XML 46 R36.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value 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
March 31, 2022
Financial assets:
Securities available for sale$— $2,405,316 $— $2,405,316 
Derivative instruments— 29,396 — 29,396 
Mortgage loans held for sale in loans held for sale— 280,464 — 280,464 
Total financial assets$— $2,715,176 $— $2,715,176 
Financial liabilities:
Derivative instruments:$— $18,923 $— $18,923 
Level 1Level 2Level 3Totals
December 31, 2021
Financial assets:
Securities available for sale— 2,386,052 — 2,386,052 
Derivative instruments— 17,698 — 17,698 
Mortgage loans held for sale in loans held for sale— 453,533 — 453,533 
Total financial assets$— $2,857,283 $— $2,857,283 
Financial liabilities:
Derivative instruments$— $13,803 $— $13,803 
Reconciliation for assets and liabilities measured at fair value on a recurring basis
The following table provides a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
 
 2021
Three Months Ended March 31, 2022Trust preferred
securities
Three Months Ended March 31,
Balance at beginning of period$9,012 
   Accretion included in net income7 
   Unrealized losses included in other comprehensive income941 
   Realized losses2,061 
   Sales(12,021)
Balance at end of period$— 
Assets measured at fair value on a nonrecurring basis The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
 
March 31, 2022Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $3,111 $3,111 
OREO— — 2,062 2,062 
Total$— $— $5,173 $5,173 
 
December 31, 2021Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $7,928 $7,928 
OREO— — 2,540 2,540 
Total$— $— $10,468 $10,468 
OREO measured at fair value on a nonrecurring basis
The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of the dates presented:
 
March 31,
2022		December 31, 2021
Carrying amount prior to remeasurement$2,076 $2,556 
Impairment recognized in results of operations(14)(16)
Fair value$2,062 $2,540 
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 March 31, 2022 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$3,111 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$2,062 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 March 31, 2022 and December 31, 2021:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
March 31, 2022
Mortgage loans held for sale measured at fair value$280,464 $281,669 $(1,205)
December 31, 2021
Mortgage loans held for sale measured at fair value$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
As of March 31, 2022Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,607,493 $1,607,493 $— $— $1,607,493 
Securities available for sale2,405,316 — 2,405,316 — 2,405,316 
Loans held for sale280,464 — 280,464 — 280,464 
Loans, net10,146,991 — — 9,860,650 9,860,650 
Mortgage servicing rights91,730 — — 131,896 131,896 
Derivative instruments29,396 — 29,396 — 29,396 
Financial liabilities
Deposits$13,990,897 $12,650,868 $1,321,023 $— $13,971,891 
Short-term borrowings111,279 111,279 — — 111,279 
Federal Home Loan Bank advances408 — 409 — 409 
Junior subordinated debentures111,518 — 104,427 — 104,427 
Subordinated notes323,490 — 322,900 — 322,900 
Derivative instruments18,923 — 18,923 — 18,923 
 
  Fair Value
As of December 31, 2021Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,877,965 $1,877,965 $— $— $1,877,965 
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