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FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of fair value measurement on recurring and nonrecurring basis segregated by level of valuation inputs within fair value hierarchy utilized to measure fair value
The following tables summarize assets measured at fair value on a recurring and nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):
December 31, 2021
  Fair Value Measurements at the End of the Reporting Period Using
 Carrying
Amount
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Recurring fair value measurements    
Investment securities:    
U.S. Treasury$58,877 $58,877 $— $— 
State and political subdivisions2,051,936 — 2,051,936 — 
Corporate bonds and other135,532 — 135,532 — 
MBS: (1)
  
Residential426,350 — 426,350 — 
Commercial91,630 — 91,630 — 
Equity investments:
Equity investments5,920 5,920 — — 
Derivative assets:
Interest rate swaps18,231 — 18,231 — 
Total asset recurring fair value measurements$2,788,476 $64,797 $2,723,679 $— 
Derivative liabilities:
Interest rate swaps$19,823 $— $19,823 $— 
Total liability recurring fair value measurements$19,823 $— $19,823 $— 
Nonrecurring fair value measurements    
Collateral-dependent loans (2)
$8,458 $— $— $8,458 
Total asset nonrecurring fair value measurements$8,458 $— $— $8,458 
December 31, 2020
  Fair Value Measurements at the End of the Reporting Period Using
 Carrying
Amount
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Recurring fair value measurements    
Investment securities:    
State and political subdivisions$1,580,594 $— $1,580,594 $— 
Corporate bonds and other78,255 — 78,255 — 
MBS: (1)
    
Residential810,010 — 810,010 — 
Commercial118,446 — 118,446 — 
Equity investments:
Equity investments6,094 6,094 — — 
Derivative assets:
Interest rate swaps18,537 — 18,537 — 
Total asset recurring fair value measurements$2,611,936 $6,094 $2,605,842 $— 
Derivative liabilities:
Interest rate swaps$40,172 $— $40,172 $— 
Total liability recurring fair value measurements$40,172 $— $40,172 $— 
Nonrecurring fair value measurements    
Foreclosed assets$120 $— $— $120 
Impaired loans (2)
10,653 — — 10,653 
Total asset nonrecurring fair value measurements$10,773 $— $— $10,773 
(1)All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
(2)Consists of individually evaluated loans. Loans for which the fair value of the collateral and commercial real estate fair value of the properties is less than cost basis are presented net of allowance. Losses on these loans represent charge-offs which are netted against the allowance for loan losses.
Financial assets, financial liabilities, and unrecognized financial instruments at carrying amount and fair value
The following tables present our financial assets and financial liabilities measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands):
  Estimated Fair Value
December 31, 2021Carrying
Amount
TotalLevel 1Level 2Level 3
Financial Assets:     
Cash and cash equivalents$201,753 $201,753 $201,753 $— $— 
Investment securities:
HTM, at carrying value788 791 — 791 — 
MBS:
HTM, at carrying value89,992 94,444 — 94,444 — 
FHLB stock, at cost 14,375 14,375 — 14,375 — 
Equity investments5,921 5,921 — 5,921 — 
Loans, net of allowance for loan losses3,609,889 3,748,116 — — 3,748,116 
Loans held for sale1,684 1,684 — 1,684 — 
Financial Liabilities:
Deposits$5,722,327 $5,721,694 $— $5,721,694 $— 
Other borrowings23,219 23,219 — 23,219 — 
FHLB borrowings344,038 346,604 — 346,604 — 
Subordinated notes, net of unamortized debt issuance costs98,534 98,642 — 98,642 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,260 48,480 — 48,480 — 
  Estimated Fair Value
December 31, 2020Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$108,408 $108,408 $108,408 $— $— 
Investment securities:   
HTM, at carrying value907 920 — 920 — 
MBS:     
HTM, at carrying value108,091 117,278 — 117,278 — 
FHLB stock, at cost 25,259 25,259 — 25,259 — 
Equity investments5,811 5,811 — 5,811 — 
Loans, net of allowance for loan losses3,608,773 3,784,291 — — 3,784,291 
Loans held for sale3,695 3,695 — 3,695 — 
Financial liabilities:    
Deposits$4,932,322 $4,936,188 $— $4,936,188 $— 
Other borrowings23,172 23,172 — 23,172 — 
FHLB borrowings832,527 854,865 — 854,865 — 
Subordinated notes, net of unamortized debt issuance costs197,251 198,391 — 198,391 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,255 51,993 — 51,993 —