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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of fair value measurement on recurring and nonrecurring basis segregated by level of valuation inputs within fair value hierarchy utilized to measure fair value | The following tables summarize assets measured at fair value on a recurring and nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):
|  |  |  | Fair Value Measurements at the End of the Reporting Period Using
March 31, 2025 |  | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Recurring fair value measurements |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 133,341 |  |  | $ | 133,341 |  |  | $ | — |  |  | $ | — |
State and political subdivisions |  | 401,007 |  |  | — |  |  | 401,007 |  |  | — |
Corporate bonds and other |  | 14,384 |  |  | — |  |  | 14,384 |  |  | — |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 904,392 |  |  | — |  |  | 904,392 |  |  | — |
Commercial |  | 4,815 |  |  | — |  |  | 4,815 |  |  | — |
Equity investments: |  |  |  |  |  |  |  |
Equity investments |  | 5,336 |  |  | 5,336 |  |  | — |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps |  | 37,470 |  |  | — |  |  | 37,470 |  |  | — |
Total asset recurring fair value measurements |  | $ | 1,500,745 |  |  | $ | 138,677 |  |  | $ | 1,362,068 |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 23,173 |  |  | $ | — |  |  | $ | 23,173 |  |  | $ | — |
Total liability recurring fair value measurements |  | $ | 23,173 |  |  | $ | — |  |  | $ | 23,173 |  |  | $ | — |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Foreclosed assets |  | $ | 434 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |
Collateral-dependent loans (2) |  | 34,649 |  |  | — |  |  | — |  |  | 34,649 |
Total asset nonrecurring fair value measurements |  | $ | 35,083 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,083 |
|  |  |  | Fair Value Measurements at the End of the Reporting Period Using
December 31, 2024 |  | Carrying Amount |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Recurring fair value measurements |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 173,956 |  |  | $ | 173,956 |  |  | $ | — |  |  | $ | — |
State and political subdivisions |  | 414,332 |  |  | — |  |  | 414,332 |  |  | — |
Corporate bonds and other |  | 14,508 |  |  | — |  |  | 14,508 |  |  | — |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 926,386 |  |  | — |  |  | 926,386 |  |  | — |
Commercial |  | 4,712 |  |  | — |  |  | 4,712 |  |  | — |
Equity investments: |  |  |  |  |  |  |  |
Equity investments |  | 5,257 |  |  | 5,257 |  |  | — |  |  | — |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps |  | 53,811 |  |  | — |  |  | 53,811 |  |  | — |
Total asset recurring fair value measurements |  | $ | 1,592,962 |  |  | $ | 179,213 |  |  | $ | 1,413,749 |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 24,150 |  |  | $ | — |  |  | $ | 24,150 |  |  | $ | — |
Total liability recurring fair value measurements |  | $ | 24,150 |  |  | $ | — |  |  | $ | 24,150 |  |  | $ | — |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |
Foreclosed assets |  | $ | 402 |  |  | $ | — |  |  | $ | — |  |  | $ | 402 |
Collateral-dependent loans (2) |  | 6,726 |  |  | — |  |  | — |  |  | 6,726 |
Total asset nonrecurring fair value measurements |  | $ | 7,128 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,128 |
(1)All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs. (2)Consists of individually evaluated loans. Loans for which the fair value of the collateral and commercial real estate fair value of the properties is less than cost basis are presented net of allowance. Losses on these loans represent charge-offs which are netted against the allowance for loan losses.
Financial assets, financial liabilities, and unrecognized financial instruments at carrying amount and fair value | The following tables present our financial assets and financial liabilities measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands):
|  |  |  | Estimated Fair Value
March 31, 2025 |  | Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 430,971 |  |  | $ | 430,971 |  |  | $ | 430,971 |  |  | $ | — |  |  | $ | — |
Investment securities: |  |  |  |  |  |  |  |  |  |
HTM, at net carrying value |  | 1,165,647 |  |  | 1,004,642 |  |  | — |  |  | 1,004,642 |  |  | — |
MBS: |  |  |  |  |  |  |  |  |  |
HTM, at carrying value |  | 112,683 |  |  | 104,466 |  |  | — |  |  | 104,466 |  |  | — |
FHLB stock, at cost |  | 34,208 |  |  | 34,208 |  |  | — |  |  | 34,208 |  |  | — |
Equity investments |  | 4,122 |  |  | 4,122 |  |  | — |  |  | 4,122 |  |  | — |
Loans, net of allowance for loan losses |  | 4,522,616 |  |  | 4,417,216 |  |  | — |  |  | — |  |  | 4,417,216 |
Loans held for sale |  | 903 |  |  | 903 |  |  | — |  |  | 903 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 6,590,851 |  |  | $ | 5,903,122 |  |  | $ | — |  |  | $ | 5,903,122 |  |  | $ | — |
Other borrowings |  | 79,698 |  |  | 79,648 |  |  | — |  |  | 79,648 |  |  | — |
FHLB borrowings |  | 611,719 |  |  | 608,409 |  |  | — |  |  | 608,409 |  |  | — |
Subordinated notes, net of unamortized debt issuance costs |  | 92,078 |  |  | 90,277 |  |  | — |  |  | 90,277 |  |  | — |
Trust preferred subordinated debentures, net of unamortized debt issuance costs |  | 60,276 |  |  | 56,580 |  |  | — |  |  | 56,580 |  |  | — |
|  |  |  | Estimated Fair Value
December 31, 2024 |  | Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 426,161 |  |  | $ | 426,161 |  |  | $ | 426,161 |  |  | $ | — |  |  | $ | — |
Investment securities: |  |  |  |  |  |  |  |  |  |
HTM, at net carrying value |  | 1,165,007 |  |  | 1,009,778 |  |  | — |  |  | 1,009,778 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
HTM, at carrying value |  | 114,227 |  |  | 103,704 |  |  | — |  |  | 103,704 |  |  | — |
FHLB stock, at cost |  | 33,818 |  |  | 33,818 |  |  | — |  |  | 33,818 |  |  | — |
Equity investments |  | 4,210 |  |  | 4,210 |  |  | — |  |  | 4,210 |  |  | — |
Loans, net of allowance for loan losses |  | 4,616,713 |  |  | 4,499,646 |  |  | — |  |  | — |  |  | 4,499,646 |
Loans held for sale |  | 1,946 |  |  | 1,946 |  |  | — |  |  | 1,946 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 6,654,248 |  |  | $ | 6,646,510 |  |  | $ | — |  |  | $ | 6,646,510 |  |  | $ | — |
Other borrowings |  | 76,443 |  |  | 76,399 |  |  | — |  |  | 76,399 |  |  | — |
FHLB borrowings |  | 731,909 |  |  | 727,177 |  |  | — |  |  | 727,177 |  |  | — |
Subordinated notes, net of unamortized debt issuance costs |  | 92,042 |  |  | 88,999 |  |  | — |  |  | 88,999 |  |  | — |
Trust preferred subordinated debentures, net of unamortized debt issuance costs |  | 60,274 |  |  | 56,172 |  |  | — |  |  | 56,172 |  |  | — |

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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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