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Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2022
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):
  Fair Value Measurements at the End of the Reporting Period Using
September 30, 2022
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$1,038,332 $— $1,038,332 $— 
Corporate bonds and other57,417 — 57,417 — 
MBS: (1)
  
Residential320,368 — 320,368 — 
Commercial8,445 — 8,445 — 
Equity investments:
Equity investments5,224 5,224 — — 
Derivative assets:
Interest rate swaps88,080 — 88,080 — 
Total asset recurring fair value measurements$1,517,866 $5,224 $1,512,642 $— 
Derivative liabilities:
Interest rate swaps$22,822 $— $22,822 $— 
Total liability recurring fair value measurements$22,822 $— $22,822 $— 
Nonrecurring fair value measurements   
Foreclosed assets$197 $— $— $197 
Collateral-dependent loans (2)
8,224 — — 8,224 
Total asset nonrecurring fair value measurements$8,421 $— $— $8,421 
  Fair Value Measurements at the End of the Reporting Period Using
December 31, 2021
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 
(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
September 30, 2022Carrying
Amount
TotalLevel 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$195,127 $195,127 $195,127 $— $— 
Investment securities:
HTM, at carrying value1,013,674 816,756 — 816,756 — 
MBS:
HTM, at carrying value137,531 126,566 — 126,566 — 
FHLB stock, at cost 12,887 12,887 — 12,887 — 
Equity investments5,828 5,828 — 5,828 — 
Loans, net of allowance for loan losses4,026,989 3,793,430 — — 3,793,430 
Loans held for sale421 421 — 421 — 
Financial liabilities:
Deposits$6,181,159 $6,126,861 $— $6,126,861 $— 
Other borrowings74,721 74,721 — 74,721 — 
FHLB borrowings243,531 243,512 — 243,512 — 
Subordinated notes, net of unamortized debt issuance costs98,639 89,214 — 89,214 — 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,264 57,598 — 57,598 — 
  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 — 
Mortgage-backed securities: 
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 —