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Fair Value Accounting and Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at the dates presented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

						Fair Value						Fair Value Measurements at Reporting Date Using
												Level 1						Level 2						Level 3
March 31, 2022						(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations						$	3,407,654					$	—					$	3,407,654					$	—
Other asset-backed securities						408,047						—						408,047						—
State and municipal securities						938,965						—						938,965						—
U.S. government agency and government-sponsored enterprise securities						239,274						—						239,274						—
U.S. government securities						173,342						173,342						—						—
Non-agency collateralized mortgage obligations						360,089						—						360,089						—
Total debt securities available for sale						$	5,527,371					$	173,342					$	5,354,029					$	—
Loans held for sale						$	4,267					$	—					$	4,267					$	—
Other assets:
Interest rate lock commitments						$	36					$	—					$	—					$	36
Interest rate forward loan sales contracts						$	313					$	—					$	313					$	—
Interest rate contracts						$	16,784					$	—					$	16,784					$	—
Liabilities
Other liabilities:
Interest rate contracts						$	16,784					$	—					$	16,784					$	—

						Fair Value						Fair Value Measurements at Reporting Date Using
												Level 1						Level 2						Level 3
December 31, 2021						(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations						$	3,745,601					$	—					$	3,745,601					$	—
Other asset-backed securities						463,063						—						463,063						—
State and municipal securities						997,291						—						997,291						—
U.S. government agency and government-sponsored enterprise securities						252,576						—						252,576						—
U.S. government securities						157,536						157,536						—						—
Non-agency collateralized mortgage						294,932						—						294,932						—
Total debt securities available for sale						$	5,910,999					$	157,536					$	5,753,463					$	—
Loans held for sale						$	9,570					$	—					$	9,570					$	—
Other assets:
Interest rate lock commitments						$	356					$	—					$	—					$	356
Interest rate contracts						$	24,257					$	—					$	24,257					$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts						$	27					$	—					$	27					$	—
Interest rate contracts						$	24,257					$	—					$	24,257					$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.

						Three Months Ended March 31,
						2022						2021
						(in thousands)
Balance at the beginning of the period						$	356					$	1,096
Change included in earnings						(19)						1,710
Settlements						(301)						(1,881)
Balance at the end of the period						$	36					$	925

Equity Securities without Readily Determinable Fair Value

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following tables set forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the current and prior year quarterly periods:

						Fair Value at						Fair Value Measurements  at Reporting Date Using																		Gains (Losses) During the Three Months Ended March 31, 2022
						March 31, 2022						Level 1						Level 2						Level 3
						(in thousands)
Collateral dependent loans						$	2,262					$	—					$	—					$	2,262					$	(1,465)
						Fair Value at						Fair Value Measurements  at Reporting Date Using																		Gains (Losses) During the Three Months Ended March 31, 2021
						March 31, 2021						Level 1						Level 2						Level 3
						(in thousands)
Collateral dependent loans						$	1,520					$	—					$	—					$	1,520					$	722

Fair Value, by Balance Sheet Grouping

The following tables summarize carrying amounts and estimated fair values of selected financial instruments by level within the fair value hierarchy at the dates presented:

						March 31, 2022
						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
						(in thousands)
Assets
Cash and due from banks						$	225,141					$	225,141					$	225,141					$	—					$	—
Interest-earning deposits with banks						747,335						747,335						747,335						—						—
Debt securities available for sale						5,527,371						5,527,371						173,342						5,354,029						—
Debt securities held to maturity						2,202,437						2,038,037						—						2,038,037						—
FHLB stock						10,280						10,280						—						10,280						—
Loans held for sale						4,271						4,271						—						4,271						—
Loans						10,612,735						10,746,287						—						—						10,746,287
Interest rate contracts						16,784						16,784						—						16,784						—
Interest rate lock commitments						36						36						—						—						36
Interest rate forward loan sales contracts						313						313						—						313						—
Liabilities
Time deposits						$	418,395					$	412,068					$	—					$	412,068					$	—
FHLB advances						7,345						8,090						—						8,090						—
Repurchase agreements						44,212						44,212						—						44,212						—
Subordinated debentures						10,000						10,013						—						10,013						—
Junior subordinated debentures						10,310						10,967						—						10,967						—
Interest rate contracts						16,784						16,784						—						16,784						—

						December 31, 2021
						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
						(in thousands)
Assets
Cash and due from banks						$	153,414					$	153,414					$	153,414					$	—					$	—
Interest-earning deposits with banks						671,300						671,300						671,300						—						—
Debt securities available for sale						5,910,999						5,910,999						157,536						5,753,463						—
Debt securities held to maturity						2,148,327						2,122,606						—						2,122,606						—
FHLB stock						10,280						10,280						—						10,280						—
Loans held for sale						9,774						9,774						—						9,774						—
Loans						10,486,359						10,679,349						—						—						10,679,349
Interest rate contracts						24,257						24,257						—						24,257						—
Interest rate lock commitments						356						356						—						—						356
Liabilities
Time deposits						$	445,957					$	430,682					$	—					$	430,682					$	—
FHLB advances						7,359						8,752						—						8,752						—
Repurchase agreements						86,013						86,013						—						86,013						—
Subordinated debentures						10,000						10,125						—						10,125						—
Junior subordinated debentures						10,310						9,927						—						9,927						—
Interest rate contracts						24,257						24,257						—						24,257						—
Interest rate forward loan sales contracts						27						27						—						27						—

Fair Value Option, Disclosures

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of the dates presented:

March 31, 2022																		December 31, 2021
Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance						Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance
(in thousands)
$	4,267					$	4,295					$	(28)					$	9,570					$	9,401					$	169

Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Assets, Quantitative Information

The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets, along with the valuation techniques used, are shown in the following table:

Fair Value at March 31, 2022

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Collateral dependent loans (2)

$

2,262

Fair Market Value of Collateral

Adjustment to Stated Value

N/A (1)

__________

(1) Quantitative disclosures are not provided because there were no adjustments made to the appraisal value during the current period.

(2) Collateral consists of equipment and real estate.

Fair Value at March 31, 2021

Valuation Technique

Unobservable Input

Range (Weighted Average) (1)

(dollars in thousands)

Collateral dependent loans (2)

$

1,520

Fair Market Value of Collateral

Adjustment to Stated Value

42.96% - 75.00% (59.53%)

__________

(1) Discount applied to appraised value or stated value (in the case of accounts receivable and fixed assets).

(2) Collateral consists of accounts receivable and fixed assets.

Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis ValuationTechniques

The following table provides a description of the valuation technique, significant unobservable inputs and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at the dates presented:

Fair Value at March 31, 2022

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Interest rate lock commitments

$

36

Internal pricing model

Pull-through rate

77.94% - 100.00% (94.64%)

Fair Value at March 31, 2021

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Interest rate lock commitments

$

925

Internal pricing model

Pull-through rate

79.87% - 100.00% (90.39%)

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