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Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of assets and liabilities measured at fair value


		June 30, 2024
		Fair Value Measurements Using
		Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	86,930		$	—		$	86,930
Mortgage Backed Securities-residential			—			543,755			—			543,755
Mortgage Backed Securities-commercial			—			7,444			—			7,444
Collateralized mortgage obligations			—			170,308			—			170,308
State and municipal			—			359,032			805			359,837
Municipal taxable			—			34,118			—			34,118
U.S. Treasury			—			467			—			467
Collateralized debt obligations			—			—			2,892			2,892
TOTAL		$	—		$	1,202,054		$	3,697		$	1,205,751
Derivative Assets						2,994
Derivative Liabilities						(2,994)


		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		$	—		$	1,254,955		$	4,182		$	1,259,137
Derivative Assets						2,878
Derivative Liabilities						(2,878)

Schedule of fair value measurements using significant unobservable inputs


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Three Months Ended
		June 30, 2024
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, April 1		$	805		$	2,888		$	3,693
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			4			4
Transfers			—			—			—
Settlements			—			—			—
Ending balance, June 30		$	805		$	2,892		$	3,697


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Six Months Ended
		June 30, 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			—			(110)			(110)
Transfers			—			—			—
Settlements			(375)			—			(375)
Ending balance, June 30		$	805		$	2,892		$	3,697


		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 June 30, 2024.


(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		$	2,892		Discounted cash flow		Discount rate		7.27	%
Collateral dependent loans		$	5,103		Discounted cash flow		Discount rate for age of appraisal and market conditions		5.00%-100.00	%

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


(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


		June 30, 2024
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	75,073		$	24,820		$	50,253		$	—		$	75,073
Federal funds sold			—			—			—			—			—
Securities available-for-sale			1,205,751			—			1,202,054			3,697			1,205,751
Restricted stock			15,378			n/a			n/a			n/a			n/a
Loans, net			3,165,675			—			—			3,030,377			3,030,377
Accrued interest receivable			23,733			—			6,558			17,175			23,733
Deposits			(4,132,327)			—			(4,130,751)			—			(4,130,751)
Short-term borrowings			(38,211)			—			(38,211)			—			(38,211)
Other borrowings			(108,575)			—			(108,507)			—			(108,507)
Accrued interest payable			(3,213)			—			(3,213)			—			(3,213)


		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		$	25,467		$	51,292		$	—		$	76,759
Federal funds sold			282			—			282			—			282
Securities available-for-sale			1,259,137			—			1,254,955			4,182			1,259,137
Restricted stock			15,364			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			(67,221)			—			(67,221)			—			(67,221)
Other borrowings			(108,577)			—			(108,496)			—			(108,496)
Accrued interest payable			(2,588)			—			(2,588)			—			(2,588)

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.

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