Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2021, and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2021	Inputs		Inputs		Inputs		Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	23,757	$	—	$	23,757
Obligations of U.S. government corporations and agencies		—		66,578		—		66,578
Obligations of states and political subdivisions		—		287,462		—		287,462
Commercial mortgage-backed securities		—		498,518		—		498,518
Residential mortgage-backed securities		—		1,786,320		—		1,786,320
Corporate debt securities		—		134,320		—		134,320
Equity securities		—		7,146		—		7,146
Loans held for sale		—		38,272		—		38,272
Derivative assets		—		22,623		—		22,623
Derivative liabilities		—		25,173		—		25,173

	Level 1		Level 2		Level 3		Total
December 31, 2020	Inputs		Inputs		Inputs		Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	27,837	$	—	$	27,837
Obligations of U.S. government corporations and agencies		—		69,519		—		69,519
Obligations of states and political subdivisions		—		304,711		—		304,711
Commercial mortgage-backed securities		—		418,616		—		418,616
Residential mortgage-backed securities		—		1,368,315		—		1,368,315
Corporate debt securities		—		72,189		—		72,189
Equity securities		—		5,530		—		5,530
Loans held for sale		—		42,813		—		42,813
Derivative assets		—		33,918		—		33,918
Derivative liabilities		—		38,403		—		38,403

Schedule of assets and liabilities measured at fair value on a non-recurring basis

The following tables summarize assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2021, and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2021	Inputs		Inputs		Inputs		Fair Value
Loans evaluated individually	$	—	$	—	$	2,334	$	2,334
OREO		—		—		51		51
Bank property held for sale		—		—		9,101		9,101

	Level 1		Level 2		Level 3		Total
December 31, 2020	Inputs		Inputs		Inputs		Fair Value
Loans evaluated individually	$	—	$	—	$	2,771	$	2,771
OREO		—		—		106		106
Bank property held for sale		—		—		10,676		10,676

Schedule of quantitative information about Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range
March 31, 2021	Estimate		Techniques	Input	(Weighted Average)
Loans evaluated individually	$	2,334	Appraisal of collateral	Appraisal adjustments	-42.8	%	to	-100.0	%	(-51.8)	%
OREO		51	Appraisal of collateral	Appraisal adjustments	-33.0	%	to	-100.0	%	(-67.9)	%
Bank property held for sale		9,101	Appraisal of collateral or real estate listing price	Appraisal adjustments	-6.2	%	to	-64.9	%	(-41.3)	%
December 31, 2020
Loans evaluated individually	$	2,771	Appraisal of collateral	Appraisal adjustments	-30.0	%	to	-100.0	%	(-37.0)	%
OREO		106	Appraisal of collateral	Appraisal adjustments	-25.0	%	to	-100.0	%	(-54.5)	%
Bank property held for sale		10,676	Appraisal of collateral or real estate listing price	Appraisal adjustments	-6.2	%	to	-64.9	%	(-42.8)	%

Schedule of estimated fair values of financial instruments

Estimated fair values of financial instruments that are reported at amortized cost in the Company’s unaudited Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):

	March 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Level 1 inputs:
Cash and cash equivalents	$	404,802	$	404,802	$	688,537	$	688,537
Level 2 inputs:
Accrued interest receivable		31,876		31,876		33,240		33,240
Level 3 inputs:
Portfolio loans, net		6,685,357		6,740,655		6,713,129		6,755,425
Mortgage servicing rights		10,409		12,461		10,912		11,107
Other servicing rights		1,528		2,055		1,434		1,966
Financial liabilities:
Level 2 inputs:
Time deposits	$	1,022,468	$	1,031,778	$	1,119,348	$	1,132,107
Securities sold under agreements to repurchase		210,132		210,132		175,614		175,614
Short-term borrowings		4,663		4,669		4,658		4,661
Long-term debt		4,584		4,806		4,757		5,014
Junior subordinated debt owed to unconsolidated trusts		71,509		56,511		71,468		59,943
Accrued interest payable		5,671		5,671		3,401		3,401
Level 3 inputs:
Senior notes, net of unamortized issuance costs		39,843		40,066		39,809		40,104
Subordinated notes, net of unamortized issuance costs		182,370		184,819		182,226		187,697