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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

			Fair Value Measurements at December 31, 2024 Using:
			Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies			$	149,127					$	—					$	—					$	149,127
Obligations of state and municipalities			—						698,724						—						698,724
Residential mortgage backed - agency			—						53,186						—						53,186
Residential mortgage backed - non-agency			—						247,876						—						247,876
Commercial mortgage backed - agency			—						33,071						—						33,071
Commercial mortgage backed - non-agency			—						154,511						—						154,511
Asset backed			—						64,056						—						64,056
Other			—						31,820						—						31,820
Total investment securities available-for-sale			$	149,127					$	1,283,244					$	—					$	1,432,371
Loans held-for-sale, at fair value			$	—					$	2,331					$	—					$	2,331
Equity investments			$	—					$	12,407					$	—					$	12,407
Derivatives			$	—					$	3,191					$	—					$	3,191
Financial liabilities
Derivatives			$	—					$	1,988					$	—					$	1,988

			Fair Value Measurements at December 31, 2023 Using:
			Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies			$	179,071					$	—					$	—					$	179,071
Obligations of state and municipalities			—						463,203						—						463,203
Residential mortgage backed - agency			—						42,238						—						42,238
Residential mortgage backed - non-agency			—						266,031						—						266,031
Commercial mortgage backed - agency			—						34,885						—						34,885
Commercial mortgage backed - non-agency			—						177,061						—						177,061
Asset backed			—						77,936						—						77,936
Other			—						8,014						—						8,014
Total investment securities available-for-sale			$	179,071					$	1,069,368					$	—					$	1,248,439
Loans held-for-sale, at fair value			$	—					$	1,497					$	—					$	1,497
Derivatives			$	—					$	1,063					$	—					$	1,063
Financial liabilities
Derivatives			$	—					$	2,045					$	—					$	2,045

Schedule of Fair Value Measurements, Nonrecurring

Assets that were measured at fair value on a non-recurring basis during the period are summarized below (in thousands):

			Fair Value Measurements at December 31, 2024 Using:
			Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
			(Level 1)						(Level 2)						(Level 3)						Total
Collateral dependent loans
Commercial real estate			$	—					$	—					$	2,668					$	2,668
Owner-occupied commercial real estate			—						—						—						—
Acquisition, construction & development			—						—						232						232
Commercial & industrial			—						—						249						249
Single family residential			—						—						872						872
Consumer non-real estate and other			—						—						—						—
Other real estate owned			—						—						2,783						2,783

Fair Value Measurements at December 31, 2023 Using:

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Collateral dependent loans

Commercial real estate

$

—

$

—

$

—

$

—

Owner-occupied commercial real estate

—

—

—

—

Acquisition, construction & development

—

—

—

—

Commercial & industrial

—

—

—

—

Single family residential

—

—

—

—

Consumer non-real estate and other

—

—

—

—

Other real estate owned

—

—

—

—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about Level 3 Fair Value Measurements for assets measured at fair value on a non-recurring basis at December 31, 2024, and December 31, 2023 (in thousands except for percentages):

Description

Fair Value

Valuation Techniques

Unobservable Inputs

Range

December 31, 2024

Collateral dependent loans

$

4,021

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Other real estate owned

2,783

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

December 31, 2023

Collateral dependent loans

$

—

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2024, and December 31, 2023, were as follows (in thousands):

									Fair Value Measurements at December 31, 2024 Using:
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
									(Level 1)						(Level 2)						(Level 3)						Total
Financial Assets
Cash and due from banks			$	35,554					$	35,554					$	—					$	—					$	35,554
Interest-bearing deposits with banks			99,760						99,760						—						—						99,760
Loans, net			5,604,196						—						—						5,465,772						5,465,772
Accrued interest			34,454						—						34,454						—						34,454
Financial liabilities
Non-interest-bearing			$	1,379,940					$	—					$	1,379,940					$	—					$	1,379,940
Interest-bearing			5,135,299						—						5,126,423						—						5,126,423
Short-term borrowings			365,000						—						364,985						—						364,985
Subordinated debentures, net			94,872						—						91,760						—						91,760
Subordinated debentures owed to unconsolidated subsidiary trusts			17,013						—						14,587						—						14,587
Accrued interest			6,157						—						6,157						—						6,157

									Fair Value Measurements at December 31, 2023 Using:
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
									(Level 1)						(Level 2)						(Level 3)						Total
Financial Assets
Cash and due from banks			$	8,896					$	8,896					$	—					$	—					$	8,896
Interest-bearing deposits with banks			35,602						35,602						—						—						35,602
Loans, net			2,062,455						—						—						1,897,459						1,897,459
Accrued interest			15,895						—						15,895						—						15,895
Financial liabilities
Non-interest-bearing			$	830,320					$	—					$	830,320					$	—					$	830,320
Interest-bearing			2,171,561						—						2,167,218						—						2,167,218
Other borrowed funds			272,000						—						271,716						—						271,716
Accrued interest			8,954						—						8,954						—						8,954

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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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
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Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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)
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