XML 64 R42.htm IDEA: XBRL DOCUMENT v3.22.4

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

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)
			December 31, 2022
			(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities			$	3,888					$	3,888					$	—					$	—
Equity securities			21,119						21,119						—						—
Securities available for sale
U.S. government agency securities			202,300						—						202,300						—
U.S. treasury securities			791,341						—						791,341						—
Agency mortgage-backed securities			313,688						—						313,688						—
Agency collateralized mortgage obligations			38,843						—						38,843						—
State, county, and municipal securities			191						—						191						—
Pooled trust preferred securities issued by banks and insurers			1,034						—						1,034						—
Small business administration pooled securities			51,757						—						51,757						—
Loans held for sale			2,803						—						2,803						—
Derivative instruments			127,958						—						127,958						—
Liabilities
Derivative instruments			179,911						—						179,911						—
Total recurring fair value measurements, net			$	1,375,011					$	25,007					$	1,350,004					$	—
Nonrecurring fair value measurements
Assets
Individually assessed collateral dependent loans (1)			$	16,092					$	—					$	—					$	16,092
Total nonrecurring fair value measurements			$	16,092					$	—					$	—					$	16,092

									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, 2021
			(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities			$	3,720					$	3,720					$	—					$	—
Equity securities			23,173						23,173						—						—
Securities available for sale
U.S. government agency securities			215,482						—						215,482						—
U.S. treasury securities			861,448						—						861,448						—
Agency mortgage-backed securities			363,933						—						363,933						—
Agency collateralized mortgage obligations			79,677						—						79,677						—
State, county, and municipal securities			203						—						203						—
Single issuer trust preferred securities issued by banks and insurers			491						—						491						—
Pooled trust preferred securities issued by banks and insurers			1,000						—						1,000						—
Small business administration pooled securities			48,914						—						48,914						—
Loans held for sale			24,679						—						24,679						—
Derivative instruments			97,912						—						97,912						—
Liabilities
Derivative instruments			76,015						—						76,015						—
Total recurring fair value measurements, net			$	1,644,617					$	26,893					$	1,617,724					$	—
Nonrecurring fair value measurements
Assets
Individually assessed collateral dependent loans (1)			$	1,174					$	—					$	—					$	1,174
Total nonrecurring fair value measurements			$	1,174					$	—					$	—					$	1,174

(1)The carrying value of individually assessed collateral dependent loans is based on the lower of amortized cost or fair value of the underlying collateral less costs to sell. The fair value of the underlying collateral is generally determined through independent appraisals, 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.

Schedule of Fair Values and Related Carrying Amounts by Balance Sheet Grouping

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)
			December 31, 2022
			(Dollars in thousands)
Financial assets
Securities held to maturity (a)
U.S. government agency securities			$	31,258					$	29,036					$	—					$	29,036					$	—
U.S. treasury securities			100,634						88,879						—						88,879						—
Agency mortgage-backed securities			898,927						815,952						—						815,952						—
Agency collateralized mortgage obligations			535,971						458,417						—						458,417						—
Single issuer trust preferred securities issued by banks			1,500						1,508						—						1,508						—
Small business administration pooled securities			136,830						130,918						—						130,918						—
Loans, net of allowance for credit losses (b)			13,760,164						13,260,873						—						—						13,260,873
Federal Home Loan Bank stock (c)			5,218						5,218						—						5,218						—
Cash surrender value of life insurance policies (d)			293,323						293,323						—						293,323						—
Financial liabilities
Deposit liabilities, other than time deposits (e)			$	14,683,266					$	14,683,266					$	—					$	14,683,266					$	—
Time certificates of deposits (f)			1,195,741						1,164,892						—						1,164,892						—
Federal Home Loan Bank borrowings (f)			637						563						—						563						—
Junior subordinated debentures (g)			62,855						60,002						—						60,002						—
Subordinated debentures (f)			49,885						45,891						—						—						45,891

															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, 2021
Financial assets			(Dollars in thousands)
Securities held to maturity (a)
U.S. government agency securities			$	32,987					$	32,546					$	—					$	32,546					$	—
U.S. treasury securities			102,560						102,242						$	—					102,242						—
Agency mortgage-backed securities			493,012						497,236						—						497,236						—
Agency collateralized mortgage obligations			415,736						408,845						—						408,845						—
Single issuer trust preferred securities issued by banks			1,500						1,508						—						1,508						—
Small business administration pooled securities			21,023						21,756						—						21,756						—
Loans, net of allowance for loan losses (b)			13,439,190						13,389,515						—						—						13,389,515
Federal Home Loan Bank stock (c)			11,407						11,407						—						11,407						—
Cash surrender value of life insurance policies (d)			289,304						289,304						—						289,304						—
Financial liabilities
Deposit liabilities, other than time deposits (e)			$	15,385,894					$	15,385,894					$	—					$	15,385,894					$	—
Time certificates of deposits (f)			1,531,150						1,529,857						—						1,529,857						—
Federal Home Loan Bank borrowings (f)			25,667						25,663						—						25,663						—
Long-term borrowings (f)			14,063						13,989						—						13,989						—
Junior subordinated debentures (g)			62,853						67,019						—						67,019						—
Subordinated debentures (f)			49,791						45,532						—						—						45,532

(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 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 assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is 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.

+ 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 (a)
-URI https://asc.fasb.org/extlink&oid=126976982&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 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
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 https://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 https://asc.fasb.org/extlink&oid=126976982&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