XML 50 R39.htm IDEA: XBRL DOCUMENT
v3.25.3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
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, 2025 and December 31, 2024, are summarized below:
| September 30, 2025
(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 | $ | 15,123 |  |  | $ | — |  |  | $ | 15,123 |  |  | $ | — |
Mortgage-backed securities - agency | 1,048,803 |  |  | — |  |  | 1,048,803 |  |  | — |
Mortgage-backed securities - non-agency | 93,860 |  |  | — |  |  | 93,860 |  |  | — |
Asset-backed student loans | 43,258 |  |  | — |  |  | 43,258 |  |  | — |
State and municipal securities | 73,290 |  |  | — |  |  | 73,290 |  |  | — |
Collateralized loan obligations | 47,845 |  |  | — |  |  | 47,845 |  |  | — |
Corporate securities | 56,728 |  |  | — |  |  | 56,728 |  |  | — |
Equity securities | 4,214 |  |  | 4,214 |  |  | — |  |  | — |
Residential loans held for sale | 7,535 |  |  | — |  |  | 7,535 |  |  | — |
Credit enhancement asset | 5,765 |  |  | — |  |  | — |  |  | 5,765 |
Derivative assets | 3,910 |  |  | — |  |  | 3,910 |  |  | — |
Total | $ | 1,400,331 |  |  | $ | 4,214 |  |  | $ | 1,390,352 |  |  | $ | 5,765 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities | $ | 6,309 |  |  | $ | — |  |  | $ | 6,309 |  |  | $ | — |
Total | $ | 6,309 |  |  | $ | — |  |  | $ | 6,309 |  |  | $ | — |
Assets measured at fair value on a non-recurring basis: |  |  |  |  |  |  |
Nonperforming loans | $ | 44,368 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,368 |
Other real estate owned | 393 |  |  | — |  |  | — |  |  | 393 |
| December 31, 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 | $ | 20,141 |  |  | $ | — |  |  | $ | 20,141 |  |  | $ | — |
Mortgage-backed securities - agency | 847,056 |  |  | — |  |  | 847,056 |  |  | — |
Mortgage-backed securities - non-agency | 101,012 |  |  | — |  |  | 101,012 |  |  | — |
Asset-backed student loans | 49,973 |  |  | — |  |  | 49,973 |  |  | — |
State and municipal securities | 69,061 |  |  | — |  |  | 69,061 |  |  | — |
Collateralized loan obligations | 40,450 |  |  | — |  |  | 40,450 |  |  | — |
Corporate securities | 79,881 |  |  | — |  |  | 79,881 |  |  | — |
Equity securities | 4,792 |  |  | 4,792 |  |  | — |  |  | — |
Loans held for sale | 8,228 |  |  | — |  |  | 8,228 |  |  | — |
Credit enhancement asset | 16,804 |  |  | — |  |  | — |  |  | 16,804 |
Derivative assets | 3,837 |  |  | — |  |  | 3,837 |  |  | — |
Total | $ | 1,241,235 |  |  | $ | 4,792 |  |  | $ | 1,219,639 |  |  | $ | 16,804 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities | $ | 5,655 |  |  | $ | — |  |  | $ | 5,655 |  |  | $ | — |
Total | $ | 5,655 |  |  | $ | — |  |  | $ | 5,655 |  |  | $ | — |
Assets measured at fair value on a non-recurring basis: |  |  |  |  |  |  |
Nonperforming loans | $ | 120,222 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,222 |
Consumer loans held for sale | 336,719 |  |  | — |  |  | — |  |  | 336,719 |
Other real estate owned | 4,941 |  |  | — |  |  | — |  |  | 4,941 |
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, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Nonperforming loans | $ | 5,821 |  |  | $ | 355 |  |  | 16,114 |  |  | 14,225 |  |  |
Other real estate owned | — |  |  | 548 |  |  | — |  |  | 1,278 |  |  |
Total losses on assets measured on a nonrecurring basis | $ | 5,821 |  |  | $ | 903 |  |  | $ | 16,114 |  |  | $ | 15,503 |  |  |
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, 2025 and December 31, 2024:
(dollars in thousands) |  | Fair value |  | Valuation technique |  | Unobservable input / assumptions |  | Range (weighted average)(1) |  |  |  |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Nonperforming loans |  | $ | 44,368 |  |  | Fair value of collateral |  | Discount for type of property, age of appraisal, and/or current status |  | 0.00% - 60.05% (2.58%) |  |  |  |
Other real estate owned |  | 393 |  |  | Fair value of collateral |  | Discount for type of property, age of appraisal, and/or current status |  | 39.00% - 72.88% (56.42%) |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Nonperforming loans |  | $ | 120,222 |  |  | Fair value of collateral |  | Discount to reflect current market conditions and ultimate collectability |  | 0.00% - 34.15% (0.67%) |  |  |  |
Other real estate owned |  | 4,941 |  |  | Fair value of collateral |  | Discount for type of property, age of appraisal, and/or current status |  | 0.00% - 43.54% (10.68%.) |  |  |  |
Consumer loans held for sale(2) |  | 336,719 |  |  | Discounted cash flow |  | Discount rate |  | 8.98% |  |  |  |
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)There was one pool of loans at December 31, 2024 with write-downs during 2024, so no range or weighted average is reported.
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, 2025 and December 31, 2024:
| September 30, 2025 |  | December 31, 2024
(dollars in thousands) | Aggregate fair value |  | Difference |  | Contractual principal |  | Aggregate fair value |  | Difference |  | Contractual principal
Residential loans held for sale | $ | 7,535 |  |  | $ | 369 |  |  | $ | 7,166 |  |  | $ | 8,228 |  |  | $ | 282 |  |  | $ | 7,946 |
The following table presents the amount of gains (losses) 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, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Residential loans held for sale | $ | (56) |  |  | $ | 133 |  |  | $ | 80 |  |  | $ | 150 |  |  |
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, 2025 and December 31, 2024 were as follows:
| September 30, 2025
(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 | $ | 165,673 |  |  | $ | 165,673 |  |  | $ | 165,673 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 474 |  |  | 474 |  |  | 474 |  |  | — |  |  | — |
Loans | 4,766,701 |  |  | 4,688,350 |  |  | — |  |  | — |  |  | 4,688,350 |
Accrued interest receivable | 26,672 |  |  | 26,672 |  |  | — |  |  | 26,672 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 5,604,825 |  |  | $ | 5,567,878 |  |  | $ | — |  |  | $ | 5,567,878 |  |  | $ | — |
Short-term borrowings | 146,766 |  |  | 146,766 |  |  | — |  |  | 146,766 |  |  | — |
FHLB and other borrowings | 373,000 |  |  | 374,874 |  |  | — |  |  | 374,874 |  |  | — |
Subordinated debt | 27,014 |  |  | 23,090 |  |  | — |  |  | 23,090 |  |  | — |
Trust preferred debentures | 51,684 |  |  | 49,781 |  |  | — |  |  | 49,781 |  |  | — |
| December 31, 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 | $ | 114,055 |  |  | $ | 114,055 |  |  | $ | 114,055 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 711 |  |  | 711 |  |  | 711 |  |  | — |  |  | — |
Loans | 5,056,370 |  |  | 4,872,824 |  |  | — |  |  | — |  |  | 4,872,824 |
Accrued interest receivable | 25,329 |  |  | 25,329 |  |  | — |  |  | 25,329 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 6,197,243 |  |  | $ | 6,183,807 |  |  | $ | — |  |  | $ | 6,183,807 |  |  | $ | — |
Short-term borrowings | 87,499 |  |  | 87,499 |  |  | 75,000 |  |  | 12,499 |  |  | — |
FHLB and other borrowings | 258,000 |  |  | 253,520 |  |  | — |  |  | 253,520 |  |  | — |
Subordinated debt | 77,749 |  |  | 69,827 |  |  | — |  |  | 69,827 |  |  | — |
Trust preferred debentures | 51,205 |  |  | 49,056 |  |  | — |  |  | 49,056 |  |  | — |

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-32 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-30 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration