Fair Value (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Assets and Liabilities Measured on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair |
|
|
Fair Value Measurements Using |
|
(In thousands) |
|
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
$ |
166,921 |
|
|
$ |
— |
|
|
$ |
166,921 |
|
|
$ |
— |
|
U.S. Government agency obligations |
|
|
452,650 |
|
|
|
— |
|
|
|
452,650 |
|
|
|
— |
|
Residential mortgage-backed securities |
|
|
136,175 |
|
|
|
— |
|
|
|
136,175 |
|
|
|
— |
|
Commercial mortgage-backed securities |
|
|
265,661 |
|
|
|
— |
|
|
|
265,661 |
|
|
|
— |
|
Corporate investments |
|
|
51,092 |
|
|
|
— |
|
|
|
51,092 |
|
|
|
— |
|
State and political subdivisions |
|
|
59,350 |
|
|
|
— |
|
|
|
59,350 |
|
|
|
— |
|
Total securities available for sale |
|
$ |
1,131,849 |
|
|
$ |
— |
|
|
$ |
1,131,849 |
|
|
$ |
— |
|
Loans held for sale |
|
|
12,874 |
|
|
|
— |
|
|
|
12,874 |
|
|
|
— |
|
Total recurring fair value measurements |
|
$ |
1,144,723 |
|
|
$ |
— |
|
|
$ |
1,144,723 |
|
|
$ |
— |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
$ |
178,183 |
|
|
$ |
— |
|
|
$ |
178,183 |
|
|
$ |
— |
|
U.S. Government agency obligations |
|
|
411,707 |
|
|
|
— |
|
|
|
411,707 |
|
|
|
— |
|
Residential mortgage-backed securities |
|
|
124,867 |
|
|
|
— |
|
|
|
124,867 |
|
|
|
— |
|
Commercial mortgage-backed securities |
|
|
214,313 |
|
|
|
— |
|
|
|
214,313 |
|
|
|
— |
|
Corporate investments |
|
|
49,385 |
|
|
|
— |
|
|
|
49,385 |
|
|
|
— |
|
State and political subdivisions |
|
|
56,333 |
|
|
|
— |
|
|
|
56,333 |
|
|
|
— |
|
Total securities available for sale |
|
$ |
1,034,788 |
|
|
$ |
— |
|
|
$ |
1,034,788 |
|
|
$ |
— |
|
Loans held for sale |
|
|
10,449 |
|
|
|
— |
|
|
|
10,449 |
|
|
|
— |
|
Total recurring fair value measurements |
|
$ |
1,045,237 |
|
|
$ |
— |
|
|
$ |
1,045,237 |
|
|
$ |
— |
|
|
| Summary of Assets Measured at Fair Value on a Non-recurring Basis |
Assets measured at fair value on a non-recurring basis are summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair |
|
|
Fair Value Measurements Using |
|
(In thousands) |
|
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Collateral-dependent loans, net of specific allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
$ |
9,535 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,535 |
|
December 31, 2025 |
|
$ |
28,760 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,760 |
|
Other real estate owned: |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
$ |
4,152 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,152 |
|
December 31, 2025 |
|
$ |
5,243 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,243 |
|
|
| Summary of Quantitative Information About Level 3 Fair Value Measurements for Assets Measured at Fair Value on a Non-recurring Basis |
The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualitative Information about Level 3 Fair Value Measurements |
(In thousands) |
|
Carrying Value |
|
|
Valuation Methods |
|
Unobservable Inputs |
|
Range |
|
Weighted Average |
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral-dependent loans, net of specific allowance for credit losses |
|
$ |
9,535 |
|
|
Third-party appraisals |
|
Selling costs |
|
5% - 10% |
|
6 % |
Other real estate owned |
|
$ |
4,152 |
|
|
Third-party appraisals and internal evaluations |
|
Selling costs |
|
5% - 10% |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral-dependent loans, net of specific allowance for credit losses |
|
$ |
28,760 |
|
|
Third-party appraisals |
|
Selling costs |
|
5% - 10% |
|
6 % |
Other real estate owned |
|
$ |
5,243 |
|
|
Third-party appraisals and internal evaluations |
|
Selling costs |
|
5% - 10% |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Estimated Fair Values of the Company’s Financial Instruments Not Previously Disclosed |
The following table presents estimated fair values of the Company’s financial instruments that are not recorded at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
(In thousands) |
|
Value |
|
|
Value |
|
|
Value |
|
|
Value |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
443,270 |
|
|
$ |
443,270 |
|
|
$ |
348,249 |
|
|
$ |
348,249 |
|
Level 2 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
Securities held to maturity |
|
|
22,577 |
|
|
|
21,478 |
|
|
|
23,257 |
|
|
|
23,217 |
|
FHLB stock |
|
|
5,359 |
|
|
|
5,359 |
|
|
|
7,288 |
|
|
|
7,288 |
|
Accrued interest receivable |
|
|
36,466 |
|
|
|
36,466 |
|
|
|
36,287 |
|
|
|
36,287 |
|
Level 3 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
6,232,703 |
|
|
|
6,211,083 |
|
|
|
6,220,467 |
|
|
|
6,162,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 inputs: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
7,214,250 |
|
|
|
7,208,012 |
|
|
|
6,990,219 |
|
|
|
6,985,407 |
|
FHLB and other borrowings |
|
|
67,497 |
|
|
|
67,977 |
|
|
|
98,499 |
|
|
|
99,385 |
|
Subordinated debentures |
|
|
53,744 |
|
|
|
49,597 |
|
|
|
53,689 |
|
|
|
49,390 |
|
Accrued interest payable |
|
|
15,996 |
|
|
|
15,996 |
|
|
|
14,233 |
|
|
|
14,233 |
|
|