
Commercial collateralized mortgage obligations | — |  |  | 28,566 |  |  | — |  |  | 28,566 |  |
Residential collateralized mortgage obligations | — |  |  | 140,827 |  |  | — |  |  | 140,827 |  |
Securities available for sale | — |  |  | 1,066,774 |  |  | 35,754 |  |  | 1,102,528 |  |
Securities carried at fair value through income | — |  |  | — |  |  | 6,512 |  |  | 6,512 |  |
Loans held for sale | — |  |  | 10,494 |  |  | — |  |  | 10,494 |  |
Rabbi Trust assets | 509 |  |  | — |  |  | — |  |  | 509 |  |
Other assets - derivatives | — |  |  | 15,595 |  |  | — |  |  | 15,595 |  |
Total recurring fair value measurements - assets | $ | 509 |  |  | $ | 1,092,863 |  |  | $ | 42,266 |  |  | $ | 1,135,638 |  |
Other liabilities - derivatives | — |  |  | (14,959) |  |  | — |  |  | (14,959) |  |
Total recurring fair value measurements - liabilities | $ | — |  |  | $ | (14,959) |  |  | $ | — |  |  | $ | (14,959) |  |
| December 31, 2023 |
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
State and municipal securities | $ | — |  |  | $ | 232,679 |  |  | $ | 49,447 |  |  | $ | 282,126 |  |
Corporate bonds | — |  |  | 82,635 |  |  | 1,000 |  |  | 83,635 |  |
U.S. treasury securities | 55,480 |  |  | — |  |  | — |  |  | 55,480 |  |
U.S. government agency securities | — |  |  | 24,160 |  |  | — |  |  | 24,160 |  |
Commercial mortgage-backed securities | — |  |  | 93,396 |  |  | — |  |  | 93,396 |  |
Residential mortgage-backed securities | — |  |  | 506,502 |  |  | — |  |  | 506,502 |  |
Commercial collateralized mortgage obligations | — |  |  | 35,183 |  |  | — |  |  | 35,183 |  |
Residential collateralized mortgage obligations | — |  |  | 130,144 |  |  | — |  |  | 130,144 |  |
Asset-backed securities | — |  |  | 43,005 |  |  | — |  |  | 43,005 |  |
Securities available for sale | 55,480 |  |  | 1,147,704 |  |  | 50,447 |  |  | 1,253,631 |  |
Securities carried at fair value through income | — |  |  | — |  |  | 6,808 |  |  | 6,808 |  |
Loans held for sale | — |  |  | 16,852 |  |  | — |  |  | 16,852 |  |
Mortgage servicing rights | — |  |  | — |  |  | 15,637 |  |  | 15,637 |  |
Other assets - derivatives | — |  |  | 20,487 |  |  | — |  |  | 20,487 |  |
Total recurring fair value measurements - assets | $ | 55,480 |  |  | $ | 1,185,043 |  |  | $ | 72,892 |  |  | $ | 1,313,415 |  |
Other liabilities - derivatives | — |  |  | (18,300) |  |  | — |  |  | (18,300) |  |
Total recurring fair value measurements - liabilities | $ | — |  |  | $ | (18,300) |  |  | $ | — |  |  | $ | (18,300) |  |
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023, are summarized as follows:
(Dollars in thousands) |  |  | MSR Asset |  | Securities Available for Sale |  | Securities at Fair Value Through Income |
Balance at January 1, 2024 |  |  | $ | 15,637 |  |  | $ | 50,447 |  |  | $ | 6,808 |  |
Gain (loss) recognized in earnings: |  |  |  |  |  |  |  |
Mortgage banking revenue |  |  | 450 |  |  | — |  |  | — |  |
Other noninterest income |  |  | — |  |  | — |  |  | 3 |  |
Gain recognized in AOCI |  |  | — |  |  | 272 |  |  | — |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  | 5,396 |  |  | — |  |
Sales |  |  | (16,087) |  |  | — |  |  | — |  |
Settlements |  |  | — |  |  | (20,361) |  |  | (299) |  |
Balance at December 31, 2024 |  |  | $ | — |  |  | $ | 35,754 |  |  | $ | 6,512 |  |
(Dollars in thousands) |  |  | MSR Asset |  | Securities Available for Sale |  | Securities at Fair Value Through Income
Balance at January 1, 2023 |  |  | $ | 20,824 |  |  | $ | 55,769 |  |  | $ | 6,368 |
Gain (loss) recognized in earnings: |  |  |  |  |  |  |
Mortgage banking revenue(1) |  |  | (4,089) |  |  | — |  |  | — |
Other noninterest income |  |  | — |  |  | — |  |  | 725 |
Loss recognized in AOCI |  |  | — |  |  | (193) |  |  | — |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |
Originations |  |  | 708 |  |  | — |  |  | — |
Sales |  |  | (1,806) |  |  | — |  |  | — |
Settlements |  |  | — |  |  | (5,129) |  |  | (285) |
Balance at December 31, 2023 |  |  | $ | 15,637 |  |  | $ | 50,447 |  |  | $ | 6,808 |
___________________________ (1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.
Schedule of Significant Assumptions Used to Value Mortgage Servicing Rights | The significant assumptions used to value MSR assets were as follows:
|  |  | December 31, 2023 |
|  |  |  |  | Range |  | Weighted Average(1) |
Prepayment speeds |  |  |  |  | 7.49% - 8.50% |  | 8.10 | % |
Discount rates |  |  |  |  | 10.25% - 12.75% |  | 10.31 | % |
__________________________ (1)The weighted average was calculated with reference to the principal balance of the underlying mortgages.
Schedule of Difference Between Fair Value and the Unpaid Principal Balance for Financial Instruments for which the Fair Value Option has been Elected and Classified in Income Statement | The following tables summarize the difference between the fair value and the unpaid principal balance, amortized cost or contributions, respectively, for financial instruments for which the fair value option has been elected:
| December 31, 2024
(Dollars in thousands) | Aggregate Fair Value |  | Principal Balance/Amortized Cost/Contributions |  | Difference
Loans held for sale(1) | $ | 10,494 |  |  | $ | 10,228 |  |  | $ | 266 |
Securities carried at fair value through income | 6,512 |  |  | 6,515 |  |  | (3) |
Rabbi Trust assets | 509 |  |  | 499 |  |  | 10 |
Total | $ | 17,515 |  |  | $ | 17,242 |  |  | $ | 273 |
____________________________ (1)There were no loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2024.
| December 31, 2023
(Dollars in thousands) | Aggregate Fair Value |  | Principal Balance/Amortized Cost/Contributions |  | Difference
Loans held for sale(1) | $ | 16,852 |  |  | $ | 16,475 |  |  | $ | 377 |
Securities carried at fair value through income | 6,808 |  |  | 6,815 |  |  | (7) |
Total | $ | 23,660 |  |  | $ | 23,290 |  |  | $ | 370 |
____________________________ (1)There were no of loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2023. Changes in the fair value of assets for which the Company elected the fair value option are classified in the Consolidated Statements of Income line items reflected in the following table:
(Dollars in thousands) |  |  |  |  | Years Ended December 31,
Changes in fair value included in noninterest income: |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Mortgage banking revenue (loans held for sale)(1) |  |  |  |  |  |  |  |  | $ | (111) |  |  | $ | (66) |  |  | $ | (517) |
Other income: |  |  |  |  |  |  |  |  |  |  |  |  |
Securities carried at fair value through income |  |  |  |  |  |  |  |  | 4 |  |  | 726 |  |  | (854) |
Total fair value option impact on noninterest income |  |  |  |  |  |  |  |  | $ | (107) |  |  | $ | 660 |  |  | $ | (1,371) |
Changes in fair value included in noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Rabbi Trust assets |  |  |  |  |  |  |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Deferred compensation liabilities related to Rabbi Trust assets(2) |  |  |  |  |  |  |  |  | (6) |  |  | — |  |  | — |
Total fair value option impact on noninterest expense |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
____________________________ (1)For the years ended December 31, 2023 and 2022, the fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income. Please see Note 9 — Mortgage Banking for more detail. (2)Please see the Rabbi Trust section below for more detail on its impact on the Company’s net income.
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Not Measured at Fair Value | The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows:
(Dollars in thousands) | December 31, 2024 |  | December 31, 2023 |
Financial assets: Level 1 inputs: | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |
Cash and cash equivalents | $ | 470,249 |  |  | $ | 470,249 |  |  | $ | 280,441 |  |  | $ | 280,441 |  |
Level 2 inputs: |  |  |  |  |  |  |  |
Non-marketable equity securities held in other financial institutions | 71,643 |  |  | 71,643 |  |  | 55,190 |  |  | 55,190 |  |
Accrued interest and loan fees receivable | 38,901 |  |  | 38,901 |  |  | 41,688 |  |  | 41,688 |  |
Level 3 inputs: |  |  |  |  |  |  |  |
Securities held to maturity | 11,095 |  |  | 10,456 |  |  | 11,615 |  |  | 10,848 |  |
LHFI, net | 7,482,653 |  |  | 7,209,866 |  |  | 7,564,076 |  |  | 7,177,720 |  |
Financial liabilities: |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |
Deposits | 8,223,120 |  |  | 8,217,564 |  |  | 8,251,125 |  |  | 8,240,520 |  |
FHLB advances, repurchase agreements and other borrowings | 12,460 |  |  | 12,203 |  |  | 83,598 |  |  | 83,187 |  |
Subordinated indebtedness | 159,943 |  |  | 159,928 |  |  | 194,279 |  |  | 186,251 |  |
Accrued interest payable | 8,033 |  |  | 8,033 |  |  | 12,272 |  |  | 12,272 |  |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -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 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4 + Details
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- 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 + Details
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