Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis

The following table presents assets and liabilities measured at fair value (in thousands):


	Total		Level 1		Level 2		Level 3
March 31, 2024
Recurring fair value measurements
Financial Assets
Obligations of states and political subdivisions	$	210,524	$	—	$	210,524	$	—
Mortgage-backed securities:
U.S. Government agencies	1,099,797		—		1,099,797		—
Private label	6,697		—		4,848		1,849
Trust preferred securities	4,449		—		4,449		—
Corporate securities	26,190		—		26,190		—
Marketable equity securities	7,253		2,930		4,323		—
Derivative assets	68,216		—		68,216		—
Financial Liabilities
Derivative liabilities	55,445		—		55,445		—

Nonrecurring fair value measurements
Non-Financial Assets
Other real estate owned	752		—		—		752

December 31, 2023
Recurring fair value measurements
Financial Assets
Obligations of states and political subdivisions	$	212,738	$	—	$	212,738	$	—
Mortgage-backed securities:
U.S. Government agencies	1,088,093		—		1,088,093		—
Private label	6,704		—		4,833		1,871
Trust preferred securities	4,278		—		4,278		—
Corporate securities	26,324		—		26,324		—
Marketable equity securities	7,538		3,093		4,445		—
Certificates of deposit held for investment	—		—		—		—
Derivative assets	60,527		—		60,527		—
Financial Liabilities
Derivative liabilities	48,578		—		48,578		—

Nonrecurring fair value measurements
Non-Financial Assets
Other real estate owned	731		—		—		731

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the changes in Level 3 assets recorded at fair value on a recurring basis during the periods indicated (in thousands):


	March 31, 2024		December 31, 2023
Beginning balance	$	1,871	$	2,459
Changes in fair value	(22)		95
Changes due to principal reduction	—		(683)
Ending balance	$	1,849	$	1,871

Schedule Of Estimates Of Fair Value Of Financial Instruments

The following table represents the estimates of fair value of financial instruments (in thousands). For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.


	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
March 31, 2024
Assets:
Cash and cash equivalents	$	318,682	$	318,682	$	318,682	$	—	$	—
Securities available-for-sale	1,347,657		1,347,657		—		1,345,808		1,849
Marketable equity securities	7,253		7,253		2,930		4,323		—
Net loans	4,069,478		3,890,421		—		—		3,890,421
Accrued interest receivable	21,759		21,759		—		21,759		—
Derivative assets	68,216		68,216		—		68,216		—

Liabilities:
Deposits	5,055,801		4,780,020		3,696,729		1,083,291		—
Short-term debt	304,941		304,941		—		304,941		—
FHLB long-term advances	150,000		148,696		—		148,696		—
Accrued interest payable	5,575		5,575		—		5,575		—
Derivative liabilities	55,445		55,445		—		55,445		—

December 31, 2023
Assets:
Cash and cash equivalents	$	156,276	$	156,276	$	156,276	$	—	$	—
Securities available-for-sale	1,338,137		1,338,137		—		1,336,266		1,871
Marketable equity securities	7,538		7,538		3,093		4,445		—
Net loans	4,103,178		3,922,638		—		—		3,922,638
Accrued interest receivable	20,290		20,290		—		20,290		—
Derivative assets	60,527		60,527		—		60,527		—

Liabilities:
Deposits	4,934,262		4,617,487		3,591,458		1,026,029		—
Short-term debt	334,856		334,856		—		334,856		—
FHLB long-term advances	100,000		99,928		—		99,928		—
Accrued interest payable	4,301		4,301		4,301		—		—
Derivative liabilities	48,578		48,578		—		48,578		—