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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

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
March 31, 2024						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						$	139,186					$	139,186					$	—					$	—
State and political subdivisions						548,545						—						548,545						—
Corporate bonds and other						13,709						—						13,709						—
MBS: (1)
Residential						699,077						—						699,077						—
Commercial						4,704						—						4,704						—
Equity investments:
Equity investments						5,252						5,252						—						—
Derivative assets:
Interest rate swaps						68,278						—						68,278						—
Total asset recurring fair value measurements						$	1,478,751					$	144,438					$	1,334,313					$	—
Derivative liabilities:
Interest rate swaps						$	23,637					$	—					$	23,637					$	—
Total liability recurring fair value measurements						$	23,637					$	—					$	23,637					$	—
Nonrecurring fair value measurements
Foreclosed assets						$	119					$	—					$	—					$	119
Collateral-dependent loans (2)						9,660						—						—						9,660
Total asset nonrecurring fair value measurements						$	9,779					$	—					$	—					$	9,779

												Fair Value Measurements at the End of the Reporting Period Using
December 31, 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						$	139,725					$	139,725					$	—					$	—
State and political subdivisions						568,745						—						568,745						—
Corporate bonds and other						14,093						—						14,093						—
MBS: (1)
Residential						568,983						—						568,983						—
Commercial						4,748						—						4,748						—
Equity investments:
Equity investments						5,308						5,308						—						—
Derivative assets:
Interest rate swaps						56,639						—						56,639						—
Total asset recurring fair value measurements						$	1,358,241					$	145,033					$	1,213,208					$	—
Derivative liabilities:
Interest rate swaps						$	25,684					$	—					$	25,684					$	—
Total liability recurring fair value measurements						$	25,684					$	—					$	25,684					$	—
Nonrecurring fair value measurements
Foreclosed assets						$	99					$	—					$	—					$	99
Collateral-dependent loans (2)						7,000						—						—						7,000
Total asset nonrecurring fair value measurements						$	7,099					$	—					$	—					$	7,099

(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
March 31, 2024						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	469,373					$	469,373					$	469,373					$	—					$	—
Investment securities:
HTM, at carrying value						1,186,842						1,043,056						—						1,043,056						—
MBS:
HTM, at carrying value						120,056						109,130						—						109,130						—
FHLB stock, at cost						27,958						27,958						—						27,958						—
Equity investments						4,302						4,302						—						4,302						—
Loans, net of allowance for loan losses						4,533,811						4,228,531						—						—						4,228,531
Loans held for sale						756						756						—						756						—
Financial liabilities:
Deposits						$	6,545,760					$	6,523,686					$	—					$	6,523,686					$	—
Other borrowings						457,685						458,750						—						458,750						—
FHLB borrowings						312,466						303,076						—						303,076						—
Subordinated notes, net of unamortized debt issuance costs						93,913						87,292						—						87,292						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,271						57,168						—						57,168						—

												Estimated Fair Value
December 31, 2023						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents						$	560,510					$	560,510					$	560,510					$	—					$	—
Investment securities:
HTM, at carrying value						1,186,152						1,054,739						—						1,054,739						—
Mortgage-backed securities:
HTM, at carrying value						120,901						111,423						—						111,423						—
FHLB stock, at cost						11,936						11,936						—						11,936						—
Equity investments						4,383						4,383						—						4,383						—
Loans, net of allowance for loan losses						4,481,836						4,198,879						—						—						4,198,879
Loans held for sale						10,894						10,894						—						10,894						—
Financial liabilities:
Deposits						$	6,549,681					$	6,534,929					$	—					$	6,534,929					$	—
Other borrowings						509,820						510,242						—						510,242						—
FHLB borrowings						212,648						202,750						—						202,750						—
Subordinated notes, net of unamortized debt issuance costs						93,877						86,285						—						86,285						—
Trust preferred subordinated debentures, net of unamortized debt issuance costs						60,270						57,480						—						57,480						—

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
-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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