Fair Value (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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 March 31, 2026 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at March 31, 2026 | | Assets | | | | | | | | | | Investment securities: | | | | | | | | | | Obligations of U.S. Government sponsored entities | | $ | — | | | $ | 109,257 | | | $ | — | | | $ | 109,257 | | | Obligations of states and political subdivisions | | — | | | 237,258 | | | 848 | | | 238,106 | | | U.S. Government sponsored entities’ asset-backed securities | | — | | | 833,515 | | | — | | | 833,515 | | | Collateralized loan obligations | | — | | | 38,133 | | | — | | | 38,133 | | | Corporate debt securities | | — | | | 13,749 | | | 6,968 | | | 20,717 | | | Equity securities | | 17,468 | | | 456 | | | 636 | | | 18,560 | | | Mortgage loans held for sale | | — | | | 10,248 | | | — | | | 10,248 | | | Mortgage IRLCs | | — | | | 154 | | | — | | | 154 | | | Loan interest rate swaps | | — | | | 565 | | | — | | | 565 | | | | | | | | | | | | Liabilities | | | | | | | | | | Fair value swap | | $ | — | | | $ | — | | | $ | 100 | | | $ | 100 | | | Loan interest rate swaps | | — | | | 565 | | | — | | | 565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at December 31, 2025 | | Assets | | | | | | | | | | Investment securities: | | | | | | | | | | Obligations of states and political subdivisions | | $ | — | | | $ | 211,823 | | | $ | — | | | $ | 211,823 | | | U.S. Government sponsored entities’ asset-backed securities | | — | | | 399,964 | | | — | | | 399,964 | | | Collateralized loan obligations | | — | | | 56,143 | | | — | | | 56,143 | | | Corporate debt securities | | — | | | 13,322 | | | 7,416 | | | 20,738 | | | Equity securities | | 16,867 | | | — | | | 626 | | | 17,493 | | | Mortgage loans held for sale | | — | | | 4,004 | | | — | | | 4,004 | | | Mortgage IRLCs | | — | | | 115 | | | — | | | 115 | | | Loan interest rate swaps | | — | | | 548 | | | — | | | 548 | | | | | | | | | | | | Liabilities | | | | | | | | | | Fair value swap | | $ | — | | | $ | — | | | $ | 268 | | | $ | 268 | | | Loan interest rate swaps | | — | | | 548 | | | — | | | 548 | |
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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 periods ended March 31, 2026 and 2025, for financial instruments measured on a recurring basis and classified as Level 3:
| | | | | | | | | | | | | | | | | | | | | | Level 3 Fair Value Measurements | Three months ended March 31, 2026 and 2025 | | (In thousands) | | Corporate debt securities | | Equity securities | | Fair value
swap | | Balance at January 1, 2026 | | $ | 7,416 | | | $ | 626 | | | $ | (268) | | | Transfer into (out of) level 3, net | | (404) | | | — | | | — | | | Total gains / (losses) | | | | | | | | Included in other income / other (expense) | | — | | | 10 | | | (42) | | | Included in other comprehensive income | | (44) | | | — | | | — | | | Purchases, sales, issuances and settlements, other, net | | — | | | — | | | 210 | | | Balance at March 31, 2026 | | $ | 6,968 | | | $ | 636 | | | $ | (100) | | | | | | | | | | Balance at January 1, 2025 | | $ | 6,664 | | | $ | 603 | | | $ | (103) | | | Transfers into (out of) level 3, net | | — | | | — | | | — | | | Total gains / (losses) | | | | | | | | Included in other income / other (expense) | | — | | | 8 | | | (130) | | | Included in other comprehensive income | | 58 | | | — | | | — | | | Balance at March 31, 2025 | | $ | 6,722 | | | $ | 611 | | | $ | (233) | |
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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 March 31, 2026 and December 31, 2025, 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 March 31, 2026.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2026 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at March 31, 2026 | | Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value: | | | | | | | | | Commercial, financial and agricultural (1) | | $ | — | | | $ | — | | | $ | 2,598 | | | $ | 2,598 | | | Commercial real estate | | — | | | — | | | 1,173 | | 1,173 | | Residential real estate | | — | | | — | | | 555 | | | 555 | | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | — | | | $ | — | | | $ | 4,326 | | | $ | 4,326 | | | | | | | | | | | | MSRs | | $ | — | | | $ | 40 | | | $ | — | | | $ | 40 | |
(1) Includes commercial, financial and agricultural loans in which real estate collateral was obtained subsequent to loan origination.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 using: | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Balance at December 31, 2025 | | Nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value: | | | | | | | | | Commercial, financial and agricultural (1) | | $ | — | | | $ | — | | | $ | 3,674 | | | $ | 3,674 | | | Commercial real estate | | — | | | — | | | 370 | | 370 | | Residential real estate | | — | | | — | | | 17 | | | 17 | | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | — | | | $ | — | | | $ | 4,061 | | | $ | 4,061 | | | | | | | | | | | | MSRs | | $ | — | | | $ | 35 | | | $ | — | | | $ | 35 | |
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| Impaired Financing Receivables at fair value |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (In thousands) | | Loan Balance | | Prior Charge-Offs | | Specific Valuation Allowance | | Carrying Balance | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | 5,557 | | | $ | 4,579 | | | $ | 1,231 | | | $ | 4,326 | | | Remaining nonaccrual, individually evaluated loans | | 54,651 | | | 103 | | | 1,810 | | | 52,841 | | | Total nonaccrual, individually evaluated loans | | $ | 60,208 | | | $ | 4,682 | | | $ | 3,041 | | | $ | 57,167 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In thousands) | | Loan Balance | | Prior Charge-Offs | | Specific Valuation Allowance | | Carrying Balance | | Total nonaccrual, individually evaluated, collateral-dependent loans recorded at fair value | | $ | 4,081 | | | $ | 4,640 | | | $ | 20 | | | $ | 4,061 | | | Remaining nonaccrual, individually evaluated loans | | 42,843 | | | 100 | | | 719 | | | 42,124 | | | Total nonaccrual, individually evaluated loans | | $ | 46,924 | | | $ | 4,740 | | | $ | 739 | | | $ | 46,185 | |
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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 March 31, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (In thousands) | | Fair Value | | Valuation Technique | | Unobservable Input(s) | | Range
(Weighted Average) | | Nonaccrual, individually evaluated, collateral-dependent loans: | | | | | | Commercial, financial and agricultural | | $ | 2,598 | | | Sales comparison approach | | Adj to comparables | | 5.0% - 46.0% (25.5%) | | | | | | | | | | | Commercial real estate | | $ | 1,173 | | | Sales comparison approach | | Adj to comparables | | 0.0% - 48.5% (16.9%) | | | | | Income approach | | Capitalization rate | | 2.0% - 10.0% (8.1%) | | | | | Cost approach | | Entrepreneurial profit | | 5.0% (5.0%) | | | | | Cost approach | | Accumulated depreciation | | 33.5% (33.5%) | | | | | | | | | | | Residential real estate | | $ | 555 | | | Sales comparison approach | | Adj to comparables | | 0.2% - 27.0% (9.8%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In thousands) | | Fair Value | | Valuation Technique | | Unobservable Input(s) | | Range
(Weighted Average) | | Nonaccrual, individually evaluated, collateral-dependent loans: | | | | | | Commercial, financial and agricultural | | $ | 3,674 | | | Sales comparison approach | | Adj to comparables | | 5.0% - 46.0% (25.5%) | | | | | | | | | | | Commercial real estate | | $ | 370 | | | Sales comparison approach | | Adj to comparables | | 0.0% - 10.0% (3.8%) | | | | | Income approach | | Capitalization rate | | 10.0% (10.0%) | | | | | | | | | | | Residential real estate | | $ | 17 | | | Sales comparison approach | | Adj to comparables | | 11.9% - 38.9% (25.4%) |
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| Fair Value, by Balance Sheet Grouping |
The fair value of certain financial instruments at March 31, 2026 and at December 31, 2025, was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | | | Fair Value Measurements | | (In thousands) | | Carrying value | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Financial assets: | | | | | | | | | | | | Cash and money market instruments | | $ | 983,137 | | | $ | 983,137 | | | $ | — | | | $ | — | | | $ | 983,137 | | Investment securities (1) | | 1,239,728 | | | — | | | 1,231,912 | | | 7,816 | | | 1,239,728 | | Other investment securities (2) | | 18,560 | | | 17,468 | | | 456 | | | 636 | | | 18,560 | | | | | | | | | | | | | | Mortgage loans held for sale | | 10,248 | | | — | | | 10,248 | | | — | | | 10,248 | | | Mortgage IRLCs | | 154 | | | — | | | 154 | | | — | | | 154 | | | Individually evaluated loans carried at fair value | | 4,326 | | | — | | | — | | | 4,326 | | | 4,326 | | | Other loans, net | | 9,543,942 | | | — | | | — | | | 9,446,923 | | | 9,446,923 | | | Loans receivable, net | | $ | 9,558,670 | | | $ | — | | | $ | 10,402 | | | $ | 9,451,249 | | | $ | 9,461,651 | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | Time deposits | | $ | 1,378,998 | | | $ | — | | | $ | 1,385,893 | | | $ | — | | | $ | 1,385,893 | | | Brokered deposits and Bid Ohio CDs | | 47,448 | | | — | | | 47,342 | | | — | | | 47,342 | | | Other | | 3,035 | | | 3,035 | | | — | | | — | | | 3,035 | | | Deposits (excluding demand deposits) | | $ | 1,429,481 | | | $ | 3,035 | | | $ | 1,433,235 | | | $ | — | | | $ | 1,436,270 | | | | | | | | | | | | | | Short-term borrowings | | $ | 135,176 | | | $ | — | | | $ | 135,176 | | | $ | — | | | $ | 135,176 | | | Subordinated notes | | 15,000 | | | — | | | 14,720 | | | — | | | 14,720 | | | | | | | | | | | | | | Derivative financial instruments - assets: | | | | | | | | | | | | Loan interest rate swaps | | $ | 565 | | | $ | — | | | $ | 565 | | | $ | — | | | $ | 565 | | | | | | | | | | | | | | Derivative financial instruments - liabilities: | | | | | | | | | | | | Fair value swap | | $ | 100 | | | $ | — | | | $ | — | | | $ | 100 | | | $ | 100 | | | Loan interest rate swaps | | 565 | | | — | | | 565 | | | — | | | 565 | |
(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, 2025 | | | | | | Fair Value Measurements | | (In thousands) | | Carrying value | | Level 1 | | Level 2 | | Level 3 | | Total fair value | | Financial assets: | | | | | | | | | | | | Cash and money market instruments | | $ | 233,513 | | | $ | 233,513 | | | $ | — | | | $ | — | | | $ | 233,513 | | Investment securities (1) | | 688,668 | | | — | | | 681,252 | | | 7,416 | | | 688,668 | | Other investment securities (2) | | 17,493 | | | 16,867 | | | — | | | 626 | | | 17,493 | | | | | | | | | | | | | | Mortgage loans held for sale | | 4,004 | | | — | | | 4,004 | | | — | | | 4,004 | | | Mortgage IRLCs | | 115 | | | — | | | 115 | | | — | | | 115 | | | Individually evaluated loans carried at fair value | | 4,061 | | | — | | | — | | | 4,061 | | | 4,061 | | | Other loans, net | | 7,950,089 | | | — | | | — | | | 7,848,810 | | | 7,848,810 | | | Loans receivable, net | | $ | 7,958,269 | | | $ | — | | | $ | 4,119 | | | $ | 7,852,871 | | | $ | 7,856,990 | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | Time deposits | | $ | 772,952 | | | $ | — | | | $ | 774,487 | | | — | | | $ | 774,487 | | | Brokered deposits and Bid Ohio CDs | | 17,000 | | | — | | | 17,000 | | | — | | | 17,000 | | | Other | | 1,216 | | | 1,216 | | | — | | | — | | | 1,216 | | | Deposits (excluding demand deposits) | | $ | 791,168 | | | $ | 1,216 | | | $ | 791,487 | | | $ | — | | | $ | 792,703 | | | | | | | | | | | | | | Short-term borrowings | | $ | 81,711 | | | $ | — | | | $ | 81,711 | | | $ | — | | | $ | 81,711 | | | | | | | | | | | | | | Derivative financial instruments - assets: | | | | | | | | | | | | Loan interest rate swaps | | $ | 548 | | | $ | — | | | $ | 548 | | | $ | — | | | $ | 548 | | | | | | | | | | | | | | Derivative financial instruments - liabilities: | | | | | | | | | | | | Fair value swap | | $ | 268 | | | $ | — | | | $ | — | | | $ | 268 | | | $ | 268 | | | Loan interest rate swaps | | 548 | | | — | | | 548 | | | — | | | 548 | |
(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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