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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized in the tables below.

 

 

Fair Value Measurements at September 30, 2025 Using:

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

36,126

 

 

$

—

 

 

$

—

 

Obligations of U.S. Government agencies

 

 

—

 

 

 

29,620

 

 

$

—

 

Obligations of states and political subdivisions

 

 

—

 

 

 

321,606

 

 

 

—

 

Mortgage-backed securities in government sponsored
   entities

 

 

—

 

 

 

267,264

 

 

 

—

 

Total securities available-for-sale

 

 

36,126

 

 

$

618,490

 

 

 

—

 

Equity securities

 

 

—

 

 

 

2,573

 

 

 

—

 

Loans held for sale, at fair value

 

 

—

 

 

 

8,012

 

 

 

—

 

Swap asset

 

 

—

 

 

 

3,684

 

 

 

—

 

Liabilities measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

Swap liability

 

$

—

 

 

$

6,222

 

 

$

—

 

Assets measured at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

Collateral-dependent loans

 

$

—

 

 

$

—

 

 

$

6,982

 

 

 

 

Fair Value Measurements at December 31, 2024 Using:

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

Securities available-for-sale

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

64,571

 

 

$

—

 

 

$

—

 

Obligations of U.S. Government agencies

 

 

—

 

 

 

32,816

 

 

 

—

 

Obligations of states and political subdivisions

 

 

—

 

 

 

325,119

 

 

 

—

 

Mortgage-backed securities in government
   sponsored entities

 

 

—

 

 

 

225,561

 

 

 

—

 

Total securities available-for-sale

 

 

64,571

 

 

 

583,496

 

 

 

—

 

Equity securities

 

 

—

 

 

 

2,421

 

 

 

—

 

Loans held for sale

 

 

—

 

 

 

665

 

 

 

—

 

Swap asset

 

 

—

 

 

 

5,308

 

 

 

—

 

Liabilities measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

Swap liability

 

$

—

 

 

$

11,638

 

 

$

—

 

Assets measured at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

Collateral-dependent loans

 

$

—

 

 

$

—

 

 

$

19,177

 
Quantitative Information about Level 3 Fair Value Measurements The following tables present quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis a September 30, 2025 and December 31, 2024.

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2025

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

Collateral-dependent loans

 

$

6,982

 

 

Appraisals which utilize sales comparison, net income and cost approach

 

Discounts for collection issues and changes in market conditions

 

10 - 40%

 

23%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2024

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

Collateral-dependent loans

 

$

19,177

 

 

Appraisals which utilize sales comparison, net income and cost approach

 

Discounts for collection issues and changes in market conditions

 

10 - 75%

 

25%

 

 

 

 

 

 

 

 

 

 

 

 
Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at September 30, 2025 were as follows:

September 30, 2025

 

Carrying
Amount

 

 

Total
Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

$

62,766

 

 

$

62,766

 

 

$

62,766

 

 

$

—

 

 

$

—

 

Investments in time deposits

 

 

735

 

 

 

735

 

 

 

—

 

 

 

735

 

 

 

—

 

Other securities

 

 

27,901

 

 

 

27,901

 

 

 

27,901

 

 

 

—

 

 

 

—

 

Loans, net of allowance

 

 

3,055,740

 

 

 

2,951,845

 

 

 

—

 

 

 

—

 

 

 

2,951,845

 

Accrued interest receivable

 

 

14,070

 

 

 

14,070

 

 

 

14,070

 

 

 

—

 

 

 

—

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmaturing deposits

 

 

2,203,706

 

 

 

2,203,706

 

 

 

2,203,706

 

 

 

—

 

 

 

—

 

Time deposits

 

 

1,026,757

 

 

 

1,029,837

 

 

 

—

 

 

 

—

 

 

 

1,029,837

 

Short-term FHLB advances

 

 

232,000

 

 

 

232,000

 

 

 

232,000

 

 

 

—

 

 

 

—

 

Long-term FHLB advances

 

 

970

 

 

 

946

 

 

 

—

 

 

 

—

 

 

 

946

 

Subordinated debentures

 

 

104,213

 

 

 

103,007

 

 

 

—

 

 

 

—

 

 

 

103,007

 

Other borrowings

 

 

4,699

 

 

 

4,699

 

 

 

—

 

 

 

—

 

 

 

4,699

 

Accrued interest payable

 

 

8,257

 

 

 

8,257

 

 

 

8,257

 

 

 

—

 

 

 

—

 

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2024 were as follows:

 

December 31, 2024

 

Carrying
Amount

 

 

Total
Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

$

63,155

 

 

$

63,155

 

 

$

63,155

 

 

$

—

 

 

$

—

 

Investments in time deposits

 

 

1,450

 

 

 

1,450

 

 

 

—

 

 

 

1,450

 

 

 

—

 

Other securities

 

 

30,352

 

 

 

30,352

 

 

 

30,352

 

 

 

—

 

 

 

—

 

Loans, net of allowance

 

 

3,041,561

 

 

 

2,919,899

 

 

 

—

 

 

 

—

 

 

 

2,919,899

 

Accrued interest receivable

 

 

13,453

 

 

 

13,453

 

 

 

13,453

 

 

 

—

 

 

 

—

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonmaturing deposits

 

 

2,266,916

 

 

 

2,266,916

 

 

 

2,266,916

 

 

 

—

 

 

 

—

 

Time deposits

 

 

944,954

 

 

 

948,734

 

 

 

—

 

 

 

—

 

 

 

948,734

 

Short-term FHLB advances

 

 

339,000

 

 

 

339,000

 

 

 

339,000

 

 

 

—

 

 

 

—

 

Long-term FHLB advances

 

 

1,501

 

 

 

1,418

 

 

 

—

 

 

 

—

 

 

 

1,418

 

Subordinated debentures

 

 

104,089

 

 

 

101,175

 

 

 

—

 

 

 

—

 

 

 

101,175

 

Other borrowings

 

 

6,293

 

 

 

6,293

 

 

 

—

 

 

 

—

 

 

 

6,293

 

Accrued interest payable

 

 

9,518

 

 

 

9,518

 

 

 

9,518

 

 

 

—

 

 

 

—