XML 39 R30.htm IDEA: XBRL DOCUMENT v3.22.2

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of fair value measurement on recurring and nonrecurring basis segregated by level of valuation inputs within fair value hierarchy utilized to measure fair value

The following tables summarize assets measured at fair value on a recurring and nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

												Fair Value Measurements at the End of the Reporting Period Using
June 30, 2022						Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Recurring fair value measurements
Investment securities:
U.S. Treasury						$	39,663					$	39,663					$	—					$	—
State and political subdivisions						1,176,231						—						1,176,231						—
Corporate bonds and other						58,818						—						58,818						—
MBS: (1)
Residential						449,512						—						449,512						—
Commercial						9,130						—						9,130						—
Equity investments:
Equity investments						5,454						5,454						—						—
Derivative assets:
Interest rate swaps						40,055						—						40,055						—
Total asset recurring fair value measurements						$	1,778,863					$	45,117					$	1,733,746					$	—
Derivative liabilities:
Interest rate swaps						$	12,354					$	—					$	12,354					$	—
Total liability recurring fair value measurements						$	12,354					$	—					$	12,354					$	—
Nonrecurring fair value measurements
Foreclosed assets						$	128					$	—					$	—					$	128
Collateral-dependent loans (2)						8,451						—						—						8,451
Total asset nonrecurring fair value measurements						$	8,579					$	—					$	—					$	8,579

												Fair Value Measurements at the End of the Reporting Period Using
December 31, 2021						Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Recurring fair value measurements
Investment securities:
U.S. Treasury						$	58,877					$	58,877					$	—					$	—
State and political subdivisions						2,051,936						—						2,051,936						—
Corporate bonds and other						135,532						—						135,532						—
MBS: (1)
Residential						426,350						—						426,350						—
Commercial						91,630						—						91,630						—
Equity investments:
Equity investments						5,920						5,920						—						—
Derivative assets:
Interest rate swaps						18,231						—						18,231						—
Total asset recurring fair value measurements						$	2,788,476					$	64,797					$	2,723,679					$	—
Derivative liabilities:
Interest rate swaps						$	19,823					$	—					$	19,823					$	—
Total liability recurring fair value measurements						$	19,823					$	—					$	19,823					$	—
Nonrecurring fair value measurements
Collateral-dependent loans (2)						$	8,458					$	—					$	—					$	8,458
Total asset nonrecurring fair value measurements						$	8,458					$	—					$	—					$	8,458

(1)All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

(2)Consists of individually evaluated loans. Loans for which the fair value of the collateral and commercial real estate fair value of the properties is less than cost basis are presented net of allowance. Losses on these loans represent charge-offs which are netted against the allowance for loan losses.

Financial assets, financial liabilities, and unrecognized financial instruments at carrying amount and fair value

The following tables present our financial assets and financial liabilities measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands):

												Estimated Fair Value
June 30, 2022						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	172,289					$	172,289					$	172,289					$	—					$	—
Investment securities:
HTM, at carrying value						971,427						860,964						—						860,964						—
MBS:
HTM, at carrying value						112,245						108,843						—						108,843						—
FHLB stock, at cost						13,726						13,726						—						13,726						—
Equity investments						5,828						5,828						—						5,828						—
Loans, net of allowance for loan losses						3,927,592						3,872,618						—						—						3,872,618
Loans held for sale						815						815						—						815						—
Financial liabilities:
Deposits						$	6,248,409					$	6,211,740					$	—					$	6,211,740					$	—
Other borrowings						58,478						58,478						—						58,478						—
FHLB borrowings						153,701						153,781						—						153,781						—
Subordinated notes, net of unamortized debt issuance costs						98,604						93,595						—						93,595						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,262						56,545						—						56,545						—

												Estimated Fair Value
December 31, 2021						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	201,753					$	201,753					$	201,753					$	—					$	—
Investment securities:
HTM, at carrying value						788						791						—						791						—
Mortgage-backed securities:
HTM, at carrying value						89,992						94,444						—						94,444						—
FHLB stock, at cost						14,375						14,375						—						14,375						—
Equity investments						5,921						5,921						—						5,921						—
Loans, net of allowance for loan losses						3,609,889						3,748,116						—						—						3,748,116
Loans held for sale						1,684						1,684						—						1,684						—
Financial liabilities:
Deposits						$	5,722,327					$	5,721,694					$	—					$	5,721,694					$	—
Other borrowings						23,219						23,219						—						23,219						—
FHLB borrowings						344,038						346,604						—						346,604						—
Subordinated notes, net of unamortized debt issuance costs						98,534						98,642						—						98,642						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,260						48,480						—						48,480						—

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration