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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets and liabilities 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 September 30, 2024 and December 31, 2023 (in thousands):

		Fair Value Measurements Using
						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
September 30, 2024
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	194,169			$	—			$	194,169			$	—
Obligations of states and political subdivisions			280,444				—				280,444				—
Mortgage-backed securities			576,849				—				576,849				—
Other securities			64,090				—				58,123				5,967
Total available-for-sale securities			1,115,552				—				1,109,585				5,967
Equity securities			4,424				4,424				—				—
Loans held for sale			8,085				—				8,085				—
Derivative assets: interest rate swaps			2,339				—				2,339				—
Total assets		$	1,130,400			$	4,424			$	1,120,009			$	5,967
Derivative liabilities: interest rate swaps		$	1,755			$	—			$	1,755			$	—
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			$	—

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 three and nine months ended September 30, 2024 and 2023 is summarized as follows (in thousands):

		Three months ended September 30, 2024												Nine months ended September 30, 2024
		Obligation of State and Political Subdivisions				Other				Total				Obligation of State and Political Subdivisions				Other				Total
Beginning balance		$	—			$	5,966			$	5,966			$	—			$	6,163			$	6,163
Transfers into Level 3			—				1				1				—				3				3
Maturities			—				—				—				—				(199	)			(199	)
Ending balance		$	—			$	5,967			$	5,967			$	—			$	5,967			$	5,967
		Three months ended September 30, 2023												Nine months ended September 30, 2023
		Obligation of State and Political Subdivisions				Other				Total				Obligation of State and Political Subdivisions				Other				Total
Beginning balance		$	—			$	5,760			$	5,760			$	—			$	10,000			$	10,000
Transfers into Level 3			—				—				—				—				10				10
Transfers out of Level 3			—				—				—				—				(4,250	)			(4,250	)
Ending balance		$	—			$	5,760			$	5,760			$	—			$	5,760			$	5,760

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 September 30, 2024 and December 31, 2023 (in thousands):

		Fair Value Measurements Using
						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
September 30, 2024
Collateral dependent loans		$	579			$	—			$	—			$	579
Foreclosed assets held for sale			47				—				—				47
December 31, 2023
Collateral dependent loans		$	1,028			$	—			$	—			$	1,028
Foreclosed assets held for sale			24				—				—				24

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 September 30, 2024 and December 31, 2023.

September 30, 2024		Fair Value		Valuation Technique		Unobservable Inputs		Range		Weighted Average
Collateral dependent loans		$579		Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		20%
Foreclosed assets held for sale		47		Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		35%

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range

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%

Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at September 30, 2024 and December 31, 2023 in accordance with ASC 825 (in thousands):

		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
September 30, 2024
Financial assets
Cash and due from banks		$	164,165			$	164,165			$	164,165			$	—			$	—
Federal funds sold			26				26				26				—				—
Certificates of deposit investments			3,500				3,500				—				3,500				—
Available-for-sale securities			1,115,552				1,115,552				—				1,109,585				5,967
Held-to-maturity securities			2,298				2,298				2,298				—				—
Equity securities			4,424				4,424				4,424				—				—
Loans held for sale			8,085				8,085				—				8,085				—
Loans net of allowance for credit losses			5,537,732				5,228,689				—				—				5,228,689
Interest receivable			38,387				38,387				—				38,387				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			9,555				9,555				—				9,555				—
Financial liabilities
Deposits		$	6,088,834			$	6,007,297			$	—			$	5,053,589			$	953,708
Securities sold under agreements to repurchase			204,343				204,343				—				204,343				—
Interest payable			6,491				6,491				—				6,491				—
Federal Home Loan Bank borrowings			238,712				238,911				—				238,911				—
Subordinated debt, net			87,373				85,637				—				104,836				—
Junior subordinated debentures, net			24,224				21,076				—				21,076				—
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				—

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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