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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:

			September 30, 2023
(dollars in thousands)			Level 1						Level 2						Level 3						Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities			$	130,037					$	—					$	—					$	130,037
Obligations of U.S. government corporations and agencies			—						42,049						—						42,049
Collateralized mortgage obligations of U.S. government corporations and agencies			—						429,978						—						429,978
Residential mortgage-backed securities of U.S. government corporations and agencies			—						36,886						—						36,886
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						286,107						—						286,107
Obligations of states and political subdivisions			—						29,210						—						29,210
Total Available-for-Sale Debt Securities			130,037						824,230						—						954,267
Equity securities			923						72						—						995
Total Securities Available for Sale			130,960						824,302						—						955,262
Securities held in a deferred compensation plan			8,289						—						—						8,289
Derivative financial assets:
Interest rate swaps - commercial loans			—						93,601						—						93,601
Total Assets			$	139,249					$	917,903					$	—					$	1,057,152
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans			$	—					$	94,438					$	—					$	94,438
Interest rate swaps - cash flow hedge			—						25,668						—						25,668
Total Liabilities			$	—					$	120,106					$	—					$	120,106

			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
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 September 30, 2023
(dollars in thousands)									Total						Level 1						Level 2						Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits			$	238,453					$	238,453					$	238,453					$	—					$	—
Securities available for sale			955,262						955,262						130,960						824,302
Loans held for sale			257						257						—						257						—
Portfolio loans, net			7,407,712						7,059,741						—						—						7,059,741
Collateral receivable			10,506						10,506						10,506						—						—
Securities held in a deferred compensation plan			8,289						8,289						8,289						—						—
Mortgage servicing rights			6,534						9,411						—						—						9,411
Interest rate swaps - commercial loans			93,601						93,601						—						93,601						—
LIABILITIES
Deposits			$	7,222,897					$	7,205,014					$	5,735,018					$	1,469,996					$	—
Collateral payable			77,049						77,049						77,049						—						—
Short-term borrowings			630,000						630,000						—						630,000						—
Long-term borrowings			39,396						38,983						—						38,983						—
Junior subordinated debt securities			49,343						49,343						—						49,343						—
Interest rate swaps - commercial loans			94,438						94,438						—						94,438						—
Interest rate swaps - cash flow hedge			25,668						25,668						—						25,668						—
(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

X

- 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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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

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