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Disclosures about Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

			June 30, 2021
			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies			$	191,101					$	—					$	191,101					$	—
State and municipal			1,113,493						—						1,113,493						—
Federal agency collateralized mortgage obligations			98,622						—						98,622						—
Federal agency mortgage–backed pools			167,510						—						167,510						—
Private labeled mortgage–backed pools			33,568						—						33,568
Corporate notes			86,892						—						86,892						—
Total available for sale securities			1,691,186						—						1,691,186						—
Interest rate swap agreements asset			22,693						—						22,693						—
Forward sale commitments			499						—						499						—
Interest rate swap agreements liability			(27,901)						—						(27,901)						—

			December 31, 2020
			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies			$	19,715					$	—					$	19,715					$	—
State and municipal			837,843						—						837,843						—
Federal agency collateralized mortgage obligations			147,453						—						147,453						—
Federal agency mortgage–backed pools			118,799						—						118,799						—
Corporate notes			10,215						—						10,215						—
Total available for sale securities			1,134,025						—						1,134,025						—
Interest rate swap agreements asset			35,388						—						35,388						—
Forward sale commitments			1,045						—						1,045						—
Interest rate swap agreements liability			(43,631)						—						(43,631)						—

Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows:

			Three Months Ended												Six Months Ended
			June 30, 2021						June 30, 2020						June 30, 2021						June 30, 2020
Non-interest Income
Total gains and losses from:
Hedged loans			$	(4,830)					$	(3,162)					$	12,695					$	(29,492)
Fair value interest rate swap agreements			4,830						3,162						(12,695)						29,492
Derivative loan commitments			696						(679)						(545)						364
			$	696					$	(679)					$	(545)					$	364

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a non-recurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
June 30, 2021
Collateral dependent loans			$	8,918					$	—					$	—					$	8,918
Mortgage servicing rights			14,462						—						—						14,462
December 31, 2020
Collateral dependent loans			$	13,123					$	—					$	—					$	13,123
Mortgage servicing rights			12,472						—						—						12,472

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and non–recurring Level 3 fair value measurements, other than goodwill.

June 30, 2021

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral dependent loans

$

8,918

Collateral based measurement

Discount to reflect current market conditions and ultimate collectibility

0.0%-66.0% (13.8%)

Mortgage servicing rights

14,462

Discounted cash flows

Discount rate, Constant prepayment rate, Probability of default

8.0%-8.0% (8.0%), 9.9%-28.5% (13.6%), 0.0%-4.5%(0.5%)

December 31, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral dependent loans

$

13,123

Collateral based measurement

Discount to reflect current market conditions and ultimate collectibility

0.0%-72.0%(12.4%)

Mortgage servicing rights

12,472

Discounted cash flows

Discount rate, Constant prepayment rate, Probability of default

7.8%-7.8% (7.8%), 11.5%-20.9%(17.5%), 0.0%-1.0%(0.8%)

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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ 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 (c)(1)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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 (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 3: 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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 http://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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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