Disclosures about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following list presents the assets and liabilities recognized in the accompanying consolidated Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2020 and December 31, 2019:

	Fair Value Description	Valuation Hierarchy Level	Where Fair Value Balance Can Be Found
Available-for-Sale Securities	Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows.	Level 2	Note 3: Securities
Derivatives	Fair value of the interest rate swaps is obtained from independent pricing services based on quoted market prices for similar derivative contracts.	Level 2	Note 5: Derivatives and Hedging

Fair Value Measurements, Nonrecurring

The following tables present assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2020 and December 31, 2019:

			September 30, 2020
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
	(Dollars in thousands)
Collateral-dependent impaired loans	$	36,378	$	—	$	—	$	36,378
Foreclosed assets held-for-sale	$	2,349	$	—	$	—	$	2,349

			December 31, 2019
			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
	(Dollars in thousands)
Collateral-dependent impaired loans	$	20,889	$	—	$	—	$	20,889

Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements at September 30, 2020 and December 31, 2019:

	September 30, 2020
	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(Dollars in thousands)
Collateral-dependent impaired loans	$	36,378	Market comparable properties	Marketability discount	10% - 15% (12%)
Foreclosed assets held-for-sale	$	2,349	Market comparable properties	Marketability discount	10%

	December 31, 2019
	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(Dollars in thousands)
Collateral-dependent impaired loans	$	20,889	Market comparable properties	Marketability discount	10% - 15% (12%)

Fair Value, by Balance Sheet Grouping

The following tables present the estimated fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019:

	September 30, 2020
	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Financial Assets
Cash and cash equivalents	$	223,636	$	223,636	$	—	$	—	$	223,636
Available-for-sale securities	652,146		—		652,146		—		652,146
Loans, net of allowance for loan losses	4,401,774		—		—		4,386,027		4,386,027
Restricted equity securities	20,923		—		—		20,923		20,923
Interest receivable	19,003		—		19,003		—		19,003
Derivative assets	27,873		—		27,873		—		27,873
	$	5,345,355	$	223,636	$	699,022	$	4,406,950	$	5,329,608
Financial Liabilities
Deposits	$	4,492,549	$	754,172	$	—	$	3,784,666	$	4,538,838
Federal funds purchased and repurchase agreements	13,531		—		13,531		—		13,531
Federal Home Loan Bank advances	336,100		—		353,309		—		353,309
Other borrowings	952		—		1,897		—		1,897
Interest payable	2,550		—		2,550		—		2,550
Derivative liabilities	27,949		—		27,949		—		27,949
	$	4,873,631	$	754,172	$	399,236	$	3,784,666	$	4,938,074

	December 31, 2019
	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Financial Assets
Cash and cash equivalents	$	187,320	$	187,320	$	—	$	—	$	187,320
Available-for-sale securities	741,634		—		741,634		—		741,634
Loans, net of allowance for loan losses	3,795,348		—		—		3,810,818		3,810,818
Restricted equity securities	17,278		—		—		17,278		17,278
Interest receivable	15,716		—		15,716		—		15,716
Derivative assets	9,838		—		9,838		—		9,838
	$	4,767,134	$	187,320	$	767,188	$	3,828,096	$	4,782,604
Financial Liabilities
Deposits	$	3,923,759	$	521,826	$	—	$	3,407,012	$	3,928,838
Federal funds purchased and repurchase agreements	14,921		—		14,921		—		14,921
Federal Home Loan Bank advances	358,743		—		357,859		—		357,859
Other borrowings	921		—		2,147		—		2,147
Interest payable	4,584		—		4,584		—		4,584
Derivative liabilities	9,907		—		9,907		—		9,907
	$	4,312,835	$	521,826	$	389,418	$	3,407,012	$	4,318,256