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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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)
June 30, 2025
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	183,615			$	—			$	183,615			$	—
Obligations of states and political subdivisions			261,325				—				261,325				—
Mortgage-backed securities			588,711				—				588,711				—
Other securities			43,190				—				33,402				9,788
Total available-for-sale securities			1,076,841				—				1,067,053				9,788
Equity securities			4,543				4,543				—				—
Loans held for sale			7,359				—				7,359				—
Derivative assets: interest rate swaps			2,065				—				2,065				—
Total assets		$	1,090,808			$	4,543			$	1,076,477			$	9,788
Derivative liabilities: interest rate swaps		$	1,488			$	—			$	1,488			$	—
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 and six months ended June 30, 2025 and 2024 is summarized as follows (in thousands):

		Three months ended June 30, 2025				Six months ended June 30, 2025
Beginning balance		$	5,759			$	5,759
Purchases			7,029				7,029
Maturities			(3,000	)			(3,000	)
Ending balance		$	9,788			$	9,788
		Three months ended June 30, 2024				Six months ended June 30, 2024
Beginning balance		$	5,965			$	6,163
Transfers into Level 3			1				2
Maturities			—				(199	)
Ending balance		$	5,966			$	5,966

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 June 30, 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)
June 30, 2025
Collateral dependent loans		$	4,206			$	—			$	—			$	4,206
Foreclosed assets held for sale			578				—				—				578
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 June 30, 2025 and December 31, 2024.

June 30, 2025		Fair Value		Valuation Technique		Unobservable Inputs		Range		Weighted Average
Collateral dependent loans		$4,206		Third party valuations		Discount to reflect realizable value less estimated selling costs		0%-40%		20%
Foreclosed assets held for sale		578		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 June 30, 2025 and December 31, 2024 in accordance with ASC 825 (in thousands):

		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
June 30, 2025
Financial assets
Cash and due from banks		$	189,941			$	189,941			$	189,941			$	—			$	—
Federal funds sold			76				76				76				—				—
Certificates of deposit			2,030				2,030				—				2,030				—
Available-for-sale securities			1,076,841				1,076,841				—				1,067,053				9,788
Held-to-maturity securities			2,287				2,287				2,287				—				—
Equity securities			4,543				4,543				4,543				—				—
Loans held for sale			7,359				7,359				—				7,359				—
Loans net of allowance for credit losses			5,688,480				5,442,527				—				—				5,442,527
Interest receivable			38,001				38,001				—				38,001				—
Federal Reserve Bank stock			19,855				19,855				—				19,855				—
Federal Home Loan Bank stock			10,224				10,224				—				10,224				—
Financial liabilities
Deposits		$	6,190,199			$	6,110,980			$	—			$	5,108,255			$	1,002,725
Securities sold under agreements to repurchase			193,941				193,941				—				193,941				—
Interest payable			6,724				6,724				—				6,724				—
Federal Home Loan Bank borrowings			245,000				244,485				—				244,485				—
Subordinated debt, net			79,590				78,223				—				78,223				—
Junior subordinated debentures, net			24,384				20,463				—				20,463				—
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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