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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS 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, 2023
(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 | $ | — |  |  | $ | 279,457 |  |  | $ | — |  |  | $ | 279,457 |
Obligations of states and political subdivisions | — |  |  | 387,434 |  |  | — |  |  | 387,434 |
Agency mortgage-backed securities | — |  |  | 627,970 |  |  | — |  |  | 627,970 |
U.S. Treasury bills | — |  |  | 184,791 |  |  | — |  |  | 184,791 |
Corporate debt securities | — |  |  | 7,452 |  |  | — |  |  | 7,452 |
Total securities available for sale | — |  |  | 1,487,104 |  |  | — |  |  | 1,487,104 |
Other investments | — |  |  | 2,696 |  |  | — |  |  | 2,696 |
Derivatives | — |  |  | 25,944 |  |  | — |  |  | 25,944 |
Total assets | $ | — |  |  | $ | 1,515,744 |  |  | $ | — |  |  | $ | 1,515,744 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 30,294 |  |  | $ | — |  |  | $ | 30,294 |
Total liabilities | $ | — |  |  | $ | 30,294 |  |  | $ | — |  |  | $ | 30,294 |
| 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 |
U.S. Treasury bills | — |  |  | 208,534 |  |  | — |  |  | 208,534 |
Corporate debt securities | — |  |  | 12,640 |  |  | — |  |  | 12,640 |
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 |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 21,581 |  |  | $ | — |  |  | $ | 21,581 |
Total liabilities | $ | — |  |  | $ | 21,581 |  |  | $ | — |  |  | $ | 21,581 |
From time to time, the Company measures certain assets at fair value on a nonrecurring 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, 2023 |  |  |  |
(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) |  |  |  |
Individually-evaluated loans | $ | 2,243 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,243 |  |  |  |  |
Other real estate | $ | 5,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,736 |  |  |  |  |
Total | $ | 7,979 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,979 |  |  |  |  |
| December 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) |  |  |  |
Other real estate | 269 |  |  | — |  |  | — |  |  | 269 |  |  |  |  |
Loan servicing asset | 1,027 |  |  |  |  | 1,027 |  |  | — |  |  |  |  |
Total | $ | 1,296 |  |  | $ | — |  |  | $ | 1,027 |  |  | $ | 269 |  |  |  |  |
Following is a summary of the carrying amounts and fair values of certain financial instruments:
| September 30, 2023 |  | December 31, 2022
(in thousands) | Carrying Amount |  | Estimated fair value |  | Level |  | Carrying Amount |  | Estimated fair value |  | Level
Balance sheet assets |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity, net | $ | 730,655 |  |  | $ | 622,660 |  |  | Level 2 |  | $ | 709,915 |  |  | $ | 628,517 |  |  | Level 2
Other investments | 59,123 |  |  | 59,123 |  |  | Level 2 |  | 61,123 |  |  | 61,123 |  |  | Level 2
Loans held for sale | 212 |  |  | 212 |  |  | Level 2 |  | 1,228 |  |  | 1,228 |  |  | Level 2
Loans, net | 10,474,687 |  |  | $ | 10,244,122 |  |  | Level 3 |  | 9,600,206 |  |  | 9,328,844 |  |  | Level 3
State tax credits, held for sale | 26,765 |  |  | 27,529 |  |  | Level 3 |  | 27,700 |  |  | 28,880 |  |  | Level 3
Servicing asset | 3,202 |  |  | 4,058 |  |  | Level 2 |  | 3,648 |  |  | 3,905 |  |  | Level 2
Balance sheet liabilities |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | 1,470,678 |  |  | $ | 1,456,118 |  |  | Level 3 |  | $ | 530,708 |  |  | $ | 512,229 |  |  | Level 3
Subordinated debentures and notes | 155,844 |  |  | 153,975 |  |  | Level 2 |  | 155,433 |  |  | 152,679 |  |  | Level 2
FHLB advances | — |  |  | — |  |  | Level 2 |  | 100,000 |  |  | 100,004 |  |  | Level 2
Other borrowings | 182,372 |  |  | 157,173 |  |  | Level 2 |  | 324,119 |  |  | 324,119 |  |  | Level 2
For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 19 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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