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Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2023 and 2022 (in thousands):

						Fair Value Measurements Using:
						Quoted Prices in				Significant				Significant
						Active Markets				Other				Unobservable
						for Identical				Observable				Inputs
		Fair Value				Assets (Level 1)				Inputs (Level 2)				(Level 3)
December 31, 2023
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	211,656			$	—			$	211,656			$	—
Obligations of states and political subdivisions			288,616				—				288,616				—
Mortgage-backed securities			602,300				—				602,300				—
Other securities			69,000				—				62,837				6,163
Total available-for-sale securities			1,171,572				—				1,165,409				6,163
Equity securities			4,074				4,074				—				—
Loans held for sale			4,980				—				4,980				—
Derivative assets: interest rate swaps			3,166				—				3,166				—
Total assets		$	1,183,792			$	4,074			$	1,173,555			$	6,163
Derivative liabilities: interest swaps		$	2,217			$	—			$	2,217			$	—
December 31, 2022
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	220,527			$	—			$	220,527			$	—
Obligations of states and political subdivisions			287,698				—				287,698				—
Mortgage-backed securities			627,880				—				627,880				—
Other securities			82,880				—				73,630				9,250
Total available-for-sale securities			1,218,985				—				1,209,735				9,250
Equity securities			311				311				—				—
Derivative assets: interest rate swaps			4,253				—				4,253				—
Total assets		$	1,223,549			$	311			$	1,213,988			$	9,250
Derivative liabilities: interest swaps		$	3,100			$	—			$	3,100			$	—

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 is summarized as follows (in thousands):

		Obligations of State and Political Subdivisions			Other			Total
December 31, 2023
Beginning balance		$	—		$	9,250		$	9,250
Transfers into Level 3			—			1,163			1,163
Transfers out of Level 3			—			(4,250	)		(4,250	)
Total gains or losses
Included in net income			—			—			—
Included in other comprehensive income (loss)			—			—			—
Purchases, issuances, sales and settlements
Purchases			—			—			—
Issuances			—			—			—
Sales			—			—			—
Settlements			—			—			—
Ending balance		$	—		$	6,163		$	6,163
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—		$	—		$	—
December 31, 2022
Beginning balance		$	99		$	—		$	99
Transfers into Level 3			—			9,250			9,250
Transfers out of Level 3			—			—			—
Total gains or losses
Included in net income			—			—			—
Included in other comprehensive income (loss)			—			—			—
Purchases, issuances, sales and settlements
Purchases			—			—			—
Issuances			—			—			—
Sales			—			—			—
Settlements			(99	)		—			(99	)
Ending balance		$	—		$	9,250		$	9,250
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—		$	—		$	—

Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2023 and 2022 (in thousands):

		Fair Value Measurements Using
						Quoted Prices
						in Active				Significant				Significant
						Markets for				Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
December 31, 2023
Collateral dependent loans		$	1,028			$	—			$	—			$	1,028
Foreclosed assets held for sale			24				—				—				24
December 31, 2022
Collateral dependent loans		$	2,548			$	—			$	—			$	2,548
Foreclosed assets held for sale			—				—				—				—

Significant Unobservable Inputs Used in Valuation of Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2023.

Fair Value

Valuation

Range

(in thousands)

Technique

Unobservable Inputs

(Weighted Average)

Collateral dependent loans

$

1,028

Third party valuations

Discount to reflect realizable value

0% - 40%

(20%)

Foreclosed assets held for sale

24

Third party valuations

Discount to reflect realizable value less estimated selling costs

0% - 40%

(35%)

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2022.

Fair Value

Valuation

Range

(in thousands)

Technique

Unobservable Inputs

(Weighted Average)

Collateral dependent loans

$

2,548

Third party valuations

Discount to reflect realizable value

0% - 40%

(20%)

Foreclosed assets held for sale

—

Third party valuations

Discount to reflect realizable value less estimated selling costs

0% - 40%

(35%)

Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at December 31, 2023 and 2022 (in thousands):

		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
December 31, 2023
Financial assets
Cash and due from banks		$	134,082			$	134,082			$	134,082			$	—			$	—
Federal funds sold			8,982				8,982				8,982				—				—
Certificates of deposit investments			1,470				1,470				—				1,470				—
Available-for-sale securities			1,171,572				1,171,572				—				1,165,409				6,163
Held-to-maturity securities			2,286				2,286				2,286				—				—
Equity securities			4,074				4,074				4,074				—				—
Loans held for sale			4,980				4,980				—				4,980				—
Loans net of allowance for credit losses			5,506,910				5,235,525				—				—				5,235,525
Interest receivable			35,082				35,082				—				35,082				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			9,758				9,758				—				9,758				—
Financial liabilities
Deposits		$	6,123,659			$	6,042,277			$	—			$	5,076,066			$	966,211
Securities sold under agreements to repurchase			213,721				213,714				—				213,714				—
Interest payable			5,437				5,437				—				5,437				—
Federal Home Loan Bank borrowings			263,787				261,206				—				261,206				—
Subordinated debentures			106,755				102,018				—				102,018				—
Junior subordinated debentures			24,058				21,524				—				21,524				—
December 31, 2022
Financial assets
Cash and due from banks		$	144,806			$	144,806			$	144,806			$	—			$	—
Federal funds sold			7,627				7,627				7,627				—				—
Certificates of deposit investments			1,470				1,470				—				1,470				—
Available-for-sale securities			1,218,986				1,218,986				—				1,209,736				9,250
Held-to-maturity securities			2,954				2,954				2,954				—				—
Equity securities			311				311				311				—				—
Loans held for sale			338				338				—				338				—
Loans net of allowance for credit losses			4,766,781				4,460,661				—				—				4,460,661
Interest receivable			28,357				28,357				—				28,357				—
Federal Reserve Bank stock			17,050				17,050				—				17,050				—
Federal Home Loan Bank stock			18,440				18,440				—				18,440				—
Financial liabilities
Deposits		$	5,257,001			$	5,257,748			$	—			$	4,550,222			$	707,526
Securities sold under agreements to repurchase			221,414				221,260				—				221,260				—
Interest payable			3,346				3,346				—				3,346				—
Federal Home Loan Bank borrowings			465,071				459,327				—				459,327				—
Subordinated debentures			94,553				87,977				—				87,977				—
Junior subordinated debentures			19,364				17,164				—				17,164				—

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