Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 1		Level 2		Level 3		Totals
March 31, 2023
Financial assets:
Securities available for sale	$	—	$	1,507,907	$	—	$	1,507,907
Derivative instruments	—		36,602		—		36,602
Mortgage loans held for sale in loans held for sale	—		159,318		—		159,318
Total financial assets	$	—	$	1,703,827	$	—	$	1,703,827
Financial liabilities:
Derivative instruments:	$	—	$	29,128	$	—	$	29,128

	Level 1		Level 2		Level 3		Totals
December 31, 2022
Financial assets:
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

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, 2023	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	20,114	$	20,114
OREO	—		—		4,818		4,818
Total	$	—	$	—	$	24,932	$	24,932

December 31, 2022	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	14,732	$	14,732
OREO	—		—		1,763		1,763
Total	$	—	$	—	$	16,495	$	16,495

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, 2023		December 31, 2022
Carrying amount prior to remeasurement	$	4,818	$	1,842
Impairment recognized in results of operations	—		(79)
Fair value	$	4,818	$	1,763

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, 2023 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
Individually evaluated loans, net of allowance for credit losses	$	20,114	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	4,818	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 March 31, 2023 and December 31, 2022:

	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
March 31, 2023
Mortgage loans held for sale measured at fair value	$	159,318	$	155,576	$	3,742
December 31, 2022
Mortgage loans held for sale measured at fair value	$	110,105	$	108,143	$	1,962

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, 2023	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	847,697	$	847,697	$	—	$	—	$	847,697
Securities held to maturity	1,300,240		—		1,204,079		—		1,204,079
Securities available for sale	1,507,907		—		1,507,907		—		1,507,907
Loans held for sale	159,318		—		159,318		—		159,318
Loans, net	11,571,133		—		—		11,117,319		11,117,319
Mortgage servicing rights	85,039		—		—		119,556		119,556
Derivative instruments	36,602		—		36,602		—		36,602
Financial liabilities
Deposits	$	13,912,019	$	11,409,503	$	2,466,863	$	—	$	13,876,366
Short-term borrowings	732,057		732,057		—		—		732,057
Junior subordinated debentures	112,276		—		94,423		—		94,423
Subordinated notes	318,835		—		263,350		—		263,350
Derivative instruments	29,128		—		29,128		—		29,128

			Fair Value
As of December 31, 2022	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	575,992	$	575,992	$	—	$	—	$	575,992
Securities held to maturity	1,324,040		—		1,206,540		—		1,206,540
Securities available for sale	1,533,942		—		1,533,942		—		1,533,942
Loans held for sale	110,105		—		110,105		—		110,105
Loans, net	11,386,214		—		—		10,850,181		10,850,181
Mortgage servicing rights	84,448		—		—		122,454		122,454
Derivative instruments	38,047		—		38,047		—		38,047
Financial liabilities
Deposits	$	13,486,966	$	11,791,526	$	1,653,891	$	—	$	13,445,417
Short-term borrowings	712,232		712,232		—		—		712,232
Junior subordinated debentures	112,042		—		98,754		—		98,754
Subordinated notes	316,091		—		277,500		—		277,500
Derivative instruments	33,185		—		33,185		—		33,185