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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
($ 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			$	—					$	295,802					$	—					$	295,802
Obligations of states and political subdivisions			—						422,979						—						422,979
Agency mortgage-backed securities			—						704,191						—						704,191
Corporate debt securities			—						181,100						—						181,100
U.S. Treasury bills			—						7,811												7,811
Total securities available for sale			—						1,611,883						—						1,611,883
Other investments			—						2,928						—						2,928
Derivatives			—						18,564						—						18,564
Total assets			$	—					$	1,633,375					$	—					$	1,633,375
Liabilities
Derivatives			$	—					$	20,455					$	—					$	20,455
Total liabilities			$	—					$	20,455					$	—					$	20,455

			December 31, 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			$	—					$	296,446					$	—					$	296,446
Obligations of states and political subdivisions			—						432,171						—						432,171
Agency mortgage-backed securities			—						700,381						—						700,381
Corporate debt securities			—						181,701						—						181,701
U.S. Treasury bills			—						7,574						—						7,574
Total securities available-for-sale			—						1,618,273						—						1,618,273
Other investments			—						2,941						—						2,941
Derivative financial instruments			—						17,789						—						17,789
Total assets			$	—					$	1,639,003					$	—					$	1,639,003
Liabilities
Derivatives			$	—					$	16,184					$	—					$	16,184
Total liabilities			$	—					$	16,184					$	—					$	16,184

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, 2024
($ 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			$	80					$	—					$	—					$	80
Other real estate			2,939						—						—						2,939
Total			$	3,019					$	—					$	—					$	3,019

			December 31, 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			$	5,138					$	—					$	—					$	5,138
Other real estate			5,736						—						—						5,736
Total			$	10,874					$	—					$	—					$	10,874

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, 2024																		December 31, 2023
($ in thousands)			Carrying Amount						Estimated fair value						Level						Carrying Amount						Estimated fair value						Level
Balance sheet assets
Securities held-to-maturity, net			$	758,017					$	694,774					Level 2						$	750,434					$	696,647					Level 2
Other investments			71,149						71,149						Level 2						63,255						63,255						Level 2
Loans held-for-sale			610						610						Level 2						359						359						Level 2
Loans, net			10,892,994						$	10,603,064					Level 3						10,749,347						10,392,551						Level 3
State tax credits, held-for-sale			20,547						22,102						Level 3						22,115						23,897						Level 3
Servicing asset			3,031						4,157						Level 2						2,861						3,799						Level 2
Balance sheet liabilities
Certificates of deposit			$	1,485,383					$	1,479,274					Level 3						$	1,272,914					$	1,265,905					Level 3
Subordinated debentures and notes			156,124						154,738						Level 2						155,984						154,354						Level 2
FHLB advances			125,000						125,000						Level 2						—						—						Level 2
Other borrowings			195,246						175,915						Level 2						297,829						274,658						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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 11
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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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