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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Mortgage Loans Held for Sale

The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:

(Dollars in thousands)			June 30, 2026			December 31, 2025
Aggregate fair value			$33,608			$35,833
Aggregate principal balance			32,970			35,130
Difference between fair value and principal balance			$638			$703

Items Recorded at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:

(Dollars in thousands)			Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2026
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises			$39,790			$—			$39,790			$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises			828,135			—			828,135			—
Obligations of states and political subdivisions			660			—			660			—
Individual name issuer trust preferred debt securities			6,096			—			6,096			—
Corporate bonds			10,640			—			10,640			—
Mortgage loans held for sale			33,608			—			33,608			—
Derivative assets			35,395			—			35,395			—
Total assets at fair value on a recurring basis			$954,324			$—			$954,324			$—
Liabilities:
Derivative liabilities			$33,122			$—			$33,122			$—
Total liabilities at fair value on a recurring basis			$33,122			$—			$33,122			$—

(Dollars in thousands)			Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
December 31, 2025
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises			$39,958			$—			$39,958			$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises			880,894			—			880,894			—
Obligations of states and political subdivisions			663			—			663			—
Individual name issuer trust preferred debt securities			6,103			—			6,103			—
Corporate bonds			12,724			—			12,724			—
Mortgage loans held for sale			35,833			—			35,833			—
Derivative assets			28,770			—			28,770			—
Total assets at fair value on a recurring basis			$1,004,945			$—			$1,004,945			$—
Liabilities:
Derivative liabilities			$29,545			$—			$29,545			$—
Total liabilities at fair value on a recurring basis			$29,545			$—			$29,545			$—

Items Recorded at Fair Value on a Nonrecurring Basis

The following table presents the carrying value of assets held at June 30, 2026, which were written down to fair value during the six months ended June 30, 2026:

(Dollars in thousands)			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
						Assets:
Collateral dependent individually analyzed loans			$4,274						$—						$—						$4,274
Total assets at fair value on a nonrecurring basis			$4,274						$—						$—						$4,274

Assets written down to fair value for the year ended December 31, 2025 consisted of two collateral dependent individually analyzed loan relationships, which had no carrying value at December 31, 2025. See additional disclosure on these two relationships in Note 10 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring

basis for which the Corporation has utilized Level 3 inputs to determine fair value:

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range of Inputs Utilized (Weighted Average)

June 30, 2026

Collateral dependent individually analyzed loans

$4,274

Appraisals of collateral

Discount for costs to sell

10%

Appraisal adjustments

0%

Carrying Amounts and Estimated Fair Values of Financial Instruments

The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented in the tables below:

(Dollars in thousands)
June 30, 2026			Carrying Amount			Total Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents			$127,395			$127,395			$127,395			$—			$—
Loans, net of allowance for credit losses on loans (1)			5,060,498			4,940,841			—			—			4,940,841
FHLB stock			23,809			23,809			—			23,809			—
Investment in BOLI			116,914			116,914			—			116,914			—
Financial Liabilities:
Non-maturity deposits			$4,225,371			$4,225,371			$—			$4,225,371			$—
Time deposits			1,133,502			1,127,900			—			1,127,900			—
FHLB advances			456,000			456,366			—			456,366			—
Junior subordinated debentures			22,681			19,876			—			19,876			—

(1)The estimated fair value excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 6 for additional disclosure.

(Dollars in thousands)
December 31, 2025			Carrying Amount			Total Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents			$103,734			$103,734			$103,734			$—			$—
Loans, net of allowance for credit losses on loans (1)			5,097,152			4,972,651			—			—			4,972,651
FHLB stock			29,473			29,473			—			29,473			—
Investment in BOLI			115,126			115,126			—			115,126			—
Financial Liabilities:
Non-maturity deposits			$4,049,307			$4,049,307			$—			$4,049,307			$—
Time deposits			1,220,683			1,218,361			—			1,218,361			—
FHLB advances			626,000			629,484			—			629,484			—
Junior subordinated debentures			22,681			19,953			—			19,953			—

(1)The estimated fair value excludes a $335 thousand negative basis adjustment associated with fair value hedges. See Note 6 for additional disclosure.

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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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