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Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair value of financial instruments

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


		At December 31, 2024
		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
					Identical Assets			Inputs			Inputs
(Dollars in thousands)		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	167,551		$	167,551		$			$
U.S. government-sponsored enterprises
State and municipals:
Taxable			68,899						68,899
Tax-exempt			66,117						66,117
Residential mortgage-backed securities:
U.S. government agencies			1,376						1,376
U.S. government-sponsored enterprises			126,376						126,376
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			1,856						1,856
Private collateralized mortgage obligations			38,572						38,572
Asset backed securities			23,252						23,252
Corporate debt securities			31,621						26,999			4,622
Negotiable certificates of deposit			709						709
Common equity securities			2,430			2,430
Total investment securities		$	528,759		$	169,981		$	354,156		$	4,622
Interest rate swap-other assets		$	20,537					$	20,537
Interest rate swap-other liabilities		$	(20,151)					$	(20,151)


		At December 31, 2023
		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
					Identical Assets			Inputs			Inputs
(Dollars in thousands)		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
Residential mortgage-backed securities:
U.S. government agencies			724						724
U.S. government-sponsored enterprises			72,671						72,671
Commercial mortgage-backed securities:
U.S. government-sponsored enterprises			11,369						11,369
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

December 31, 2024

Amount

(Level 1)

(Level 2)

(Level 3)

Loans individually evaluated for credit loss

$

22,164

$

$

$

22,164

Other real estate owned

$

738

$

738

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
December 31, 2024		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Loans individually evaluated for credit loss		$	22,164		Appraisal of collateral		Appraisal adjustments		3.0% to 111.9% (59.6)%
							Liquidation expenses		0.0% to 6.0% (5.6)%
Other real estate owned		$	738		Appraisal of collateral		Appraisal adjustments		0.0% to 10.0% (9.7)%
							Liquidation expenses		3.0% to 6.0% (5.0)%


		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
December 31, 2024		Value			Value			(Level 1)			(Level 2)			(Level 3)
Financial assets:
Cash and due from banks		$	135,851		$	135,851		$	135,851		$			$
Investment securities:
Available for sale			526,329			526,329			167,551			354,156			4,622
Common equity securities			2,430			2,430			2,430
Held to maturity			78,184			65,152						65,152
Loans held for sale
Net loans			3,951,729			3,830,062									3,830,062
Accrued interest receivable			15,632			15,632						15,632
Mortgage servicing rights			1,304			2,314						2,314
Restricted equity securities (FHLB and other)			10,220			10,220						10,220
Other assets - interest rate swaps			20,537			20,537						20,537
Total		$	4,742,216		$	4,608,527
Financial liabilities:
Deposits		$	4,407,552		$	4,404,117		$			$	4,404,117		$
Short-term borrowings			15,900			15,900						15,900
Long-term debt			98,637			98,875						98,875
Subordinated debt			33,000			32,506						32,506
Junior subordinated debt			8,039			8,167						8,167
Accrued interest payable			5,503			5,503						5,503
Other liabilities - interest rate swaps			20,151			20,151						20,151
Total		$	4,588,782		$	4,585,219


								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						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