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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022
Financial assets:
Securities available for sale$— $1,533,942 $— $1,533,942 
Total securities available for sale— 1,533,942 — 1,533,942 
Derivative instruments— 38,047 — 38,047 
Mortgage loans held for sale in loans held for sale— 110,105 — 110,105 
Total financial assets$— $1,682,094 $— $1,682,094 
Financial liabilities:
Derivative instruments$— $33,185 $— $33,185 
Level 1Level 2Level 3Totals
December 31, 2021
Financial assets:
Securities available for sale:
Trust preferred securities$— $— $— $— 
Other available for sale securities— 2,386,052 — 2,386,052 
Total securities available for sale— 2,386,052 — 2,386,052 
Derivative instruments— 17,698 — 17,698 
Mortgage loans held for sale in loans held for sale— 453,533 — 453,533 
Total financial assets$— $2,857,283 $— $2,857,283 
Financial liabilities:
Derivative instruments$— $13,803 $— $13,803 
Reconciliation for assets and liabilities measured at fair value on a recurring basis
The following table provides for the period 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, 2021$9,012 
Accretion included in net income
Realized losses included in net income, net of premium amortization2,060 
Unrealized losses included in other comprehensive income941 
Sales(12,021)
Balance at December 31, 2021$— 
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, 2022
Individually evaluated loans, net of allowance for credit losses$— $— $14,732 $14,732 
OREO— — 1,763 1,763 
Total$— $— $16,495 $16,495 
Level 1Level 2Level 3Totals
December 31, 2021
Individually evaluated loans, net of allowance for credit losses$— $— $7,928 $7,928 
OREO— — 2,540 2,540 
Total$— $— $10,468 $10,468 
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, 2022December 31, 2021
Carrying amount prior to remeasurement$1,842 $2,556 
Impairment recognized in results of operations(79)(16)
Fair value$1,763 $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 December 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$14,732 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$1,763 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, 2022 and December 31, 2021:
Aggregate
Fair Value
Aggregate
Unpaid
Principal
Balance
Difference
December 31, 2022
Mortgage loans held for sale measured at fair value$110,105 $108,143 $1,962 
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
 Carrying
Value
Level 1Level 2Level 3Total
December 31, 2022
Financial assets
Cash and cash equivalents$575,992 $575,992 $— $— $575,992 
Securities held to maturity1,324,040 — 1,206,540 — 1,206,540 
Securities available for sale1,533,942 — 1,533,942 — 1,533,942 
Loans held for sale110,105 — 110,105 — 110,105 
Loans, net11,386,214 — — 10,850,181 10,850,181 
Mortgage servicing rights84,448 — — 122,454 122,454 
Derivative instruments38,047 — 38,047 — 38,047 
Financial liabilities
Deposits$13,486,966 $11,791,526 $1,653,891 $— $13,445,417 
Short-term borrowings712,232 712,232 — — 712,232 
Junior subordinated debentures112,042 — 98,754 — 98,754 
Subordinated notes316,091 — 277,500 — 277,500 
Derivative instruments33,185 — 33,185 — 33,185 
  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