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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair values of financial assets and liabilities measured on a recurring basis
The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
Level 1Level 2Level 3Totals
December 31, 2021
Financial assets:
Securities available for sale$— $2,386,052 $— $2,386,052 
Total securities available for sale— 2,386,052 — 2,386,052 
Derivative instruments— 17,698 — 17,698 
Mortgage loans held for sale in loans held for sale— 453,533 — 453,533 
Total financial assets$— $2,857,283 $— $2,857,283 
Financial liabilities:
Derivative instruments$— $13,803 $— $13,803 
Level 1Level 2Level 3Totals
December 31, 2020
Financial assets:
Securities available for sale:
Trust preferred securities$— $— $9,012 $9,012 
Other available for sale securities— 1,334,445 — 1,334,445 
Total securities available for sale— 1,334,445 9,012 1,343,457 
Derivative instruments— 33,574 — 33,574 
Mortgage loans held for sale in loans held for sale— 417,771 — 417,771 
Total financial assets$— $1,785,790 $9,012 $1,794,802 
Financial liabilities:
Derivative instruments$— $21,107 $— $21,107 
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, 2020$9,986 
Accretion included in net income32 
Unrealized losses included in other comprehensive income(834)
Settlements(172)
Transfers out of Level 3— 
Balance at December 31, 2020$9,012 
Accretion included in net income
Realized losses included in net income, net of premium amortization2,060 
Unrealized losses included in other comprehensive income941 
Sales(12,021)
Balance at December 31, 2021$— 
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 1Level 2Level 3Totals
December 31, 2021
Individually evaluated loans, net of allowance for credit losses$— $— $7,928 $7,928 
OREO— — 2,540 2,540 
Mortgage servicing rights— — 89,018 89,018 
Total$— $— $99,486 $99,486 
Level 1Level 2Level 3Totals
December 31, 2020
Individually evaluated loans, net of allowance for credit losses$— $— $24,145 $24,145 
OREO— — 2,736 2,736 
Mortgage servicing rights— — 62,994 62,994 
Total$— $— $89,875 $89,875 
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, 2021December 31, 2020
Carrying amount prior to remeasurement$2,556 $4,051 
Impairment recognized in results of operations(16)(1,315)
Fair value$2,540 $2,736 
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, 2021 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Financial instrumentFair
Value
Valuation TechniqueSignificant
Unobservable Inputs
Range of Inputs
Individually evaluated loans, net of allowance for credit losses$7,928 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$2,540 Appraised value of property less estimated costs to sellEstimated 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, 2021:
Aggregate
Fair Value
Aggregate
Unpaid
Principal
Balance
Difference
Mortgage loans held for sale $453,533 $441,717 $11,816 
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 1Level 2Level 3Total
December 31, 2021
Financial assets
Cash and cash equivalents$1,877,965 $1,877,965 $— $— $1,877,965 
Securities held to maturity416,357 — 415,552 — 415,552 
Securities available for sale2,386,052 — 2,386,052 — 2,386,052 
Loans held for sale453,533 — 453,533 — 453,533 
Loans, net9,856,743 — — 9,690,604 9,690,604 
Mortgage servicing rights89,018 — — 99,425 99,425 
Derivative instruments17,698 — 17,698 — 17,698 
Financial liabilities
Deposits$13,905,724 $12,494,342 $1,408,397 $— $13,902,739 
Short-term borrowings13,947 13,947 — — 13,947 
Federal Home Loan Bank advances417 — 422 — 422 
Junior subordinated debentures111,373 — 106,682 — 106,682 
Subordinated notes359,419 — 373,950 — 373,950 
Derivative instruments13,803 — 13,803 — 13,803 
  Fair Value
 Carrying
Value
Level 1Level 2Level 3Total
December 31, 2020
Financial assets
Cash and cash equivalents$633,203 $633,203 $— $— $633,203 
Securities available for sale1,343,457 — 1,334,445 9,012 1,343,457 
Loans held for sale417,771 — 417,771 — 417,771 
Loans, net10,757,503 — — 10,668,625 10,668,625 
Mortgage servicing rights62,994 — — 62,994 62,994 
Derivative instruments33,574 — 33,574  33,574 
Financial liabilities
Deposits$12,059,081 $10,363,193 $1,706,005 $— $12,069,198 
Short-term borrowings21,340 21,340 — — 21,340 
Federal Home Loan Bank advances152,167 — 158,914 — 158,914 
Junior subordinated debentures110,794 — 93,092 — 93,092 
Subordinated notes212,009 — 217,575 — 217,575 
Derivative instruments21,107 — 21,107 — 21,107