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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of assets and liabilities measured at fair value


		September 30, 2025
		Fair Value Measurements Using
		Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	79,182		$	—		$	79,182
Mortgage Backed Securities-residential			—			535,502			—			535,502
Mortgage Backed Securities-commercial			—			12,510			—			12,510
Collateralized mortgage obligations			—			153,861			—			153,861
State and municipal			—			365,636			—			365,636
Municipal taxable			—			36,573			—			36,573
Collateralized debt obligations			—			—			2,843			2,843
TOTAL		$	—		$	1,183,264		$	2,843		$	1,186,107
Derivative Assets						2,866
Derivative Liabilities						(2,866)


		December 31, 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		$	—		$	78,982		$	—		$	78,982
Mortgage Backed Securities-residential			—			541,320			—			541,320
Mortgage Backed Securities-commercial			—			13,661			—			13,661
Collateralized mortgage obligations			—			163,026			—			163,026
State and municipal			—			359,523			805			360,328
Municipal taxable			—			35,777			—			35,777
Collateralized debt obligations			—			—			2,896			2,896
TOTAL		$	—		$	1,192,289		$	3,701		$	1,195,990
Derivative Assets						3,060
Derivative Liabilities						(3,060)

Schedule of fair value measurements using significant unobservable inputs


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Three Months Ended
		September 30, 2025
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, July 1		$	—		$	2,909		$	2,909
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			(66)			(66)
Transfers			—			—			—
Settlements			—			—			—
Ending balance, September 30		$	—		$	2,843		$	2,843


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Nine Months Ended
		September 30, 2025
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, January 1		$	805		$	2,896		$	3,701
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			(53)			(53)
Transfers			—			—			—
Settlements			(805)			—			(805)
Ending balance, September 30		$	—		$	2,843		$	2,843


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Year Ended
		December 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			—			(106)			(106)
Purchases			—			—			—
Settlements			(375)			—			(375)
Ending balance, December 31		$	805		$	2,896		$	3,701

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 September 30, 2025.


(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
Collateralized debt obligations		$	2,843		Discounted cash flow		Discount rate		6.26	%
Collateral dependent loans		$	12,092		Discounted cash flow		Discount rate for age of appraisal and market conditions		20.00%-100.00	%

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 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		$	2,896		Discounted cash flow		Discount rate		6.62	%
Collateral dependent loans			3,099		Discounted cash flow		Discount rate for age of appraisal and market conditions		20.00%-100.00	%

Schedule of carrying amount and estimated fair value of financial instruments


		September 30, 2025
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	87,438		$	36,798		$	50,640		$	—		$	87,438
Federal funds sold			157			—			157			—			157
Securities available-for-sale			1,186,107			—			1,183,264			2,843			1,186,107
Restricted stock			18,761			n/a			n/a			n/a			n/a
Loans, net			3,919,990			—			—			3,858,240			3,858,240
Accrued interest receivable			26,526			—			6,577			19,949			26,526
Deposits			(4,615,305)			—			(4,610,086)			—			(4,610,086)
Short-term borrowings			(182,522)			—			(182,522)			—			(182,522)
Other borrowings			(170,453)			—			(170,453)			—			(170,453)
Accrued interest payable			(2,965)			—			(2,965)			—			(2,965)


		December 31, 2024
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	93,526		$	35,889		$	57,637		$	—		$	93,526
Federal funds sold			820			—			820			—			820
Securities available-for-sale			1,195,990			—			1,192,289			3,701			1,195,990
Restricted stock			17,555			n/a			n/a			n/a			n/a
Loans, net			3,790,409			—			—			3,717,843			3,717,843
Accrued interest receivable			26,934			—			6,543			20,391			26,934
Deposits			(4,718,914)			—			(4,723,356)			—			(4,723,356)
Short-term borrowings			(187,057)			—			(187,057)			—			(187,057)
Other borrowings			(28,120)			—			(29,693)			—			(29,693)
Accrued interest payable			(3,799)			—			(3,799)			—			(3,799)

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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