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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total Fair Value
September 30, 2024
Assets:
Investment securities available-for-sale:
U.S treasury bonds						$	—					$	49,403					$	—					$	49,403
U. S. agency securities						—						653,277						—						653,277
Residential mortgage-backed securities						—						670,045						—						670,045
Commercial mortgage-backed securities						—						50,216						—						50,216
Municipal bonds						—						8,267						—						8,267
Corporate bonds						—						1,798						—						1,798
Interest rate product						—						31,984						—						31,984
Credit risk participation agreements						—						1						—						1
Total assets measured at fair value on a recurring basis						$	—					$	1,464,991					$	—					$	1,464,991
Liabilities:
Interest rate product						$	—					$	30,588					$	—					$	30,588
Total liabilities measured at fair value on a recurring basis						$	—					$	30,588					$	—					$	30,588
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
Commercial 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						$	—					$	1,537,053					$	—					$	1,537,053
Liabilities:
Interest rate product						$	—					$	30,555					$	—					$	30,555
Total liabilities measured at fair value on a recurring basis						$	—					$	30,555					$	—					$	30,555

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:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total Fair Value
September 30, 2024
Individually assessed loans:
Commercial						$	—					$	—					$	2,489					$	2,489
Income producing - commercial real estate						—						—						92,796						92,796
Owner occupied - commercial real estate						—						—						33,961						33,961
Home equity						—						—						257						257
Other real estate owned						—						—						2,743						2,743
Total assets measured at fair value on a nonrecurring basis as of September 30, 2024						$	—					$	—					$	132,246					$	132,246
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
Consumer						—						—						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

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair value of the Company's financial instruments at September 30, 2024 and December 31, 2023 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)
September 30, 2024
Assets
Cash and due from banks						$	16,383					$	16,383					$	16,383					$	—					$	—
Federal funds sold						9,610						9,610						—						9,610						—
Interest-bearing deposits with other banks						584,491						584,491						—						584,491						—
Investment securities available-for-sale						1,433,006						1,433,006						—						1,433,006						—
Investment securities held-to-maturity						961,925						868,425						—						868,425						—
Federal Reserve and Federal Home Loan Bank stock						37,728						N/A						—						—						—
Loans						7,970,269						7,649,112						—												7,649,112
Bank owned life insurance						115,064						115,064						—						115,064						—
Annuity investment						12,636						12,636						—						12,636						—
Interest rate product						31,984						31,984						—						31,984						—
Accrued interest receivable						50,786						50,786						50,786						—						—
Liabilities
Noninterest-bearing deposits						$	1,609,823					$	1,609,823					$	—					$	1,609,823					$	—
Interest-bearing deposits						4,220,119						4,220,119						—						4,220,119						—
Time deposits						2,710,908						2,727,075						—						2,727,075						—
Customer repurchase agreements						32,040						32,040						—						32,040						—
Other short-term borrowings						1,240,000						1,240,000						—						1,240,000						—
Long-term borrowings						75,812						82,399												—						82,399
Interest rate product						30,588						30,588						—						30,588						—
Accrued interest payable						51,875						51,875						51,875						—						—
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						—
Other short-term borrowings						1,369,918						1,368,621						—						1,368,621						—
Long-term borrowings						—						—						—						—						—
Interest rate product						30,555						30,555						—						30,555						—
Accrued interest payable						57,395						57,395						57,395						—						—

X

- 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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- 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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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X

- Definition

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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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