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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis
The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024, and December 31, 2023.

  Fair Value Measurements Using:
September 30, 2024Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Available for sale securities:    
U.S. Government-sponsored agency securities$85,033 $— $85,033 $— 
State and municipal984,111 — 981,665 2,446 
U.S. Government-sponsored mortgage-backed securities472,046 — 472,042 
Corporate obligations12,306 — 12,275 31 
Derivative assets62,270 — 62,270 — 
Derivative liabilities61,386 — 61,386 — 


  Fair Value Measurements Using:
December 31, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Available for sale securities:    
U.S. Government-sponsored agency securities$95,307 $— $95,307 $— 
State and municipal1,065,171 — 1,061,896 3,275 
U.S. Government-sponsored mortgage-backed securities454,815 — 454,811 
Corporate obligations11,819 — 11,788 31 
Derivative assets79,379 — 79,379 — 
Derivative liabilities79,008 — 79,008 — 
Summary of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs
The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying
balance sheets using significant unobservable Level 3 inputs for the three and nine months ended September 30, 2024 and 2023.
 Available for Sale Securities
Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Balance at beginning of the period$3,224 $3,348 $3,310 $3,439 
Included in other comprehensive income65 (30)76 (28)
Principal payments(808)(90)(905)(183)
Ending balance $2,481 $3,228 $2,481 $3,228 
Summary of Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets
Following is a description of valuation methodologies used for instruments measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy at September 30, 2024, and December 31, 2023.
  Fair Value Measurements Using
September 30, 2024Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Collateral dependent loans$55,211 $— $— $55,211 


  Fair Value Measurements Using
December 31, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
 Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Collateral dependent loans$55,020 $— $— $55,020 
Summary of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill
The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at September 30, 2024 and December 31, 2023.

September 30, 2024Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$2,446 Discounted cash flowMaturity/Call date
1 month to 6 years
   US Muni BQ curve
BBB
   Discount rate
3.1% - 4.3%
Weighted-average coupon
3.6%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month CME Term SOFR plus 26bps
   plus premium for illiquidity (basis points)
plus 200bps
Weighted-average coupon
0%
Collateral dependent loans$55,211 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 15%
  Weighted-average discount by loan balance
12.1%
December 31, 2023Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$3,275 Discounted cash flowMaturity/Call date
1 month to 15 years
   US Muni BQ curve
BBB
   Discount rate
3.6% - 4.7%
Weighted-average coupon
3.3%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month CME Term
SOFR plus 26bps
   plus premium for illiquidity (basis points)
plus 200bps
Weighted-average coupon
0%
Collateral dependent loans$55,020 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
Weighted-average discount by loan balance
4.1%
Summary of Estimated Fair Values of Financial Instruments
The following tables present estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and December 31, 2023.

September 30, 2024
 Quoted Prices in Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
Significant Unobservable
Inputs
 Carrying Amount(Level 1)(Level 2)(Level 3)Total Fair Value
Assets:    
Cash and due from banks$84,719 $84,719 $— $— $84,719 
Interest-bearing deposits359,126 359,126 — — 359,126 
Investment securities available for sale1,553,496 — 1,551,015 2,481 1,553,496 
Investment securities held to maturity, net2,108,649 — 1,815,856 7,150 1,823,006 
Loans held for sale40,652 — 40,652 — 40,652 
Net loans12,458,980 — — 12,251,924 12,251,924 
Federal Home Loan Bank stock41,716 — 41,716 — 41,716 
Derivative assets62,270 — 62,270 — 62,270 
Interest receivable92,055 — 92,055 — 92,055 
Liabilities:    
Deposits$14,365,100 $11,980,746 $2,380,600 $— 14,361,346 
Borrowings:  
Federal funds purchased30,000 — 30,000 — 30,000 
Securities sold under repurchase agreements124,894 — 124,894 — 124,894 
Federal Home Loan Bank advances832,629 — 841,458 — 841,458 
Subordinated debentures and other borrowings93,562 — 83,242 — 83,242 
Deposits and other liabilities held for sale288,476 — 266,898 — 266,898 
Derivative liabilities61,386 — 61,386 — 61,386 
Interest payable18,089 — 18,089 — 18,089 
December 31, 2023
 Quoted Prices in Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
Significant Unobservable
Inputs
 Carrying Amount(Level 1)(Level 2)(Level 3)Total Fair Value
Assets:    
Cash and due from banks$112,649 $112,649 $— $— $112,649 
Interest-bearing deposits436,080 436,080 — — 436,080 
Investment securities available for sale1,627,112 — 1,623,802 3,310 1,627,112 
Investment securities held to maturity, net2,184,252 — 1,859,974 10,400 1,870,374 
Loans held for sale18,934 — 18,934 — 18,934 
Net loans12,281,093 — — 11,958,301 11,958,301 
Federal Home Loan Bank stock41,769 — 41,769 — 41,769 
Derivative assets79,379 — 79,379 — 79,379 
Interest receivable97,664 — 97,664 — 97,664 
Liabilities:
Deposits$14,821,453 $12,482,295 $2,329,662 $— 14,811,957 
Borrowings:
Securities sold under repurchase agreements157,280 — 157,265 — 157,265 
Federal Home Loan Bank advances712,852 — 707,377 — 707,377 
Subordinated debentures and other borrowings158,644 — 149,995 — 149,995 
Derivative liabilities79,008 — 79,008 — 79,008 
Interest payable18,912 — 18,912 — 18,912