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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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 1Level 2Level 3Totals
September 30, 2023
Financial assets:
Securities available for sale$— $909,108 $— $909,108 
Derivative instruments— 47,719 — 47,719 
Mortgage loans held for sale in loans held for sale— 241,613 — 241,613 
Total financial assets$— $1,198,440 $— $1,198,440 
Financial liabilities:
Derivative instruments:$— $43,469 $— $43,469 
Level 1Level 2Level 3Totals
December 31, 2022
Financial assets:
Securities available for sale$— $1,533,942 $— $1,533,942 
Derivative instruments— 38,047 — 38,047 
Mortgage loans held for sale in loans held for sale— 110,105 — 110,105 
Total financial assets$— $1,682,094 $— $1,682,094 
Financial liabilities:
Derivative instruments$— $33,185 $— $33,185 
Schedule of 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, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $30,842 $30,842 
OREO— — 27 27 
Total$— $— $30,869 $30,869 
 
December 31, 2022Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $14,732 $14,732 
OREO— — 1,763 1,763 
Total$— $— $16,495 $16,495 
Schedule of 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,
2023
December 31, 2022
Carrying amount prior to remeasurement$45 $1,842 
Impairment recognized in results of operations(18)(79)
Fair value$27 $1,763 
Schedule of 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, 2023 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
 
Financial instrumentFair
Value
Valuation TechniqueSignificant
Unobservable Inputs
Range of Inputs
Individually evaluated loans, net of allowance for credit losses$30,842 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$27 Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%
Schedule of 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, 2023 and December 31, 2022:
 
Aggregate
Fair Value
Aggregate
Unpaid
Principal
Balance
Difference
September 30, 2023
Mortgage loans held for sale measured at fair value$241,613 $239,907 $1,706 
December 31, 2022
Mortgage loans held for sale measured at fair value$110,105 $108,143 $1,962 
Schedule of 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, 2023Carrying
Value
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$741,156 $741,156 $— $— $741,156 
Securities held to maturity1,245,595 — 1,079,123 — 1,079,123 
Securities available for sale909,108 — 909,108 — 909,108 
Loans held for sale241,613 — 241,613 — 241,613 
Loans, net11,970,250 — — 11,178,841 11,178,841 
Mortgage servicing rights90,241 — — 127,719 127,719 
Derivative instruments47,719 — 47,719 — 47,719 
Financial liabilities
Deposits$14,157,110 $11,284,243 $2,846,025 $— $14,130,268 
Short-term borrowings107,662 107,662 — — 107,662 
Junior subordinated debentures112,744 — 94,410 — 94,410 
Subordinated notes314,655 — 249,900 — 249,900 
Derivative instruments43,469 — 43,469 — 43,469 
 
  Fair Value
As of December 31, 2022Carrying
Value
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$575,992 $575,992 $— $— $575,992 
Securities held to maturity1,324,040 — 1,206,540 — 1,206,540 
Securities available for sale1,533,942 — 1,533,942 — 1,533,942 
Loans held for sale110,105 — 110,105 — 110,105 
Loans, net11,386,214 — — 10,850,181 10,850,181 
Mortgage servicing rights84,448 — — 122,454 122,454 
Derivative instruments38,047 — 38,047 — 38,047 
Financial liabilities
Deposits$13,486,966 $11,791,526 $1,653,891 $— $13,445,417 
Short-term borrowings712,232 712,232 — — 712,232 
Junior subordinated debentures112,042 — 98,754 — 98,754 
Subordinated notes316,091 — 277,500 — 277,500 
Derivative instruments33,185 — 33,185 — 33,185