v3.21.1

Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measured on Recurring Basis | The following table summarizes assets and liabilities measured at fair value on a recurring basis as of the dates indicated, by level within the fair value hierarchy:
| Fair Value Measurement at March 31, 2021 Using
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |  |
U.S. Government agencies and corporations | $ | 340 |  |  | $ | — |  |  | $ | 340 |  |  | $ | — |
State and political subdivisions | 673,923 |  |  | — |  |  | 673,923 |  |  | — |
Mortgage-backed securities | 79,005 |  |  | — |  |  | 79,005 |  |  | — |
Collateralized mortgage obligations | 715,981 |  |  | — |  |  | 715,981 |  |  | — |
Corporate debt securities | 427,645 |  |  | — |  |  | 427,645 |  |  | — |
Derivative assets | 6,894 |  |  | — |  |  | 6,894 |  |  | — |
Mortgage servicing rights | 5,928 |  |  | — |  |  | 5,928 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 7,694 |  |  | $ | — |  |  | $ | 7,694 |  |  | $ | — |
| Fair Value Measurement at December 31, 2020 Using
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Debt securities available for sale: |  |  |  |  |  |  |
U.S. Government agencies and corporations | $ | 361 |  |  | $ | — |  |  | $ | 361 |  |  | $ | — |
State and political subdivisions | 628,346 |  |  | — |  |  | 628,346 |  |  | — |
Mortgage-backed securities | 94,018 |  |  | — |  |  | 94,018 |  |  | — |
Collateralized mortgage obligations | 565,836 |  |  | — |  |  | 565,836 |  |  | — |
Corporate debt securities | 368,820 |  |  | — |  |  | 368,820 |  |  | — |
Derivative assets | 10,796 |  |  | — |  |  | 10,796 |  |  | — |
Mortgage servicing rights | 5,137 |  |  | — |  |  | 5,137 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 13,267 |  |  | $ | — |  |  | $ | 13,267 |  |  | $ | — |
Schedule of Fair Value Measured on Nonrecurring Basis | The following tables presents assets measured at fair value on a nonrecurring basis as of the dates indicated:
| Fair Value Measurement at March 31, 2021 Using
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Collateral dependent individually analyzed loans | $ | 36,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,235 |
Foreclosed assets, net | 1,487 |  |  | — |  |  | — |  |  | 1,487 |
| Fair Value Measurement at December 31, 2020 Using
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Collateral dependent individually analyzed loans | $ | 34,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,265 |
Foreclosed assets, net | 2,316 |  |  | — |  |  | — |  |  | 2,316 |
Schedule of Valuation Techniques | The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated:
| Fair Value at |  |  |  |  |  |  |  |  |  |
(dollars in thousands) | March 31, 2021 |  | December 31, 2020 |  | Valuation Techniques(s) |  | Unobservable Input |  | Range of Inputs |  | Weighted Average
Collateral dependent individually analyzed loans | $ | 36,235 |  |  | $ | 34,265 |  |  | Fair value of collateral |  | Valuation adjustments |  | — | % | - | 91 | % |  | 22 | %
Foreclosed assets, net | $ | 1,487 |  |  | $ | 2,316 |  |  | Fair value of collateral |  | Valuation adjustments |  | 8 | % | - | 66 | % |  | 32 | %
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of financial instruments at March 31, 2021 and December 31, 2020 were as follows:
| March 31, 2021
(in thousands) | Carrying Amount |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 145,769 |  |  | $ | 145,769 |  |  | $ | 145,769 |  |  | $ | — |  |  | $ | — |
Debt securities available for sale | 1,896,894 |  |  | 1,896,894 |  |  | — |  |  | 1,896,894 |  |  | — |
Loans held for sale | 58,333 |  |  | 58,608 |  |  | — |  |  | 58,608 |  |  | — |
Loans held for investment, net | 3,307,511 |  |  | 3,341,347 |  |  | — |  |  | — |  |  | 3,341,347 |
Interest receivable | 19,749 |  |  | 19,749 |  |  | — |  |  | 19,749 |  |  | — |
FHLB stock | 12,170 |  |  | 12,170 |  |  | — |  |  | 12,170 |  |  | — |
Derivative assets | 6,894 |  |  | 6,894 |  |  | — |  |  | 6,894 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Noninterest bearing deposits | 958,526 |  |  | 958,526 |  |  | 958,526 |  |  | — |  |  | — |
Interest bearing deposits | 3,836,037 |  |  | 3,838,265 |  |  | 2,937,232 |  |  | 901,033 |  |  | — |
Short-term borrowings | 175,785 |  |  | 175,785 |  |  | 175,785 |  |  | — |  |  | — |
Finance leases payable | 1,061 |  |  | 1,061 |  |  | — |  |  | 1,061 |  |  | — |
FHLB borrowings | 84,174 |  |  | 85,986 |  |  | — |  |  | 85,986 |  |  | — |
Junior subordinated notes issued to capital trusts | 41,807 |  |  | 34,066 |  |  | — |  |  | 34,066 |  |  | — |
Subordinated debentures | 74,654 |  |  | 78,388 |  |  | — |  |  | 78,388 |  |  | — |
Derivative liabilities | 7,694 |  |  | 7,694 |  |  | — |  |  | 7,694 |  |  | — |
| December 31, 2020
(in thousands) | Carrying Amount |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 82,659 |  |  | $ | 82,659 |  |  | $ | 82,659 |  |  | $ | — |  |  | $ | — |
Debt securities available for sale | 1,657,381 |  |  | 1,657,381 |  |  | — |  |  | 1,657,381 |  |  | — |
Loans held for sale | 59,956 |  |  | 60,039 |  |  | — |  |  | 60,039 |  |  | — |
Loans held for investment, net | 3,426,723 |  |  | 3,469,515 |  |  | — |  |  | — |  |  | 3,469,515 |
Interest receivable | 21,706 |  |  | 21,706 |  |  | — |  |  | 21,706 |  |  | — |
FHLB stock | 13,784 |  |  | 13,784 |  |  | — |  |  | 13,784 |  |  | — |
Derivative assets | 10,796 |  |  | 10,796 |  |  | — |  |  | 10,796 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Noninterest bearing deposits | 910,655 |  |  | 910,655 |  |  | 910,655 |  |  | — |  |  | — |
Interest bearing deposits | 3,636,394 |  |  | 3,640,365 |  |  | 2,800,046 |  |  | 840,319 |  |  |
Short-term borrowings | 230,789 |  |  | 230,789 |  |  | 230,789 |  |  | — |  |  | — |
Finance leases payable | 1,096 |  |  | 1,096 |  |  | — |  |  | 1,096 |  |  | — |
FHLB borrowings | 91,198 |  |  | 93,380 |  |  | — |  |  | 93,380 |  |  |
Junior subordinated notes issued to capital trusts | 41,763 |  |  | 33,986 |  |  | — |  |  | 33,986 |  |  |
Subordinated debentures | 74,634 |  |  | 77,228 |  |  | — |  |  | 77,228 |  |  |
Derivative liabilities | 13,267 |  |  | 13,267 |  |  | — |  |  | 13,267 |  |  | — |

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- 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=117815213&loc=d3e19207-110258 + Details
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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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&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=117815213&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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