Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring and Non-Recurring Basis

The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands).


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
June 30, 2026
Measured on a recurring basis:
Securities available for sale:
U.S. Treasury bills		$	—			$	19,984			$	—			$	19,984
Mortgage-backed securities			—				832,109				—				832,109
Other debt securities			—				58,373				—				58,373
Other assets:
Hedging derivative instruments			—				1,653				—				1,653
Fair value adjusted through comprehensive income		$	—			$	912,119			$	—			$	912,119
Other assets:
Derivative instruments – interest rate swaps			—				27,402				—				27,402
Derivative instruments – mortgage banking			—				128				—				128
Other liabilities:
Derivative instruments – interest rate swaps			—				(27,404	)			—				(27,404	)
Derivative instruments – mortgage banking			—				(20	)			—				(20	)
Fair value adjusted through net income		$	—			$	106			$	—			$	106
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	2,502			$	—			$	2,502
Collateral dependent loans			—				—				46,807				46,807
Other assets:
Long-lived assets held for sale			—				—				—				—
Loan servicing rights			—				—				1,900				1,900
Other real estate owned			—				—				552				552
Total		$	—			$	2,502			$	49,259			$	51,761

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2026. There were no liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2026 and 2025.


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
December 31, 2025
Measured on a recurring basis:
Securities available for sale:
Mortgage-backed securities		$	—			$	877,631			$	—			$	877,631
Other debt securities			—				44,841				—				44,841
Other assets:
Hedging derivative instruments			—				2,188				—				2,188
Fair value adjusted through comprehensive income		$	—			$	924,660			$	—			$	924,660
Other assets:
Derivative instruments–interest rate products		$	—			$	26,817			$	—			$	26,817
Derivative instruments–mortgage banking			—				112				—				112
Other liabilities:
Derivative instruments–interest rate products			—				(26,819	)			—				(26,819	)
Derivative instruments–mortgage banking			—				(13	)			—				(13	)
Fair value adjusted through net income		$	—			$	97			$	—			$	97
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	3,365			$	—			$	3,365
Collateral dependent loans			—				—				45,541				45,541
Other assets:
Long-lived assets held for sale			—				—				264				264
Loan servicing rights			—				—				1,767				1,767
Other real estate owned			—				—				94				94
Total		$	—			$	3,365			$	47,666			$	51,031

Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value as of June 30, 2026 (dollars in thousands).

         Asset

         Fair
Value

         Valuation Technique

         Unobservable Input

         Unobservable Input
Value or Range

Collateral dependent loans

$

46,807

Appraisal of collateral (1)

Appraisal adjustments (2)

18.2% (3) / 0 - 60.0%

Loan servicing rights

$

1,900

Discounted cash flow

Discount rate

10.2% (3)

          
         Constant prepayment rate

         12.5% (3)

Long-lived assets held for sale

$

—

Appraisal of collateral (1)

Appraisal adjustments (2)

—

Other real estate owned

$

552

Appraisal of collateral (1)

Appraisal adjustments (2)

39.0 - 56.1%

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

(3) Weighted averages.

Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments

The following table presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated.


		Level in Fair Value Measurement Hierarchy		June 30, 2026								December 31, 2025
		Level in Fair Value Measurement Hierarchy		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets:
Cash and cash equivalents		Level 1		$	99,174			$	99,174			$	108,751			$	108,751
Securities available for sale		Level 2			910,466				910,466				922,472				922,472
Securities held to maturity, net		Level 2			79,300				70,899				84,708				76,256
Loans held for sale		Level 2			2,502				2,502				3,365				3,365
Loans		Level 2			4,658,661				4,446,234				4,564,939				4,492,272
Loans (1)		Level 3			46,807				46,807				45,541				45,541
Long-lived assets held for sale		Level 3			—				—				264				264
Accrued interest receivable		Level 1			25,464				25,464				25,103				25,103
Derivative instruments–cash flow hedges		Level 2			1,653				1,653				2,188				2,188
Derivative instruments–interest rate products		Level 2			27,402				27,402				26,817				26,817
Derivative instruments–mortgage banking		Level 2			128				128				112				112
FHLB and FRB stock		Level 2			23,165				23,165				21,632				21,632
Financial liabilities:
Non-maturity deposits		Level 1			3,627,036				3,627,036				3,519,848				3,519,848
Time deposits		Level 2			1,672,429				1,650,190				1,686,500				1,683,492
Short-term borrowings		Level 1			182,000				182,000				109,000				109,000
Long-term borrowings		Level 2			78,694				96,939				193,653				227,081
Accrued interest payable		Level 1			18,992				18,992				21,436				21,436
Derivative instruments–interest rate products		Level 2			27,404				27,404				26,819				26,819
Derivative instruments–mortgage banking		Level 2			20				20				13				13

(1) Comprised of collateral dependent loans.