v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Recorded on a Recurring Basis
The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at June 30, 2026, and December 31, 2025, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. There were no changes in the valuation techniques during the periods presented.
June 30, 2026
(Dollars in thousands)Level 1Level 2Level 3Total
State and municipal securities$— $263,779 $28,455 $292,234 
Corporate bonds— 43,257 6,000 49,257 
U.S. government agency securities— 12,983 — 12,983 
Commercial mortgage-backed securities— 18,175 — 18,175 
Residential mortgage-backed securities— 443,523 — 443,523 
Commercial collateralized mortgage obligations— 87,216 — 87,216 
Residential collateralized mortgage obligations— 238,835 — 238,835 
Securities available for sale— 1,107,768 34,455 1,142,223 
Securities carried at fair value through income— — 5,872 5,872 
Rabbi Trust assets1,158 — — 1,158 
Other assets - derivatives— 9,858 — 9,858 
Total recurring fair value measurements - assets$1,158 $1,117,626 $40,327 $1,159,111 
Other liabilities - derivatives$— $(9,290)$— $(9,290)
Total recurring fair value measurements - liabilities$— $(9,290)$— $(9,290)
December 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Total
State and municipal securities$— $261,042 $33,842 $294,884 
Corporate bonds— 54,704 1,000 55,704 
U.S. government agency securities— 3,140 — 3,140 
Commercial mortgage-backed securities— 15,286 — 15,286 
Residential mortgage-backed securities— 454,485 — 454,485 
Commercial collateralized mortgage obligations— 82,793 — 82,793 
Residential collateralized mortgage obligations— 210,884 — 210,884 
Securities available for sale— 1,082,334 34,842 1,117,176 
Securities carried at fair value through income— — 6,215 6,215 
Rabbi Trust assets839 — — 839 
Other assets - derivatives— 13,152 — 13,152 
Total recurring fair value measurements - assets$839 $1,095,486 $41,057 $1,137,382 
Other liabilities - derivatives$— $(13,491)$— $(13,491)
Total recurring fair value measurements - liabilities$— $(13,491)$— $(13,491)
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2026 and 2025, are summarized as follows:
(Dollars in thousands)Securities Available for SaleSecurities at Fair Value Through Income
Balance at January 1, 2026$34,842 $6,215 
Loss recognized in earnings:
Other noninterest income— (13)
Loss recognized in Accumulated Other Comprehensive Income (“AOCI”)(822)— 
Purchases, issuances, sales and settlements:
Purchases8,409 — 
Settlements(7,974)(330)
Balance at June 30, 2026
$34,455 $5,872 
(Dollars in thousands)Securities Available for SaleSecurities at Fair Value Through Income
Balance at January 1, 2025$35,754 $6,512 
Gain recognized in earnings:
Other noninterest income— 21 
Loss recognized in AOCI(50)— 
Purchases, issuances, sales and settlements:
Purchases638 — 
Settlements(1,269)(315)
Balance at June 30, 2025
$35,073 $6,218 
Schedule of Difference Between Fair Value and the Unpaid Principal Balance for Financial Instruments for which the Fair Value Option has been Elected and Classified in Income Statement The following tables summarize the difference between the fair value and the unpaid principal balance, amortized cost or contributions, respectively, for financial instruments for which the fair value option has been elected:
June 30, 2026
(Dollars in thousands)Aggregate Fair ValueAmortized Cost/ContributionsDifference
Securities carried at fair value through income$5,872 $5,870 $2 
Rabbi Trust assets1,158 1,083 75 
Total$7,030 $6,953 $77 
December 31, 2025
(Dollars in thousands)Aggregate Fair ValueAmortized Cost/ContributionsDifference
Securities carried at fair value through income$6,215 $6,200 $15 
Rabbi Trust Assets839 801 38 
Total$7,054 $7,001 $53 

Changes in the fair value of assets for which the Company elected the fair value option are classified in the Consolidated Statements of Income line items reflected in the following table:
(Dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,
Changes in fair value included in noninterest income:2026202520262025
Other income:
Securities carried at fair value through income$5 $21 $(13)$21 
Total fair value option impact on noninterest income$5 $21 $(13)$21 
Changes in fair value included in noninterest expense:
Rabbi Trust assets$(56)$(21)$(37)$(20)
Deferred compensation liabilities related to Rabbi Trust assets(1)
56 21 37 20 
Total fair value option impact on noninterest expense$— $— $— $— 
____________________________
(1)Please see the Rabbi Trust section below for more detail on its impact on the Company’s net income.
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Not Measured at Fair Value
The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows:
(Dollars in thousands)June 30, 2026December 31, 2025
Financial assets:
Level 1 inputs:
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Cash and cash equivalents$546,531 $546,531 $424,217 $424,217 
Level 2 inputs:
Non-marketable equity securities held in other financial institutions
37,662 37,662 31,069 31,069 
Loans held for sale1,146 1,146 1,032 1,032 
Accrued interest receivable35,748 35,748 35,152 35,152 
Level 3 inputs:
Securities held to maturity10,557 9,074 10,559 9,607 
LHFI, net7,975,389 7,868,185 7,574,135 7,459,710 
Financial liabilities:
Level 2 inputs:
Deposits8,703,251 8,698,766 8,307,247 8,302,897 
FHLB advances, repurchase agreements and other borrowings136,878 136,827 19,050 18,989 
Subordinated indebtedness16,594 16,580 16,544 16,530 
Accrued interest payable2,811 2,811 3,239 3,239