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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

32

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2021 and December 31, 2020 (in thousands):

		Fair Value Measurements Using
						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
March 31, 2021
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government    corporations and agencies		$	171,530			$	—			$	171,530			$	—
Obligations of states and political subdivisions			257,719				—				257,105				614
Mortgage-backed securities			621,952				—				621,952				—
Other securities			36,747				—				36,747				—
Total available-for-sale securities			1,087,948				—				1,087,334				614
Equity securities			300				300				—				—
Derivative assets: interest rate swaps			262				—				262				—
Total assets		$	1,088,510			$	300			$	1,087,596			$	614
Derivative liabilities: interest rate swaps		$	1,013			$	—			$	1,013			$	—
December 31, 2020
Available-for-sale securities:
U.S. Treasury securities and Obligations of U.S. government    corporations and agencies		$	127,069			$	—			$	127,069			$	—
Obligations of states and political subdivisions			249,844				—				249,050				794
Mortgage-backed securities			491,348				—				491,348				—
Other securities			10,979				—				10,979				—
Total available-for-sale securities			879,240				—				878,446				794
Equity securities			218				218				193				—
Derivative assets: interest rate swaps			1,399				-				1,399				—
Total assets		$	880,857			$	218			$	880,038			$	794
Derivative liabilities: interest rate swaps		$	2,892			$	—			$	2,892			$	—

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and 2020 is summarized as follows (in thousands):

		Obligation of State and Political Subdivisions
		Three months ended
		March 31, 2021				March 30, 2020
Beginning balance		$	794			$	973
Transfers into Level 3			—				—
Transfers out of Level 3			—				—
Total gains or losses:
Included in net income			1				1
Included in other comprehensive income (loss)			—				—
Purchases, issuances, sales and settlements:
Purchases			—				—
Issuances			—				—
Sales			(181	)			(184	)
Settlements			—				—
Ending balance		$	614			$	790
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—			$	—

Significant Assumptions Used in Valuation of Level 3 Financial Instruments

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2021 and December 31, 2020 (in thousands):

March 31, 2021		Fair Value				Valuation Technique		Unobservable Inputs		Range		Weighted Average
Impaired loans (collateral dependent)		$	12,733			Third party valuations		Discount to reflect realizable value		0% - 40%		20%
Foreclosed assets held for sale			11,292			Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		35%
Mortgage servicing rights			551			Third party valuations		PSA standard prepayment model rate		242 - 438			304

December 31, 2020		Fair Value				Valuation Technique		Unobservable Inputs		Range		Weighted Average
Impaired loans (collateral dependent)		$	14,876			Third party valuations		Discount to reflect realizable value		0% - 40%		20%
Foreclosed assets held for sale			290			Third party valuations		Discount to reflect realizable value less estimated selling costs		0% - 40%		35%
Mortgage servicing rights			517			Third party valuations		PSA standard prepayment model rate		242 - 441			384

Summary of Estimated Fair Values of Company Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments at March 31, 2021 and December 31, 2020 in accordance with ASC 825 (in thousands):

		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
March 31, 2021
Financial Assets
Cash and due from banks		$	408,226			$	408,226			$	408,226			$	—			$	—
Federal funds sold			1,321				1,321				1,321				—				—
Certificates of deposit investments			2,695				2,695				—				2,695				—
Available-for-sale securities			1,087,948				1,087,948				—				1,087,334				614
Held-to-maturity securities			7,045				7,125				—				7,125				—
Equity securities			300				300				300				—				—
Loans held for sale			4,693				4,693				—				4,693				—
Loans net of allowance for credit losses			3,882,988				3,839,827				—				—				3,839,827
Interest receivable			20,218				20,218				—				20,218				—
Federal Reserve Bank stock			9,401				9,401				—				9,401				—
Federal Home Loan Bank stock			5,450				5,450				—				5,450				—
Financial Liabilities
Deposits		$	4,737,693			$	4,740,802			$	—			$	3,926,107			$	814,695
Securities sold under agreements to repurchase			212,503				212,514				—				212,514				—
Interest payable			3,214				3,214				—				3,214				—
Federal Home Loan Bank borrowings			116,861				117,670				—				117,670				—
Subordinated debt, net			94,289				94,289								94,289
Junior subordinated debentures, net			19,069				14,495				—				14,495				—
December 31, 2020
Financial Assets
Cash and due from banks		$	415,973			$	415,973			$	415,973			$	—			$	—
Federal funds sold			1,308				1,308				1,308				—				—
Certificates of deposit investments			2,695				2,695				—				2,695				—
Available-for-sale securities			879,240				879,240				—				878,446				794
Held-to-maturity securities			5,016				5,119				—				5,119				—
Equity securities			218				218				218				—				—
Loans held for sale			1,924				1,924				—				1,924				—
Loans net of allowance for credit losses			3,094,585				3,056,344				—				—				3,056,344
Interest receivable			19,287				19,287				—				19,287				—
Federal Reserve Bank stock			9,401				9,401				—				9,401				—
Federal Home Loan Bank stock			5,450				5,450				—				5,450				—
Financial Liabilities
Deposits		$	3,692,784			$	3,697,105			$	—			$	3,215,715			$	481,390
Securities sold under agreements to repurchase			206,937				206,945				—				206,945				—
Interest payable			2,345				2,345				—				2,345				—
Federal Home Loan Bank borrowings			93,969				96,669				—				96,669				—
Subordinated debt, net			94,253				94,253				—				94,253				—
Junior subordinated debentures, net			19,027				14,604				—				14,604				—

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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).

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