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Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 (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, 2024
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	191,358			$	—			$	191,358			$	—
Obligations of states and political subdivisions			267,740				—				267,740				—
Mortgage-backed securities			539,742				—				539,742				—
Other securities			64,452				—				58,693				5,759
Total available-for-sale securities			1,063,292				—				1,057,533				5,759
Equity securities			4,439				4,439				—				—
Loans held for sale			6,614				—				6,614				—
Derivative assets: interest rate swaps			2,949				—				2,949				—
Total assets		$	1,077,294			$	4,439			$	1,067,096			$	5,759
Derivative liabilities: interest swaps		$	2,006			$	—			$	2,006			$	—
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 years ended December 31, 2024 and 2023 is summarized as follows (in thousands):

		Total
December 31, 2024
Beginning balance		$	6,163
Transfers into Level 3			3
Maturities			(407	)
Ending balance		$	5,759
December 31, 2023
Beginning balance		$	9,250
Transfers into Level 3			1,163
Transfers out of Level 3			(4,250	)
Ending balance		$	6,163

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, 2024 and 2023 (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, 2024
Collateral dependent loans		$	16,604			$	—			$	—			$	16,604
Foreclosed assets held for sale			48				—				—				48
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 December 31, 2024.

Fair Value

Valuation

Range

(in thousands)

Technique

Unobservable Inputs

(Weighted Average)

Collateral dependent loans

$

16,604

Third party valuations

Discount to reflect realizable value

0% - 40%

(20%)

Foreclosed assets held for sale

48

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, 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%)

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, 2024 and 2023 (in thousands):

		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
December 31, 2024
Financial assets
Cash and due from banks		$	121,141			$	121,141			$	121,141			$	—			$	—
Federal funds sold			75				75				75				—				—
Certificates of deposit investments			3,500				3,500				—				3,500				—
Available-for-sale securities			1,063,292				1,063,292				—				1,057,533				5,759
Held-to-maturity securities			2,279				2,279				2,279				—				—
Equity securities			4,439				4,439				4,439				—				—
Loans held for sale			6,614				6,614				—				6,614				—
Loans net of allowance for credit losses			5,595,666				5,314,756				—				—				5,314,756
Interest receivable			38,639				38,639				—				38,639				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			9,501				9,501				—				9,501				—
Financial liabilities
Deposits		$	6,057,096			$	5,977,113			$	—			$	5,069,853			$	907,260
Securities sold under agreements to repurchase			204,122				204,122				—				204,122				—
Interest payable			5,280				5,280				—				5,280				—
Federal Home Loan Bank borrowings			242,520				240,125				—				240,125				—
Subordinated debentures			87,472				86,062				—				86,062				—
Junior subordinated debentures			24,280				21,411				—				21,411				—
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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