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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2025
Measured on a recurring basis:
Securities available for sale:
Mortgage-backed securities		$	—			$	897,240			$	—			$	897,240
Other assets:
Other debt securities			—				18,909				—				18,909
Hedging derivative instruments			—				3,218				—				3,218
Fair value adjusted through comprehensive income		$	—			$	919,367			$	—			$	919,367
Other assets:
Derivative instruments – interest rate swaps			—				28,375				—				28,375
Derivative instruments – mortgage banking			—				173				—				173
Other liabilities:
Derivative instruments – interest rate swaps			—				(28,376	)			—				(28,376	)
Derivative instruments – mortgage banking			—				(114	)			—				(114	)
Fair value adjusted through net income		$	—			$	58			$	—			$	58
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	2,356			$	—			$	2,356
Collateral dependent loans			—				—				46,586				46,586
Other assets:
Investment in limited partnership			—				—				3,676				3,676
Long-lived assets held for sale			—				—				528				528
Loan servicing rights			—				—				1,575				1,575
Other real estate owned			—				—				142				142
Total		$	—			$	2,356			$	52,507			$	54,863

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2025. There were no liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 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 June 30, 2025 (dollars in thousands).

Asset		Fair Value				Valuation Technique		Unobservable Input		Unobservable Input Value or Range
Collateral dependent loans		$	46,586			Appraisal of collateral (1)		Appraisal adjustments (2)		37.1% (3) / 0 - 77.3%
Loan servicing rights		$	1,575			Discounted cash flow		Discount rate		10.2% (3)
								Constant prepayment rate		12.7% (3)
Investment in limited partnership		$	3,676			Appraisal of collateral (1)		Appraisal adjustments (2)		0%
Long-lived assets held for sale		$	528			Appraisal of collateral (1)		Appraisal adjustments (2)		12.0%
Other real estate owned		$	142			Appraisal of collateral (1)		Appraisal adjustments (2)		40.0%

(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 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		June 30, 2025								December 31, 2024
				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets:
Cash and cash equivalents		Level 1		$	93,034			$	93,034			$	87,321			$	87,321
Securities available for sale		Level 2			916,149				916,149				911,105				911,105
Securities held to maturity, net		Level 2			92,119				81,555				116,001				104,556
Loans held for sale		Level 2			2,356				2,356				2,280				2,280
Loans		Level 2			4,442,125				4,334,122				4,374,917				4,277,167
Loans (1)		Level 3			46,586				46,586				56,246				56,246
Long-lived assets held for sale		Level 3			528				528				596				596
Accrued interest receivable		Level 1			24,928				24,928				23,748				23,748
Derivative instruments–cash flow hedges		Level 2			3,218				3,218				4,693				4,693
Derivative instruments–interest rate products		Level 2			28,375				28,375				41,318				41,318
Derivative instruments–mortgage banking		Level 2			173				173				122				122
FHLB and FRB stock		Level 2			20,798				20,798				18,261				18,261
Financial liabilities:
Non-maturity deposits		Level 1			3,543,514				3,543,514				3,559,559				3,559,559
Time deposits		Level 2			1,612,500				1,607,647				1,545,172				1,541,013
Short-term borrowings		Level 1			101,000				101,000				99,000				99,000
Long-term borrowings		Level 2			114,960				121,187				124,842				127,402
Accrued interest payable		Level 1			23,687				23,687				25,856				25,856
Derivative instruments–cash flow hedges		Level 2			—				—				—				—
Derivative instruments–interest rate products		Level 2			28,376				28,376				41,319				41,319
Derivative instruments–mortgage banking		Level 2			114				114				91				91

(1) Comprised of collateral dependent loans.

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- 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

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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
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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