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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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.

			December 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			$	—					$	237,785					$	—					$	237,785
Obligations of states and political subdivisions			—						417,444						—						417,444
Residential mortgage-backed securities			—						659,404						—						659,404
Corporate debt securities			—						12,640						—						12,640
U.S. Treasury Bills			—						208,534						—						208,534
Total securities available-for-sale			—						1,535,807						—						1,535,807
Other investments			—						2,667						—						2,667
Derivative financial instruments			—						22,958						—						22,958
Total assets			$	—					$	1,561,432					$	—					$	1,561,432
Liabilities
Derivative financial instruments			$	—					$	21,581					$	—					$	21,581
Total liabilities			$	—					$	21,581					$	—					$	21,581

			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
Derivative financial instruments			$	—					$	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

The following tables present financial instruments and non-financial assets measured at fair value on a non-recurring basis. 

			December 31, 2022
			(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)
Other real estate			269						—						—						269
Loan servicing asset			1,027												$	1,027					$	—
Total			$	1,296					$	—					$	1,027					$	269

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

(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, 2022 and 2021. 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, 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			$	709,915					$	628,517					Level 2						$	429,681					$	434,672					Level 2
Other investments			61,123						61,123						Level 2						56,884						56,884						Level 2
Loans held-for-sale			1,228						1,228						Level 2						6,389						6,389						Level 2
Loans, net			9,600,206						9,328,844						Level 3						8,872,601						8,869,891						Level 3
State tax credits, held-for-sale			27,700						28,880						Level 3						27,994						30,686						Level 3
Servicing asset			3,648						3,905						Level 2						6,714						6,714						Level 2
Balance sheet liabilities
Certificates of deposit			$	530,708					$	512,229					Level 3						$	608,293					$	606,177					Level 3
Subordinated debentures and notes			155,433						152,679						Level 2						154,899						155,972						Level 2
FHLB advances			100,000						100,004						Level 2						50,000						51,527						Level 2
Other borrowings			324,119						324,119						Level 2						353,863						353,863						Level 2

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

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

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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

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-Publisher FASB
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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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