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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

			March 31, 2022
(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			$	—					$	235,584					$	—					$	235,584
Obligations of states and political subdivisions			—						449,358						—						449,358
Agency mortgage-backed securities			—						580,196						—						580,196
U.S. Treasury bills			—						115,581						—						115,581
Corporate debt securities			—						11,725						—						11,725
Total securities available for sale			—						1,392,444						—						1,392,444
Other investments			—						2,843						—						2,843
Derivatives			—						7,771						—						7,771
Total assets			$	—					$	1,403,058					$	—					$	1,403,058
Liabilities
Derivatives			$	—					$	7,990					$	—					$	7,990
Total liabilities			$	—					$	7,990					$	—					$	7,990

			December 31, 2021
(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			$	—					$	173,511					$	—					$	173,511
Obligations of states and political subdivisions			—						575,084						—						575,084
Residential mortgage-backed securities			—						513,859						—						513,859
Corporate debt securities			—						12,382						—						12,382
U.S. Treasury bills			—						91,170						—						91,170
Total securities available-for-sale			—						1,366,006						—						1,366,006
Other investments			—						3,012						—						3,012
Derivative financial instruments			—						12,869						—						12,869
Total assets			$	—					$	1,381,887					$	—					$	1,381,887
Liabilities
Derivatives			$	—					$	15,794					$	—					$	15,794
Total liabilities			$	—					$	15,794					$	—					$	15,794

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

These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The amounts reported in the following tables include balances measured at fair value during the reporting period and still held as of the reporting date.

			March 31, 2022
(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)
Nonaccrual loans			$	3,591					$	—					$	—					$	3,591
Other real estate			674						—						—						674
Loan servicing asset			3,005						—						3,005						—
Total			$	7,270					$	—					$	3,005					$	4,265

			December 31, 2021
(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)
Nonaccrual loans			$	6,406					$	—					$	—					$	6,406
Other real estate			632						—						—						632
Loan servicing asset			3,146												3,146						—
Total			$	10,184					$	—					$	3,146					$	7,038

			Three months ended
(in thousands)			March 31, 2022
Nonaccrual loans			$	(1,781)
Other real estate			(121)
Loan servicing asset			156
Total			$	(1,746)

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 certain financial instruments:

			March 31, 2022																		December 31, 2021
(in thousands)			Carrying Amount						Estimated fair value						Level						Carrying Amount						Estimated fair value						Level
Balance sheet assets
Securities held-to-maturity, net			$	541,039					$	493,342					Level 2						$	429,681					$	434,672					Level 2
Other investments			57,601						57,601						Level 2						56,884						56,884						Level 2
Loans held for sale			4,270						4,270						Level 2						6,389						6,389						Level 2
Loans, net			8,916,861						8,908,849						Level 3						8,872,601						8,869,891						Level 3
State tax credits, held for sale			34,954						34,212						Level 3						27,994						30,686						Level 3
Servicing asset			6,066						6,066						Level 2						6,714						6,714						Level 2
Balance sheet liabilities
Certificates of deposit			$	597,475					$	587,009					Level 3						$	608,293					$	606,177					Level 3
Subordinated debentures and notes			155,031						155,408						Level 2						154,899						155,972						Level 2
FHLB advances			50,000						48,627						Level 2						50,000						51,527						Level 2
Other borrowings and notes payable			228,846						228,846						Level 2						353,863						353,863						Level 2

X

- 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

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)
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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
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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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