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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022, and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2022
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | 157,508 | ​ | $ | — | ​ | $ | 157,508
Obligations of U.S. government corporations and agencies | ​ | ​ | — | ​ | ​ | 34,301 | ​ | ​ | — | ​ | ​ | 34,301
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | 299,592 | ​ | ​ | — | ​ | ​ | 299,592
Asset-backed securities | ​ | ​ | — | ​ | ​ | 488,604 | ​ | ​ | — | ​ | ​ | 488,604
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | 107,502 | ​ | ​ | — | ​ | ​ | 107,502
Residential mortgage-backed securities | ​ | ​ | — | ​ | ​ | 1,575,376 | ​ | ​ | — | ​ | ​ | 1,575,376
Corporate debt securities | ​ | ​ | — | ​ | ​ | 283,172 | ​ | ​ | — | ​ | ​ | 283,172
Equity securities | ​ | ​ | 5,948 | ​ | ​ | 13,572 | ​ | ​ | — | ​ | ​ | 19,520
Derivative assets | ​ | ​ | — | ​ | ​ | 17,568 | ​ | ​ | 5 | ​ | ​ | 17,573
Derivative liabilities | ​ | ​ | — | ​ | ​ | 25,384 | ​ | ​ | — | ​ | ​ | 25,384
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Debt securities available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | — | ​ | $ | 165,762 | ​ | $ | — | ​ | $ | 165,762
Obligations of U.S. government corporations and agencies | ​ | ​ | — | ​ | ​ | 38,470 | ​ | ​ | — | ​ | ​ | 38,470
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | 306,869 | ​ | ​ | — | ​ | ​ | 306,869
Asset-backed securities | ​ | ​ | — | ​ | ​ | 492,186 | ​ | ​ | — | ​ | ​ | 492,186
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | 614,998 | ​ | ​ | — | ​ | ​ | 614,998
Residential mortgage-backed securities | ​ | ​ | — | ​ | ​ | 2,069,313 | ​ | ​ | — | ​ | ​ | 2,069,313
Corporate debt securities | ​ | ​ | — | ​ | ​ | 293,653 | ​ | ​ | — | ​ | ​ | 293,653
Equity securities | ​ | ​ | — | ​ | ​ | 13,571 | ​ | ​ | — | ​ | ​ | 13,571
Loans held for sale | ​ | ​ | — | ​ | ​ | 23,875 | ​ | ​ | — | ​ | ​ | 23,875
Derivative assets | ​ | ​ | — | ​ | ​ | 20,314 | ​ | ​ | — | ​ | ​ | 20,314
Derivative liabilities | ​ | ​ | — | ​ | ​ | 21,501 | ​ | ​ | — | ​ | ​ | 21,501
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 March 31, 2022
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Loans evaluated individually, net of related allowance | ​ | $ | — | ​ | $ | — | ​ | $ | 2,946 | ​ | $ | 2,946
OREO with subsequent impairment | ​ |  | — | ​ |  | — | ​ |  | 2,228 | ​ |  | 2,228
Bank property held for sale with impairment | ​ |  | — | ​ |  | — | ​ |  | 9,551 | ​ |  | 9,551
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | Inputs |  | Inputs |  | Inputs |  | Fair Value
Loans evaluated individually, net of related allowance | ​ | $ | — | ​ | $ | — | ​ | $ | 2,926 | ​ | $ | 2,926
OREO with subsequent impairment | ​ |  | — | ​ |  | — | ​ |  | 51 | ​ |  | 51
Bank property held for sale with impairment | ​ | ​ | — | ​ |  | — | ​ |  | 10,103 | ​ |  | 10,103
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
March 31, 2022: |  | Estimate |  | Techniques |  | Input |  | (Weighted Average)
Loans evaluated individually, net of related allowance | ​ | $ | 2,946 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -50.0 | % | to | -100.0 | % | (-53.4) | %
OREO with subsequent impairment | ​ | ​ | 2,228 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -16.0 | % | to | -100.0 | % | (-24.4) | %
Bank property held for sale with impairment | ​ | ​ | 9,551 | ​ | Appraisal of collateral or real estate listing price | ​ | Appraisal adjustments | ​ | -0.7 | % | to | -70.1 | % | (-38.2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans evaluated individually, net of related allowance | ​ | $ | 2,926 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -50.0 | % | to | -100.0 | % | (-55.1) | %
OREO with subsequent impairment | ​ | ​ | 51 | ​ | Appraisal of collateral | ​ | Appraisal adjustments | ​ | -33.0 | % | to | -100.0 | % | (-67.9) | %
Bank property held for sale with impairment | ​ | ​ | 10,103 | ​ | Appraisal of collateral or real estate listing price | ​ | Appraisal adjustments | ​ | -0.7 | % | to | -70.1 | % | (-41.3) | %
Schedule of estimated fair values of financial instruments | Financial Assets and Financial Liabilities That Are Not Carried at Fair Value ​ Estimated fair values of financial instruments that are not carried at fair value 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 March 31, 2022 | ​ | As of December 31, 2021
​ | ​ | Carrying |  | Fair |  | Carrying |  | Fair
​ | ​ | Amount |  | Value |  | Amount |  | Value
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 1 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 479,228 | ​ | $ | 479,228 | ​ | $ | 836,095 | ​ | $ | 836,095
Level 2 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity | ​ | ​ | 976,081 | ​ | ​ | 942,846 | ​ | ​ | — | ​ | ​ | —
Loans held for sale (1) | ​ | ​ | 6,765 | ​ | ​ | 6,769 | ​ | ​ | — | ​ | ​ | —
Accrued interest receivable | ​ |  | 31,947 | ​ |  | 31,947 | ​ |  | 31,064 | ​ |  | 31,064
Level 3 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portfolio loans, net | ​ |  | 7,184,660 | ​ |  | 7,195,985 | ​ |  | 7,101,111 | ​ |  | 7,161,466
Mortgage servicing rights | ​ | ​ | 8,085 | ​ | ​ | 15,499 | ​ | ​ | 8,608 | ​ | ​ | 12,133
Other servicing rights | ​ | ​ | 1,712 | ​ | ​ | 2,093 | ​ | ​ | 1,830 | ​ | ​ | 2,268
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Level 2 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits | ​ | $ | 890,830 | ​ | $ | 882,358 | ​ | $ | 935,649 | ​ | $ | 935,778
Securities sold under agreements to repurchase | ​ |  | 255,668 | ​ |  | 255,668 | ​ |  | 270,139 | ​ |  | 270,139
Short-term borrowings | ​ | ​ | 17,683 | ​ | ​ | 17,745 | ​ | ​ | 17,678 | ​ | ​ | 17,673
Long-term debt | ​ |  | 42,881 | ​ |  | 43,007 | ​ | ​ | 46,056 | ​ |  | 46,164
Junior subordinated debt owed to unconsolidated trusts | ​ |  | 71,678 | ​ |  | 62,840 | ​ |  | 71,635 | ​ |  | 63,586
Accrued interest payable | ​ |  | 5,116 | ​ |  | 5,116 | ​ |  | 2,728 | ​ |  | 2,728
Level 3 inputs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior notes, net of unamortized issuance costs | ​ | ​ | 39,978 | ​ | ​ | 40,000 | ​ | ​ | 39,944 | ​ | ​ | 40,400
Subordinated notes, net of unamortized issuance costs | ​ | ​ | 182,910 | ​ | ​ | 188,437 | ​ | ​ | 182,773 | ​ | ​ | 195,600

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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=123874694&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=123874694&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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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- Definition 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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 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=123874694&loc=d3e19207-110258 + Details
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