Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Assets And Liabilities Measured At Fair Value On A Recurring Basis |
The following table presents assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at June 30, 2025 | | Assets | | | | | | | | | | Investment securities: | | | | | | | | | | Obligations of states and political subdivisions | | $ | — | | | $ | 210,958 | | | $ | — | | | $ | 210,958 | | | U.S. Government sponsored entities’ asset-backed securities | | — | | | 522,385 | | | — | | | 522,385 | | | Collateralized loan obligations | | — | | | 201,724 | | | — | | | 201,724 | | | Corporate debt securities | | — | | | 12,663 | | | 6,780 | | | 19,443 | | | Equity securities | | 15,582 | | | — | | | 613 | | | 16,195 | | | Mortgage loans held for sale | | — | | | 4,385 | | | — | | | 4,385 | | | Mortgage IRLCs | | — | | | 160 | | | — | | | 160 | | | Loan interest rate swaps | | — | | | 641 | | | — | | | 641 | | | | | | | | | | | | Liabilities | | | | | | | | | | Fair value swap | | $ | — | | | $ | — | | | $ | 109 | | | $ | 109 | | | Loan interest rate swaps | | — | | | 641 | | | — | | | 641 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at December 31, 2024 | | Assets | | | | | | | | | | Investment securities: | | | | | | | | | | Obligations of U.S. Government sponsored entities | | $ | — | | | $ | 249 | | | $ | — | | | $ | 249 | | | Obligations of states and political subdivisions | | — | | | 186,883 | | | — | | | 186,883 | | | U.S. Government sponsored entities’ asset-backed securities | | — | | | 518,576 | | | — | | | 518,576 | | | Collateralized loan obligations | | — | | | 271,833 | | | — | | | 271,833 | | | Corporate debt securities | | — | | | 12,419 | | | 6,664 | | | 19,083 | | | Equity securities | | 10,885 | | | — | | | 603 | | | 11,488 | | | Mortgage loans held for sale | | — | | | 5,550 | | | — | | | 5,550 | | | Mortgage IRLCs | | — | | | 85 | | | — | | | 85 | | | Loan interest rate swaps | | — | | | 1,009 | | | — | | | 1,009 | | | | | | | | | | | | Liabilities | | | | | | | | | | Fair value swap | | $ | — | | | $ | — | | | $ | 103 | | | $ | 103 | | | Loan interest rate swaps | | — | | | 1,009 | | | — | | | 1,009 | |
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| Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis |
The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three-month and six-month periods ended June 30, 2025 and 2024, for financial instruments measured on a recurring basis and classified as Level 3:
| | | | | | | | | | | | | | | | | | | | | | Level 3 Fair Value Measurements | Three months ended June 30, 2025 and 2024 | | (In thousands) | | Corporate debt securities | | Equity securities | | Fair value
swap | | Balance at April 1, 2025 | | $ | 6,722 | | | $ | 611 | | | $ | (233) | | | Transfer into (out of) level 3, net | | — | | | — | | | — | | | Total gains / (losses) | | | | | | | | Included in other income / other (expense) | | — | | | 2 | | | — | | | Included in other comprehensive income | | 58 | | | — | | | — | | | Purchases, sales, issuances and settlements, other, net | | — | | | — | | | 124 | | | Balance at June 30, 2025 | | $ | 6,780 | | | $ | 613 | | | $ | (109) | | | | | | | | | | Balance at April 1, 2024 | | $ | 6,372 | | | $ | 495 | | | $ | (123) | | | Transfers into (out of) level 3, net | | — | | | — | | | — | | | Total gains | | | | | | | | Included in other income | | — | | | — | | | — | | | Included in other comprehensive income | | 55 | | | — | | | — | | | Balance at June 30, 2024 | | $ | 6,427 | | | $ | 495 | | | $ | (123) | |
| | | | | | | | | | | | | | | | | | | | | | Level 3 Fair Value Measurements | Six months ended June 30, 2025 and 2024 | | (In thousands) | | Corporate debt securities | | Equity securities | | Fair value
swap | | Balance at January 1, 2025 | | $ | 6,664 | | | $ | 603 | | | $ | (103) | | | Transfer into (out of) level 3, net | | — | | | — | | | — | | | Total gains / (losses) | | | | | | | | Included in other income / other (expense) | | — | | | 10 | | | (130) | | | Included in other comprehensive income | | 116 | | | — | | | — | | | Purchases, sales, issuances and settlements, other, net | | — | | | — | | | 124 | | | Balance at June 30, 2025 | | $ | 6,780 | | | $ | 613 | | | $ | (109) | | | | | | | | | | Balance at January 1, 2024 | | $ | 6,349 | | | $ | 473 | | | $ | (123) | | | Transfers into (out of) level 3, net | | — | | | — | | | — | | | Total gains | | | | | | | | Included in other income | | — | | | 22 | | | — | | | Included in other comprehensive income | | 78 | | | — | | | — | | | Balance at June 30, 2024 | | $ | 6,427 | | | $ | 495 | | | $ | (123) | |
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| Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis |
The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. At June 30, 2025 and December 31, 2024, there were no PCD loans carried at fair value. Additionally, there were no accruing, individually evaluated, collateral-dependent loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. There were no OREO properties recorded at fair value as of June 30, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at June 30, 2025 | | Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value: | | | | | | | | | | Commercial real estate | | $ | — | | | $ | — | | | $ | 1,595 | | | $ | 1,595 | | | Residential real estate | | — | | | — | | | 18 | | | 18 | | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | — | | | $ | — | | | $ | 1,613 | | | $ | 1,613 | | | | | | | | | | | | MSRs | | $ | — | | | $ | 351 | | | $ | — | | | $ | 351 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at December 31, 2024 | | Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value: | | | | | | | | | | Commercial real estate | | $ | — | | | $ | — | | | $ | 1,022 | | | $ | 1,022 | | | Residential real estate | | — | | | — | | | 1,924 | | | 1,924 | | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | — | | | $ | — | | | $ | 2,946 | | | $ | 2,946 | | | | | | | | | | | | MSRs | | $ | — | | | $ | 371 | | | $ | — | | | $ | 371 | | | | | | | | | | | | OREO recorded at fair value: | | | | | | | | | | Commercial real estate | | $ | — | | | $ | — | | | $ | 938 | | | $ | 938 | | | Total OREO recorded at fair value | | $ | — | | | $ | — | | | $ | 938 | | | $ | 938 | |
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| Impaired Financing Receivables at fair value |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | (In thousands) | | Loan Balance | | Prior Charge-Offs | | Specific Valuation Allowance | | Carrying Balance | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | 1,695 | | | $ | 556 | | | $ | 82 | | | $ | 1,613 | | | Remaining nonaccrual, individually evaluated loans | | 44,852 | | | 2,945 | | | 692 | | | 44,160 | | | Total nonaccrual, individually evaluated loans | | $ | 46,547 | | | $ | 3,501 | | | $ | 774 | | | $ | 45,773 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (In thousands) | | Loan Balance | | Prior Charge-Offs | | Specific Valuation Allowance | | Carrying Balance | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | 2,986 | | | $ | 488 | | | $ | 40 | | | $ | 2,946 | | | Remaining nonaccrual, individually evaluated loans | | 50,163 | | | 4,521 | | | 1,259 | | | 48,904 | | | Total nonaccrual, individually evaluated loans | | $ | 53,149 | | | $ | 5,009 | | | $ | 1,299 | | | $ | 51,850 | |
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| Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis |
The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | (In thousands) | | Fair Value | | Valuation Technique | | Unobservable Input(s) | | Range
(Weighted Average) | | Nonaccrual, individually evaluated, collateral-dependent loans: | | | | | | Commercial real estate | | $ | 1,595 | | | Sales comparison approach | | Adj to comparables | | 0.0% - 30.0% (15.3%) | | | | | Income approach | | Capitalization rate | | 9.5% - 10.0% (9.6%) | | | | | | | | | | | Residential real estate | | $ | 18 | | | Sales comparison approach | | Adj to comparables | | 11.9% - 38.9% (25.4%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (In thousands) | | Fair Value | | Valuation Technique | | Unobservable Input(s) | | Range
(Weighted Average) | | Nonaccrual, individually evaluated, collateral-dependent loans: | | | | | | Commercial real estate | | $ | 1,022 | | | Sales comparison approach | | Adj to comparables | | 0.0% - 30.0% (15.2%) | | | | | Income approach | | Capitalization rate | | 9.5% - 10.0% (9.6%) | | | | | | | | | | | Residential real estate | | $ | 1,924 | | | Sales comparison approach | | Adj to comparables | | 4.7% - 45.5% (21.6%) | | | | | Income approach | | Capitalization rate | | 6.3% (6.3%) | | | | | | | | | | | Other real estate owned: | | | | | | | | | | Commercial real estate | | $ | 938 | | | Sales comparison approach | | Adj to comparables | | 5.0% - 10.0% (7.5%) | | | | | Cost approach | | Entrepreneurial profit | | 5.0% (5.0%) | | | | | Cost approach | | Accumulated depreciation | | 50.0% (50.0%) |
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| Fair Value, by Balance Sheet Grouping |
The fair value of certain financial instruments at June 30, 2025 and at December 31, 2024, was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | | Fair Value Measurements | | (In thousands) | | Carrying value | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Financial assets: | | | | | | | | | | | | Cash and money market instruments | | $ | 193,119 | | | $ | 193,119 | | | $ | — | | | $ | — | | | $ | 193,119 | | Investment securities (1) | | 954,510 | | | — | | | 947,730 | | | 6,780 | | | 954,510 | | Other investment securities (2) | | 16,195 | | | 15,582 | | | — | | | 613 | | | 16,195 | | | | | | | | | | | | | | Mortgage loans held for sale | | 4,385 | | | — | | | 4,385 | | | — | | | 4,385 | | | Mortgage IRLCs | | 160 | | | — | | | 160 | | | — | | | 160 | | | Individually evaluated loans carried at fair value | | 1,613 | | | — | | | — | | | 1,613 | | | 1,613 | | | Other loans, net | | 7,867,278 | | | — | | | — | | | 7,728,393 | | | 7,728,393 | | | Loans receivable, net | | $ | 7,873,436 | | | $ | — | | | $ | 4,545 | | | $ | 7,730,006 | | | $ | 7,734,551 | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | Time deposits | | $ | 777,284 | | | $ | — | | | $ | 778,115 | | | $ | — | | | $ | 778,115 | | | Brokered deposits and Bid Ohio CDs | | 28,000 | | | — | | | 27,996 | | | — | | | 27,996 | | | Other | | 3,312 | | | 3,312 | | | — | | | — | | | 3,312 | | | Deposits (excluding demand deposits) | | $ | 808,596 | | | $ | 3,312 | | | $ | 806,111 | | | $ | — | | | $ | 809,423 | | | | | | | | | | | | | | Short-term borrowings | | $ | 95,670 | | | $ | — | | | $ | 95,670 | | | $ | — | | | $ | 95,670 | | | Subordinated notes | | 189,912 | | | — | | | 189,058 | | | — | | | 189,058 | | | | | | | | | | | | | | Derivative financial instruments - assets: | | | | | | | | | | | | Loan interest rate swaps | | $ | 641 | | | $ | — | | | $ | 641 | | | $ | — | | | $ | 641 | | | | | | | | | | | | | | Derivative financial instruments - liabilities: | | | | | | | | | | | | Fair value swap | | $ | 109 | | | $ | — | | | $ | — | | | $ | 109 | | | $ | 109 | | | Loan interest rate swaps | | 641 | | | — | | | 641 | | | — | | | 641 | |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | Fair Value Measurements | | (In thousands) | | Carrying value | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Financial assets: | | | | | | | | | | | | Cash and money market instruments | | $ | 160,566 | | | $ | 160,566 | | | $ | — | | | $ | — | | | $ | 160,566 | | Investment securities (1) | | 996,624 | | | — | | | 989,960 | | | 6,664 | | | 996,624 | | Other investment securities (2) | | 11,488 | | | 10,885 | | | — | | | 603 | | | 11,488 | | | | | | | | | | | | | | Mortgage loans held for sale | | 5,550 | | | — | | | 5,550 | | | — | | | 5,550 | | | Mortgage IRLCs | | 85 | | | — | | | 85 | | | — | | | 85 | | | Individually evaluated loans carried at fair value | | 2,946 | | | — | | | — | | | 2,946 | | | 2,946 | | | Other loans, net | | 7,720,581 | | | — | | | — | | | 7,586,111 | | | 7,586,111 | | | Loans receivable, net | | $ | 7,729,162 | | | $ | — | | | $ | 5,635 | | | $ | 7,589,057 | | | $ | 7,594,692 | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | Time deposits | | $ | 735,297 | | | $ | — | | | $ | 736,188 | | | — | | | $ | 736,188 | | | Brokered deposits and Bid Ohio CDs | | 176,486 | | | — | | | 176,522 | | | — | | | 176,522 | | | Other | | 1,265 | | | 1,265 | | | — | | | — | | | 1,265 | | | Deposits (excluding demand deposits) | | $ | 913,048 | | | $ | 1,265 | | | $ | 912,710 | | | $ | — | | | $ | 913,975 | | | | | | | | | | | | | | Short-term borrowings | | $ | 90,432 | | | $ | — | | | $ | 90,432 | | | $ | — | | | $ | 90,432 | | | Subordinated notes | | 189,651 | | | — | | | 185,599 | | | — | | | 185,599 | | | | | | | | | | | | | | Derivative financial instruments - assets: | | | | | | | | | | | | Loan interest rate swaps | | $ | 1,009 | | | $ | — | | | $ | 1,009 | | | $ | — | | | $ | 1,009 | | | | | | | | | | | | | | Derivative financial instruments - liabilities: | | | | | | | | | | | | Fair value swap | | $ | 103 | | | $ | — | | | $ | — | | | $ | 103 | | | $ | 103 | | | Loan interest rate swaps | | 1,009 | | | — | | | 1,009 | | | — | | | 1,009 | |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
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