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Fair Value Accounting and Measurement (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2022						(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations						$	3,138,764					$	—					$	3,138,764					$	—
Other asset-backed securities						379,968						—						379,968						—
State and municipal securities						878,328						—						878,328						—
U.S. government agency and government-sponsored enterprise securities						229,428						—						229,428						—
U.S. government securities						171,319						171,319												—
Non-agency collateralized mortgage obligations						324,761						—						324,761						—
Total debt securities available for sale						$	5,122,568					$	171,319					$	4,951,249					$	—
Loans held for sale						$	3,505					$	—					$	3,505					$	—
Other assets:
Interest rate lock commitments						$	90					$	—					$	—					$	90
Interest rate contracts						$	24,063					$	—					$	24,063					$	—
Liabilities
Other liabilities:
Interest rate forward loan sales contracts						$	20					$	—					$	20					$	—
Interest rate contracts						$	24,063					$	—					$	24,063					$	—

						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 June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
						(in thousands)
Balance at the beginning of the period						$	36					$	925					$	356					$	1,096
Change included in earnings						165						2,134						146						3,844
Settlements						(111)						(2,474)						(412)						(4,355)
Balance at the end of the period						$	90					$	585					$	90					$	585

Financial Assets Accounted For Fair Value On Nonrecurring Basis

The following table sets forth information related to the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the prior year quarterly period:

						Fair Value at						Fair Value Measurements  at Reporting Date Using																		Gains (Losses) During the Three Months Ended June 30, 2021						Gains (Losses) During the Six Months Ended June 30, 2021
						June 30, 2021						Level 1						Level 2						Level 3
						(in thousands)
Collateral dependent loans						$	4,331					$	—					$	—					$	4,331					$	(383)					$	(383)
OREO						$	375					$	—					$	—					$	375					$	(140)					$	(140)

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:

						June 30, 2022
						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
						(in thousands)
Assets
Cash and due from banks						$	239,868					$	239,868					$	239,868					$	—					$	—
Interest-earning deposits with banks						174,328						174,328						174,328						—						—
Debt securities available for sale						5,122,568						5,122,568						171,319						4,951,249						—
Debt securities held to maturity						2,149,255						1,912,526						—						1,912,526						—
FHLB stock						10,280						10,280						—						10,280						—
Loans held for sale						3,718						3,718						—						3,718						—
Loans						11,172,452						11,060,539						—						—						11,060,539
Interest rate contracts						24,063						24,063						—						24,063						—
Interest rate lock commitments						90						90						—						—						90
Liabilities
Time deposits						$	400,553					$	392,047					$	—					$	392,047					$	—
FHLB advances						7,331						7,685						—						7,685						—
Repurchase agreements						70,349						70,349						—						70,349						—
Subordinated debentures						10,000						10,013						—						10,013						—
Junior subordinated debentures						10,310						12,813						—						12,813						—
Interest rate contracts						24,063						24,063						—						24,063						—
Interest rate forward loan sales contracts						20						20						—						20						—

						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:

June 30, 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)
$	3,505					$	3,506					$	(1)					$	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 June 30, 2021

Valuation Technique

Unobservable Input

Range (Weighted Average) (1)

(dollars in thousands)

Collateral dependent loans (2)

$

4,331

Fair Market Value of Collateral

Adjustment to Stated Value

0.00% - 31.00% (3.67%)

__________

(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 June 30, 2022

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Interest rate lock commitments

$

90

Internal pricing model

Pull-through rate

75.10% - 100.00% (90.64%)

Fair Value at June 30, 2021

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in thousands)

Interest rate lock commitments

$

585

Internal pricing model

Pull-through rate

78.50% - 98.53% (88.89%)

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