XML 48 R37.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

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