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v3.22.2.2

Fair Value Accounting and Measurement (Tables) | 9 Months Ended
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Sep. 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
September 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 |  | $ | 2,852,867 |  |  | $ | — |  |  | $ | 2,852,867 |  |  | $ | — |
Other asset-backed securities |  | 334,008 |  |  | — |  |  | 334,008 |  |  | — |
State and municipal securities |  | 826,834 |  |  | — |  |  | 826,834 |  |  | — |
U.S. government agency and government-sponsored enterprise securities |  | 222,951 |  |  | — |  |  | 222,951 |  |  | — |
U.S. government securities |  | 166,306 |  |  | 166,306 |  |  | — |  |  | — |
Non-agency collateralized mortgage obligations |  | 297,855 |  |  | — |  |  | 297,855 |  |  | — |
Total debt securities available for sale |  | $ | 4,700,821 |  |  | $ | 166,306 |  |  | $ | 4,534,515 |  |  | $ | — |
Loans held for sale |  | $ | 1,251 |  |  | $ | — |  |  | $ | 1,251 |  |  | $ | — |
Other assets: |  |  |  |  |  |  |  |
Interest rate forward loan sales contracts |  | $ | 119 |  |  | $ | — |  |  | $ | 119 |  |  | $ | — |
Interest rate contracts |  | $ | 43,574 |  |  | $ | — |  |  | $ | 43,574 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 43,574 |  |  | $ | — |  |  | $ | 43,574 |  |  | $ | — |
Interest rate lock commitments |  | $ | 62 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |
|  | 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 September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (in thousands)
Balance at the beginning of the period |  | $ | 90 |  |  | $ | 585 |  |  | $ | 356 |  |  | $ | 1,096 |
Change included in earnings |  | (13) |  |  | 1,864 |  |  | 133 |  |  | 5,708 |
Settlements |  | (139) |  |  | (1,967) |  |  | (551) |  |  | (6,322) |
Balance at the end of the period |  | $ | (62) |  |  | $ | 482 |  |  | $ | (62) |  |  | $ | 482 |
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 September 30, 2021 |  | Gains (Losses) During the Nine Months Ended September 30, 2021
|  | September 30, 2021 | Level 1 |  | Level 2 |  | Level 3 |
|  | (in thousands)
Collateral dependent loans |  | $ | 1,845 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,845 |  |  | $ | (958) |  |  | $ | (958) |
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:
|  | September 30, 2022
|  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
|  | (in thousands)
Assets |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 263,551 |  |  | $ | 263,551 |  |  | $ | 263,551 |  |  | $ | — |  |  | $ | — |
Interest-earning deposits with banks |  | 54,124 |  |  | 54,124 |  |  | 54,124 |  |  | — |  |  | — |
Debt securities available for sale |  | 4,700,821 |  |  | 4,700,821 |  |  | 166,306 |  |  | 4,534,515 |  |  | — |
Debt securities held to maturity |  | 2,079,285 |  |  | 1,747,282 |  |  | — |  |  | 1,747,282 |  |  | — |
FHLB stock |  | 10,560 |  |  | 10,560 |  |  | — |  |  | 10,560 |  |  | — |
Loans held for sale |  | 1,251 |  |  | 1,251 |  |  | — |  |  | 1,251 |  |  | — |
Loans |  | 11,537,390 |  |  | 11,353,412 |  |  | — |  |  | — |  |  | 11,353,412 |
Interest rate contracts |  | 43,574 |  |  | 43,574 |  |  | — |  |  | 43,574 |  |  | — |
Interest rate forward loan sales contracts |  | 119 |  |  | 119 |  |  | — |  |  | 119 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 371,230 |  |  | $ | 360,340 |  |  | $ | — |  |  | $ | 360,340 |  |  | $ | — |
FHLB advances |  | 14,322 |  |  | 14,290 |  |  | — |  |  | 14,290 |  |  | — |
Repurchase agreements |  | 48,733 |  |  | 48,733 |  |  | — |  |  | 48,733 |  |  | — |
Subordinated debentures |  | 10,000 |  |  | 10,013 |  |  | — |  |  | 10,013 |  |  | — |
Junior subordinated debentures |  | 10,310 |  |  | 9,984 |  |  | — |  |  | 9,984 |  |  | — |
Interest rate contracts |  | 43,574 |  |  | 43,574 |  |  | — |  |  | 43,574 |  |  | — |
Interest rate lock commitments |  | 62 |  |  | 62 |  |  | — |  |  | — |  |  | 62 |
|  | 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:
September 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)
$ | 1,251 |  |  | $ | 1,299 |  |  | $ | (48) |  |  | $ | 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 September 30, 2021 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) (1)
|  | (dollars in thousands)
Collateral dependent loans (2) |  | $ | 1,845 |  |  | Fair Market Value of Collateral |  | Adjustment to Stated Value |  | 0.00% - 97.46% (71.44%)
__________ (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 September 30, 2022 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
|  | (dollars in thousands)
Interest rate lock commitments |  | $ | (62) |  |  | Internal pricing model |  | Pull-through rate |  | 80.84% - 100.00% (95.19%)
|  | Fair Value at September 30, 2021 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
|  | (dollars in thousands)
Interest rate lock commitments |  | $ | 482 |  |  | Internal pricing model |  | Pull-through rate |  | 77.76% - 100.00% (90.62%)

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