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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total (Fair Value)
December 31, 2024
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	24,776					$	—					$	24,776
U.S. agency securities						—						558,535						—						558,535
Residential mortgage-backed securities						—						625,316						—						625,316
Commercial mortgage-backed securities						—						48,945						—						48,945
Municipal bonds						—						8,014						—						8,014
Corporate bonds						—						1,818						—						1,818
Interest rate product						—						31,592						—						31,592
Credit risk participation agreements						—						—						—						—
Total assets measured at fair value on a recurring basis as of December 31, 2024						$	—					$	1,298,996					$	—					$	1,298,996
Liabilities:
Interest rate product						$	—					$	29,110					$	—					$	29,110
Total liabilities measured at fair value on a recurring basis as of December 31, 2024						$	—					$	29,110					$	—					$	29,110
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 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

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, 2024 and 2023.

(dollars in thousands)						Quoted  Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2024
Individually assessed loans:
Commercial						$	—					$	—					$	2,551					$	2,551
Income producing - commercial real estate						—						—						158,956						158,956
Owner occupied - commercial real estate						—						—						30,384						30,384
Real estate mortgage - residential						—						—						—						—
Construction - commercial and residential						—						—						303						303
Home equity						—						—						—						—
Other real estate owned						—						—						2,743						2,743
Total assets measured at fair value on a nonrecurring basis as of December 31, 2024						$	—					$	—					$	194,937					$	194,937

(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
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 values of the Company’s financial instruments at December 31, 2024 and 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)
December 31, 2024
Assets
Cash and due from banks						$	11,882					$	11,882					$	11,882					$	—					$	—
Federal funds sold						2,581						2,581						—						2,581						—
Interest bearing deposits with other banks						619,017						619,017						—						619,017						—
Investment securities available-for-sale						1,267,404						1,267,404						—						1,267,404						—
Investment securities held-to-maturity						938,647						820,382						—						820,382						—
Federal Reserve and Federal Home Loan Bank stock						51,763						N/A						—						—						—
Loans						7,934,888						7,707,424						—						—						7,707,424
Bank owned life insurance						115,806						115,806						—						115,806						—
Annuity investment						12,656						12,656						—						12,656						—
Interest rate product						31,592						31,592						—						31,592						—
Accrued interest receivable						49,479						49,479						—						49,479						—
Liabilities
Noninterest bearing deposits						1,544,403						1,544,403						—						1,544,403						—
Interest bearing deposits						4,811,012						4,811,012						—						4,811,012						—
Time deposits						2,775,663						2,785,891						—						2,785,891						—
Customer repurchase agreements						33,157						33,157						—						33,157						—
Other short-term borrowings						490,000						490,000						—						490,000						—
Long-term borrowings						76,108						82,916						—						82,916						—
Interest rate product						29,110						29,110						—						29,110						—
Accrued interest payable						17,844						17,844						—						17,844						—
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 held for sale						—						—						—						—						—
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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