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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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
						September 30, 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						$	27,961		$	—								$	30,296		$	—
U.S. government sponsored agencies						—			174,708									—			118,607
States and political subdivisions						—			206,779									—			213,296
Residential mortgage-backed securities						—			607,726									—			628,924
Commercial mortgage-backed securities						—			57,437									—			51,234
Bank-issued trust preferred securities						—			6,056									—			5,965
Total available-for-sale securities						$	27,961		$	1,052,706								$	30,296		$	1,018,026
Equity investment securities (a)						187			241									191			237
Derivative assets (b)						—			13,685									—			22,304
Liabilities:
Derivative liabilities (c)						$	—		$	12,354								$	—		$	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 September 30, 2024 and December 31, 2023.

									Non-Recurring Fair Value Measurements at Reporting Date
									September 30, 2024												December 31, 2023
(Dollars in thousands)									Level 2			Level 3									Level 2			Level 3
			Assets:
Collateral dependent loans									$	—		$	10,948								$	—		$	501
Loans held for sale (a)									1,928			—									1,663			—
Other real estate owned									—			—									—			7,118

(a) Loans held for sale are presented gross of a valuation allowance of $74 and $163 at September 30, 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			September 30, 2024									December 31, 2023
									Carrying Amount			Fair Value						Carrying Amount			Fair Value
			Assets:
Cash and cash equivalents						1			$	283,707		$	283,707					$	426,722		$	426,722
Held-to-maturity investment securities:
Obligations of:
U.S. government sponsored agencies						2			196,642			191,610						188,475			180,825
States and political subdivisions (a)						2			141,918			115,674						144,496			114,288
Residential mortgage-backed securities						2			256,329			243,499						248,559			231,620
Commercial mortgage-backed securities						2			98,984			85,746						102,365			85,289
Total held-to-maturity securities									693,873			636,529						683,895			612,022
Other investment securities:
Other investment securities at cost:
Federal Home Loan Bank ("FHLB") stock						N/A			20,245			20,245						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									47,359			47,359						56,845			56,845
Other investment securities at fair value:
Nonqualified deferred compensation (b)						1			4,729			4,729						3,162			3,162
Other investment securities (c)						2			3,175			3,175						2,985			2,985
Total other investment securities									55,263			55,263						62,992			62,992
Loans and leases, net of deferred fees and costs (d)						3			6,271,839			6,229,349						6,159,196			6,064,999
Bank owned life insurance						2			143,065			143,065						140,554			140,554
Liabilities:
Deposits						2			$	7,483,157		$	6,811,258					$	7,152,297		$	6,319,885
Short-term borrowings						2			175,945			187,869						601,121			619,999
Long-term borrowings						2			236,824			252,873						216,241			222,743

(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $236 and $238 at September 30, 2024 and December 31, 2023, respectively.

(b) Investments in the nonqualified deferred compensation plan consist of mutual funds.

(c)     "Other investment securities", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at September 30, 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 $66.6 million and $62.0 million at September 30, 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

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

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- Definition

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).

+ 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

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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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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