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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary 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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy.

						Recurring Fair Value Measurements at Reporting Date
						March 31, 2024									December 31, 2023
(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						$	28,773		$	—								$	30,296		$	—
U.S. government sponsored agencies						—			200,460									—			118,607
States and political subdivisions						—			208,750									—			213,296
Residential mortgage-backed securities						—			621,691									—			628,924
Commercial mortgage-backed securities						—			50,791									—			51,234
Bank-issued trust preferred securities						—			6,001									—			5,965
Total available-for-sale securities						$	28,773		$	1,087,693								$	30,296		$	1,018,026
Equity investment securities (a)						197			236									191			237
Derivative assets (b)						—			25,149									—			22,304
Liabilities:
Derivative liabilities (c)						$	—		$	21,684								$	—		$	19,122

(a)    Included in "Other investment securities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

(b)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

(c)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.

Summary 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 Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at March 31, 2024 and December 31, 2023.

									Non-Recurring Fair Value Measurements at Reporting Date
									March 31, 2024												December 31, 2023
(Dollars in thousands)									Level 2			Level 3									Level 2			Level 3
			Assets:
Collateral dependent loans									$	—		$	1,928								$	—		$	501
Loans held for sale (a)									2,123			—									1,663			—
Other real estate owned									—			63									—			7,118

(a) Loans held for sale are presented gross of a valuation allowance of $138 and $163 at March 31, 2024 and at December 31, 2023, respectively.

Summary 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 Unaudited Consolidated Balance Sheets.

						Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)						Fair Value Hierarchy Level			March 31, 2024									December 31, 2023
									Carrying Amount			Fair Value						Carrying Amount			Fair Value
			Assets:
Cash and cash equivalents						1			$	429,720		$	429,720					$	426,722		$	426,722
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies						2			188,423			179,645						188,475			180,825
States and political subdivisions (a)						2			144,315			113,075						144,496			114,288
Residential mortgage-backed securities						2			246,579			225,621						248,559			231,620
Commercial mortgage-backed securities						2			100,427			83,771						102,365			85,289
Total held-to-maturity securities									679,744			602,112						683,895			612,022
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank ("FHLB") stock						N/A			28,426			28,426						29,949			29,949
Federal Reserve Bank ("FRB") stock						N/A			27,114			27,114						26,896			26,896
Total other investment securities at cost									55,540			55,540						56,845			56,845
Other investment securities at fair value:
Nonqualified deferred compensation (b)						1			3,890			3,890						3,162			3,162
Other investment securities (c)						2			3,076			3,076						2,985			2,985
Total other investment securities									62,506			62,506						62,992			62,992
Loans and leases, net of deferred fees and costs (d)						3			6,202,827			6,059,878						6,159,196			6,064,999
Bank owned life insurance						2			141,568			141,568						140,554			140,554
Liabilities:
Deposits						2			$	7,326,556		$	6,410,812					$	7,152,297		$	6,319,885
Short-term borrowings						2			513,496			527,408						601,121			619,999
Long-term borrowings						2			236,283			242,685						216,241			222,743

(a) Held-to-maturity investment securities are presented gross of an allowance for credit losses of $238 at both March 31, 2024 and December 31, 2023.

(b) Nonqualified deferred compensation includes mutual funds as part of the investment.

(c)     "Other investment securities", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at March 31, 2024

and at December 31, 2023, 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 costs, are presented gross of an allowance for credit losses of $64.8 million and $62.0 million at March 31, 2024 and at December 31, 2023, respectively.

X

- 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).

+ References

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-Name Accounting Standards Codification
-Section 50
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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