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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair values of financial assets and liabilities measured on a recurring basis

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

			Level 1						Level 2						Level 3						Totals
December 31, 2020
Financial assets:
Securities available for sale:
Trust preferred securities			$	—					$	—					$	9,012					$	9,012
Other available for sale securities			—						1,334,445						—						1,334,445
Total securities available for sale			—						1,334,445						9,012						1,343,457
Derivative instruments			—						33,574						—						33,574
Mortgage loans held for sale in loans held for sale			—						417,771						—						417,771
Total financial assets			$	—					$	1,785,790					$	9,012					$	1,794,802
Financial liabilities:
Derivative instruments			$	—					$	21,107					$	—					$	21,107

			Level 1						Level 2						Level 3						Totals
December 31, 2019
Financial assets:
Securities available for sale:
Trust preferred securities			$	—					$	—					$	9,986					$	9,986
Other available for sale securities			—						1,280,627						—						1,280,627
Total securities available for sale			—						1,280,627						9,986						1,290,613
Derivative instruments			—						8,498						—						8,498
Mortgage loans held for sale in loans held for sale			—						318,272						—						318,272
Total financial assets			$	—					$	1,607,397					$	9,986					$	1,617,383
Financial liabilities:
Derivative instruments			$	—					$	10,000					$	—					$	10,000

Reconciliation for assets and liabilities measured at fair value on a recurring basis

The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

			Securities available for sale
			Trust preferred securities
Balance at January 1, 2019			$	10,633
Accretion included in net income			34
Unrealized losses included in other comprehensive income			(442)
Settlements			(239)
Balance at December 31, 2019			$	9,986
Accretion included in net income			32
Unrealized losses included in other comprehensive income			(834)
Settlements			(172)
Balance at December 31, 2020			$	9,012

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis

The following table presents information as of December 31, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument

Fair Value

Valuation Technique

Significant Unobservable Inputs

Range of Inputs

Trust preferred securities

$

9,012

Discounted cash flows

Default rate

0-100%

Impaired loans measured at fair value on a nonrecurring basis

Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: 

			Level 1						Level 2						Level 3						Totals
December 31, 2020
Individually evaluated loans, net of allowance for credit losses (1)			$	—					$	—					$	24,145					$	24,145
OREO			—						—						2,736						2,736
Mortgage servicing rights			—						—						62,994						62,994
Total			$	—					$	—					$	89,875					$	89,875

			Level 1						Level 2						Level 3						Totals
December 31, 2019
Individually evaluated loans, net of allowance for credit losses (1)			$	—					$	—					$	27,348					$	27,348
OREO			—						—						2,820						2,820
Mortgage servicing rights			—						—						53,208						53,208
Total			$	—					$	—					$	83,376					$	83,376

(1) Prior to the adoption of CECL on January 1, 2020, these loans were known as impaired loans.

OREO measured at fair value on a nonrecurring basis

The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end:

			December 31, 2020						December 31, 2019
Carrying amount prior to remeasurement			$	4,051					$	3,726
Impairment recognized in results of operations			(1,315)						(906)
Fair value			$	2,736					$	2,820

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis

The following table presents information as of December 31, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument

Fair Value

Valuation Technique

Significant Unobservable Inputs

Range of Inputs

Individually evaluated loans, net of allowance for credit losses (1)

$

24,145

Appraised value of collateral less estimated costs to sell

Estimated costs to sell

4-10%

OREO

$

2,736

Appraised value of property less estimated costs to sell

Estimated costs to sell

4-10%

Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2020:

			Aggregate Fair Value						Aggregate Unpaid Principal Balance						Difference
Mortgage loans held for sale			$	417,771					$	395,602					$	22,169

Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

									Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
December 31, 2020
Financial assets
Cash and cash equivalents			$	633,203					$	633,203					$	—					$	—					$	633,203
Securities available for sale			1,343,457						—						1,334,445						9,012						1,343,457
Loans held for sale			417,771						—						417,771						—						417,771
Loans, net			10,757,503						—						—						10,668,625						10,668,625
Mortgage servicing rights			62,994						—						—						62,994						62,994
Derivative instruments			33,574						—						33,574						—						33,574
Financial liabilities
Deposits			$	12,059,081					$	10,363,193					$	1,706,005					$	—					$	12,069,198
Short-term borrowings			21,340						21,340						—						—						21,340
Federal Home Loan Bank advances			152,167						—						158,914						—						158,914
Junior subordinated debentures			110,794						—						93,092						—						93,092
Subordinated notes			212,009						—						217,575						—						217,575
Derivative instruments			21,107						—						21,107						—						21,107

									Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
December 31, 2019
Financial assets
Cash and cash equivalents			$	414,930					$	414,930					$	—					$	—					$	414,930
Securities available for sale			1,290,613						—						1,280,627						9,986						1,290,613
Loans held for sale			318,272						—						318,272						—						318,272
Loans, net			9,637,476						—						—						9,321,039						9,321,039
Mortgage servicing rights			53,208						—						—						53,208						53,208
Derivative instruments			8,498						—						8,498						—						8,498
Financial liabilities
Deposits			$	10,213,168					$	8,052,536					$	2,158,431					$	—					$	10,210,967
Short-term borrowings			489,091						489,091						—						—						489,091
Federal Home Loan Bank advances			152,337						—						152,321						—						152,321
Junior subordinated debentures			110,215						—						104,480						—						104,480
Subordinated notes			113,955						—						117,963						—						117,963
Derivative instruments			10,000						—						10,000						—						10,000

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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