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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022.

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total Fair Value
June 30, 2023
Assets:
Investment securities available-for-sale:
U.S treasury bonds						$	—					46,629						$	—					$	46,629
U. S. agency securities						—						665,416						—						665,416
Residential mortgage-backed securities						—						764,590						—						764,590
Commercial mortgage-backed securities						—						48,969						—						48,969
Municipal bonds						—						8,312						—						8,312
Corporate bonds						—						1,673						—						1,673
Interest rate product						—						30,659						—						30,659
Credit risk participation agreements						—						3						—						3
Total assets measured at fair value on a recurring basis						$	—					$	1,566,251					$	—					$	1,566,251
Liabilities:
Interest rate product						—						$	32,341					—						32,341
Total liabilities measured at fair value on a recurring basis						$	—					$	32,341					$	—					$	32,341
December 31, 2022
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	46,326					$	—					$	46,326
U. S. agency securities						—						669,728						—						669,728
Residential mortgage-backed securities						—						820,502						—						820,502
Commercial mortgage-backed securities						—						50,214						—						50,214
Municipal bonds						—						10,088						—						10,088
Corporate bonds						—						1,808						—						1,808
Loans held for sale						—						6,734						—						6,734
Interest rate product						—						31,039						—						31,039
Mortgage banking derivatives						—						—						93						93
Total assets measured at fair value on a recurring basis						$	—					$	1,636,439					$	93					$	1,636,532
Liabilities:
Credit risk participation agreements						$	—					$	2					$	—					$	2
Interest rate product						—						30,065						—						30,065
Total liabilities measured at fair value on a recurring basis						$	—					$	30,067					$	—					$	30,067

Schedule of the Reconciliation of Activity for Assets and Liabilities Measured at Fair Value Based on Significant Other Unobservable Inputs

The following is a reconciliation of activity for assets measured at fair value based on Significant Other Unobservable Inputs (Level 3):

(dollars in thousands)						Investment Securities Available-for-Sale						Total
Assets:
Beginning balance at January 1, 2022						$	10,000					$	10,000
Realized loss included in earnings						—						—
Reclassified to investment securities held-to-maturity						(10,000)						(10,000)
Ending balance at December 31, 2022						$	—					$	—

Schedule of Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Loans Held for Sale Measured at Fair Value

The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of June 30, 2023 and December 31, 2022.

(dollars in thousands)						Fair Value						Aggregate Unpaid Principal Balance						Difference
June 30, 2023
Loans held for sale						$	—					$	—					$	—
December 31, 2022
Loans held for sale						$	6,734					$	6,775					$	(41)

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total Fair Value
June 30, 2023
Individually assessed loans:
Commercial						$	—					$	—					$	2,128					$	2,128
Income producing - commercial real estate						—						—						23,367						23,367
Owner occupied - commercial real estate						—						—						19,179						19,179
Real estate mortgage - residential						—						—						1,638						1,638
Consumer						—						—						396						396
Other real estate owned						—						—						1,487						1,487
Total assets measured at fair value on a nonrecurring basis as of June 30, 2023						$	—					$	—					$	48,195					$	48,195
December 31, 2022
Individually assessed loans:
Commercial						$	—					$	—					$	1,790					$	1,790
Income producing - commercial real estate						—						—						3,131						3,131
Owner occupied - commercial real estate						—						—						19,187						19,187
Real estate mortgage - residential						—						—						1,404						1,404
Consumer						—						—						3						3
Other real estate owned						—						—						1,962						1,962
Total assets measured at fair value on a nonrecurring basis as of December 31, 2022						$	—					$	—					$	27,477					$	27,477

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair value of the Company's financial instruments at June 30, 2023 and December 31, 2022 are as follows:

																		Fair Value Measurements
(dollars in thousands)						Carrying Value						Fair Value						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)
June 30, 2023
Assets
Cash and due from banks						$	9,865					$	9,865					$	9,865					$	—					$	—
Federal funds sold						3,981						3,981						—						3,981						—
Interest bearing deposits with other banks						174,072						174,072						—						174,072						—
Investment securities available-for-sale						1,535,589						1,535,589						—						1,535,589						—
Investment securities held-to-maturity						1,055,181						923,313						—						923,313						—
Federal Reserve and Federal Home Loan Bank stock						46,199						N/A						—						—						—
Loans						7,766,719						7,480,027						—						—						7,480,027
Annuity investment						13,454						13,454						—						13,454						—
Bank owned life insurance						111,565						111,565						—						111,565						—
Annuity investment						13,454						13,454						—						13,454						—
Mortgage banking derivatives						—						—						—						—						—
Interest rate product						30,659						30,659						—						30,659						—
Credit risk participation agreement						3						3						—						3						—
Accrued interest receivable						37,896						37,896						37,896						—						—
Liabilities
Noninterest bearing deposits						$	2,010,353					$	2,010,353					$	—					$	2,010,353					$	—
Interest bearing deposits						3,721,348						3,721,348						—						3,721,348						—
Time deposits						1,986,426						1,976,101						—						1,976,101						—
Customer repurchase agreements						37,017						37,017						—						37,017						—
Borrowings						1,906,615						1,904,242						—						1,904,242						—
Interest rate product						32,341						32,341						—						32,341						—
Accrued interest payable						25,911						25,911						25,911						—						—
December 31, 2022
Assets
Cash and due from banks						$	12,655					$	12,655					$	12,655					$	—					$	—
Federal funds sold						33,927						33,927						—						33,927						—
Interest bearing deposits with other banks						265,272						265,272						—						265,272						—
Investment securities available-for-sale						1,598,666						1,598,666						—						1,598,666						—
Investment securities held-to-maturity						1,093,374						967,940						—						967,940						—
Federal Reserve and Federal Home Loan Bank stock						65,067						N/A						—						—						—
Loans held for sale						6,734						6,734						—						6,734						—
Loans						7,635,632						7,492,283						—						—						7,492,283
Bank owned life insurance						110,998						110,998						—						110,998						—
Annuity investment						13,869						13,869						—						13,869						—
Mortgage banking derivatives						93						93						—						—						93
Interest rate product						31,039						31,039						—						31,039						—
Accrued interest receivable						36,605						36,605						36,605						—						—
Liabilities
Noninterest bearing deposits						$	3,150,751					$	3,150,751					$	—					$	3,150,751					$	—
Interest bearing deposits						4,778,932						4,778,932						—						4,778,932						—
Time deposits						783,499						777,757						—						777,757						—
Customer repurchase agreements						35,100						35,100						—						35,100						—
Borrowings						1,044,795						1,043,083						—						1,043,083						—
Interest rate swap derivatives						—						—						—						—						—
Credit risk participation agreements						2						2						—						2						—
Interest rate product						30,065						30,065						—						30,065						—
Accrued interest payable						25,911						25,911						25,911						—						—

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Tabular disclosure for aggregate fair value and unpaid principal balance for loans held for sale.

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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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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