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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on a Recurring Basis

The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2023 and December 31, 2022, there were no assets and liabilities measured on a recurring basis that were considered Level 3 measurements.

			Recurring Fair Value Measurements at Reporting Date
			December 31, 2023									December 31, 2022
(Dollars in thousands)			Level 1			Level 2									Level 1			Level 2
Assets:
Available-for-sale investment securities:
Obligations of:
U.S. Treasury and government agencies			$	30,296		$	—								$	152,422		$	—
U.S. government sponsored agencies			—			118,607									—			88,115
States and political subdivisions			—			213,296									—			225,882
Residential mortgage-backed securities			—			628,924									—			604,653
Commercial mortgage-backed securities			—			51,234									—			50,049
Bank-issued trust preferred securities			—			5,965									—			10,278
Total available-for-sale securities			30,296			1,018,026									152,422			978,977
Equity investment securities (a)			191			237									147			199
Derivative assets (b)			—			22,304									—			34,123
Liabilities:
Derivative liabilities (c)			$	—		$	19,122								$	—		$	28,529

(a) Included in “Other investment securities” on the Consolidated Balance Sheets. For additional information, see “Note 3 Investment Securities.”

(b) Included in “Other assets” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

(c) Included in “Accrued expenses and other liabilities” on the Consolidated Balance Sheets. For additional information, see “Note 15 Derivative Financial Instruments.”

Schedule of Assets and Liabilities Measured on a Non-Recurring Basis

The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Consolidated Balance Sheets by level in the fair value hierarchy. At December 31, 2023 and December 31, 2022, there were no assets and liabilities measured on a non-recurring basis that were considered Level 1 measurements.

									Non-Recurring Fair Value Measurements at Reporting Date
									December 31, 2023												December 31, 2022
(Dollars in thousands)									Level 2			Level 3									Level 2			Level 3
Collateral dependent loans									$	—		$	501								$	—		$	10,354
Loans held for sale (a)									1,663			—									1,254			—
Other real estate owned (“OREO”)									—			7,118									—			55

(a) Loans held for sale are presented gross of a valuation allowance of $163 and $105 at December 31, 2023 and December 31, 2022, respectively.

Schedule of Financial Instruments Not Required to be Measured at Fair Value

The following table provides the carrying amount for each class of assets and liabilities, and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Balance Sheets. 

			Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)			Fair Value Hierarchy Level			December 31, 2023									December 31, 2022
						Carrying Amount			Fair Value						Carrying Amount			Fair Value
												Assets:
Cash and cash equivalents			1			$	426,722		$	426,722					$	154,022		$	154,022
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies			2			188,475			180,825						132,366			123,020
States and political subdivisions (a)			2			144,496			114,288						145,263			108,776
Residential mortgage-backed securities			2			248,559			231,620						176,215			157,998
Commercial mortgage-backed securities			2			102,365			85,289						101,861			85,354
Commercial mortgage-backed securities			3			—			—						4,748			3,361
Total held-to-maturity securities						683,895			612,022						560,453			478,509
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank (“FHLB”) stock			N/A			29,949			29,949						26,605			26,605
Federal Reserve Bank (“FRB”) stock			N/A			26,896			26,896						21,231			21,231
Total other investment securities at cost						56,845			56,845						47,836			47,836
Other investment securities at fair value:
Nonqualified deferred compensation (b)			1			3,162			3,162						2,048			2,048
Other investment securities (c)			2			2,985			2,985						1,379			1,379
Total other investment securities at fair value						62,992			62,992						51,263			51,263
Loans and leases, net of deferred fees and costs (d)			3			6,159,196			6,064,999						4,707,150			4,516,695
Bank owned life insurance			2			140,554			140,554						105,292			105,292
Financial liabilities:
Deposits			2			$	7,152,297		$	6,319,885					$	5,716,941		$	4,682,491
Short-term borrowings			2			601,121			619,999						500,138			504,584
Long-term borrowings			2			216,241			222,743						101,093			101,992

(a) Held-to-maturity investment securities are presented gross of an allowance for credit losses of $238 and $241, at December 31, 2023 and at December 31, 2022, respectively.

(b) Nonqualified deferred compensation includes underlying investments in mutual funds.

(c) “Other investment securities,” as reported on the Consolidated Balance Sheets, also included equity investment securities at December 31, 2023

and at December 31, 2022, which are reported in the Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis

table above and not included in this table.

(d) Loans and leases, net of deferred fees and cost are presented gross of an allowance for credit losses of $62.0 million and $53.2 million, as of December 31, 2023 and December 31, 2022, respectively.

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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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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