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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2021 and 2020. Interest rate lock commitments to borrowers were transferred from Level 2 to Level 3 during the year ended December 31, 2020 due to pull-through factors being a significant unobservable input.
| December 31, 2021
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 95,327 |  |  | $ | — |  |  | $ | — |  |  | $ | 95,327 |
Obligations of U.S. government corporations and agencies | — |  |  | 70,348 |  |  | — |  |  | 70,348 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 270,294 |  |  | — |  |  | 270,294 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 56,793 |  |  | — |  |  | 56,793 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 341,300 |  |  | — |  |  | 341,300 |
Corporate obligations | — |  |  | 500 |  |  | — |  |  | 500 |
Obligations of states and political subdivisions | — |  |  | 75,089 |  |  | — |  |  | 75,089 |
Total Debt Securities Available-for-Sale | 95,327 |  |  | 814,324 |  |  | — |  |  | 909,651 |
Marketable equity securities | 1,061 |  |  | 81 |  |  | — |  |  | 1,142 |
Total Securities | 96,388 |  |  | 814,405 |  |  | — |  |  | 910,793 |
Securities held in a deferred compensation plan | 10,230 |  |  | — |  |  | — |  |  | 10,230 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 33,528 |  |  | — |  |  | 33,528 |
Interest rate lock commitments | — |  |  | — |  |  | 401 |  |  | 401 |
Forward sale contracts | — |  |  | — |  |  | 4 |  |  | 4 |
Total Assets | $ | 106,618 |  |  | $ | 847,933 |  |  | $ | 405 |  |  | $ | 954,956 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 33,631 |  |  | $ | — |  |  | $ | 33,631 |
Total Liabilities | $ | — |  |  | $ | 33,631 |  |  | $ | — |  |  | $ | 33,631 |
| December 31, 2020
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 10,282 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,282 |
Obligations of U.S. government corporations and agencies | — |  |  | 82,904 |  |  | — |  |  | 82,904 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 209,296 |  |  | — |  |  | 209,296 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 67,778 |  |  | — |  |  | 67,778 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 273,681 |  |  | — |  |  | 273,681 |
Corporate obligations | — |  |  | 2,025 |  |  | — |  |  | 2,025 |
Obligations of states and political subdivisions | — |  |  | 124,427 |  |  | — |  |  | 124,427 |
Total Debt Securities Available-for-Sale | 10,282 |  |  | 760,111 |  |  | — |  |  | 770,393 |
Marketable equity securities | 3,228 |  |  | 72 |  |  | — |  |  | 3,300 |
Total Securities | 13,510 |  |  | 760,183 |  |  | — |  |  | 773,693 |
Securities held in a deferred compensation plan | 6,794 |  |  | — |  |  | — |  |  | 6,794 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 78,319 |  |  | — |  |  | 78,319 |
Interest rate lock commitments | — |  |  | — |  |  | 2,900 |  |  | 2,900 |
Total Assets | $ | 20,304 |  |  | $ | 838,502 |  |  | $ | 2,900 |  |  | $ | 861,706 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 79,033 |  |  | $ | — |  |  | $ | 79,033 |
Forward sale contracts | — |  |  | 385 |  |  | — |  |  | 385 |
Total Liabilities | $ | — |  |  | $ | 79,418 |  |  | $ | — |  |  | $ | 79,418 |
Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis at December 31, 2021 and 2020, the significant unobservable inputs used in the fair value measurements were as follows:
| December 31, 2021 |  | Valuation Technique |  |  | Significant Unobservable Inputs |  | Range | Weighted Average (1) (2)
(dollars in thousands) |  |  |  |
Loans individually evaluated | $ | 16,004 |  |  | Collateral method |  |  | Appraisal adjustment |  | 0% | - | 20% | 4.48%
| Discounted cash flow method |  |  | Discount rate |  | 10% |  | 19% | 10.46%
Other real estate owned | 1,011 |  |  | Collateral method |  |  | Appraisal adjustment |  | 2.53% | 2.53%
Mortgage servicing rights | — |  |  | Discounted cash flow method |  |  | NA |  | NA | NA
Loans held for sale | — |  |  | Collateral method |  |  | NA |  | NA | NA
Total Assets | $ | 17,015 |  |  |  |  |  |  |
(1)Weighted averages for loans individually evaluated were weighted by loan amounts. (2)Weighted averages for other real estate owned were weighted by OREO balances.
| December 31, 2020 |  | Valuation Technique |  |  | Significant Unobservable Inputs |  | Range | Weighted Average (1) (2) (3)
(dollars in thousands) |  |  |  |
Loans individually evaluated | $ | 64,286 |  |  | Collateral method |  |  | Appraisal adjustment |  | 0% | - | 12% | 7.70%
| Discounted cash flow method |  |  | Discount rate |  | —% | - | —% | —%
Other real estate owned | 600 |  |  | Collateral method |  |  | Appraisal adjustment |  | 21.80% | 21.80%
Mortgage servicing rights | 4,976 |  |  | Discounted cash flow method |  |  | Discount rate |  | 9.24% | - | 12.55% | 9.42%
|  |  | Constant prepayment rates |  | 8.82% | - | 14.58% | 13.37%
Loans held for sale | 586 |  |  | Collateral method |  |  | NA |  | NA | NA
Total Assets | $ | 70,448 |  |  |  |  |  |  |
(1)Weighted averages for loans individually evaluated were weighted by loan amounts. (2)Weighted averages for other real estate owned were weighted by OREO balances. (3)Weighted averages for mortgage services rights discount rate and prepayment rates were weighted based on note rate tranches.
Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at December 31, 2021 and 2020 are presented in the following tables:
|  |  | Fair Value Measurements at December 31, 2021
(dollars in thousands) | Carrying Value(1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 922,215 |  |  | $ | 922,215 |  |  | $ | 922,215 |  |  | $ | — |  |  | $ | — |
Securities | 910,793 |  |  | 910,793 |  |  | 96,388 |  |  | 814,405 |  |  | — |
Loans held for sale | 1,522 |  |  | 1,522 |  |  | — |  |  | — |  |  | 1,522 |
Portfolio loans, net | 6,901,414 |  |  | 6,815,468 |  |  | — |  |  | — |  |  | 6,815,468 |
Collateral receivable | 37,363 |  |  | 37,363 |  |  | 37,363 |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 10,230 |  |  | 10,230 |  |  | 10,230 |  |  | — |  |  | — |
Mortgage servicing rights | 7,677 |  |  | 7,677 |  |  | — |  |  | — |  |  | 7,677 |
Interest rate swaps | 33,528 |  |  | 33,528 |  |  | — |  |  | 33,528 |  |  | — |
Interest rate lock commitments | 401 |  |  | 401 |  |  | — |  |  | — |  |  | 401 |
Forward sale contracts | 4 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,996,524 |  |  | $ | 7,992,942 |  |  | $ | 6,908,453 |  |  | $ | 1,084,489 |  |  | — |
Securities sold under repurchase agreements | 84,491 |  |  | 84,491 |  |  | 84,491 |  |  | — |  |  | — |
Short-term borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term borrowings | 22,430 |  |  | 22,678 |  |  | 4,300 |  |  | 18,378 |  |  | — |
Junior subordinated debt securities | 54,393 |  |  | 54,393 |  |  | 54,393 |  |  | — |  |  | — |
Interest rate swaps | 33,631 |  |  | 33,631 |  |  | — |  |  | 33,631 |  |  | — |
(1)As reported in the Consolidated Balance Sheets
|  |  | Fair Value Measurements at December 31, 2020
(dollars in thousands) | Carrying Value(1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 229,666 |  |  | $ | 229,666 |  |  | $ | 229,666 |  |  | $ | — |  |  | $ | — |
Securities | 773,693 |  |  | 773,693 |  |  | 13,510 |  |  | 760,183 |  |  | — |
Loans held for sale | 18,528 |  |  | 18,528 |  |  | — |  |  | — |  |  | 18,528 |
Portfolio loans, net | 7,108,248 |  |  | 7,028,446 |  |  | — |  |  | — |  |  | 7,028,446 |
Securities held in a deferred compensation plan | 77,936 |  |  | 77,936 |  |  | 77,936 |  |  | — |  |  | — |
Mortgage servicing rights | 6,794 |  |  | 6,794 |  |  | 6,794 |  |  | — |  |  | — |
Interest rate swaps | 4,976 |  |  | 4,976 |  |  | — |  |  | — |  |  | 4,976 |
Interest rate lock commitments | 78,319 |  |  | 78,319 |  |  | — |  |  | 78,319 |  |  | — |
Forward sale contracts | 2,900 |  |  | 2,900 |  |  | — |  |  | — |  |  | 2,900 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,420,538 |  |  | $ | 7,422,894 |  |  | $ | 6,033,075 |  |  | $ | 1,389,819 |  |  | $ | — |
Securities sold under repurchase agreements | 65,163 |  |  | 65,163 |  |  | 65,163 |  |  | — |  |  | — |
Short-term borrowings | 75,000 |  |  | 75,000 |  |  | 75,000 |  |  | — |  |  | — |
Long-term borrowings | 23,681 |  |  | 24,545 |  |  | 4,494 |  |  | 20,051 |  |  | — |
Junior subordinated debt securities | 64,083 |  |  | 64,083 |  |  | 64,083 |  |  | — |  |  | — |
Interest rate swaps | 79,033 |  |  | 79,033 |  |  | — |  |  | 79,033 |  |  | — |
Forward sale contracts | 385 |  |  | 385 |  |  | — |  |  | 385 |  |  | — |
(1)As reported in the Consolidated Balance Sheets

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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 -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://www.xbrl.org/2003/role/disclosureRef -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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