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Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):
Fair value at March 31, 2024TotalLevel 1Level 2Level 3
Marketable equity securities$2,606 $2,606 $— $— 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,170,192 — 1,170,192 — 
Obligations of states and political subdivisions234,177 — 234,177 — 
Corporate bonds5,746 — 5,746 — 
Asset backed securities359,673 — 359,673 — 
Non-agency mortgage backed securities304,100 — 304,100 — 
Loans held for sale1,346 — 1,346 — 
Mortgage servicing rights6,697 — — 6,697 
Total assets measured at fair value$2,084,537 $2,606 $2,075,234 $6,697 
Fair value at December 31, 2023TotalLevel 1Level 2Level 3
Marketable equity securities$2,634 $2,634 $— $— 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,221,737 — 1,221,737 — 
Obligations of states and political subdivisions236,375 — 236,375 — 
Corporate bonds5,602 — 5,602 — 
Asset backed securities355,281 — 355,281 — 
Non-agency mortgage backed securities333,509 — 333,509 — 
Loans held for sale458 — 458 — 
Mortgage servicing rights6,606 — — 6,606 
Total assets measured at fair value$2,162,202 $2,634 $2,152,962 $6,606 
Reconciliation of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) on Recurring Basis
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the time periods indicated. Had there been any transfer into or out of Level 3 during the time periods indicated, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):
Three months ended March 31,Beginning
Balance		Transfers
into (out of)
Level 3		Change
Included
in Earnings		IssuancesEnding
Balance
2024: Mortgage servicing rights
$6,606 — $11 $80 $6,697 
2023: Mortgage servicing rights
$6,712 — $(209)$50 $6,553 
Quantitative Information about Recurring Level 3 Fair Value Measurements
The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2024 and December 31, 2023:
As of March 31, 2024:Fair Value
(in thousands)		Valuation
Technique		Unobservable
Inputs		Range,
Weighted
Average
Mortgage Servicing Rights$6,697 Discounted cash flowConstant prepayment rate
6% - 11%; 6.4%
Discount rate
10% - 14%; 12%
As of December 31, 2023:
Mortgage Servicing Rights$6,606 Discounted cash flowConstant prepayment rate
6% - 12.8%; 7.0%
Discount rate
10% - 14%; 12%
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The tables below present the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands):
March 31, 2024TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$5,056 — — $5,056 
Foreclosed assets831 — — 831 
Total assets measured at fair value$5,887 — — $5,887 
December 31, 2023TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$4,175 — — $4,175 
Foreclosed assets50 — — 50 
Total assets measured at fair value$4,225 — — $4,225 

The tables below present the gains (losses) resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):
Three months ended March 31,
20242023
Collateral dependent loans$128 $(277)
Foreclosed assets(224)— 
Total losses from non-recurring measurements$(96)$(277)
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Nonrecurring Basis
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2024:
March 31, 2024Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$5,056 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate		Not meaningful
N/A
Foreclosed assets (Residential real estate)$831 Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/A
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2023:
December 31, 2023Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$4,175 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate
Not meaningful
N/A
Foreclosed assets (Residential real estate)$50 Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/A
Estimated Fair Values of Financial Instruments that are Reported at Amortized Cost in Consolidated Balance Sheets
March 31, 2024December 31, 2023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$73,322 $73,322 $81,626 $81,626 
Cash at Federal Reserve and other banks9,514 9,514 17,075 17,075 
Level 2 inputs:
Securities held to maturity127,811 118,528 133,494 125,126 
Restricted equity securities17,250 N/A17,250 n/a
Level 3 inputs:
Loans, net6,676,301 6,291,078 6,672,948 6,278,577 
Financial liabilities:
Level 2 inputs:
Deposits7,987,658 7,982,067 7,834,038 7,828,554 
Other borrowings392,409 329,409 632,582 632,582 
Level 3 inputs:
Junior subordinated debt101,120 101,090 101,099 95,407 
(in thousands)Contract
Amount		Fair
Value		Contract
Amount		Fair
Value
Off-balance sheet:
Level 3 inputs:
Commitments$2,206,882 $22,069 $2,225,677 $22,257 
Standby letters of credit41,912 419 38,449 385 
Overdraft privilege commitments129,273 1,293 121,539 1,215