XML 66 R54.htm IDEA: XBRL DOCUMENT v3.25.0.1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring and Non-Recurring Basis

The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and non-recurring basis as of December 31 (in thousands):

		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
2024
Measured on a recurring basis:
Securities available for sale:
Mortgage-backed securities		$	-			$	902,384			$	-			$	902,384
Other debt securities			-				8,721				-				8,721
Other assets:
Hedging derivative instruments			-				4,693				-				4,693
Fair value adjusted through comprehensive income		$	-			$	915,798			$	-			$	915,798
Other assets:
Derivative instruments–interest rate products		$	-			$	41,318			$	-			$	41,318
Derivative instruments–mortgage banking			-				122				-				122
Other liabilities:
Derivative instruments–interest rate products			-				(41,319	)			-				(41,319	)
Derivative instruments–mortgage banking			-				(91	)			-				(91	)
Fair value adjusted through net income		$	-			$	30			$	-			$	30
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	-			$	2,280			$	-			$	2,280
Collateral dependent loans			-				-				56,246				56,246
Other assets:
Long-lived assets held for sale			-				-				596				596
Mortgage servicing rights			-				-				1,597				1,597
Other real estate owned			-				-				60				60
Total		$	-			$	2,280			$	58,499			$	60,779

(20.) FAIR VALUE MEASUREMENTS (Continued)

There were no transfers between Levels 1 and 2 during the years ended December 31, 2024 and 2023. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2024 and 2023.

		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
2023
Measured on a recurring basis:
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	-			$	21,811			$	-			$	21,811
Mortgage-backed securities			-				865,919				-				865,919
Other assets:
Hedging derivative instruments			-				5,939				-				5,939
Fair value adjusted through comprehensive income		$	-			$	893,669			$	-			$	893,669
Other assets:
Derivative instruments – interest rate products		$	-			$	37,517			$	-			$	37,517
Derivative instruments – mortgage banking			-				50				-				50
Other liabilities:
Derivative instruments – interest rate products			-				(37,519	)			-				(37,519	)
Derivative instruments – mortgage banking			-				(2	)			-				(2	)
Fair value adjusted through net income		$	-			$	46			$	-			$	46
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	-			$	1,370			$	-			$	1,370
Collateral dependent loans			-				-				37,516				37,516
Other assets:
Long-lived assets held for sale			-				-				629				629
Mortgage servicing rights			-				-				1,382				1,382
Other real estate owned			-				-				142				142
Total		$	-			$	1,370			$	39,669			$	41,039

Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2024.

Asset		Fair Value				Valuation Technique		Unobservable Input		Unobservable Input Value / Range
Collateral dependent loans		$	56,246			Appraisal of collateral (1)		Appraisal adjustments (2)		32.7% (3) / 0 - 77.3%
Loan servicing rights		$	1,597			Discounted cash flow		Discount rate		10.2% (3)
								Constant prepayment rate		12.3% (3)
Long-lived assets held for sale		$	596			Appraisal of collateral (1)		Appraisal adjustments (2)		11.8% (3)
Other real estate owned		$	60			Appraisal of collateral (1)		Appraisal adjustments (2)		39.0%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

(3)Weighted averages.

Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments

The following presents the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of December 31, 2024 and 2023 (in thousands):

		Level in Fair Value Measurement Hierarchy		2024								2023
				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets:
Cash and cash equivalents		Level 1		$	87,321			$	87,321			$	124,442			$	124,442
Securities available for sale		Level 2			911,105				911,105				887,730				887,730
Securities held to maturity, net		Level 2			116,001				104,556				148,156				137,030
Loans held for sale		Level 2			2,280				2,280				1,370				1,370
Loans		Level 2			4,374,917				4,277,167				4,373,541				4,143,918
Loans⁽¹⁾		Level 3			56,246				56,246				37,516				37,516
Long-lived assets held for sale		Level 3			596				596				629				629
Accrued interest receivable		Level 1			23,748				23,748				24,481				24,481
Derivative instruments–cash flow hedge		Level 2			4,693				4,693				5,939				5,939
Derivative instruments–interest rate products		Level 2			41,318				41,318				37,517				37,517
Derivative instruments–mortgage banking		Level 2			122				122				50				50
FHLB and FRB stock		Level 2			18,261				18,261				17,406				17,406
Financial liabilities:
Non-maturity deposits		Level 1			3,559,559				3,559,559				3,808,216				3,808,216
Time deposits		Level 2			1,545,172				1,541,013				1,404,696				1,398,352
Short-term borrowings		Level 1			99,000				99,000				185,000				185,000
Long-term borrowings		Level 2			124,842				127,402				124,532				128,363
Accrued interest payable		Level 1			25,849				25,849				19,412				19,412
Derivative instruments–interest rate products		Level 2			41,319				41,319				37,519				37,519
Derivative instruments–mortgage banking		Level 2			91				91				2				2

(1)Comprised of collateral dependent loans.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration