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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the ASC 820-10 fair value hierarchy in which the fair value measurements fall at June 30, 2023, and December 31, 2022.

									Fair Value Measurements Using:
June 30, 2023			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities:
U.S. Treasury			$	2,091					$	2,091					$	—					$	—
U.S. Government-sponsored agency securities			98,354						—						98,354						—
State and municipal			1,079,343						—						1,076,030						3,313
U.S. Government-sponsored mortgage-backed securities			459,787						—						459,783						4
Corporate obligations			11,787						—						11,756						31
Derivative assets			92,753						—						92,753						—
Derivative liabilities			92,219						—						92,219						—

									Fair Value Measurements Using:
December 31, 2022			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities:
U.S. Treasury			$	2,459					$	2,459					$	—					$	—
U.S. Government-sponsored agency securities			101,962						—						101,962						—
State and municipal			1,351,760						—						1,348,356						3,404
U.S. Government-sponsored mortgage-backed securities			508,273						—						508,269						4
Corporate obligations			12,207						—						12,176						31
Derivative assets			93,036						—						93,036						—
Derivative liabilities			92,770						—						92,770						—

Schedule of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying

balance sheets using significant unobservable Level 3 inputs for the three and six months ended June 30, 2023 and 2022.

			Available for Sale Securities
			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Balance at beginning of the period			$	3,462					$	8,912					$	3,439					$	5,491
Included in other comprehensive income			(111)						(133)						3						(626)
Purchases, issuances and settlements			—						1,011						—						5,111
Principal payments			(3)						(1,160)						(94)						(1,346)
Ending balance			$	3,348					$	8,630					$	3,348					$	8,630

Schedule of Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets

Following is a description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy at June 30, 2023, and December 31, 2022.

												Fair Value Measurements Using
June 30, 2023						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Collateral dependent loans						$	50,704					$	—					$	—					$	50,704

												Fair Value Measurements Using
December 31, 2022						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable  Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Collateral dependent loans						$	55,290					$	—					$	—					$	55,290

Schedule of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at June 30, 2023 and December 31, 2022.

June 30, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

$

3,313

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

BBB

Discount rate

3.1% - 4.1%

Weighted-average coupon

3.4%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

$

35

Discounted cash flow

Risk free rate

3 month LIBOR

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

0%

Collateral dependent loans

$

50,704

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

2.0%

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

$

3,404

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB

Discount rate

0.4% - 4%

Weighted-average coupon

3.4%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

$

35

Discounted cash flow

Risk free rate

3 month LIBOR

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

0%

Collateral dependent loans

$

55,290

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

1.1%

Schedule of Estimated Fair Values of Financial Instruments

The following table presents estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2023 and December 31, 2022.

									June 30, 2023
									Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
			Carrying Amount						(Level 1)						(Level 2)						(Level 3)						Total Fair Value
Assets:
Cash and due from banks			$	108,975					$	108,975					$	—					$	—					$	108,975
Interest-bearing deposits			219,480						219,480						—						—						219,480
Investment securities available for sale			1,651,362						2,091						1,645,923						3,348						1,651,362
Investment securities held to maturity			2,240,129						—						1,868,970						11,713						1,880,683
Loans held for sale			27,297						—						27,297						—						27,297
Loans, net			12,049,086						—						—						11,576,563						11,576,563
Federal Home Loan Bank stock			41,842						—						41,842						—						41,842
Derivative assets			92,753						—						92,753						—						92,753
Interest receivable			89,784						—						89,784						—						89,784
Liabilities:
Deposits			$	14,581,155					$	12,575,711					$	1,982,449					$	—					14,558,160
Borrowings:
Securities sold under repurchase agreements			152,742						—						152,456						—						152,456
Federal Home Loan Bank advances			723,480						—						713,622						—						713,622
Subordinated debentures and other borrowings			151,325						—						121,616						—						121,616
Derivative liabilities			92,219						—						92,219						—						92,219
Interest payable			13,595						—						13,595						—						13,595

									December 31, 2022
									Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
			Carrying Amount						(Level 1)						(Level 2)						(Level 3)						Total Fair Value
Assets:
Cash and due from banks			$	122,594					$	122,594					$	—					$	—					$	122,594
Interest-bearing deposits			126,061						126,061						—						—						126,061
Investment securities available for sale			1,976,661						2,459						1,970,763						3,439						1,976,661
Investment securities held to maturity			2,287,127						—						1,893,271						14,594						1,907,865
Loans held for sale			9,094						—						9,094						—						9,094
Loans, net			11,780,617						—						—						11,156,217						11,156,217
Federal Home Loan Bank stock			38,525						—						38,525						—						38,525
Derivative assets			93,036						—						93,036						—						93,036
Interest receivable			85,070						—						85,070						—						85,070
Liabilities:
Deposits			$	14,382,745					$	13,105,936					$	1,251,017					$	—					14,356,953
Borrowings:
Federal funds purchased			171,560						—						171,560						—						171,560
Securities sold under repurchase agreements			167,413						—						167,396						—						167,396
Federal Home Loan Bank advances			823,674						—						615,211						—						615,211
Subordinated debentures and other borrowings			151,298						—						122,102						—						122,102
Derivative liabilities			92,770						—						92,770						—						92,770
Interest payable			7,530						—						7,530						—						7,530

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- Definition

Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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).

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