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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair value measurements  
Schedule of differences between the fair value carrying amount of mortgages held for sale measured at fair value and the aggregate unpaid principal amount
The following table shows the differences between the fair value carrying amount of mortgages held for sale measured at fair value and the aggregate unpaid principal amount the Company is contractually entitled to receive at maturity.
(Dollars in thousands)Fair value 
carrying
amount		Aggregate
unpaid principal		Excess of fair value carrying amount over (under) unpaid principal 
March 31, 2024    
Mortgages held for sale reported at fair value$2,881 $2,606 $275 (1)
December 31, 2023    
Mortgages held for sale reported at fair value$1,442 $1,297 $145 (1)
(1)The excess of fair value carrying amount over (under) unpaid principal is included in mortgage banking income and includes changes in fair value at and subsequent to funding and gains and losses on the related loan commitment prior to funding.
Schedule of assets and liabilities measured at fair value on a recurring basis
The following table shows the balance of assets and liabilities measured at fair value on a recurring basis.
(Dollars in thousands)Level 1Level 2Level 3Total
March 31, 2024    
Assets:    
Investment securities available-for-sale:    
U.S. Treasury and Federal agencies securities$545,675 $357,210 $— $902,885 
U.S. States and political subdivisions securities— 86,605 1,044 87,649 
Mortgage-backed securities — Federal agencies— 585,137 — 585,137 
Corporate debt securities— 6,980 — 6,980 
Foreign government and other securities— 593 — 593 
Total debt securities available-for-sale545,675 1,036,525 1,044 1,583,244 
Mortgages held for sale— 2,881 — 2,881 
Accrued income and other assets (interest rate swap agreements)— 21,526 — 21,526 
Total$545,675 $1,060,932 $1,044 $1,607,651 
Liabilities:    
Accrued expenses and other liabilities (interest rate swap agreements)$— $21,936 $— $21,936 
Total$— $21,936 $— $21,936 
December 31, 2023    
Assets:    
Investment securities available-for-sale:    
U.S. Treasury and Federal agencies securities$541,461 $381,405 $— $922,866 
U.S. States and political subdivisions securities— 91,403 1,161 92,564 
Mortgage-backed securities — Federal agencies— 598,252 — 598,252 
Corporate debt securities— 8,329 — 8,329 
Foreign government and other securities— 589 — 589 
Total debt securities available-for-sale541,461 1,079,978 1,161 1,622,600 
Mortgages held for sale— 1,442 — 1,442 
Accrued income and other assets (interest rate swap agreements)— 22,704 — 22,704 
Total$541,461 $1,104,124 $1,161 $1,646,746 
Liabilities:    
Accrued expenses and other liabilities (interest rate swap agreements)$— $23,140 $— $23,140 
Total$— $23,140 $— $23,140 
Schedule of changes in investment securities available-for-sale Level 3 assets measured at fair value on a recurring basis
The following table shows changes in Level 3 assets measured at fair value on a recurring basis for the quarter ended March 31, 2024 and 2023.
(Dollars in thousands)U.S. States and
political
subdivisions
securities
Beginning balance January 1, 2024$1,161 
Total gains or losses (realized/unrealized): 
Included in earnings— 
Included in other comprehensive income (loss)63 
Purchases— 
Issuances— 
Sales— 
Settlements— 
Maturities(180)
Transfers into Level 3— 
Transfers out of Level 3— 
Ending balance March 31, 2024$1,044 
Beginning balance January 1, 2023$1,464 
Total gains or losses (realized/unrealized): 
Included in earnings— 
Included in other comprehensive income (loss)32 
Purchases3,000 
Issuances— 
Sales— 
Settlements— 
Maturities(175)
Transfers into Level 3— 
Transfers out of Level 3— 
Ending balance March 31, 2023$4,321 
Schedule of carrying value of assets measured at fair value on a non-recurring basis
The following table shows the carrying value of assets measured at fair value on a non-recurring basis.
(Dollars in thousands)Level 1Level 2Level 3Total
March 31, 2024    
Collateral-dependent impaired loans$— $— $— $— 
Accrued income and other assets (mortgage servicing rights)— — 3,574 3,574 
Accrued income and other assets (repossessions)— — 308 308 
Accrued income and other assets (other real estate)— — — — 
Total$— $— $3,882 $3,882 
December 31, 2023    
Collateral-dependent impaired loans$— $— $6,289 $6,289 
Accrued income and other assets (mortgage servicing rights)— — 3,670 3,670 
Accrued income and other assets (repossessions)— — 705 705 
Accrued income and other assets (other real estate)— — — — 
Total$— $— $10,664 $10,664 
Schedule of fair values of financial instruments
The following table shows the fair values of the Company’s financial instruments.
(Dollars in thousands)Carrying or Contract ValueFair ValueLevel 1Level 2Level 3
March 31, 2024     
Assets:     
Cash and due from banks$41,533 $41,533 $41,533 $— $— 
Federal funds sold and interest bearing deposits with other banks39,381 39,381 39,381 — — 
Investment securities, available-for-sale1,583,244 1,583,244 545,675 1,036,525 1,044 
Other investments25,075 25,075 25,075 — — 
Mortgages held for sale2,881 2,881 — 2,881 — 
Loans and leases, net of allowance for loan and lease losses6,414,748 6,224,374 — — 6,224,374 
Mortgage servicing rights3,574 8,357 — — 8,357 
Accrued interest receivable30,685 30,685 — 30,685 — 
Interest rate swaps21,526 21,526 — 21,526 — 
Liabilities:     
Deposits$7,055,311 $7,048,994 $5,253,650 $1,795,344 $— 
Short-term borrowings249,580 249,580 83,534 166,046 — 
Long-term debt and mandatorily redeemable securities39,406 38,709 — 38,709 — 
Subordinated notes58,764 55,494 — 55,494 — 
Accrued interest payable32,216 32,216 — 32,216 — 
Interest rate swaps21,936 21,936 — 21,936 — 
Off-balance-sheet instruments *— 118 — 118 — 
December 31, 2023     
Assets:     
Cash and due from banks$77,474 $77,474 $77,474 $— $— 
Federal funds sold and interest bearing deposits with other banks52,194 52,194 52,194 — — 
Investment securities, available-for-sale1,622,600 1,622,600 541,461 1,079,978 1,161 
Other investments25,075 25,075 25,075 — — 
Mortgages held for sale1,442 1,442 — 1,442 — 
Loans and leases, net of allowance for loan and lease losses6,370,953 6,204,791 — — 6,204,791 
Mortgage servicing rights3,670 8,151 — — 8,151 
Accrued interest receivable30,232 30,232 — 30,232 — 
Interest rate swaps22,704 22,704 — 22,704 — 
Liabilities:     
Deposits$7,038,581 $7,033,549 $5,299,896 $1,733,653 $— 
Short-term borrowings312,359 312,359 56,013 256,346 — 
Long-term debt and mandatorily redeemable securities47,911 47,098 — 47,098 — 
Subordinated notes58,764 55,842 — 55,842 — 
Accrued interest payable29,520 29,520 — 29,520 — 
Interest rate swaps23,140 23,140 — 23,140 — 
Off-balance-sheet instruments *— 120 — 120 — 
* Represents estimated cash outflows required to currently settle the obligations at current market rates.
Recurring  
Fair value measurements  
Schedule of valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis
The following table shows the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis.
(Dollars in thousands)Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
March 31, 2024    
Debt securities available-for sale    
Direct placement municipal securities
$1,044 Discounted cash flowsCredit spread assumption
3.75% - 4.48%
3.93 %
December 31, 2023    
Debt securities available-for sale
    
Direct placement municipal securities
$1,161 Discounted cash flowsCredit spread assumption
0.31% - 5.28%
4.28 %
Non-recurring  
Fair value measurements  
Schedule of valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis
The following table below shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a non-recurring basis.
(Dollars in thousands)Carrying ValueFair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average
March 31, 2024     
Collateral-dependent impaired loans$— $— Collateral based measurements including appraisals, trade publications, and auction valuesDiscount for lack of marketability and current conditions
0% - 0%
0.0 %
Mortgage servicing rights3,574 8,357 Discounted cash flowsConstant prepayment rate (CPR)
5.8% - 17.2%
6.5 %
    Discount rate
12.9% - 13.2%
11.3 %
Repossessions308 331 Appraisals, trade publications and auction valuesDiscount for lack of marketability
0% - 2%
0 %
Other real estate— — AppraisalsDiscount for lack of marketability
0% - 0%
0 %
December 31, 2023     
Collateral-dependent impaired loans$6,289 $6,289 Collateral based measurements including appraisals, trade publications, and auction valuesDiscount for lack of marketability and current conditions
10% - 20%
13.9 %
Mortgage servicing rights3,670 8,151 Discounted cash flowsConstant prepayment rate (CPR)
6.1% - 17.6%
7.3 %
    Discount rate
11.0% - 13.1%
11.2 %
Repossessions705 757 Appraisals, trade publications and auction valuesDiscount for lack of marketability
0% - 10%
8 %
Other real estate— — AppraisalsDiscount for lack of marketability
0% - 0%
0 %