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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

			December 31, 2020
($ in thousands)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises			$	—					$	15,161					$	—					$	15,161
Obligations of states and political subdivisions			—						344,232						—						344,232
Residential mortgage-backed securities			—						526,572						—						526,572
Corporate debt securities			—						14,998						—						14,998
U.S. Treasury Bills			—						11,466						—						11,466
Total securities available-for-sale			—						912,429						—						912,429
Derivative financial instruments			—						28,703						—						28,703
Total assets			$	—					$	941,132					$	—					$	941,132
Liabilities
Derivative financial instruments			$	—					$	34,967					$	—					$	34,967
Total liabilities			$	—					$	34,967					$	—					$	34,967

			December 31, 2019
($ in thousands)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises			$	—					$	10,046					$	—					$	10,046
Obligations of states and political subdivisions			—						213,024						—						213,024
Residential mortgage-backed securities			—						902,021						—						902,021
U.S. Treasury Bills			—						10,226						—						10,226
Total securities available-for-sale			—						1,135,317						—						1,135,317
Other investments			—						—						—						—
Derivative financial instruments			—						11,055						—						11,055
Total assets			$	—					$	1,146,372					$	—					$	1,146,372
Liabilities
Derivative financial instruments			$	—					$	14,747					$	—					$	14,747
Total liabilities			$	—					$	14,747					$	—					$	14,747

Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2020 and 2019. 

			December 31, 2020
			(1)						(1)						(1)						(1)
($ in thousands)			Total Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)			Total losses for the year ended December 31, 2020
Impaired loans			$	1,247					$	—					$	—					$	1,247		$	4,486
Other real estate			3,600						—						—						3,600			1,000
Total			$	4,847					$	—					$	—					$	4,847		$	5,486

			December 31, 2019
			(1)						(1)						(1)						(1)
($ in thousands)			Total Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)			Total losses for the year ended December 31, 2019
Impaired loans			$	2,506					$	—					$	—					$	2,506		$	2,687
Total			$	7,450					$	—					$	—					$	7,450		$	2,687

(1) The amounts represent balances measured at fair value during the period and still held as of the reporting date.

Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2020 and 2019. This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits.

			December 31, 2020																		December 31, 2019
($ in thousands)			Carrying Amount						Estimated fair value						Level						Carrying Amount						Estimated fair value						Level
Balance sheet assets
Securities held-to-maturity			$	487,610					$	501,523					Level 2						$	181,166					$	181,939					Level 2
Other investments			48,764						48,764						Level 2						38,044						38,044						Level 2
Loans held-for-sale			13,564						13,564						Level 2						5,570						5,570						Level 2
Loans, net			7,088,264						7,067,562						Level 3						5,271,049						5,205,651						Level 3
State tax credits, held-for-sale			36,853						39,925						Level 3						36,802						39,046						Level 3
Balance sheet liabilities
Certificates of deposit			$	550,095					$	553,946					Level 3						$	826,447					$	825,203					Level 3
Subordinated debentures and notes			203,637						192,889						Level 2						141,258						130,985						Level 2
FHLB advances			50,000						51,871						Level 2						222,406						221,402						Level 2
Other borrowings			301,081						301,081						Level 2						265,172						265,172						Level 2

Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet

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- Definition

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).

+ References

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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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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition.

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