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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
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, 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 
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, 2023
(in thousands)Total Fair ValueQuoted 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 ValueQuoted Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Other real estate269 — — 269 
Loan servicing asset 1,027 1,027 — 
Total$1,296 $— $1,027 $269 
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, 2023December 31, 2022
(in thousands)Carrying AmountEstimated fair valueLevelCarrying AmountEstimated fair valueLevel
Balance sheet assets    
Securities held-to-maturity, net$730,655 $622,660 Level 2$709,915 $628,517 Level 2
Other investments59,123 59,123 Level 261,123 61,123 Level 2
Loans held for sale212 212 Level 21,228 1,228 Level 2
Loans, net10,474,687 $10,244,122 Level 39,600,206 9,328,844 Level 3
State tax credits, held for sale26,765 27,529 Level 327,700 28,880 Level 3
Servicing asset3,202 4,058 Level 23,648 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 notes155,844 153,975 Level 2155,433 152,679 Level 2
FHLB advances— — Level 2100,000 100,004 Level 2
Other borrowings182,372 157,173 Level 2324,119 324,119 Level 2