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Fair Value Measurement (Tables)
3 Months Ended
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 subdivisions401,007 — 401,007 — 
Corporate bonds and other14,384 — 14,384 — 
MBS: (1)
  
Residential904,392 — 904,392 — 
Commercial4,815 — 4,815 — 
Equity investments:
Equity investments5,336 5,336 — — 
Derivative assets:
Interest rate swaps37,470 — 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 subdivisions414,332 — 414,332 — 
Corporate bonds and other14,508 — 14,508 — 
MBS: (1)
 
Residential926,386 — 926,386 — 
Commercial4,712 — 4,712 — 
Equity investments:
Equity investments5,257 5,257 — — 
Derivative assets:
Interest rate swaps53,811 — 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, 2025Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$430,971 $430,971 $430,971 $— $— 
Investment securities:
HTM, at net carrying value1,165,647 1,004,642 — 1,004,642 — 
MBS:
HTM, at carrying value112,683 104,466 — 104,466 — 
FHLB stock, at cost 34,208 34,208 — 34,208 — 
Equity investments4,122 4,122 — 4,122 — 
Loans, net of allowance for loan losses4,522,616 4,417,216 — — 4,417,216 
Loans held for sale903 903 — 903 — 
Financial liabilities:
Deposits$6,590,851 $5,903,122 $— $5,903,122 $— 
Other borrowings79,698 79,648 — 79,648 — 
FHLB borrowings611,719 608,409 — 608,409 — 
Subordinated notes, net of unamortized debt issuance costs92,078 90,277 — 90,277 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,276 56,580 — 56,580 — 
  Estimated Fair Value
December 31, 2024Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$426,161 $426,161 $426,161 $— $— 
Investment securities:
HTM, at net carrying value1,165,007 1,009,778 — 1,009,778 — 
Mortgage-backed securities: 
HTM, at carrying value114,227 103,704 — 103,704 — 
FHLB stock, at cost 33,818 33,818 — 33,818 — 
Equity investments4,210 4,210 — 4,210 — 
Loans, net of allowance for loan losses4,616,713 4,499,646 — — 4,499,646 
Loans held for sale1,946 1,946 — 1,946 — 
Financial liabilities:
Deposits$6,654,248 $6,646,510 $— $6,646,510 $— 
Other borrowings76,443 76,399 — 76,399 — 
FHLB borrowings731,909 727,177 — 727,177 — 
Subordinated notes, net of unamortized debt issuance costs92,042 88,999 — 88,999 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,274 56,172 — 56,172 —