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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured and Recorded at Fair Value

Assets and liabilities measured and recorded at fair value, including financial assets for which the Company has elected the fair value option, on a recurring and nonrecurring basis at September 30, 2024 and December 31, 2023, are summarized below:

			September 30, 2024
(dollars in thousands)			Carrying amount						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities			$	42,824					$	—					$	42,824					$	—
Mortgage-backed securities - agency			834,764						—						834,764						—
Mortgage-backed securities - non-agency			85,926						—						85,926						—
State and municipal securities			70,471						—						70,471						—
Corporate securities			87,962						—						87,962						—
Other securities			90,143						—						90,143						—
Equity securities			4,705						4,705						—						—
Loans held for sale			8,001						—						8,001						—
Derivative assets			313						—						313						—
Total			$	1,225,109					$	4,705					$	1,220,404					$	—
Liabilities
Derivative liabilities			$	6,825					$	—					$	6,825					$	—
Total			$	6,825					$	—					$	6,825					$	—
Assets measured at fair value on a non-recurring basis:
Nonperforming loans			$	68,213					$	—					$	57,128					$	11,085
Other real estate owned			8,646						—						8,646						—

			December 31, 2023
(dollars in thousands)			Carrying amount						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. Treasury securities			$	1,097					$	1,097					$	—					$	—
U.S. government sponsored entities and U.S. agency securities			72,572						—						72,572						—
Mortgage-backed securities - agency			574,500						—						574,500						—
Mortgage-backed securities - non-agency			83,529						—						83,529						—
State and municipal securities			57,460						—						57,460						—
Corporate securities			99,172						—						99,172						—
Equity securities			4,501						4,501						—						—
Loans held for sale			3,811						—						3,811						—
Derivative assets			372						—						372						—
Total			$	924,579					$	5,598					$	918,981					$	—
Liabilities
Derivative liabilities			$	8,836					$	—					$	8,836					$	—
Total			$	8,836					$	—					$	8,836					$	—
Assets measured at fair value on a non-recurring basis:
Nonperforming loans			$	4,633					$	—					$	3,964					$	669
Other real estate owned			9,112						—						9,112						—

Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis

The following table presents losses recognized on assets measured on a nonrecurring basis for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Nonperforming loans			$	355					$	10,085					14,225						14,761
Other real estate owned			548						—						1,278						—
Total losses on assets measured on a nonrecurring basis			$	903					$	10,085					$	15,503					$	14,761

Schedule Presents Quantitative Information about Significant Unobservable Inputs used in Fair Value Measurements of Non-recurring Assets (Level 3)

The following tables present quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured on a nonrecurring basis at September 30, 2024 and December 31, 2023:

(dollars in thousands)

Fair value

Valuation technique

Unobservable input / assumptions

Range (weighted average)(1)

September 30, 2024

Nonperforming loans

$

11,085

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0.00% - 51.00% (44.69%)

December 31, 2023

Nonperforming loans

$

669

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

24.38% - 100.00% (27.46%)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule of the Fair Value Option for Newly Originated Residential and Commercial Loans Held for Sale

The following table presents the difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of September 30, 2024 and December 31, 2023:

			September 30, 2024																		December 31, 2023
(dollars in thousands)			Aggregate fair value						Difference						Contractual principal						Aggregate fair value						Difference						Contractual principal
Residential loans held for sale			$	8,001					$	393					$	7,608					$	3,811					$	203					$	3,608

The following table presents the amount of gains from fair value changes included in income before income taxes for financial assets carried at fair value for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2024						2023						2024						2023
Residential loans held for sale			$	133					$	(37)					150						112

Schedule Presentation of Summary of the Carrying Values and Fair Value Estimates of Certain Financial Instruments

The carrying values and estimated fair value of certain financial instruments not carried at fair value at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024
(dollars in thousands)			Carrying amount						Fair value						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets
Cash and due from banks			$	121,220					$	121,220					$	121,220					$	—					$	—
Federal funds sold			653						653						653						—						—
Loans			5,748,819						5,581,468						—						—						5,581,468
Accrued interest receivable			27,099						27,099						—						27,099						—
Liabilities
Deposits			$	6,256,836					$	6,243,589					$	—					$	6,243,589					$	—
Short-term borrowings			13,849						13,849						—						13,849						—
FHLB and other borrowings			425,000						426,209						—						426,209						—
Subordinated debt			82,744						78,208						—						78,208						—
Trust preferred debentures			51,058						53,336						—						53,336						—

			December 31, 2023
(dollars in thousands)			Carrying amount						Fair value						Quoted prices in active markets for identical assets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
Assets
Cash and due from banks			$	134,212					$	134,212					$	134,212					$	—					$	—
Federal funds sold			849						849						849						—						—
Loans			6,131,079						6,129,244						—						—						6,129,244
Accrued interest receivable			24,934						24,934						—						24,934						—
Liabilities
Deposits			$	6,309,529					$	6,294,979					$	—					$	6,294,979					$	—
Short-term borrowings			34,865						34,865						25,000						9,865						—
FHLB and other borrowings			476,000						475,240						—						475,240						—
Subordinated debt			93,546						90,253						—						90,253						—
Trust preferred debentures			50,616						51,626						—						51,626						—

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