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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

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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