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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and liabilities measured at fair value on a recurring basis | The following tables present 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
September 30, 2021 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale | $ | — |  |  | $ | 2,544,643 |  |  | $ | — |  |  | $ | 2,544,643 |
Derivative instruments | — |  |  | 28,134 |  |  | — |  |  | 28,134 |
Mortgage loans held for sale in loans held for sale | — |  |  | 452,869 |  |  | — |  |  | 452,869 |
Total financial assets | $ | — |  |  | $ | 3,025,646 |  |  | $ | — |  |  | $ | 3,025,646 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments: | $ | — |  |  | $ | 14,543 |  |  | $ | — |  |  | $ | 14,543 |
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2020 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
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 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
| 2021 |  |  |  | 2020
Three Months Ended September 30, 2021 | Trust preferred securities |  |  |  | Trust preferred securities |  |
Three Months Ended September 30, |  |  |  |  |  |  |
Balance at beginning of period | $ | — |  |  |  |  | $ | 7,679 |  |  |
Accretion included in net income | — |  |  |  |  | 8 |  |  |
Unrealized losses included in other comprehensive income | — |  |  |  |  | 840 |  |  |
Settlements | — |  |  |  |  | (35) |  |  |
Balance at end of period | $ | — |  |  |  |  | $ | 8,492 |  |  |
Nine Months Ended September 30, |  |  |  |  |  |  |
Balance at beginning of period | $ | 9,012 |  |  |  |  | $ | 9,986 |  |  |
Accretion included in net income | 7 |  |  |  |  | 26 |  |  |
Unrealized gains (losses) included in other comprehensive income | 941 |  |  |  |  | (1,382) |  |  |
Realized losses | 2,061 |  |  |  |  | — |  |  |
Sales | (12,021) |  |  |  |  | — |  |  |
Settlements | — |  |  |  |  | (138) |  |  |
Balance at end of period | $ | — |  |  |  |  | $ | 8,492 |  |  |
Assets measured at fair value on a nonrecurring basis | The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
September 30, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Individually evaluated loans, net of allowance for credit losses | $ | — |  |  | $ | — |  |  | $ | 9,410 |  |  | $ | 9,410 |
OREO | — |  |  | — |  |  | 170 |  |  | 170 |
Mortgage servicing rights | — |  |  | — |  |  | 86,387 |  |  | 86,387 |
Total | $ | — |  |  | $ | — |  |  | $ | 95,967 |  |  | $ | 95,967 |
December 31, 2020 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Individually evaluated loans, net of allowance for credit losses | $ | — |  |  | $ | — |  |  | $ | 24,145 |  |  | $ | 24,145 |
OREO | — |  |  | — |  |  | 2,736 |  |  | 2,736 |
Mortgage servicing rights | — |  |  | — |  |  | 62,994 |  |  | 62,994 |
Total | $ | — |  |  | $ | — |  |  | $ | 89,875 |  |  | $ | 89,875 |
OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of the dates presented:
| September 30, 2021 |  | December 31, 2020
Carrying amount prior to remeasurement | $ | 445 |  |  | $ | 4,051 |
Impairment recognized in results of operations | (275) |  |  | (1,315) |
Fair value | $ | 170 |  |  | $ | 2,736 |
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 September 30, 2021 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 | $ | 9,410 |  |  | Appraised value of collateral less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
OREO | $ | 170 |  |  | 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 September 30, 2021 and December 31, 2020:
| Aggregate Fair Value |  | Aggregate Unpaid Principal Balance |  | Difference
September 30, 2021 |  |  |  |  |
Mortgage loans held for sale measured at fair value | $ | 452,869 |  |  | $ | 441,125 |  |  | $ | 11,744 |
December 31, 2020 |  |  |  |  |
Mortgage loans held for sale measured at fair value | $ | 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
As of September 30, 2021 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,476,141 |  |  | $ | 1,476,141 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,476,141 |
Securities available for sale | 2,544,643 |  |  | — |  |  | 2,544,643 |  |  | — |  |  | 2,544,643 |
Loans held for sale | 452,869 |  |  | — |  |  | 452,869 |  |  | — |  |  | 452,869 |
Loans, net | 9,846,786 |  |  | — |  |  | — |  |  | 9,726,732 |  |  | 9,726,732 |
Mortgage servicing rights | 86,387 |  |  | — |  |  | — |  |  | 90,738 |  |  | 90,738 |
Derivative instruments | 28,134 |  |  | — |  |  | 28,134 |  |  | — |  |  | 28,134 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 13,254,829 |  |  | $ | 11,787,346 |  |  | $ | 1,467,955 |  |  | $ | — |  |  | $ | 13,255,301 |
Short-term borrowings | 11,253 |  |  | 11,253 |  |  | — |  |  | — |  |  | 11,253 |
Federal Home Loan Bank advances | 150,425 |  |  | — |  |  | 155,832 |  |  | — |  |  | 155,832 |
Junior subordinated debentures | 111,228 |  |  | — |  |  | 105,546 |  |  | — |  |  | 105,546 |
Subordinated notes | 207,210 |  |  | — |  |  | 221,700 |  |  | — |  |  | 221,700 |
Derivative instruments | 14,543 |  |  | — |  |  | 14,543 |  |  | — |  |  | 14,543 |
|  |  | Fair Value
As of December 31, 2020 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
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 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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