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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring and Non-Recurring Basis

The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands).

		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
September 30, 2021
Measured on a recurring basis:
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	—			$	6,531			$	—			$	6,531
Mortgage-backed securities			—				1,091,419				—				1,091,419
Other assets:
Hedging derivative instruments			—				1,112				—				1,112
Fair value adjusted through comprehensive income		$	—			$	1,099,062			$	—			$	1,099,062
Other assets:
Derivative instruments - interest rate swaps			—				14,653				—				14,653
Derivative instruments - credit contracts			—				-				—				-
Derivative instruments - mortgage banking			—				374				—				374
Other liabilities:
Derivative instruments - interest rate swaps			—				(14,658	)			—				(14,658	)
Derivative instruments - credit contracts			—				(1	)			—				(1	)
Derivative instruments - mortgage banking			—				(5	)			—				(5	)
Fair value adjusted through net income		$	—			$	363			$	—			$	363
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	5,916			$	—			$	5,916
Collateral dependent loans			—				—				54,554				54,554
Other assets:
Long-lived assets held for sale			—				4,341				—				4,341
Loan servicing rights			—				—				1,484				1,484
Total		$	—			$	10,257			$	56,038			$	66,295

There were no transfers between Levels 1 and 2 during the nine months ended September 30, 2021. There were no liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2021.

		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
December 31, 2020
Measured on a recurring basis:
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	—			$	6,635			$	—			$	6,635
Mortgage-backed securities			—				621,424				—				621,424
Other liabilities:
Hedging derivative instruments			—				(311	)			—				(311	)
Fair value adjusted through comprehensive income		$	—			$	627,748			$	—			$	627,748
Other assets:
Derivative instruments - cash flow hedges		$	—			$	—			$	—			$	-
Derivative instruments - interest rate swaps			—				19,626				—				19,626
Derivative instruments - credit contracts			—				23				—				23
Derivative instruments - mortgage banking			—				471				—				471
Other liabilities:
Derivative instruments - interest rate swaps			—				(19,837	)			—				(19,837	)
Derivative instruments - credit contracts			—				(86	)			—				(86	)
Derivative instruments - mortgage banking			—				(1	)			—				(1	)
Fair value adjusted through net income		$	—			$	196			$	—			$	196
Measured on a nonrecurring basis:
Loans:
Loans held for sale		$	—			$	4,305			$	—			$	4,305
Collateral dependent loans			—				—				29,434				29,434
Other assets:
Loan servicing rights			—				—				1,320				1,320
Other real estate owned			—				—				2,966				2,966
Total		$	—			$	4,305			$	33,720			$	38,025

There were no transfers between Levels 1 and 2 during the nine months ended September 30, 2020. There were no liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2020.

Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value as of September 30, 2021 (dollars in thousands).

Asset		Fair Value				Valuation Technique		Unobservable Input		Unobservable Input Value or Range
Collateral dependent loans		$	54,554			Appraisal of collateral (1)		Appraisal adjustments (2)		27.2% (3) / 0 - 35%
Loan servicing rights			1,484			Discounted cash flow		Discount rate		10.3% (3)
								Constant prepayment rate		14.5% (3)

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

(3) Weighted averages.

Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments

The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated.

		Level in		September 30, 2021								December 31, 2020
		Fair Value						Estimated								Estimated
		Measurement		Carrying				Fair				Carrying				Fair
		Hierarchy		Amount				Value				Amount				Value
Financial assets:
Cash and cash equivalents		Level 1		$	288,426			$	288,426			$	93,878			$	93,878
Securities available for sale		Level 2			1,097,950				1,097,950				628,059				628,059
Securities held to maturity, net		Level 2			218,135				224,164				271,973				282,035
Loans held for sale		Level 2			5,916				5,916				4,305				4,305
Loans		Level 2			3,553,901				3,597,936				3,513,284				3,549,770
Loans (1)		Level 3			54,554				54,554				29,434				29,434
Long-lived assets held for sale		Level 2			4,341				4,341				—				—
Accrued interest receivable		Level 1			15,742				15,742				15,635				15,635
Derivative instruments – cash flow hedges		Level 2			1,112				1,112				—				—
Derivative instruments – interest rate products		Level 2			14,653				14,653				19,626				19,626
Derivative instruments – credit contracts		Level 2			-				-				23				23
Derivative instruments – mortgage banking		Level 2			374				374				471				471
FHLB and FRB stock		Level 2			9,368				9,368				8,619				8,619
Financial liabilities:
Non-maturity deposits		Level 1			4,054,683				4,054,683				3,392,774				3,392,774
Time deposits		Level 2			920,280				920,221				885,593				887,113
Short-term borrowings		Level 1			—				—				5,300				5,300
Long-term borrowings		Level 2			73,834				79,275				73,623				83,953
Accrued interest payable		Level 1			3,226				3,226				4,381				4,381
Derivative instruments – cash flow hedges		Level 2			—				—				311				311
Derivative instruments – interest rate products		Level 2			14,658				14,658				19,837				19,837
Derivative instruments – credit contracts		Level 2			1				1				86				86
Derivative instruments – mortgage banking		Level 2			5				5				1				1

(1) Comprised of collateral dependent loans.

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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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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

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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=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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