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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total (Fair Value)
December 31, 2023
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	47,901					$	—					$	47,901
U.S. agency securities						—						671,397						—						671,397
Residential mortgage-backed securities						—						727,353						—						727,353
Corporate mortgage-backed securities						—						49,564						—						49,564
Municipal bonds						—						8,490						—						8,490
Corporate bonds						—						1,683						—						1,683
Interest rate product						—						30,662						—						30,662
Credit risk participation agreements						—						3						—						3
Total assets measured at fair value on a recurring basis as of December 31, 2023						$	—					$	1,537,053					$	—					$	1,537,053
Liabilities:
Interest rate product						$	—					$	30,555					$	—					$	30,555
Total liabilities measured at fair value on a recurring basis as of December 31, 2023						$	—					$	30,555					$	—					$	30,555
December 31, 2022
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	46,327					$	—					$	46,327
U.S. agency securities						—						669,728						—						669,728
Residential mortgage-backed securities						—						820,503						—						820,503
Corporate mortgage-backed securities						—						50,213						—						50,213
Municipal bonds						—						10,087						—						10,087
Corporate bonds						—						1,808						—						1,808
Loans held for sale						—						6,734						—						6,734
Interest rate product						—						31,039						—						31,039
Mortgage banking derivatives						—						—						93						93
Total assets measured at fair value on a recurring basis as of December 31, 2022						$	—					$	1,636,439					$	93					$	1,636,532
Liabilities:
Credit risk participation agreements						$	—					$	2					$	—					$	2
Interest rate product						—						30,065						—						30,065
Total liabilities measured at fair value on a recurring basis as of December 31, 2022						$	—					$	30,067					$	—					$	30,067

Schedule of the Reconciliation of Activity for Assets and Liabilities Measured at Fair Value Based on Significant Other Unobservable Inputs (Level 3)

The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):

(dollars in thousands)						Investment Securities						Mortgage Banking Derivatives						Total
Assets:
Beginning balance at January 1, 2022						$	10,000					$	636					$	10,636
Realized loss included in earnings						—						(543)						(543)
Reclassified to investment securities held-to-maturity						(10,000)						—						(10,000)
Principal redemption						—						—						—
Ending balance at December 31, 2022						$	—					$	93					$	93

Schedule of Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Loans Held for Sale Measured at Fair Value

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of 2022.

						December 31, 2022
(dollars in thousands)						Fair Value						Aggregate Unpaid Principal Balance						Difference
Loans held for sale						$	6,734					$	6,775					$	(41)

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below: There were no liabilities measured at fair value on a non-recurring basis at December 31, 2023 and 2022.

(dollars in thousands)						Quoted  Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2023
Individually assessed loans:
Commercial						$	—					$	—					$	2,475					$	2,475
Income producing - commercial real estate						—						—						41,038						41,038
Owner occupied - commercial real estate						—						—						19,880						19,880
Real estate mortgage - residential						—						—						1,638						1,638
Construction - commercial and residential						—						—						396						396
Home equity						—						—						242						242
Other real estate owned						—						—						1,108						1,108
Total assets measured at fair value on a nonrecurring basis as of December 31, 2023						$	—					$	—					$	66,777					$	66,777

(dollars in thousands)						Quoted Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2022
Individually assessed loans:
Commercial						$	—					$	—					$	1,790					$	1,790
Income producing - commercial real estate						—						—						3,131						3,131
Owner occupied - commercial real estate						—						—						19,187						19,187
Real estate mortgage - residential						—						—						1,404						1,404
Other consumer																		3						3
Other real estate owned						—						—						1,962						1,962
Total assets measured at fair value on a nonrecurring basis as of December 31, 2022						$	—					$	—					$	27,477					$	27,477

Schedule of Estimated Fair Values of Financial Instruments

Estimated fair values of the Company’s financial instruments at December 31, 2023 and 2022 are as follows:

																		Fair Value Measurements
(dollars in thousands)						Carrying Value						Fair Value						Quoted Prices (Level 1)						Significant Other  Observable Inputs (Level 2)						Significant Other Unobservable  Inputs (Level 3)
December 31, 2023
Assets
Cash and due from banks						$	9,047					$	9,047					$	9,047					$	—					$	—
Federal funds sold						3,740						3,740						—						3,740						—
Interest bearing deposits with other banks						709,897						709,897						—						709,897						—
Investment securities available-for-sale						1,506,388						1,506,388						—						1,506,388						—
Investment securities held-to-maturity						1,015,737						901,582						—						901,582						—
Federal Reserve and Federal Home Loan Bank stock						25,748						N/A						—						—						—
Loans						7,968,695						7,720,241						—						—						7,720,241
Bank owned life insurance						112,921						112,921						—						112,921						—
Annuity investment						13,112						13,112						—						13,112						—
Credit risk participation agreements						3						3						—						3						—
Interest rate product						30,662						30,662						—						30,662						—
Accrued interest receivable						53,337						53,337						53,337						—						—
Liabilities
Noninterest bearing deposits						2,279,081						2,279,081						—						2,279,081						—
Interest bearing deposits						4,311,491						4,311,491						—						4,311,491						—
Time deposits						2,217,467						2,217,795						—						2,217,795						—
Customer repurchase agreements						30,587						30,587						—						30,587						—
Borrowings						1,369,918						1,368,621						—						1,368,621						—
Interest rate product						30,555						30,555						—						30,555						—
Accrued interest payable						57,395						57,395						57,395						—						—

																		Fair Value Measurements
(dollars in thousands)						Carrying Value						Fair Value						Quoted Prices (Level 1)						Significant Other  Observable Inputs (Level 2)						Significant Other Unobservable  Inputs (Level 3)
December 31, 2022
Assets
Cash and due from banks						$	12,655					$	12,655					$	12,655					$	—					$	—
Federal funds sold						33,927						33,927						—						33,927						—
Interest bearing deposits with other banks						265,272						265,272						—						265,272						—
Investment securities available-for-sale						1,598,666						1,598,666						—						1,598,666						—
Investment securities held-to-maturity						1,093,374						968,707						—						968,707						—
Federal Reserve and Federal Home Loan Bank stock						65,067						N/A						—						—						—
Loans held for sale						6,734						6,734						—						6,734						—
Loans						7,635,632						7,501,484						—												7,501,484
Bank owned life insurance						110,998						110,998						—						110,998						—
Annuity investment						13,869						13,869						—						13,869						—
Mortgage banking derivatives						93						93						—												93
Interest rate product						31,039						31,039						—						31,039						—
Accrued interest receivable						51,390						51,390						51,390						—						—
Liabilities
Noninterest bearing deposits						3,150,751						3,150,751						—						3,150,751						—
Interest bearing deposits						4,778,932						4,778,932						—						4,778,932						—
Time deposits						783,499						790,418						—						790,418						—
Customer repurchase agreements						35,100						35,100						—						35,100						—
Borrowings						1,044,795						1,049,459						—						1,049,459						—
Credit risk participation agreements,						2						2						—						2						—
Interest rate product						30,065						30,065						—						30,065						—
Accrued interest payable						4,881						4,881						4,881						—						—

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Tabular disclosure for aggregate fair value and unpaid principal balance for loans held for sale.

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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 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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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).

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