Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair values of financial assets and liabilities measured on a recurring basis

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

	Level 1		Level 2		Level 3		Totals
December 31, 2019
Financial assets:
Securities available for sale:
Trust preferred securities	$	—	$	—	$	9,986	$	9,986
Other available for sale securities	—		1,280,627		—		1,280,627
Total securities available for sale	—		1,280,627		9,986		1,290,613
Derivative instruments	—		8,498		—		8,498
Mortgage loans held for sale in loans held for sale	—		318,272		—		318,272
Total financial assets	$	—	$	1,607,397	$	9,986	$	1,617,383
Financial liabilities:
Derivative instruments	$	—	$	10,000	$	—	$	10,000

	Level 1		Level 2		Level 3		Totals
December 31, 2018
Financial assets:
Securities available for sale:
Trust preferred securities	$	—	$	—	$	10,633	$	10,633
Other available for sale securities	—		1,240,144		—		1,240,144
Total securities available for sale	—		1,240,144		10,633		1,250,777
Derivative instruments	—		6,519		—		6,519
Mortgage loans held for sale in loans held for sale	—		219,848		—		219,848
Total financial assets	$	—	$	1,466,511	$	10,633	$	1,477,144
Financial liabilities:
Derivative instruments	$	—	$	8,388	$	—	$	8,388

Reconciliation for assets and liabilities measured at fair value on a recurring basis

The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

	Securities available for sale
	Trust preferred securities
Balance at January 1, 2018	$	9,388
Realized (gains) losses included in net income, net of premium amortization	34
Unrealized gains included in other comprehensive income	1,328
Settlements	(117		)
Balance at December 31, 2018	$	10,633
Accretion included in net income	34
Unrealized losses included in other comprehensive income	(442		)
Settlements	(239		)
Balance at December 31, 2019	$	9,986

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis

The following table presents information as of December 31, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	9,986	Discounted cash flows	Default rate	0-100%

Impaired loans measured at fair value on a nonrecurring basis

Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: 

	Level 1		Level 2		Level 3		Totals
December 31, 2019
Impaired loans	$	—	$	—	$	27,348	$	27,348
OREO	—		—		2,820		2,820
Mortgage servicing rights	—		—		53,208		53,208
Total	$	—	$	—	$	83,376	$	83,376

	Level 1		Level 2		Level 3		Totals
December 31, 2018
Impaired loans	$	—	$	—	$	21,686	$	21,686
OREO	—		—		4,319		4,319
Total	$	—	$	—	$	26,005	$	26,005

OREO measured at fair value on a nonrecurring basis

The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end:

	December 31, 2019			December 31, 2018
Carrying amount prior to remeasurement	$	3,726		$	5,258
Impairment recognized in results of operations	(906		)	(939		)
Fair value	$	2,820		$	4,319

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis

The following table presents information as of December 31, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	27,348	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	2,820	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2019:

	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale	$	318,272	$	308,160	$	10,112
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2019
Financial assets
Cash and cash equivalents	$	414,930	$	414,930	$	—	$	—	$	414,930
Securities available for sale	1,290,613		—		1,280,627		9,986		1,290,613
Loans held for sale	318,272		—		318,272		—		318,272
Loans, net	9,637,476		—		—		9,321,039		9,321,039
Mortgage servicing rights	53,208		—		—		53,208		53,208
Derivative instruments	8,498		—		8,498		—		8,498
Financial liabilities
Deposits	$	10,213,168	$	8,052,536	$	2,158,431	$	—	$	10,210,967
Short-term borrowings	489,091		489,091		—		—		489,091
Federal Home Loan Bank advances	152,337		—		152,321		—		152,321
Junior subordinated debentures	110,215		—		104,480		—		104,480
Subordinated notes	113,955		—		117,963		—		117,963
Derivative instruments	10,000		—		10,000		—		10,000

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2018
Financial assets
Cash and cash equivalents	$	569,111	$	569,111	$	—	$	—	$	569,111
Securities available for sale	1,250,777		—		1,240,144		10,633		1,250,777
Loans held for sale	411,427		—		219,848		191,579		411,427
Loans, net	9,034,103		—		—		8,818,039		8,818,039
Mortgage servicing rights	48,230		—		—		61,111		61,111
Derivative instruments	6,519		—		6,519		—		6,519
Financial liabilities
Deposits	$	10,128,557	$	7,765,773	$	2,337,334	$	—	$	10,103,107
Short-term borrowings	387,706		387,706		—		—		387,706
Other long-term borrowings	53		53		—		—		53
Federal Home Loan Bank advances	6,690		—		6,751		—		6,751
Junior subordinated debentures	109,636		—		109,766		—		109,766
Subordinated notes	147,239		—		148,875		—		148,875
Derivative instruments	8,388		—		8,388		—		8,388