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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of September 30, 2023 by level within the fair value measurement hierarchy:


					Fair Value Measurements at
					Reporting Date Using
					(in Thousands)
					Quoted
					Prices in
					Active			Significant
		Assets/Liabilities			Markets for			Other			Significant
		Measured at			Identical			Observable			Unobservable
		Fair Value			Assets			Inputs			Inputs
		September 30, 2023			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale debt securities
Residential mortgage-backed securities		$	4,545,600		$	—		$	4,545,600		$	—
States and political subdivisions			146,338			—			146,338			—
Equity Securities			5,158			5,158			—			—
		$	4,697,096		$	5,158		$	4,691,938		$	—

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2022 by level within the fair value measurement hierarchy:


					Fair Value Measurements at
					Reporting Date Using
					(in Thousands)
					Quoted
					Prices in
					Active			Significant
		Assets/Liabilities			Markets for			Other			Significant
		Measured at			Identical			Observable			Unobservable
		Fair Value			Assets			Inputs			Inputs
		December 31, 2022			(Level 1)			(Level 2)			(Level 3)
Measured on a recurring basis:
Assets:
Available for sale securities
U.S. Treasury securities		$	49,393		$	—		$	49,393		$	—
Residential mortgage-backed securities			4,209,212			—			4,209,212			—
States and political subdivisions			159,191			—			159,191			—
Equity Securities			5,358			5,358			—			—
		$	4,423,154		$	5,358		$	4,417,796		$	—

Assets measured at fair value on a non-recurring basis

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended September 30, 2023 by level within the fair value measurement hierarchy:

Fair Value Measurements at Reporting

Date Using

(in thousands)

Quoted

Assets/Liabilities

Prices in

Measured at

Active

Significant

Fair Value

Markets for

Other

Significant

Net

Period ended

Identical

Observable

Unobservable

Provision

September 30,

Assets

Inputs

Inputs

During

2023

(Level 1)

(Level 2)

(Level 3)

Period

Measured on a non-recurring basis:

Assets:

Watch-List doubtful loans

$

29,763

$

—

$

—

$

29,763

$

5,581

Other real estate owned

546

—

—

546

2,510

The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2022 by level within the fair value measurement hierarchy:

Fair Value Measurements at Reporting

Date Using

(in thousands)

Quoted

Assets/Liabilities

Prices in

Measured at

Active

Significant

Fair Value

Markets

Other

Significant

Net

Year ended

for Identical

Observable

Unobservable

Provision

December 31,

Assets

Inputs

Inputs

During

2022

(Level 1)

(Level 2)

(Level 3)

Period

Measured on a non-recurring basis:

Assets:

Watch-List doubtful loans

$

30,743

$

—

$

—

$

30,743

$

2,346

Other real estate owned

5,653

—

—

5,653

1,627