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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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:
| September 30, 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 | $ | — |  |  | $ | 234,939 |  |  | $ | — |  |  | $ | 234,939 |
Obligations of states and political subdivisions | — |  |  | 389,018 |  |  | — |  |  | 389,018 |
Agency mortgage-backed securities | — |  |  | 621,288 |  |  | — |  |  | 621,288 |
U.S. Treasury bills | — |  |  | 208,754 |  |  | — |  |  | 208,754 |
Corporate debt securities | — |  |  | 12,913 |  |  | — |  |  | 12,913 |
Total securities available for sale | — |  |  | 1,466,912 |  |  | — |  |  | 1,466,912 |
Other investments | — |  |  | 2,606 |  |  | — |  |  | 2,606 |
Derivatives | — |  |  | 23,479 |  |  | — |  |  | 23,479 |
Total assets | $ | — |  |  | $ | 1,492,997 |  |  | $ | — |  |  | $ | 1,492,997 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 21,110 |  |  | $ | — |  |  | $ | 21,110 |
Total liabilities | $ | — |  |  | $ | 21,110 |  |  | $ | — |  |  | $ | 21,110 |
| 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 |
U.S. Treasury bills | — |  |  | 91,170 |  |  | — |  |  | 91,170 |
Corporate debt securities | — |  |  | 12,382 |  |  | — |  |  | 12,382 |
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.
| September 30, 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) |  |  |  |
Other real estate | $ | 269 |  |  | $ | — |  |  | $ | — |  |  | $ | 269 |  |  |  |  |
Loan servicing asset | 3,248 |  |  | — |  |  | 3,248 |  |  | — |  |  |  |  |
Total | $ | 3,517 |  |  | $ | — |  |  | $ | 3,248 |  |  | $ | 269 |  |  |  |  |
| 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 |  |  |  |  |
The following table presents the gains (losses) recorded in earnings in relation to assets measured on a nonrecurring basis and still held as of the reporting date.
| Three months ended |  | Nine months ended
(in thousands) | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Nonaccrual loans | $ | — |  |  | $ | (1,126) |  |  | $ | (1,781) |  |  | $ | (1,126) |
Other real estate | (11) |  |  | — |  |  | (172) |  |  | — |
Loan servicing asset | 230 |  |  | — |  |  | 110 |  |  | — |
Fixed assets | — |  |  | (2,546) |  |  | — |  |  | (2,546) |
Total | $ | 219 |  |  | $ | (3,672) |  |  | $ | (1,843) |  |  | $ | (3,672) |
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:
| September 30, 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 | $ | 646,393 |  |  | $ | 537,788 |  |  | Level 2 |  | $ | 429,681 |  |  | $ | 434,672 |  |  | Level 2
Other investments | 56,031 |  |  | 56,031 |  |  | Level 2 |  | 56,884 |  |  | 56,884 |  |  | Level 2
Loans held for sale | 785 |  |  | 785 |  |  | Level 2 |  | 6,389 |  |  | 6,389 |  |  | Level 2
Loans, net | 9,214,415 |  |  | 9,004,778 |  |  | Level 3 |  | 8,872,601 |  |  | 8,869,891 |  |  | Level 3
State tax credits, held for sale | 38,588 |  |  | 40,310 |  |  | Level 3 |  | 27,994 |  |  | 30,686 |  |  | Level 3
Servicing asset | 4,519 |  |  | 5,050 |  |  | Level 2 |  | 6,714 |  |  | 6,714 |  |  | Level 2
Balance sheet liabilities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | 526,908 |  |  | $ | 508,571 |  |  | Level 3 |  | $ | 608,293 |  |  | $ | 606,177 |  |  | Level 3
Subordinated debentures and notes | 155,298 |  |  | 151,135 |  |  | Level 2 |  | 154,899 |  |  | 155,972 |  |  | Level 2
FHLB advances | — |  |  | — |  |  | Level 2 |  | 50,000 |  |  | 51,527 |  |  | Level 2
Other borrowings | 197,422 |  |  | 197,422 |  |  | Level 2 |  | 353,863 |  |  | 353,863 |  |  | Level 2

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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 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 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: 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
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- Definition 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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
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