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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 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
September 30, 2022
Financial assets:
Securities available for sale$— $1,569,242 $— $1,569,242 
Derivative instruments— 46,207 — 46,207 
Mortgage loans held for sale in loans held for sale— 144,642 — 144,642 
Total financial assets$— $1,760,091 $— $1,760,091 
Financial liabilities:
Derivative instruments:$— $35,830 $— $35,830 

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, for the nine months ended September 30, 2021.
 2021
Three Months Ended September 30, 2022Trust preferred
securities
Nine Months Ended September 30,
Balance at beginning of period$9,012 
   Accretion included in net income
   Unrealized gains included in other comprehensive income941 
   Realized losses2,061 
   Purchases(12,021)
Balance at end of period$— 
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: 
September 30, 2022Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $12,107 $12,107 
OREO— — 2,412 2,412 
Total$— $— $14,519 $14,519 
 
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:
 
September 30,
2022
December 31, 2021
Carrying amount prior to remeasurement$2,517 $2,556 
Impairment recognized in results of operations(105)(16)
Fair value$2,412 $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 September 30, 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$12,107 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$2,412 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 September 30, 2022 and December 31, 2021:
 
Aggregate
Fair Value
Aggregate
Unpaid
Principal
Balance
Difference
September 30, 2022
Mortgage loans held for sale measured at fair value$144,642 $147,363 $(2,721)
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 September 30, 2022Carrying
Value
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$479,500 $479,500 $— $— $479,500 
Securities held to maturity1,353,502 — 1,218,656 — 1,218,656 
Securities available for sale1,569,242 — 1,569,242 — 1,569,242 
Loans held for sale144,642 — 144,642 — 144,642 
Loans, net10,930,648 — — 10,392,244 10,392,244 
Mortgage servicing rights81,980 — — 119,752 119,752 
Derivative instruments46,207 — 46,207 — 46,207 
Financial liabilities
Deposits$13,432,124 $12,225,041 $1,167,728 $— $13,392,769 
Short-term borrowings312,818 312,818 — — 312,818 
Junior subordinated debentures111,807 — 101,088 — 101,088 
Subordinated notes315,014 — 284,000 — 284,000 
Derivative instruments35,830 — 35,830 — 35,830 
 
  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 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