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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value

Schedule of assets and liabilities measured at fair value

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March 31, 2024

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Fair Value Measurements Using

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​

Significant Unobservable Inputs (Level 3)

(Dollar amounts in thousands)

Level 1

Level 2

Level 3

Total

U.S. Government agencies

​

$

—

​

$

88,114

​

$

—

​

$

88,114

Mortgage Backed Securities-residential

​

—

​

545,799

​

—

​

545,799

Mortgage Backed Securities-commercial

​

—

​

7,397

​

—

​

7,397

Collateralized mortgage obligations

​

—

​

175,427

​

—

​

175,427

State and municipal

​

—

​

362,944

​

805

​

363,749

Municipal taxable

​

—

​

34,001

​

—

​

34,001

U.S. Treasury

​

—

​

912

​

—

​

912

Collateralized debt obligations

​

—

​

—

​

2,888

​

2,888

TOTAL

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$

—

​

$

1,214,594

​

$

3,693

​

$

1,218,287

Derivative Assets

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​

​

​

​

3,095

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​

Derivative Liabilities

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​

​

​

(3,095)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

Fair Value Measurements Using

​

​

Significant Unobservable Inputs (Level 3)

(Dollar amounts in thousands)

Level 1

Level 2

Level 3

Total

U.S. Government agencies

​

$

—

​

$

91,440

​

$

—

​

$

91,440

Mortgage Backed Securities-residential

​

​

—

​

​

569,885

​

—

​

​

569,885

Mortgage Backed Securities-commercial

​

—

​

7,483

​

—

​

7,483

Collateralized mortgage obligations

​

—

​

180,829

​

—

​

180,829

State and municipal

​

—

​

369,631

​

1,180

​

370,811

Municipal taxable

​

—

​

34,285

​

—

​

34,285

U.S. Treasury

​

—

​

1,402

​

—

​

1,402

Collateralized debt obligations

​

—

​

—

​

3,002

​

3,002

TOTAL

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$

—

​

$

1,254,955

​

$

4,182

​

$

1,259,137

Derivative Assets

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​

​

​

​

2,878

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​

Derivative Liabilities

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​

​

​

(2,878)

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​

Schedule of fair value measurements using significant unobservable inputs

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​	​	​	​	​	​	​	​	​	​
​		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
​	​	Three Months Ended
​	​	March 31, 2024
​		State and			​	​		​	​
​	​	municipal		​	Collateralized		​	​	​
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, January 1	​	$	1,180	​	$	3,002	​	$	4,182
Total realized/unrealized gains or losses	​		​	​	​	​	​
Included in earnings	​		—	​		—	​		—
Included in other comprehensive income	​		—	​		(114)	​		(114)
Transfers	​		—	​		—	​		—
Settlements	​		(375)	​		—	​		(375)
Ending balance, March 31	​	$	805	​	$	2,888	​	$	3,693

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​	​	​	​	​	​	​	​	​	​
​		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
​	​	Year Ended
​	​	December 31, 2023
​	​	State and		​	​	​	​	​	​
​	​	municipal		​	Collateralized		​	​	​
(Dollar amounts in thousands)		obligations			debt obligations		​	Total
Beginning balance, January 1	​	$	1,545	​	$	2,986	​	$	4,531
Total realized/unrealized gains or losses		​	​	​	​	​	​	​
Included in earnings		​	—	​		—	​	​	—
Included in other comprehensive income		​	—	​		16	​	​	16
Purchases		​	—	​		—	​	​	—
Settlements		​	(365)	​		—	​	​	(365)
Ending balance, December 31	​	$	1,180	​	$	3,002	​	$	4,182

Schedule of quantitative information about recurring and non-recurring Level 3

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at March 31, 2024.

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​	​	​	​	​	​	​	​	​	​	​
(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
State and municipal obligations	​	$	805		Discounted cash flow		Discount rate		4.24%-4.44	%
Collateralized debt obligations	​	$	2,888		Discounted cash flow		Discount rate		7.32	%
Collateral dependent loans	​	$	10,343		Discounted cash flow		Discount rate for age of appraisal and market conditions		10.00%-100.00	%

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The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2023.

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​	​	​	​	​	​	​	​	​	​	​
(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
State and municipal obligations	​	$	1,180		Discounted cash flow		Discount rate		4.04%-4.44	%
Collateralized debt obligations	​	$	3,002		Discounted cash flow		Discount rate		7.36	%
Collateral dependent loans	​	​	11,306		Discounted cash flow		Discount rate for age of appraisal and market conditions		0.00%-100.00	%

Schedule of carrying amount and estimated fair value of financial instruments

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​

March 31, 2024

​

​

Carrying

​

Fair Value

(Dollar amounts in thousands)

Value

Level 1

Level 2

Level 3

Total

Cash and due from banks

​

$

69,231

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$

25,420

​

$

43,811

​

$

—

​

$

69,231

Federal funds sold

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Securities available-for-sale

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1,218,287

​

—

​

1,214,594

​

3,693

​

1,218,287

Restricted stock

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15,371

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n/a

​

n/a

​

n/a

​

n/a

Loans, net

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3,151,938

​

—

​

—

​

3,016,655

​

3,016,655

Accrued interest receivable

​

23,851

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—

​

6,608

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17,243

​

23,851

Deposits

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(4,105,103)

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—

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(4,102,762)

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—

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(4,102,762)

Short-term borrowings

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(88,873)

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—

​

(88,873)

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—

​

(88,873)

Other borrowings

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(58,576)

​

—

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(58,510)

​

—

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(58,510)

Accrued interest payable

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(3,142)

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—

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(3,142)

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—

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(3,142)

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​

​

​

​

​

December 31, 2023

​

​

Carrying

​

Fair Value

(Dollar amounts in thousands)

Value

Level 1

Level 2

Level 3

Total

Cash and due from banks

​

$

76,759

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$

25,467

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$

51,292

​

$

—

​

$

76,759

Federal funds sold

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​

282

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​

—

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​

282

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​

—

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​

282

Securities available-for-sale

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1,259,137

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—

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1,254,955

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4,182

​

1,259,137

Restricted stock

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15,364

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n/a

​

n/a

​

n/a

​

n/a

Loans, net

​

3,128,054

​

—

​

—

​

3,025,621

​

3,025,621

Accrued interest receivable

​

24,877

​

—

​

6,755

​

18,122

​

24,877

Deposits

​

(4,090,068)

​

—

​

(4,094,552)

​

—

​

(4,094,552)

Short-term borrowings

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(67,221)

​

—

​

(67,221)

​

—

​

(67,221)

Other borrowings

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(108,577)

​

—

​

(108,496)

​

—

​

(108,496)

Accrued interest payable

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(2,588)

​

—

​

(2,588)

​

—

​

(2,588)

​

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Paragraph 3
-Publisher FASB
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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