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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of carrying amount and estimated fair value of financial instruments |
|  |  |  |  | Fair Value Measurement Using
(dollars in thousands) | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2025 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from financial institutions | $ | 106,670 |  |  | $ | 106,670 |  |  | $ | 106,670 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits in other financial institutions | 170,226 |  |  | 170,226 |  |  | 170,226 |  |  | — |  |  | — |
Investment securities | 1,370,067 |  |  | 1,292,096 |  |  | 60,718 |  |  | 1,224,534 |  |  | 6,844 |
Loans held for sale | 2,788 |  |  | 2,788 |  |  | — |  |  | 2,788 |  |  | — |
Loans | 5,334,547 |  |  | 4,974,386 |  |  | — |  |  | — |  |  | 4,974,386 |
Accrued interest receivable | 24,743 |  |  | 24,743 |  |  | 873 |  |  | 4,544 |  |  | 19,326 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Noninterest-bearing demand | 1,854,241 |  |  | 1,854,241 |  |  | 1,854,241 |  |  | — |  |  | — |
Interest-bearing demand and savings and money market | 3,684,935 |  |  | 3,684,935 |  |  | 3,684,935 |  |  | — |  |  | — |
Time | 1,056,872 |  |  | 1,049,635 |  |  | — |  |  | — |  |  | 1,049,635 |
Long-term debt | 131,405 |  |  | 126,098 |  |  | — |  |  | — |  |  | 126,098 |
Accrued interest payable | 8,757 |  |  | 8,757 |  |  | 107 |  |  | — |  |  | 8,650 |
|  |  |  |  |  |  | Fair Value Measurement Using
(dollars in thousands) | Notional Amount |  | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Off-balance sheet financial instruments: |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit | $ | 1,257,406 |  |  | $ | — |  |  | $ | 1,179 |  |  | $ | — |  |  | $ | 1,179 |  |  | $ | — |
Standby letters of credit and financial guarantees written | 2,714 |  |  | — |  |  | 41 |  |  | — |  |  | 41 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Forward sale commitments | 2,370 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Risk participation agreements | 34,969 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Back-to-back swap agreements: |  |  |  |  |  |  |  |  |  |  |
Assets | 61,909 |  |  | 3,604 |  |  | 3,604 |  |  | — |  |  | — |  |  | 3,604 |
Liabilities | (61,909) |  |  | (3,604) |  |  | (3,604) |  |  | — |  |  | — |  |  | (3,604) |
Interest rate swap agreements | 115,545 |  |  | 6,353 |  |  | 6,353 |  |  | — |  |  | 6,353 |  |  | — |
|  |  |  |  | Fair Value Measurement Using
(dollars in thousands) | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2024 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from financial institutions | $ | 77,774 |  |  | $ | 77,774 |  |  | $ | 77,774 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits in other financial institutions | 303,167 |  |  | 303,167 |  |  | 303,167 |  |  | — |  |  | — |
Investment securities | 1,334,588 |  |  | 1,244,339 |  |  | 59,498 |  |  | 1,177,994 |  |  | 6,847 |
Loans held for sale | 5,662 |  |  | 5,662 |  |  | — |  |  | 5,662 |  |  | — |
Loans | 5,332,852 |  |  | 4,916,765 |  |  | — |  |  | — |  |  | 4,916,765 |
Accrued interest receivable | 23,378 |  |  | 23,378 |  |  | 462 |  |  | 4,607 |  |  | 18,309 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Noninterest-bearing demand | 1,888,937 |  |  | 1,888,937 |  |  | 1,888,937 |  |  | — |  |  | — |
Interest-bearing demand and savings and money market | 3,667,889 |  |  | 3,667,889 |  |  | 3,667,889 |  |  | — |  |  | — |
Time | 1,087,185 |  |  | 1,079,275 |  |  | — |  |  | — |  |  | 1,079,275 |
Long-term debt | 156,345 |  |  | 153,760 |  |  | — |  |  | — |  |  | 153,760 |
Accrued interest payable | 10,051 |  |  | 10,051 |  |  | 113 |  |  | — |  |  | 9,938 |
|  |  |  |  |  |  | Fair Value Measurement Using
(dollars in thousands) | Notional Amount |  | Carrying Amount |  | Estimated Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Off-balance sheet financial instruments: |  |  |  |  |  |  |  |  |  |  |
Commitments to extend credit | $ | 1,219,537 |  |  | $ | — |  |  | $ | 1,167 |  |  | $ | — |  |  | $ | 1,167 |  |  | $ | — |
Standby letters of credit and financial guarantees written | 2,702 |  |  | — |  |  | 41 |  |  | — |  |  | 41 |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments | 469 |  |  | (4) |  |  | (4) |  |  | — |  |  | (4) |  |  | — |
Forward sale commitments | 4,909 |  |  | 46 |  |  | 46 |  |  | — |  |  | 46 |  |  | — |
Risk participation agreements | 35,183 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Back-to-back swap agreements: |  |  |  |  |  |  |  |  |  |  |
Assets | 50,202 |  |  | 3,840 |  |  | 3,840 |  |  | — |  |  | — |  |  | 3,840 |
Liabilities | (50,202) |  |  | (3,840) |  |  | (3,840) |  |  | — |  |  | — |  |  | (3,840) |
Interest rate swap agreements | 115,545 |  |  | 8,382 |  |  | 8,382 |  |  | — |  |  | 8,382 |  |  | — |
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the fair value of financial assets and liabilities measured on a recurring basis as of the dates presented:
|  |  | Fair Value at Reporting Date Using
(dollars in thousands) | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2025 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
States and political subdivisions | $ | 118,629 |  |  | $ | — |  |  | $ | 112,467 |  |  | $ | 6,162 |
U.S. Treasury and other government-sponsored entities and agencies | 103,787 |  |  | 60,718 |  |  | 43,069 |  |  | — |
Collateralized loan obligations | 30,989 |  |  | — |  |  | 30,989 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies | 432,051 |  |  | — |  |  | 432,051 |  |  | — |
Residential - Non-government agencies | 16,602 |  |  | — |  |  | 15,920 |  |  | 682 |
Commercial - U.S. government-sponsored entities and agencies | 68,364 |  |  | — |  |  | 68,364 |  |  | — |
Commercial - Non-government agencies | 9,957 |  |  | — |  |  | 9,957 |  |  | — |
Total available-for-sale investment securities | 780,379 |  |  | 60,718 |  |  | 712,817 |  |  | 6,844 |
Derivatives: |  |  |  |  |  |  |
Forward sale commitments | 1 |  |  | — |  |  | 1 |  |  | — |
Interest rate swap agreements | 6,353 |  |  | — |  |  | 6,353 |  |  | — |
Total derivatives | 6,354 |  |  | — |  |  | 6,354 |  |  | — |
Total | $ | 786,733 |  |  | $ | 60,718 |  |  | $ | 719,171 |  |  | $ | 6,844 |
|  |  | Fair Value at Reporting Date Using
(dollars in thousands) | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2024 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
States and political subdivisions | $ | 116,833 |  |  | $ | — |  |  | $ | 110,668 |  |  | $ | 6,165 |
U.S. Treasury and other government-sponsored entities and agencies | 81,200 |  |  | 59,498 |  |  | 21,702 |  |  | — |
Collateralized loan obligations | 31,140 |  |  | — |  |  | 31,140 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies | 414,471 |  |  | — |  |  | 414,471 |  |  | — |
Residential - Non-government agencies | 16,926 |  |  | — |  |  | 16,244 |  |  | 682 |
Commercial - U.S. government-sponsored entities and agencies | 67,161 |  |  | — |  |  | 67,161 |  |  | — |
Commercial - Non-government agencies | 9,927 |  |  | — |  |  | 9,927 |  |  | — |
Total available-for-sale investment securities | 737,658 |  |  | 59,498 |  |  | 671,313 |  |  | 6,847 |
Derivatives: |  |  |  |  |  |  |
Interest rate lock commitments | (4) |  |  | — |  |  | (4) |  |  | — |
Forward sale commitments | 46 |  |  | — |  |  | 46 |  |  | — |
Interest rate swap agreements | 8,382 |  |  | — |  |  | 8,382 |  |  | — |
Total derivatives | 8,424 |  |  | — |  |  | 8,424 |  |  | — |
Total | $ | 746,082 |  |  | $ | 59,498 |  |  | $ | 679,737 |  |  | $ | 6,847 |
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following table presents changes in Level 3 financial assets and liabilities measured at fair value on a recurring basis for the periods presented:
| Available-For-Sale Debt Securities: |  |  |  |
(dollars in thousands) | States and Political Subdivisions |  | Residential - Non-Government Agencies |  | Interest Rate Swap Agreements |  | Total
Balance at December 31, 2024 | $ | 6,165 |  |  | $ | 682 |  |  | $ | — |  |  | $ | 6,847 |
Principal payments received | (51) |  |  | (6) |  |  | — |  |  | (57) |
Unrealized net gain (loss) included in other comprehensive income | 48 |  |  | 6 |  |  | — |  |  | 54 |
Balance at March 31, 2025 | $ | 6,162 |  |  | $ | 682 |  |  | $ | — |  |  | $ | 6,844 |
Balance at December 31, 2023 | $ | 6,436 |  |  | $ | 714 |  |  | $ | 6,440 |  |  | $ | 13,590 |
Principal payments received | (58) |  |  | (6) |  |  | — |  |  | (64) |
Unrealized net gain (loss) included in other comprehensive income | (55) |  |  | (4) |  |  | 2,935 |  |  | 2,876 |
Balance at March 31, 2024 | $ | 6,323 |  |  | $ | 704 |  |  | $ | 9,375 |  |  | $ | 16,402 |

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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) whether recognized or not in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition and the measurements of those instruments, assets and liabilities. Such disclosures about the financial instruments, assets and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References No definition available. + 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 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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