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Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 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
June 30, 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$172,746 $172,746 $— $— 
State and political subdivisions456,381 — 456,381 — 
Corporate bonds and other13,563 — 13,563 — 
MBS: (1)
  
Residential758,534 — 758,534 — 
Commercial4,720 — 4,720 — 
Equity investments:
Equity investments5,229 5,229 — — 
Derivative assets:
Interest rate swaps66,044 — 66,044 — 
Total asset recurring fair value measurements$1,477,217 $177,975 $1,299,242 $— 
Derivative liabilities:
Interest rate swaps$23,973 $— $23,973 $— 
Total liability recurring fair value measurements$23,973 $— $23,973 $— 
Nonrecurring fair value measurements   
Foreclosed assets$663 $— $— $663 
Collateral-dependent loans (2)
9,213 — — 9,213 
Total asset nonrecurring fair value measurements$9,876 $— $— $9,876 
  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 subdivisions568,745 — 568,745 — 
Corporate bonds and other14,093 — 14,093 — 
MBS: (1)
 
Residential568,983 — 568,983 — 
Commercial4,748 — 4,748 — 
Equity investments:
Equity investments5,308 5,308 — — 
Derivative assets:
Interest rate swaps56,639 — 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
June 30, 2024Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$451,996 $451,996 $451,996 $— $— 
Investment securities:
HTM, at carrying value1,187,537 1,033,081 — 1,033,081 — 
MBS:
HTM, at carrying value118,438 107,366 — 107,366 — 
FHLB stock, at cost 32,991 32,991 — 32,991 — 
Equity investments4,302 4,302 — 4,302 — 
Loans, net of allowance for loan losses4,546,958 4,379,242 — — 4,379,242 
Loans held for sale1,352 1,352 — 1,352 — 
Financial liabilities:
Deposits$6,495,932 $6,490,306 $— $6,490,306 $— 
Other borrowings201,418 201,492 — 201,492 — 
FHLB borrowings562,282 565,572 — 565,572 — 
Subordinated notes, net of unamortized debt issuance costs91,970 86,632 — 86,632 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,272 56,176 — 56,176 — 
  Estimated Fair Value
December 31, 2023Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$560,510 $560,510 $560,510 $— $— 
Investment securities:
HTM, at carrying value1,186,152 1,054,739 — 1,054,739 — 
Mortgage-backed securities: 
HTM, at carrying value120,901 111,423 — 111,423 — 
FHLB stock, at cost 11,936 11,936 — 11,936 — 
Equity investments4,383 4,383 — 4,383 — 
Loans, net of allowance for loan losses4,481,836 4,198,879 — — 4,198,879 
Loans held for sale10,894 10,894 — 10,894 — 
Financial liabilities:
Deposits$6,549,681 $6,534,929 $— $6,534,929 $— 
Other borrowings509,820 510,242 — 510,242 — 
FHLB borrowings212,648 202,750 — 202,750 — 
Subordinated notes, net of unamortized debt issuance costs93,877 86,285 — 86,285 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,270 57,480 — 57,480 —