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Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (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) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 184,933 |  |  | $ | — |  |  | $ | 184,933 |  |  | $ | — |
Obligations of states and political subdivisions |  |  | 262,105 |  |  |  | — |  |  |  | 262,105 |  |  |  | — |
Mortgage-backed securities |  |  | 533,702 |  |  |  | — |  |  |  | 533,702 |  |  |  | — |
Other securities |  |  | 58,987 |  |  |  | — |  |  |  | 53,228 |  |  |  | 5,759 |
Total available-for-sale securities |  |  | 1,039,727 |  |  |  | — |  |  |  | 1,033,968 |  |  |  | 5,759 |
Equity securities |  |  | 4,471 |  |  |  | 4,471 |  |  |  | — |  |  |  | — |
Loans held for sale |  |  | 3,644 |  |  |  | — |  |  |  | 3,644 |  |  |  | — |
Derivative assets: interest rate swaps |  |  | 2,424 |  |  |  | — |  |  |  | 2,424 |  |  |  | — |
Total assets |  | $ | 1,050,266 |  |  | $ | 4,471 |  |  | $ | 1,040,036 |  |  | $ | 5,759 |
Derivative liabilities: interest rate swaps |  | $ | 1,744 |  |  | $ | — |  |  | $ | 1,744 |  |  | $ | — |
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 |  |  | $ | — |
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 months ended March 31, 2025 and 2024 is summarized as follows (in thousands):
|  | Three months ended March 31, 2025 |
|  | Other |  |  | Total |
Beginning balance |  | $ | 5,759 |  |  | $ | 5,759 |
Transfers into Level 3 |  |  | — |  |  |  | — |
Maturities |  |  | — |  |  |  | — |
Ending balance |  | $ | 5,759 |  |  | $ | 5,759 |
|  | Three months ended March 31, 2024 |
|  | Other |  |  | Total |
Beginning balance |  | $ | 6,163 |  |  | $ | 6,163 |
Transfers into Level 3 |  |  | 1 |  |  |  | 1 |
Maturities |  |  | (199 | ) |  |  | (199 | )
Ending balance |  | $ | 5,965 |  |  | $ | 5,965 |
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 March 31, 2025 and December 31, 2024 (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) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 12,561 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,561 |
Foreclosed assets held for sale |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | 71 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 16,604 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,604 |
Foreclosed assets held for sale |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 48 |
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 March 31, 2025 and December 31, 2024.
March 31, 2025 |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Collateral dependent loans |  | $12,561 |  | Third party valuations |  | Discount to reflect realizable value less estimated selling costs |  | 0%-40% |  | 20%
Foreclosed assets held for sale |  | 71 |  | Third party valuations |  | Discount to reflect realizable value less estimated selling costs |  | 0%-40% |  | 35%
December 31, 2024 |  | Fair Value |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | 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%
Summary of Estimated Fair Values of Company Financial Instruments | The following tables present estimated fair values of the Company’s financial instruments at March 31, 2025 and December 31, 2024 in accordance with ASC 825 (in thousands):
|  | Carrying Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 201,394 |  |  | $ | 201,394 |  |  | $ | 201,394 |  |  | $ | — |  |  | $ | — |
Federal funds sold |  |  | 76 |  |  |  | 76 |  |  |  | 76 |  |  |  | — |  |  |  | — |
Certificates of deposit |  |  | 2,520 |  |  |  | 2,520 |  |  |  | — |  |  |  | 250 |  |  |  | — |
Available-for-sale securities |  |  | 1,039,727 |  |  |  | 1,039,727 |  |  |  | — |  |  |  | 1,033,968 |  |  |  | 5,759 |
Held-to-maturity securities |  |  | 2,285 |  |  |  | 2,285 |  |  |  | 2,285 |  |  |  | — |  |  |  | — |
Equity securities |  |  | 4,471 |  |  |  | 4,471 |  |  |  | 4,471 |  |  |  | — |  |  |  | — |
Loans held for sale |  |  | 3,644 |  |  |  | 3,644 |  |  |  | — |  |  |  | 3,644 |  |  |  | — |
Loans net of allowance for credit losses |  |  | 5,625,163 |  |  |  | 5,363,390 |  |  |  | — |  |  |  | — |  |  |  | 5,363,390 |
Interest receivable |  |  | 37,453 |  |  |  | 37,453 |  |  |  | — |  |  |  | 37,453 |  |  |  | — |
Federal Reserve Bank stock |  |  | 19,855 |  |  |  | 19,855 |  |  |  | — |  |  |  | 19,855 |  |  |  | — |
Federal Home Loan Bank stock |  |  | 8,191 |  |  |  | 8,191 |  |  |  | — |  |  |  | 8,191 |  |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 6,130,380 |  |  | $ | 6,048,725 |  |  | $ | — |  |  | $ | 5,067,726 |  |  | $ | 980,999 |
Securities sold under agreements to repurchase |  |  | 219,772 |  |  |  | 219,772 |  |  |  | — |  |  |  | 219,772 |  |  |  | — |
Interest payable |  |  | 6,625 |  |  |  | 6,625 |  |  |  | — |  |  |  | 6,625 |  |  |  | — |
Federal Home Loan Bank borrowings |  |  | 195,000 |  |  |  | 193,995 |  |  |  | — |  |  |  | 193,995 |  |  |  | — |
Subordinated debt, net |  |  | 79,535 |  |  |  | 78,799 |  |  |  | — |  |  |  | 78,799 |  |  |  | — |
Junior subordinated debentures, net |  |  | 24,335 |  |  |  | 21,486 |  |  |  | — |  |  |  | 21,486 |  |  |  | — |
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 |  |  | 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 |  |  |  | — |

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- 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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/2003/role/disclosureRef -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 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 + Details
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- Definition 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) -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 + Details
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