Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value of Mortgage Loans Held for Sale |
The following table presents a summary of mortgage loans held for sale accounted for under the fair value option: | | | | | | | | | | (Dollars in thousands) | June 30,
2025 | December 31,
2024 | | Aggregate fair value | $35,681 | | $21,708 | | Aggregate principal balance | 34,877 | | 21,420 | | | Difference between fair value and principal balance | $804 | | $288 | |
|
| Items Recorded at Fair Value on a Recurring Basis |
The following tables present the balances of assets and liabilities reported at fair value on a recurring basis: | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | June 30, 2025 | | Assets: | | | | | | Available for sale debt securities: | | | | | | Obligations of U.S. government agencies and U.S government sponsored enterprises | $39,581 | | $— | | $39,581 | | $— | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 912,510 | | — | | 912,510 | | — | | Obligations of states and political subdivisions | 635 | | — | | 635 | | — | | Individual name issuer trust preferred debt securities | 6,049 | | — | | 6,049 | | — | | | | | | | Corporate bonds | 12,566 | | — | | 12,566 | | — | | | Mortgage loans held for sale | 35,681 | | — | | 35,681 | | — | | | Derivative assets | 33,628 | | — | | 33,628 | | — | | | | | | | | | | | | | | | | | | Total assets at fair value on a recurring basis | $1,040,650 | | $— | | $1,040,650 | | $— | | | Liabilities: | | | | | | Derivative liabilities | $34,664 | | $— | | $34,664 | | $— | | | | | | | | | | | | | | | | | | | | | | | Total liabilities at fair value on a recurring basis | $34,664 | | $— | | $34,664 | | $— | |
| | | | | | | | | | | | | | | | (Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | December 31, 2024 | | Assets: | | | | | | Available for sale debt securities: | | | | | | Obligations of U.S. government agencies and U.S government sponsored enterprises | $38,612 | | $— | | $38,612 | | $— | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 855,147 | | — | | 855,147 | | — | | Obligations of states and political subdivisions | 655 | | — | | 655 | | — | | Individual name issuer trust preferred debt securities | 9,221 | | — | | 9,221 | | — | | | | | | | Corporate bonds | 12,670 | | — | | 12,670 | | — | | | | | | | | Mortgage loans held for sale | 21,708 | | — | | 21,708 | | — | | | Derivative assets | 54,302 | | — | | 54,302 | | — | | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value on a recurring basis | $992,315 | | $— | | $992,315 | | $— | | | Liabilities: | | | | | | Derivative liabilities | $51,663 | | $— | | $51,663 | | $— | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities at fair value on a recurring basis | $51,663 | | $— | | $51,663 | | $— | |
|
| Items Recorded at Fair Value on a Nonrecurring Basis |
The following table presents the carrying value of assets held at June 30, 2025, which were written down to fair value during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | | | | Assets: | | | | | | | | | Collateral dependent individually analyzed loans | $11,295 | | | $— | | | $— | | | $11,295 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value on a nonrecurring basis | $11,295 | | | $— | | | $— | | | $11,295 | |
The following table presents the carrying value of assets held at December 31, 2024, which were written down to fair value during the year ended December 31, 2024. | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | | Assets: | | | | | | Collateral dependent individually analyzed loans | $9,057 | | $— | | $— | | $9,057 | | | | | | | | | | | | | Mortgage loans held for sale, at lower of cost or market | 281,706 | | — | | 281,706 | | — | | | Total assets at fair value on a nonrecurring basis | $290,763 | | $— | | $281,706 | | $9,057 | |
|
| Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis |
The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value: | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range of Inputs Utilized
(Weighted Average) | | June 30, 2025 | | Collateral dependent individually analyzed loans | $11,295 | | Appraisals of collateral | Discount for costs to sell | 0% - 15% (5%) | | | | Appraisal adjustments | 0% - 30% (20%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Inputs Utilized
(Weighted Average) | | December 31, 2024 | | Collateral dependent individually analyzed loans | $9,057 | | Appraisals of collateral | Discount for costs to sell | 14% - 49% (16%) | | | | Appraisal adjustments | 0% - 10% (7%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Carrying Amounts and Estimated Fair Values of Financial Instruments |
The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented in the tables below: | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | June 30, 2025 | Carrying Amount | Total
Fair Value | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | Financial Assets: | | | | | | | Cash and cash equivalents | $167,724 | | $167,724 | | $167,724 | | $— | | $— | | | | | | | | Loans, net of allowance for credit losses on loans (1) | 5,099,201 | | 4,956,288 | | — | | — | | 4,956,288 | | FHLB stock | 45,273 | | 45,273 | | — | | 45,273 | | — | | Investment in BOLI | 113,372 | | 113,372 | | — | | 113,372 | | — | | | | | | | | | Financial Liabilities: | | | | | | | Non-maturity deposits | $3,836,160 | | $3,836,160 | | $— | | $3,836,160 | | $— | | | Time deposits | 1,209,088 | | 1,204,994 | | — | | 1,204,994 | | — | | FHLB advances | 1,001,000 | | 1,004,500 | | — | | 1,004,500 | | — | | | Junior subordinated debentures | 22,681 | | 19,618 | | — | | 19,618 | | — | |
(1)The estimated fair value excludes a $179 thousand negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure. | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | December 31, 2024 | Carrying Amount | Total
Fair Value | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | Financial Assets: | | | | | | | Cash and cash equivalents | $113,889 | | $113,889 | | $113,889 | | $— | | $— | | | | | | | | Loans, net of allowance for credit losses on loans (1) | 5,095,878 | | 4,952,110 | | — | | — | | 4,952,110 | | FHLB stock | 49,817 | | 49,817 | | — | | 49,817 | | — | | Investment in BOLI | 106,777 | | 106,777 | | — | | 106,777 | | — | | | | | | | | | Financial Liabilities: | | | | | | | Non-maturity deposits | $3,626,152 | | $3,626,152 | | $— | | $3,626,152 | | $— | | | Time deposits | 1,489,648 | | 1,479,267 | | — | | 1,479,267 | | — | | FHLB advances | 1,125,000 | | 1,125,819 | | — | | 1,125,819 | | — | | | Junior subordinated debentures | 22,681 | | 19,602 | | — | | 19,602 | | — | |
(1)The estimated fair value excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.
|