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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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 Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either December 31, 2021 or December 31, 2020. 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.
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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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