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Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value for the dates indicated:

(In thousands)						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Data (Level 2)						Company Determined Fair Value (Level 3)
December 31, 2023
Financial assets:
Trading securities						$	4,647					$	4,647					$	—					$	—
AFS debt securities:
Obligations of states and political subdivisions						6,386						—						6,386						—
MBS issued or guaranteed by U.S. government-sponsored enterprises						460,091						—						460,091						—
CMO issued or guaranteed by U.S. government-sponsored enterprises						141,011						—						141,011						—
Subordinated corporate bonds						18,320						—						18,320						—
Loans held for sale						10,320						—						10,320						—
Customer loan swaps						10,699						—						10,699						—
Interest rate contracts						12,206						—						12,206						—
Fixed rate mortgage interest rate lock commitments						215						—						215						—
Forward delivery commitments						51						—						51						—
Financial liabilities:
Deferred compensation						$	4,647					$	4,647					$	—					$	—
Customer loan swaps						10,748						—						10,748						—
Interest rate contracts						3,387						—						3,387						—
Fixed rate mortgage interest rate lock commitments						11						—						11						—
Forward delivery commitments						132						—						132						—
December 31, 2022
Financial assets:
Trading securities						$	3,990					$	3,990					$	—					$	—
AFS debt securities:
Obligations of states and political subdivisions						49,226						—						49,226						—
MBS issued or guaranteed by U.S. government-sponsored enterprises						514,019						—						514,019						—
CMO issued or guaranteed by U.S. government-sponsored enterprises						109,347						—						109,347						—
Corporate bonds						23,283						—						23,283						—
Loans held for sale						5,197						—						5,197						—
Customer loan swaps						14,802						—						14,802						—
Interest rate contracts						13,051						—						13,051						—
Fixed rate mortgage interest rate lock commitments						31						—						31						—
Forward delivery commitments						114						—						114						—
Financial liabilities:
Deferred compensation						$	3,990					$	3,990					$	—					$	—
Customer loan swaps						14,850						—						14,850						—
Interest rate contracts						5,515						—						5,515						—
Fixed rate mortgage interest rate lock commitments						87						—						87						—

Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:

(In thousands)						Carrying Amount						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Prices (Level 2)						Company Determined Market Prices (Level 3)
December 31, 2023
Financial Assets:
HTM debt securities						$	544,931					$	510,595					$	—					$	510,595					$	—
Commercial real estate loans(1)(2)						1,653,435						1,540,327						—						—						1,540,327
Commercial loans(2)						399,032						385,585						—						—						385,585
Residential real estate loans(2)						1,753,124						1,488,248						—						—						1,488,248
Home equity loans(2)						238,124						233,025						—						—						233,025
Consumer loans(2)						17,444						15,279						—						—						15,279
Servicing assets						2,274						4,124						—						—						4,124
Financial liabilities:
Time deposits						$	640,539					$	634,856					$	—					$	634,856					$	—
Short-term borrowings						485,607						484,849						—						484,849						—
Junior subordinated debentures						44,331						31,918						—						31,918						—
December 31, 2022
Financial assets:
HTM debt securities						$	546,583					$	506,193					$	—					$	506,193					$	—
Commercial real estate loans(1)(2)						1,605,279						1,550,379						—						—						1,550,379
Commercial loans(2)						424,685						414,353						—						—						414,353
Residential real estate loans(2)						1,691,177						1,494,707						—						—						1,494,707
Home equity loans(2)						232,203						237,967						—						—						237,967
Consumer loans(2)						20,087						17,853						—						—						17,853
Servicing assets						2,458						4,412						—						—						4,412
Financial liabilities:
Time deposits						$	399,376					$	390,463					$	—					$	390,463					$	—
Short-term borrowings						265,176						264,779						—						264,779						—
Junior subordinated debentures						44,331						31,032						—						31,032						—

(1)    Commercial real estate loans includes non-owner-occupied and owner-occupied properties.

(2)    The presented carrying amount is net of the allocated ACL on loans.

Summary of Assets Measured at Fair Value on Non Recurring Basis

The table below highlights financial assets measured and reported at fair value on a non-recurring basis for the dates indicated:

(In thousands)						Fair Value						Readily Available Market Prices (Level 1)						Observable Market Data (Level 2)						Company Determined Fair Value (Level 3)
December 31, 2023
Financial assets:
Collateral-dependent loans						$	4,768					$	—					$	—					$	4,768
December 31, 2022
Financial assets:
Collateral-dependent loans						$	69					$	—					$	—					$	69

Valuation Methodology and Unobservable Inputs for Level Three Assets Measured at Fair Value on Non Recurring Basis

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis for the dates indicated:

(Dollars in thousands)

Fair Value

Valuation Methodology

Unobservable input

Discount

December 31, 2023

Collateral-dependent loans:

Specifically reserved

$

4,768

Market approach appraisal of collateral

Estimated selling costs

7%

December 31, 2022

Collateral-dependent loans:

Specifically reserved

$

69

Market approach appraisal     of collateral

Estimated selling costs

18%

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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

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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/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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