XML 48 R41.htm IDEA: XBRL DOCUMENT v3.25.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 nonrecurring basis as of the dates indicated (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
March 31, 2025
Measured on a recurring basis:
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	—			$	—			$	—			$	—
Mortgage-backed securities			—				912,193				—				912,193
Other assets:
Other debt securities			—				14,799				—				14,799
Hedging derivative instruments			—				3,755				—				3,755
Other liabilities:
Hedging derivative instruments			—				—				—				—
Fair value adjusted through comprehensive income		$	—			$	930,747			$	—			$	930,747
Other assets:
Derivative instruments – interest rate swaps			—				33,843				—				33,843
Derivative instruments – mortgage banking			—				125				—				125
Other liabilities:
Derivative instruments – interest rate swaps			—				(33,844	)			—				(33,844	)
Derivative instruments – mortgage banking			—				(80	)			—				(80	)
Fair value adjusted through net income		$	—			$	44			$	—			$	44
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	387			$	—			$	387
Collateral dependent loans			—				—				46,729				46,729
Other assets:
Long-lived assets held for sale			—				—				528				528
Loan servicing rights			—				—				1,555				1,555
Other real estate owned			—				—				196				196
Total		$	—			$	387			$	49,008			$	49,395

There were no transfers between Levels 1 and 2 during the three months ended March 31, 2025. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2025.

		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
December 31, 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
Loan servicing rights			—				—				1,597				1,597
Other real estate owned			—				—				60				60
Total		$	—			$	2,280			$	58,499			$	60,779

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 as of March 31, 2025 (dollars in thousands).

Asset		Fair Value				Valuation Technique		Unobservable Input		Unobservable Input Value or Range
Collateral dependent loans		$	46,729			Appraisal of collateral (1)		Appraisal adjustments (2)		30.9% (3) / 0 - 77.36%
Loan servicing rights		$	1,555			Discounted cash flow		Discount rate		10.4% (3)
								Constant prepayment rate		12.5% (3)
Long-lived assets held for sale		$	528			Appraisal of collateral (1)		Appraisal adjustments (2)		27.9%
Other real estate owned		$	196			Appraisal of collateral (1)		Appraisal adjustments (2)		39.0 - 47.7%

(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 table presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated.

		Level in Fair Value Measurement Hierarchy		March 31, 2025								December 31, 2024
				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets:
Cash and cash equivalents		Level 1		$	167,352			$	167,352			$	87,321			$	87,321
Securities available for sale		Level 2			926,992				926,992				911,105				911,105
Securities held to maturity, net		Level 2			113,105				102,561				116,001				104,556
Loans held for sale		Level 2			387				387				2,280				2,280
Loans		Level 2			4,457,585				4,356,949				4,374,917				4,277,167
Loans (1)		Level 3			46,729				46,729				56,246				56,246
Long-lived assets held for sale		Level 3			528				528				596				596
Accrued interest receivable		Level 1			24,778				24,778				23,748				23,748
Derivative instruments–cash flow hedges		Level 2			3,755				3,755				4,693				4,693
Derivative instruments–interest rate products		Level 2			33,843				33,843				41,318				41,318
Derivative instruments–mortgage banking		Level 2			125				125				122				122
FHLB and FRB stock		Level 2			18,622				18,622				18,261				18,261
Financial liabilities:
Non-maturity deposits		Level 1			3,751,980				3,752,041				3,559,559				3,559,559
Time deposits		Level 2			1,620,930				1,617,219				1,545,172				1,541,013
Short-term borrowings		Level 1			55,000				55,000				99,000				99,000
Long-term borrowings		Level 2			124,917				128,481				124,842				127,402
Accrued interest payable		Level 1			27,916				27,916				25,856				25,856
Derivative instruments–cash flow hedges		Level 2			—				—				—				—
Derivative instruments–interest rate products		Level 2			33,844				33,844				41,319				41,319
Derivative instruments–mortgage banking		Level 2			80				80				91				91

(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