v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
March 31, 2025
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$93,605 $— $— $93,605 
Obligations of U.S. government corporations and agencies— 10,127 — 10,127 
Collateralized mortgage obligations of U.S. government corporations and agencies— 648,818 — 648,818 
Residential mortgage-backed securities of U.S. government corporations and agencies— 33,143 — 33,143 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 219,285 — 219,285 
Obligations of states and political subdivisions— 4,972 — 4,972 
Total Available-for-Sale Debt Securities93,605 916,345 — 1,009,950 
Equity securities1,161 — — 1,161 
Total Securities Available for Sale94,766 916,345 — 1,011,111 
Securities held in a deferred compensation plan10,692 — — 10,692 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 48,493 — 48,493 
Total Assets$105,458 $964,838 $— $1,070,296 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $48,865 $— $48,865 
Interest rate swap contracts - cash flow hedge— 6,473 — 6,473 
Total Liabilities$— $55,338 $— $55,338 

December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$92,768 $— $— $92,768 
Obligations of U.S. government corporations and agencies— 15,071 — 15,071 
Collateralized mortgage obligations of U.S. government corporations and agencies— 596,284 — 596,284 
Residential mortgage-backed securities of U.S. government corporations and agencies— 33,207 — 33,207 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 224,798 — 224,798 
Obligations of states and political subdivisions— 24,287 — 24,287 
Total Available-for-Sale Debt Securities92,768 893,647 — 986,415 
Equity securities1,176 — — 1,176 
Total Securities Available for Sale93,944 893,647 — 987,591 
Securities held in a deferred compensation plan10,876 — — 10,876 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 60,890 — 60,890 
Total Assets$104,820 $954,537 $— $1,059,357 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $61,271 $— $61,271 
Interest rate swap contracts - cash flow hedge— 9,589 — 9,589 
Total Liabilities$— $70,860 $— $70,860 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques
Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis were as follows at December 31, 2024:
December 31, 2024Valuation TechniqueSignificant Unobservable InputsRangeWeighted Average
(dollars in thousands)
Loans individually evaluated$6,830Appraisals of collateral
Appraisal adjustments(1)
20%-75%63.06%
(1) Represents adjustments to appraised values related to market conditions and liquidation estimates based on management judgement.
Schedule of Carrying Values and Fair Values of Financial Instruments
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
Carrying
Value(1)
Fair Value Measurements at March 31, 2025
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$211,836 $211,836 $211,836 $— $— 
Securities available for sale1,011,111 1,011,111 94,766 916,345 — 
Portfolio loans, net7,737,339 7,507,010 — — 7,507,010 
Collateral receivable595 595 595 — — 
Securities held in a deferred compensation plan10,692 10,692 10,692 — — 
Mortgage servicing rights5,478 8,126 — — 8,126 
Interest rate swap contracts - commercial loans48,493 48,493 — 48,493 — 
LIABILITIES
Deposits$7,892,933 $7,888,880 $6,070,301 $1,818,579 $— 
Collateral payable42,834 42,834 42,834 — — 
Short-term borrowings95,000 95,000 — 95,000 — 
Long-term borrowings50,876 50,815 — 50,815 — 
Junior subordinated debt securities49,433 49,433 — 49,433 — 
Interest rate swap contracts - commercial loans48,865 48,865 — 48,865 — 
Interest rate swap contracts - cash flow hedge6,473 6,473 — 6,473 — 
(1) As reported in the Consolidated Balance Sheets
Carrying
Value(1)
Fair Value Measurements at December 31, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$244,820 $244,820 $244,820 $— $— 
Securities available for sale987,591 987,591 93,944 893,647 — 
Portfolio loans, net7,641,464 7,362,898 — — 7,362,898 
Collateral receivable2,034 2,034 2,034 — — 
Securities held in a deferred compensation plan10,876 10,876 10,876 — — 
Mortgage servicing rights5,646 8,533 — — 8,533 
Interest rate swaps - commercial loans60,890 60,890 — 60,890 — 
LIABILITIES
Deposits$7,783,117 $7,778,740 $5,916,154 $1,862,586 $— 
Collateral payable52,516 52,516 52,516 — — 
Short-term borrowings150,000 150,000 — 150,000 — 
Long-term borrowings50,896 50,652 — 50,652 — 
Junior subordinated debt securities49,418 49,418 — 49,418 — 
Interest rate swaps - commercial loans61,271 61,271 — 61,271 — 
Interest rate swaps - cash flow hedge9,589 9,589 — 9,589 — 
(1) As reported in the Consolidated Balance Sheets