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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, and December 31, 2024, 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 2025 or 2024.

			March 31, 2025
(Dollars in thousands)			Level 1						Level 2						Level 3						Total
State and municipal securities			$	—					$	223,390					$	33,581					$	256,971
Corporate bonds			—						75,916						1,000						76,916
U.S. government agency securities			—						13,282						—						13,282
Commercial mortgage-backed securities			—						81,852						—						81,852
Residential mortgage-backed securities			—						548,986						—						548,986
Commercial collateralized mortgage obligations			—						34,001						—						34,001
Residential collateralized mortgage obligations			—						149,360						—						149,360
Securities available for sale			—						1,126,787						34,581						1,161,368
Securities carried at fair value through income			—						—						6,512						6,512
Rabbi Trust assets			614						—						—						614
Other assets - derivatives			—						13,810						—						13,810
Total recurring fair value measurements - assets			$	614					$	1,140,597					$	41,093					$	1,182,304
Other liabilities - derivatives			—						(13,123)						—						(13,123)
Total recurring fair value measurements - liabilities			$	—					$	(13,123)					$	—					$	(13,123)

			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)

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 three months ended March 31, 2025 and 2024, are summarized as follows:

(Dollars in thousands)			Securities Available for Sale						Securities at Fair Value Through Income
Balance at January 1, 2025			$	35,754					$	6,512
(Loss) recognized in AOCI			(3)						—
Settlements			(1,170)						—
Balance at March 31, 2025			$	34,581					$	6,512

(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(1)									450						—						—
Other noninterest income									—						—						(53)
Loss recognized in AOCI									—						(77)						—
Purchases, issuances, sales and settlements:
Sales									(16,087)						—						—
Settlements									—						(2,121)						—
Balance at March 31, 2024									$	—					$	48,249					$	6,755

___________________________

(1)Total mortgage banking revenue includes changes in fair value due to market changes and run-off.

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:

			March 31, 2025
(Dollars in thousands)			Aggregate Fair Value						Principal Balance/Amortized Cost/Contributions						Difference
Securities carried at fair value through income			$	6,512					$	6,515					$	(3)
Rabbi Trust assets			614						605						9
Total			$	7,126					$	7,120					$	6

			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 of loans held for sale that were designated as nonaccrual or 90 days or more past due at December 31, 2024.

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)			Three Months Ended March 31,
Changes in fair value included in noninterest income:			2025						2024
Mortgage banking revenue (loans held for sale)(1)			$	—					$	2
Other income:
Securities carried at fair value through income			—						(53)
Total fair value option impact on noninterest income			$	—					$	(51)
Changes in fair value included in noninterest expense:
Rabbi Trust assets			$	1					$	—
Deferred compensation liabilities related to Rabbi Trust assets(2)			(1)						—
Total fair value option impact on noninterest expense			$	—					$	—

____________________________

(1)Please see the Loans Held for Sale section below for more details.

(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)			March 31, 2025												December 31, 2024
Financial assets: Level 1 inputs:			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Cash and cash equivalents			$	486,202					$	486,202					$	470,249					$	470,249
Level 2 inputs:
Non-marketable equity securities held in other financial institutions			71,754						71,754						71,643						71,643
Accrued interest and loan fees receivable			37,113						37,113						38,901						38,901
Level 3 inputs:
Securities held to maturity			11,094						10,361						11,095						10,456
LHFI, net			7,493,515						7,311,032						7,482,653						7,209,866
Financial liabilities:
Level 2 inputs:
Deposits			8,338,412						8,332,720						8,223,120						8,217,564
FHLB advances, repurchase agreements and other borrowings			12,488						12,340						12,460						12,203
Subordinated indebtedness			89,599						89,598						159,943						159,928
Accrued interest payable			6,641						6,641						8,033						8,033

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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.

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