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v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
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:
| June 30, 2023
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 131,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 131,235 |
Obligations of U.S. government corporations and agencies | — |  |  | 41,865 |  |  | — |  |  | 41,865 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 428,889 |  |  | — |  |  | 428,889 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 39,780 |  |  | — |  |  | 39,780 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 297,278 |  |  | — |  |  | 297,278 |
Obligations of states and political subdivisions | — |  |  | 30,378 |  |  | — |  |  | 30,378 |
Total Available-for-Sale Debt Securities | 131,235 |  |  | 838,190 |  |  | — |  |  | 969,425 |
Marketable equity securities | 899 |  |  | 48 |  |  | — |  |  | 947 |
Total Securities Available for Sale | 132,134 |  |  | 838,238 |  |  | — |  |  | 970,372 |
Securities held in a deferred compensation plan | 8,625 |  |  | — |  |  | — |  |  | 8,625 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | — |  |  | 81,968 |  |  | — |  |  | 81,968 |
Total Assets | $ | 140,759 |  |  | $ | 920,206 |  |  | $ | — |  |  | $ | 1,060,965 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | $ | — |  |  | $ | 81,968 |  |  | $ | — |  |  | $ | 81,968 |
Interest rate swaps - cash flow hedge | — |  |  | 23,595 |  |  | — |  |  | 23,595 |
Total Liabilities | $ | — |  |  | $ | 105,563 |  |  | $ | — |  |  | $ | 105,563 |
| December 31, 2022
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 131,695 |  |  | $ | — |  |  | $ | — |  |  | $ | 131,695 |
Obligations of U.S. government corporations and agencies | — |  |  | 41,811 |  |  | — |  |  | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 428,407 |  |  | — |  |  | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 41,587 |  |  | — |  |  | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 327,313 |  |  | — |  |  | 327,313 |
Corporate obligations | — |  |  | 500 |  |  | — |  |  | 500 |
Obligations of states and political subdivisions | — |  |  | 30,471 |  |  | — |  |  | 30,471 |
Total Available-for-Sale Debt Securities | 131,695 |  |  | 870,089 |  |  | — |  |  | 1,001,784 |
Marketable equity securities | 952 |  |  | 42 |  |  | — |  |  | 994 |
Total Securities Available for Sale | 132,647 |  |  | 870,131 |  |  | — |  |  | 1,002,778 |
Securities held in a deferred compensation plan | 8,087 |  |  | — |  |  | — |  |  | 8,087 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | — |  |  | 83,449 |  |  | — |  |  | 83,449 |
Interest rate lock commitments | — |  |  | — |  |  | 5 |  |  | 5 |
Forward sale contracts - mortgage loans | — |  |  | — |  |  | 2 |  |  | 2 |
Total Assets | $ | 140,734 |  |  | $ | 953,580 |  |  | $ | 7 |  |  | $ | 1,094,321 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps - commercial loans | $ | — |  |  | $ | 83,449 |  |  | $ | — |  |  | $ | 83,449 |
Interest rate swaps - cash flow hedge | — |  |  | 21,368 |  |  | — |  |  | 21,368 |
Total Liabilities | $ | — |  |  | $ | 104,817 |  |  | $ | — |  |  | $ | 104,817 |
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 June 30, 2023
(dollars in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 227,867 |  |  | $ | 227,867 |  |  | $ | 227,867 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 970,372 |  |  | 970,372 |  |  | 132,134 |  |  | 838,238 |  |  |
Loans held for sale | 541 |  |  | 541 |  |  | — |  |  | 541 |  |  | — |
Portfolio loans, net | 7,213,854 |  |  | 6,888,525 |  |  |  |  |  |  | 6,888,525 |
Collateral receivable | 8,761 |  |  | 8,761 |  |  | 8,761 |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 8,625 |  |  | 8,625 |  |  | 8,625 |  |  | — |  |  | — |
Mortgage servicing rights | 6,731 |  |  | 9,506 |  |  | — |  |  | — |  |  | 9,506 |
Interest rate swaps - commercial loans | 81,968 |  |  | 81,968 |  |  | — |  |  | 81,968 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,141,210 |  |  | $ | 7,120,051 |  |  | $ | 5,808,064 |  |  | $ | 1,311,987 |  |  | $ | — |
Collateral payable | 62,449 |  |  | 62,449 |  |  | 62,449 |  |  | — |  |  | — |
Short-term borrowings | 530,000 |  |  | 530,000 |  |  | — |  |  | 530,000 |  |  | — |
Long-term borrowings | 39,513 |  |  | 38,985 |  |  | — |  |  | 38,985 |  |  | — |
Junior subordinated debt securities | 54,483 |  |  | 54,483 |  |  | — |  |  | 54,483 |  |  | — |
Interest rate swaps - commercial loans | 81,968 |  |  | 81,968 |  |  | — |  |  | 81,968 |  |  | — |
Interest rate swaps - cash flow hedge | 23,595 |  |  | 23,595 |  |  | — |  |  | 23,595 |  |  | — |
(1) As reported in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |
| Carrying Value(1) |  | Fair Value Measurements at December 31, 2022
(dollars in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 210,009 |  |  | $ | 210,009 |  |  | $ | 210,009 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 1,002,778 |  |  | 1,002,778 |  |  | 132,647 |  |  | 870,131 |  |  | — |
Loans held for sale | 16 |  |  | 16 |  |  | — |  |  | 16 |  |  | — |
Portfolio loans, net | 7,082,629 |  |  | 6,815,167 |  |  | — |  |  | — |  |  | 6,815,167 |
Collateral receivable | 6,307 |  |  | 6,307 |  |  | 6,307 |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 8,087 |  |  | 8,087 |  |  | 8,087 |  |  | — |  |  | — |
Mortgage servicing rights | 7,147 |  |  | 9,994 |  |  | — |  |  | — |  |  | 9,994 |
Interest rate swaps - commercial loans | 83,449 |  |  | 83,449 |  |  | — |  |  | 83,449 |  |  | — |
Interest rate lock commitments | 5 |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Forward sale contracts | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,219,970 |  |  | $ | 7,194,225 |  |  | $ | 6,285,377 |  |  | $ | 908,848 |  |  | $ | — |
Collateral payable | 65,065 |  |  | 65,065 |  |  | 65,065 |  |  | — |  |  | — |
Short-term borrowings | 370,000 |  |  | 370,000 |  |  | — |  |  | 370,000 |  |  | — |
Long-term borrowings | 14,741 |  |  | 14,174 |  |  | — |  |  | 14,174 |  |  | — |
Junior subordinated debt securities | 54,453 |  |  | 54,453 |  |  | — |  |  | 54,453 |  |  | — |
Interest rate swaps - commercial loans | 83,449 |  |  | 83,449 |  |  | — |  |  | 83,449 |  |  | — |
Interest rate swaps - cash flow hedge | 21,368 |  |  | 21,368 |  |  | — |  |  | 21,368 |  |  | — |
(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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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