v3.21.1

Fair Value of Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

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						—

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.

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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 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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