v3.25.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets Measured on a Recurring Basis
The following table provides the fair value for assets and liabilities required to be measured and reported at fair value on a recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy.
 Recurring Fair Value Measurements at Reporting Date
June 30, 2025December 31, 2024
(Dollars in thousands)Level 1Level 2Level 1Level 2
Assets:  
Available-for-sale investment securities:
Obligations of:  
U.S. Treasury and government agencies
$13,880 $— $15,196 $— 
 U.S. government sponsored agencies— 210,856 — 209,083 
States and political subdivisions
— 193,363 — 196,301 
Residential mortgage-backed securities— 576,541 — 601,802 
Commercial mortgage-backed securities— 52,699 — 55,065 
Bank-issued trust preferred securities— 4,158 — 6,108 
Total available-for-sale securities$13,880 $1,037,617 $15,196 $1,068,359 
Equity investment securities (a)194 245 197 244 
Nonqualified deferred compensation (a) (b)5,703 — 4,898 — 
Derivative assets (c)— 11,452 — 18,743 
Liabilities:
Derivative liabilities (d)$— $10,658 $— $17,046 
(a)    Included in "Other investments" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 3 Investment Securities" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(b) Investments in the nonqualified deferred compensation plan consist of mutual funds.
(c)    Included in "Other assets" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
(d)    Included in "Accrued expenses and other liabilities" on the Unaudited Consolidated Balance Sheets. For additional information, see "Note 10 Derivative Financial Instruments" of the Notes to the Unaudited Condensed Consolidated Financial Statements.
Summary of Assets and Liabilities Measured on a Non-Recurring Basis
The following table provides the fair value for each class of assets and liabilities required to be measured and reported at fair value on a non-recurring basis on the Unaudited Consolidated Balance Sheets by level in the fair value hierarchy at June 30, 2025 and December 31, 2024.
 Non-Recurring Fair Value Measurements at Reporting Date
June 30, 2025December 31, 2024
(Dollars in thousands)Level 2Level 3Level 2Level 3
Assets:
Collateral dependent loans$— $7,097 $— $4,375 
Loans held for sale (a)1,043 — 1,499 — 
Other real estate owned— — — 5,891 
(a) Loans held for sale are presented gross of a valuation allowance of $80 and $166 at June 30, 2025 and at December 31, 2024, respectively.
Summary of Financial Instruments Not Required to be Measured at Fair Value
The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Unaudited Consolidated Balance Sheets.
 Fair Value Measurements of Other Financial Instruments
(Dollars in thousands)Fair Value Hierarchy LevelJune 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash and cash equivalents1$186,075 186,075 $217,664 $217,664 
Held-to-maturity investment securities:
   Obligations of:
U.S. government sponsored agencies2299,183 291,290 233,302 223,294 
States and political subdivisions (a)2142,319 112,450 142,691 110,848 
Residential mortgage-backed securities2360,559 343,904 300,290 276,278 
Commercial mortgage-backed securities298,195 83,967 98,754 82,079 
        Total held-to-maturity securities900,256 831,611 775,037 692,499 
Other investments:
Other investments at cost:
Federal Home Loan Bank ("FHLB") stock 330,501 30,501 24,606 24,606 
Federal Reserve Bank ("FRB") stock327,114 27,114 27,114 27,114 
Other investments (b)33,780 3,780 3,073 3,073 
Total other investments at cost61,395 61,395 54,793 54,793 
Loans and leases, net of deferred fees and costs (c)36,601,589 6,553,043 6,358,003 6,240,751 
Bank owned life insurance 2145,954 145,954 143,710 143,710 
Liabilities:
Deposits2$7,637,208 $6,702,960 $7,590,205 $6,713,360 
Short-term borrowings2396,860 411,558 193,474 192,964 
Long-term borrowings2232,391 240,997 238,073 258,195 
(a) Obligations of states and political subdivisions are presented gross of an allowance for credit losses of $237 at both June 30, 2025 and December 31, 2024.
(b)     "Other investments", as reported on the Unaudited Consolidated Balance Sheets, also included equity investment securities at June 30, 2025
and at December 31, 2024, which are reported in the "Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis"
table above and not included in this table.
(c) Loans and leases, net of deferred fees and costs, are presented gross of an allowance for credit losses of $74.7 million and $63.3 million at June 30, 2025 and at December 31, 2024, respectively.