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v3.22.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of 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 the dates presented:
| March 31, 2022
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 129,994 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,994 |
Obligations of U.S. government corporations and agencies | — |  |  | 58,493 |  |  | — |  |  | 58,493 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 385,602 |  |  | — |  |  | 385,602 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 50,446 |  |  | — |  |  | 50,446 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 330,811 |  |  | — |  |  | 330,811 |
Corporate obligations | — |  |  | 500 |  |  | — |  |  | 500 |
Obligations of states and political subdivisions | — |  |  | 71,234 |  |  | — |  |  | 71,234 |
Total Available-for-sale Debt Securities | 129,994 |  |  | 897,086 |  |  | — |  |  | 1,027,080 |
Marketable equity securities | 1,060 |  |  | 78 |  |  | — |  |  | 1,138 |
Total Securities | 131,054 |  |  | 897,164 |  |  | — |  |  | 1,028,218 |
Securities held in a deferred compensation plan | 8,888 |  |  | — |  |  | — |  |  | 8,888 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | — |  |  | 29,056 |  |  | — |  |  | 29,056 |
Interest rate lock commitments | — |  |  | — |  |  | 185 |  |  | 185 |
Forward sale contracts - mortgage loans | — |  |  | — |  |  | 192 |  |  | 192 |
Interest rate swaps - cash flow hedge | — |  |  | 135 |  |  | — |  |  | 135 |
Total Assets | $ | 139,942 |  |  | $ | 926,355 |  |  | $ | 377 |  |  | $ | 1,066,674 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | $ | — |  |  | $ | 29,092 |  |  | $ | — |  |  | $ | 29,092 |
Interest rate swaps - cash flow hedge | — |  |  | 2,600 |  |  | — |  |  | 2,600 |
Total Liabilities | $ | — |  |  | $ | 31,692 |  |  | $ | — |  |  | $ | 31,692 |
| December 31, 2021
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
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 Available-for-sale Debt Securities | 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 - commercial loans | — |  |  | 33,528 |  |  | — |  |  | 33,528 |
Interest rate lock commitments | — |  |  | — |  |  | 401 |  |  | 401 |
Forward sale contracts - mortgage loans | — |  |  | — |  |  | 4 |  |  | 4 |
Interest rate swaps - cash flow hedge | — |  |  | — |  |  | — |  |  | — |
Total Assets | $ | 106,618 |  |  | $ | 847,933 |  |  | $ | 405 |  |  | $ | 954,956 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | $ | — |  |  | $ | 33,631 |  |  | $ | — |  |  | $ | 33,631 |
Total Liabilities | $ | — |  |  | $ | 33,631 |  |  | $ | — |  |  | $ | 33,631 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:
| March 31, 2022 |  | Valuation Technique |  |  | Significant Unobservable Inputs |  | Range | Weighted Average (1)
(dollars in thousands) |  |  |  |
Loans individually evaluated | $ | 5,919 |  |  | Collateral method |  |  | Appraisal adjustment |  | 0% | - | 10.00% | 0.96%
Total Assets | $ | 5,919 |  |  |  |  |  |  |  |  |  |  |  |
(1) Weighted averages for loans individually evaluated were weighted by loan amounts.
| December 31, 2021 |  | Valuation Technique |  |  | Significant Unobservable Inputs |  | Range | Weighted Average (1) (2)
(dollars in thousands) |  |  |  |
Loans individually evaluated | $ | 7,268 |  |  | Collateral method |  |  | Appraisal adjustment |  | 0% | - | 20% | 4.48%
Other real estate owned | 1,011 |  |  | Collateral method |  |  | Appraisal adjustment |  | 2.53% | 2.53%
Total Assets | $ | 8,279 |  |  |  |  |  |  |  |  |  |  |  |
(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.
Schedule of Carrying Values and Fair Values of Financial Instruments | The following tables present the carrying values and fair values of our financial instruments at the dates presented:
| Carrying Value(1) |  | Fair Value Measurements at March 31, 2022
(dollars in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 823,757 |  |  | $ | 823,757 |  |  | $ | 823,757 |  |  | $ | — |  |  | $ | — |
Securities | 1,028,218 |  |  | 1,028,218 |  |  | 131,054 |  |  | 897,164 |  |  | — |
Loans held for sale | 1,346 |  |  | 1,346 |  |  | — |  |  | — |  |  | 1,346 |
Portfolio loans, net | 6,863,996 |  |  | 6,671,212 |  |  | — |  |  | — |  |  | 6,671,212 |
Collateral receivable | — |  |  | — |  |  | — |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 8,888 |  |  | 8,888 |  |  | 8,888 |  |  | — |  |  | — |
Mortgage servicing rights | 7,789 |  |  | 9,791 |  |  | — |  |  | — |  |  | 9,791 |
Interest rate swaps - commercial loans | 29,056 |  |  | 29,056 |  |  | — |  |  | 29,056 |  |  | — |
Interest rate swaps - cash flow hedge | 135 |  |  | 135 |  |  | — |  |  | 135 |  |  | — |
Interest rate lock commitments | 185 |  |  | 185 |  |  | — |  |  | — |  |  | 185 |
Forward sale contracts | 192 |  |  | 192 |  |  | — |  |  | — |  |  | 192 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,960,458 |  |  | $ | 7,947,434 |  |  | $ | 6,921,872 |  |  | $ | 1,025,562 |  |  | $ | — |
Collateral payable | 23,501 |  |  | 23,501 |  |  | 23,501 |  |  | — |  |  | — |
Securities sold under repurchase agreements | 70,112 |  |  | 70,112 |  |  | 70,112 |  |  | — |  |  | — |
Long-term borrowings | 22,172 |  |  | 21,954 |  |  | 4,249 |  |  | 17,705 |  |  | — |
Junior subordinated debt securities | 54,408 |  |  | 54,408 |  |  | 54,408 |  |  | — |  |  | — |
Interest rate swaps - commercial loans | 29,092 |  |  | 29,092 |  |  | — |  |  | 29,092 |  |  | — |
Interest rate swaps - cash flow hedge | 2,600 |  |  | 2,600 |  |  | — |  |  | 2,600 |  |  | — |
(1) As reported in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |
| Carrying Value(1) |  | Fair Value Measurements at December 31, 2021
(dollars in thousands) |  | 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 - commercial loans | 33,631 |  |  | 33,631 |  |  | — |  |  | 33,631 |  |  | — |
(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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