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Fair value estimates (Tables)

9 Months Ended

Sep. 30, 2024

Fair value estimates

Schedule of assets and liabilities measured at fair value on a recurring basis


		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
(Dollars in thousands)					Identical Assets			Inputs			Inputs
September 30, 2024		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	180,815		$	180,815		$			$
U.S. government-sponsored enterprises
State and municipals:
Taxable			77,391						77,391
Tax-exempt			68,170						68,170
Residential mortgage-backed securities:
U.S. government agencies			1,481						1,481
U.S. government-sponsored enterprises			130,070						130,070
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			4,548						4,548
Private collateralized mortgage obligations			43,247						43,247
Asset backed securities			23,845						23,845
Corporate debt securities			32,212						27,867			4,345
Negotiable certificates of deposit			707						707
Common equity securities			3,921			3,921
Total investment securities		$	566,407		$	184,736		$	377,326		$	4,345
Interest rate swap-other assets		$	17,338					$	17,338
Interest rate swap-other liabilities		$	(15,864)					$	(15,864)


		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
(Dollars in thousands)					Identical Assets			Inputs			Inputs
December 31, 2023		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	184,057		$	184,057		$			$
U.S. government-sponsored enterprises			2,152						2,152
State and municipals:
Taxable			57,100						57,100
Tax-exempt			67,124						67,124
Mortgage-backed securities:
U.S. government agencies			724						724
U.S. government-sponsored enterprises			84,040						84,040
Corporate debt securities			3,730						3,730
Common equity securities			98			98
Total investment securities		$	399,025		$	184,155		$	214,870		$
Interest rate swap-other assets		$	19,278					$	19,278
Interest rate swap-other liabilities		$	(18,808)					$	(18,808)

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

Fair Value Measurement Using

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

(Dollars in thousands)

Identical Assets

Inputs

Inputs

September 30, 2024

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

21,066

$

$

$

21,066

Other real estate owned

$

1,152

$

1,152

Fair Value Measurement Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

(Dollars in thousands)

Identical Assets

Inputs

Inputs

December 31, 2023

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

4,740

$

$

$

4,740

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)		Fair Value							Range
September 30, 2024		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	21,066		Appraisal of collateral		Appraisal adjustments		7.1% to 94.0% (40.0)%
							Liquidation expenses		3.0% to 6.0% (5.8)%
Other real estate owned		$	1,152		Appraisal of collateral		Appraisal adjustments		1.0% to 1.0% (1.0)%
							Liquidation expenses		3.0% to 6.0% (4.5)%


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)		Fair Value							Range
December 31, 2023		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	4,740		Appraisal of collateral		Appraisal adjustments		22.8% to 82.4% (63.6)%
							Liquidation expenses		3.0% to 6.0% (5.2)%

Schedule of carrying and fair values of financial instruments


								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
(Dollars in thousands)		Carrying			Fair			Assets			Inputs			Inputs
September 30, 2024		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	285,469		$	285,469		$	285,469		$			$
Investment securities:
Available for sale			562,486			562,486			180,815			377,326			4,345
Common equity securities			3,921			3,921			3,921
Held to maturity			79,861			69,034						69,034
Loans held for sale			803			803						803
Net loans			4,030,342			3,949,667									3,949,667
Accrued interest receivable			17,979			17,979						17,979
Mortgage servicing rights			832			1,669						1,669
Restricted equity securities (FHLB and other)			9,829			9,829						9,829
Other assets - interest rate swaps			17,338			17,338						17,338
Total		$	5,008,860		$	4,918,195
Financial liabilities:
Deposits		$	4,637,864		$	4,639,273		$			$	4,639,273		$
Short-term borrowings			37,346			37,346						37,346
Long-term debt			111,489			112,680						112,680
Subordinated debt			33,000			32,232						32,232
Junior subordinated debt			8,015			8,471						8,471
Accrued interest payable			6,829			6,829						6,829
Other liabilities - interest rate swaps			15,864			15,864						15,864
Total		$	4,850,407		$	4,852,695


								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
(Dollars in thousands)		Carrying			Fair			Assets			Inputs			Inputs
December 31, 2023		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	187,365		$	187,365		$	187,365		$			$
Investment securities:
Available for sale			398,927			398,927			184,057			214,870
Common equity securities			98			98			98
Held to maturity			84,851			71,698						71,698
Loans held for sale			250			250
Net loans			2,828,002			2,593,151									2,593,151
Accrued interest receivable			12,734			12,734						12,734
Mortgage servicing rights			870			1,745						1,745
Restricted equity securities (FHLB and other)			5,180			5,180						5,180
Other assets - interest rate swaps			19,278			19,278						19,278
Total		$	3,537,555		$	3,290,426
Financial liabilities:
Deposits		$	3,279,037		$	3,274,774		$			$	3,274,774		$
Short-term borrowings			17,590			17,590						17,590
Long-term debt			25,000			24,924						24,924
Subordinated debt			33,000			45,504						45,504
Accrued interest payable			5,765			5,765						5,765
Other liabilities - interest rate swaps			18,808			18,808						18,808
Total		$	3,379,200		$	3,387,365