XML 47 R27.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated:
|  |  | Fair Value Measurements at Reporting Date Using
| Balance |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| June 30, 2021
| (Dollars in thousands)
Recurring fair value measurements |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Trading securities | $ | 3,439 |  |  | $ | 3,439 |  |  | $ | — |  |  | $ | — |
Equity securities | 22,975 |  |  | 22,975 |  |  | — |  |  | — |
Securities available for sale |  |  |  |  |  |  |
U.S. government agency securities | 194,042 |  |  | — |  |  | 194,042 |  |  | — |
U.S. treasury securities | 132,351 |  |  | — |  |  | 132,351 |  |  | — |
Agency mortgage-backed securities | 314,096 |  |  | — |  |  | 314,096 |  |  | — |
Agency collateralized mortgage obligations | 95,837 |  |  | — |  |  | 95,837 |  |  | — |
State, county, and municipal securities | 555 |  |  | — |  |  | 555 |  |  | — |
Single issuer trust preferred securities issued by banks and insurers | 490 |  |  | — |  |  | 490 |  |  | — |
Pooled trust preferred securities issued by banks and insurers | 1,061 |  |  | — |  |  | 1,061 |  |  | — |
Small business administration pooled securities | 56,084 |  |  | — |  |  | 56,084 |  |  | — |
Loans held for sale | 25,561 |  |  | — |  |  | 25,561 |  |  | — |
Derivative instruments | 127,044 |  |  | — |  |  | 127,044 |  |  | — |
Liabilities |  |  |  |  |  |  |
Derivative instruments | 88,887 |  |  | — |  |  | 88,887 |  |  | — |
Total recurring fair value measurements | $ | 884,648 |  |  | $ | 26,414 |  |  | $ | 858,234 |  |  | $ | — |
Nonrecurring fair value measurements |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Individually assessed collateral dependent loans (1) | $ | 30,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,276 |
Total nonrecurring fair value measurements | $ | 30,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,276 |
|  |  | Fair Value Measurements at Reporting Date Using
| Balance |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| December 31, 2020
| (Dollars in thousands)
Recurring fair value measurements |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Trading securities | $ | 2,838 |  |  | $ | 2,838 |  |  | $ | — |  |  | $ | — |
Equity securities | 22,107 |  |  | 22,107 |  |  | — |  |  | — |
Securities available for sale |  |  |  |  |  |  |
U.S. government agency securities | 24,116 |  |  | — |  |  | 24,116 |  |  | — |
Agency mortgage-backed securities | 233,629 |  |  | — |  |  | 233,629 |  |  | — |
Agency collateralized mortgage obligations | 91,683 |  |  | — |  |  | 91,683 |  |  | — |
State, county, and municipal securities | 807 |  |  | — |  |  | 807 |  |  | — |
Single issuer trust preferred securities issued by banks and insurers | 488 |  |  | — |  |  | 488 |  |  | — |
Pooled trust preferred securities issued by banks and insurers | 1,056 |  |  | — |  |  | 1,056 |  |  | — |
Small business administration pooled securities | 61,081 |  |  | — |  |  | 61,081 |  |  | — |
Loans held for sale | 58,104 |  |  | — |  |  | 58,104 |  |  | — |
Derivative instruments | 187,399 |  |  | — |  |  | 187,399 |  |  | — |
Liabilities |  |  |  |  |  |  |
Derivative instruments | 134,064 |  |  | — |  |  | 134,064 |  |  | — |
Total recurring fair value measurements | $ | 549,244 |  |  | $ | 24,945 |  |  | $ | 524,299 |  |  | $ | — |
Nonrecurring fair value measurements: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Individually assessed collateral dependent loans (1) | $ | 31,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,510 |
Total nonrecurring fair value measurements | $ | 31,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,510 |
(1) The fair value of individually assessed collateral dependent loans is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary.
The estimated fair values and related carrying amounts for assets and liabilities | The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:
|  |  |  |  | Fair Value Measurements at Reporting Date Using
| Carrying Value |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| June 30, 2021
| (Dollars in thousands)
Financial assets |  |  |
Securities held to maturity (a) |  |  |  |  |  |  |  |  |
U.S. government agency securities | $ | 33,853 |  |  | $ | 33,730 |  |  | $ | — |  |  | $ | 33,730 |  |  | $ | — |
U.S. treasury securities | $ | 3,010 |  |  | $ | 3,038 |  |  | $ | — |  |  | $ | 3,038 |  |  | $ | — |
Agency mortgage-backed securities | 381,030 |  |  | 392,042 |  |  | — |  |  | 392,042 |  |  | — |
Agency collateralized mortgage obligations | 418,112 |  |  | 421,841 |  |  | — |  |  | 421,841 |  |  | — |
Single issuer trust preferred securities issued by banks | 1,500 |  |  | 1,508 |  |  | — |  |  | 1,508 |  |  | — |
Small business administration pooled securities | 24,316 |  |  | 25,642 |  |  | — |  |  | 25,642 |  |  | — |
Loans, net of allowance for credit losses (b) | 8,806,355 |  |  | 8,782,780 |  |  | — |  |  | — |  |  | 8,782,780 |
Federal Home Loan Bank stock (c) | 9,079 |  |  | 9,079 |  |  | — |  |  | 9,079 |  |  | — |
Cash surrender value of life insurance policies (d) | 242,963 |  |  | 242,963 |  |  | — |  |  | 242,963 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposit liabilities, other than time deposits (e) | $ | 11,169,652 |  |  | $ | 11,169,652 |  |  | $ | — |  |  | $ | 11,169,652 |  |  | $ | — |
Time certificates of deposits (f) | 817,319 |  |  | 819,067 |  |  | — |  |  | 819,067 |  |  | — |
Federal Home Loan Bank borrowings (f) | 35,693 |  |  | 35,723 |  |  | — |  |  | 35,723 |  |  | — |
Long-term borrowings (f) | 23,425 |  |  | 23,095 |  |  | — |  |  | 23,095 |  |  | — |
Junior subordinated debentures (g) | 62,852 |  |  | 68,545 |  |  | — |  |  | 68,545 |  |  | — |
Subordinated debentures (f) | 49,743 |  |  | 47,146 |  |  | — |  |  | — |  |  | 47,146 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using
| Carrying Value |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| December 31, 2020
| (Dollars in thousands)
Financial assets |
Securities held to maturity (a) |  |  |  |  |  |  |  |  |
U.S. treasury securities | $ | 4,017 |  |  | $ | 4,077 |  |  | $ | — |  |  | $ | 4,077 |  |  | $ | — |
Agency mortgage-backed securities | 356,085 |  |  | 374,121 |  |  | — |  |  | 374,121 |  |  | — |
Agency collateralized mortgage obligations | 335,993 |  |  | 344,119 |  |  | — |  |  | 344,119 |  |  | — |
Single issuer trust preferred securities issued by banks | 1,500 |  |  | 1,498 |  |  | — |  |  | 1,498 |  |  | — |
Small business administration pooled securities | 26,917 |  |  | 28,362 |  |  | — |  |  | 28,362 |  |  | — |
Loans, net of allowance for credit losses (b) | 9,247,964 |  |  | 9,253,381 |  |  | — |  |  | — |  |  | 9,253,381 |
Federal Home Loan Bank stock (c) | 10,250 |  |  | 10,250 |  |  | — |  |  | 10,250 |  |  | — |
Cash surrender value of life insurance policies (d) | 200,525 |  |  | 200,525 |  |  | — |  |  | 200,525 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposit liabilities, other than time deposits (e) | $ | 10,042,541 |  |  | $ | 10,042,541 |  |  | $ | — |  |  | $ | 10,042,541 |  |  | $ | — |
Time certificates of deposits (f) | 950,629 |  |  | 955,598 |  |  | — |  |  | 955,598 |  |  | — |
Federal Home Loan Bank borrowings (f) | 35,740 |  |  | 35,885 |  |  | — |  |  | 35,885 |  |  | — |
Long-term borrowings (f) | 32,773 |  |  | 32,033 |  |  | — |  |  | 32,033 |  |  | — |
Junior subordinated debentures (g) | 62,851 |  |  | 70,238 |  |  | — |  |  | 70,238 |  |  | — |
Subordinated debentures (f) | 49,696 |  |  | 46,486 |  |  | — |  |  | — |  |  | 46,486 |
(a)The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analysis. (b)Fair value of loans is measured using the exit price valuation method, determined primarily by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows, while incorporating liquidity and credit assumptions. Additionally, this amount excludes individually assessed collateral dependent loans, which are deemed to be marked to fair value on a nonrecurring basis. (c)Federal Home Loan Bank stock has no quoted market value and is carried at cost; therefore the carrying amount approximates fair value. (d)Cash surrender value of life insurance policies is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore, carrying amount approximates fair value. (e)Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. (f)Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. (g)Fair value was determined based upon market prices of securities with similar terms and maturities.

X
- 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 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 (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration