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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurements

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


		Level 1			Level 2			Level 3			Total
		Inputs			Inputs			Inputs			Fair Value
December 31, 2020
Debt securities available for sale
U.S. Treasury securities		$	—		$	27,837		$	—		$	27,837
Obligations of U.S. government corporations and agencies			—			69,519			—			69,519
Obligations of states and political subdivisions			—			304,711			—			304,711
Commercial mortgage-backed securities			—			418,616			—			418,616
Residential mortgage-backed securities			—			1,368,315			—			1,368,315
Corporate debt securities			—			72,189			—			72,189
Equity securities			—			5,530			—			5,530
Loans held for sale			—			42,813			—			42,813
Derivative assets			—			33,918			—			33,918
Derivative liabilities			—			38,403			—			38,403


		Level 1			Level 2			Level 3			Total
		Inputs			Inputs			Inputs			Fair Value
December 31, 2019
Debt securities available for sale
U.S. Treasury securities		$	—		$	51,737		$	—		$	51,737
Obligations of U.S. government corporations and agencies			—			163,000			—			163,000
Obligations of states and political subdivisions			—			268,291			—			268,291
Commercial mortgage-backed securities			—			139,287			—			139,287
Residential mortgage-backed securities			—			921,966			—			921,966
Corporate debt securities			—			103,976			—			103,976
Equity securities			—			5,952			—			5,952
Loans held for sale			—			68,699			—			68,699
Derivative assets			—			13,400			—			13,400
Derivative liabilities			—			14,821			—			14,821

Schedule of assets and liabilities measured at fair value on a non-recurring basis

The following table summarizes assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


		Level 1			Level 2			Level 3			Total
		Inputs			Inputs			Inputs			Fair Value
December 31, 2020
Loans evaluated individually		$	—		$	—		$	2,771		$	2,771
OREO			—			—			106			106
Bank property held for sale			—			—			10,676			10,676

December 31, 2019
Loans evaluated individually		$	—		$	—		$	2,686		$	2,686
OREO			—			—			55			55
Bank property held for sale			—			—			4,004			4,004

Schedule of quantitative information about Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

Techniques

Input

(Weighted Average)

December 31, 2020

Loans evaluated individually

$

2,771

Appraisal of collateral

Appraisal adjustments

-30.0% to -100% (-37.0)%

OREO

106

Appraisal of collateral

Appraisal adjustments

-25.0% to -100% (-54.5)%

Bank property held for sale

10,676

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9% (-42.8)%

December 31, 2019

Loans evaluated individually

$

2,686

Appraisal of collateral

Appraisal adjustments

-2.9% to -100% (-57.8)%

OREO

55

Appraisal of collateral

Appraisal adjustments

-25.0% to -100% (-65.0)%

Bank property held for sale

4,004

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -71.3% (-40.7)%

Schedule of estimated fair values of financial instruments

Estimated fair values of financial instruments that are reported at amortized cost in the Company’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):


		December 31, 2020						December 31, 2019
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents		$	688,537		$	688,537		$	529,288		$	529,288
Level 2 inputs:
Accrued interest receivable			33,240			33,240			27,109			27,109
Level 3 inputs:
Portfolio loans, net			6,713,129			6,755,425			6,633,501			6,648,560
Mortgage servicing rights			10,912			11,107			12,326			18,193
Other servicing rights			1,434			1,966			1,071			1,740

Financial liabilities:
Level 2 inputs:
Time deposits		$	1,119,348		$	1,132,107		$	1,534,850		$	1,538,597
Securities sold under agreements to repurchase			175,614			175,614			205,491			205,491
Short-term borrowings			4,658			4,661			8,551			8,552
Long-term debt			4,757			5,014			83,600			83,614
Junior subordinated debt owed to unconsolidated trusts			71,468			59,943			71,308			74,153
Accrued interest payable			3,401			3,401			5,000			5,000
Level 3 inputs:
Senior notes, net of unamortized issuance costs			39,809			40,104			39,674			40,099
Subordinated notes, net of unamortized issuance costs			182,226			187,697			59,248			61,514