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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Measurements |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | ​ The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2021
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | 185,453 | ​ | $ | — | ​ | $ | 185,453
Obligations of U.S. government corporations and agencies | ​ | ​ | — | ​ | ​ | 38,997 | ​ | ​ | — | ​ | ​ | 38,997
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | 296,012 | ​ | ​ | — | ​ | ​ | 296,012
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | 603,297 | ​ | ​ | — | ​ | ​ | 603,297
Residential mortgage-backed securities | ​ | ​ | — | ​ | ​ | 2,102,608 | ​ | ​ | — | ​ | ​ | 2,102,608
Asset-backed securities | ​ | ​ | — | ​ | ​ | 468,807 | ​ | ​ | — | ​ | ​ | 468,807
Corporate debt securities | ​ | ​ | — | ​ | ​ | 302,070 | ​ | ​ | — | ​ | ​ | 302,070
Equity securities | ​ | ​ | — | ​ | ​ | 13,012 | ​ | ​ | — | ​ | ​ | 13,012
Loans held for sale | ​ | ​ | — | ​ | ​ | 20,225 | ​ | ​ | — | ​ | ​ | 20,225
Derivative assets | ​ | ​ | — | ​ | ​ | 21,869 | ​ | ​ | — | ​ | ​ | 21,869
Derivative liabilities | ​ | ​ | — | ​ | ​ | 24,501 | ​ | ​ | — | ​ | ​ | 24,501
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2020
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
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
Schedule of assets and liabilities measured at fair value on a non-recurring basis | The following tables summarize assets and liabilities measured at fair value on a non-recurring basis for the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2021
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Loans evaluated individually | ​ | $ | — | ​ | $ | — | ​ | $ | 3,753 | ​ | $ | 3,753
OREO | ​ |  | — | ​ |  | — | ​ |  | 51 | ​ |  | 51
Bank property held for sale | ​ |  | — | ​ |  | — | ​ |  | 6,150 | ​ |  | 6,150
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2020
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Loans evaluated individually | ​ | $ | — | ​ | $ | — | ​ | $ | 2,771 | ​ | $ | 2,771
OREO | ​ |  | — | ​ |  | — | ​ |  | 106 | ​ |  | 106
Bank property held for sale | ​ | ​ | — | ​ |  | — | ​ |  | 10,676 | ​ |  | 10,676
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
September 30, 2021: |  | Estimate |  | Techniques |  | Input |  | (Weighted Average)
Loans evaluated individually | ​ | $ | 3,753 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -18.0 | % | to | -100.0 | % | (-54.4) | %
OREO | ​ | ​ | 51 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -33.0 | % | to | -100.0 | % | (-67.9) | %
Bank property held for sale | ​ | ​ | 6,150 | ​ | Appraisal of collateral or real estate listing price | ​ | Appraisal adjustments | ​ | -6.2 | % | to | -64.9 | % | (-41.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans evaluated individually | ​ | $ | 2,771 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -30.0 | % | to | -100.0 | % | (-37.0) | %
OREO | ​ | ​ | 106 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -25.0 | % | to | -100.0 | % | (-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) | %
Schedule of estimated fair values of financial instruments | Estimated fair values of financial instruments that are reported at amortized cost in the Company’s unaudited 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2021 | ​ | As of December 31, 2020
​ | ​ | Carrying |  | Fair |  | Carrying |  | Fair
​ | ​ | Amount |  | Value |  | Amount |  | Value
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 1 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 883,845 | ​ | $ | 883,845 | ​ | $ | 688,537 | ​ | $ | 688,537
Level 2 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest receivable | ​ |  | 33,545 | ​ |  | 33,545 | ​ |  | 33,240 | ​ |  | 33,240
Level 3 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portfolio loans, net | ​ |  | 7,057,833 | ​ |  | 7,108,483 | ​ |  | 6,713,129 | ​ |  | 6,755,425
Mortgage servicing rights | ​ | ​ | 9,247 | ​ | ​ | 11,011 | ​ | ​ | 10,912 | ​ | ​ | 11,107
Other servicing rights | ​ | ​ | 1,680 | ​ | ​ | 2,127 | ​ | ​ | 1,434 | ​ | ​ | 1,966
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 2 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits | ​ | $ | 1,026,935 | ​ | $ | 1,029,879 | ​ | $ | 1,119,348 | ​ | $ | 1,132,107
Securities sold under agreements to repurchase | ​ |  | 241,242 | ​ |  | 241,242 | ​ |  | 175,614 | ​ |  | 175,614
Short-term borrowings | ​ | ​ | 17,673 | ​ | ​ | 17,671 | ​ | ​ | 4,658 | ​ | ​ | 4,661
Long-term debt | ​ |  | 49,233 | ​ |  | 49,323 | ​ | ​ | 4,757 | ​ |  | 5,014
Junior subordinated debt owed to unconsolidated trusts | ​ |  | 71,593 | ​ |  | 62,840 | ​ |  | 71,468 | ​ |  | 59,943
Accrued interest payable | ​ |  | 5,435 | ​ |  | 5,435 | ​ |  | 3,401 | ​ |  | 3,401
Level 3 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior notes, net of unamortized issuance costs | ​ | ​ | 39,910 | ​ | ​ | 40,700 | ​ | ​ | 39,809 | ​ | ​ | 40,104
Subordinated notes, net of unamortized issuance costs | ​ | ​ | 182,637 | ​ | ​ | 196,350 | ​ | ​ | 182,226 | ​ | ​ | 187,697

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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