Disclosures about Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

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Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

	September 30, 2020
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies	$	6,239	$	—	$	6,239	$	—
State and municipal	678,459		—		678,459		—
Federal agency collateralized mortgage obligations	185,849		—		185,849		—
Federal agency mortgage–backed pools	132,472		—		132,472		—
Corporate notes	12,324		—		12,324		—
Total available for sale securities	1,015,343		—		1,015,343		—
Interest rate swap agreements asset	40,434		—		40,434		—
Forward sale commitments	1,584		—		1,584		—
Interest rate swap agreements liability	(49,331)		—		(49,331)		—

	December 31, 2019
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies	$	1,413	$	—	$	1,413	$	—
State and municipal	405,768		—		405,768		—
Federal agency collateralized mortgage obligations	269,252		—		269,252		—
Federal agency mortgage–backed pools	146,572		—		146,572		—
Corporate notes	11,771		—		11,771		—
Total available for sale securities	834,776		—		834,776		—
Interest rate swap agreements asset	11,422		—		11,422		—
Forward sale commitments	264		—		264		—
Interest rate swap agreements liability	(15,861)		—		(15,861)		—
Commitments to originate loans	(38)		—		(38)		—

Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Non-interest Income
Total gains and losses from:
Hedged loans	$	1,944	$	(6,091)	$	(27,548)	$	(17,671)
Fair value interest rate swap agreements	(1,944)		6,091		27,548		17,671
Derivative loan commitments	994		(429)		1,358		(97)
	$	994	$	(429)	$	1,358	$	(97)

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a non-recurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2020
Collateral dependent loans	$	14,781	$	—	$	—	$	14,781
Mortgage servicing rights	11,705		—		—		11,705
December 31, 2019
Impaired loans	$	6,806	$	—	$	—	$	6,806
Mortgage servicing rights	14,327		—		—		14,327

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and non–recurring Level 3 fair value measurements, other than goodwill.

	September 30, 2020
	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral dependent loans	$	14,781	Collateral based measurement	Discount to reflect current market conditions and ultimate collectibility	0.0%-76.0% (8.6%)
Mortgage servicing rights	11,705		Discounted cash flows	Discount rate, Constant prepayment rate, Probability of default	7.8%-7.8% (7.8%), 7.1%-17.3% (14.0%), 0.7%-19.7%(1.9%)

	December 31, 2019
	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans	$	6,806	Collateral based measurement	Discount to reflect current market conditions and ultimate collectibility	0.0%-100.0%(7.4%)
Mortgage servicing rights	14,327		Discounted cash flows	Discount rate, Constant prepayment rate, Probability of default	8.7%-9.0% (8.7%), 10.2%-19.8%(12.2%), 0.1%-2.9%(0.7%)