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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

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
September 30, 2023						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						$	224,209					$	224,209					$	—					$	—
State and political subdivisions						708,543						—						708,543						—
Corporate bonds and other						13,396						—						13,396						—
MBS: (1)
Residential						379,387						—						379,387						—
Commercial						10,025						—						10,025						—
Equity investments:
Equity investments						5,072						5,072						—						—
Derivative assets:
Interest rate swaps						109,514						—						109,514						—
Total asset recurring fair value measurements						$	1,450,146					$	229,281					$	1,220,865					$	—
Derivative liabilities:
Interest rate swaps						$	27,876					$	—					$	27,876					$	—
Total liability recurring fair value measurements						$	27,876					$	—					$	27,876					$	—
Nonrecurring fair value measurements
Foreclosed assets						$	50					$	—					$	—					$	50
Collateral-dependent loans (2)						7,137						—						—						7,137
Total asset nonrecurring fair value measurements						$	7,187					$	—					$	—					$	7,187

												Fair Value Measurements at the End of the Reporting Period Using
December 31, 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:
State and political subdivisions						$	964,852					$	—					$	964,852					$	—
Corporate bonds and other						8,704						—						8,704						—
MBS: (1)
Residential						315,027						—						315,027						—
Commercial						10,431						—						10,431						—
Equity investments:
Equity investments						5,235						5,235						—						—
Derivative assets:
Interest rate swaps						82,306						—						82,306						—
Total asset recurring fair value measurements						$	1,386,555					$	5,235					$	1,381,320					$	—
Derivative liabilities:
Interest rate swaps						$	21,217					$	—					$	21,217					$	—
Total liability recurring fair value measurements						$	21,217					$	—					$	21,217					$	—
Nonrecurring fair value measurements
Foreclosed assets						$	167					$	—					$	—					$	167
Collateral-dependent loans (2)						7,815						—						—						7,815
Total asset nonrecurring fair value measurements						$	7,982					$	—					$	—					$	7,982

(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
September 30, 2023						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	325,823					$	325,823					$	325,823					$	—					$	—
Investment securities:
HTM, at carrying value						1,185,474						944,586						—						944,586						—
MBS:
HTM, at carrying value						122,412						107,844						—						107,844						—
FHLB stock, at cost						12,778						12,778						—						12,778						—
Equity investments						4,382						4,382						—						4,382						—
Loans, net of allowance for loan losses						4,378,873						3,962,889						—						—						3,962,889
Loans held for sale						1,382						1,382						—						1,382						—
Financial liabilities:
Deposits						$	6,349,571					$	6,315,058					$	—					$	6,315,058					$	—
Other borrowings						395,209						393,551						—						393,551						—
FHLB borrowings						212,829						198,457						—						198,457						—
Subordinated notes, net of unamortized debt issuance costs						93,838						84,992						—						84,992						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,269						52,568						—						52,568						—

												Estimated Fair Value
December 31, 2022						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	199,252					$	199,252					$	199,252					$	—					$	—
Investment securities:
HTM, at carrying value						1,190,108						1,023,376						—						1,023,376						—
Mortgage-backed securities:
HTM, at carrying value						136,621						125,780						—						125,780						—
FHLB stock, at cost						9,190						9,190						—						9,190						—
Equity investments						5,946						5,946						—						5,946						—
Loans, net of allowance for loan losses						4,111,176						3,880,664						—						—						3,880,664
Loans held for sale						667						667						—						667						—
Financial liabilities:
Deposits						$	6,198,019					$	6,158,517					$	—					$	6,158,517					$	—
Other borrowings						221,153						221,153						—						221,153						—
FHLB borrowings						153,358						140,976						—						140,976						—
Subordinated notes, net of unamortized debt issuance costs						98,674						91,357						—						91,357						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,265						60,594						—						60,594						—

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

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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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- References

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