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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of 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, 2024
Financial assets:
Securities available for sale$— $764,486 $— $764,486 
Derivative instruments— 39,871 — 39,871 
Mortgage loans held for sale in loans held for sale— 191,440 — 191,440 
Total financial assets$— $995,797 $— $995,797 
Financial liabilities:
Derivative instruments:$— $35,759 $— $35,759 

Level 1Level 2Level 3Totals
December 31, 2023
Financial assets:
Securities available for sale$— $923,279 $— $923,279 
Derivative instruments— 37,151 — 37,151 
Mortgage loans held for sale in loans held for sale— 179,756 — 179,756 
Total financial assets$— $1,140,186 $— $1,140,186 
Financial liabilities:
Derivative instruments$— $33,608 $— $33,608 
Schedule of 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, 2024Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $6,690 $6,690 
OREO— — 74 74 
Total$— $— $6,764 $6,764 
 
December 31, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $27,762 $27,762 
Total$— $— $27,762 $27,762 
Schedule of 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 March 31, 2024. There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023.
 
March 31,
2024
Carrying amount prior to remeasurement$103 
Impairment recognized in results of operations(29)
Fair value$74 
Schedule of 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, 2024 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$6,690 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$74 Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%
Schedule of 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, 2024 and December 31, 2023:
 
Aggregate
Fair Value
Aggregate
Unpaid
Principal
Balance
Difference
March 31, 2024
Mortgage loans held for sale measured at fair value$191,440 $187,881 $3,559 
December 31, 2023
Mortgage loans held for sale measured at fair value$179,756 $174,471 $5,285 
Schedule of 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, 2024Carrying
Value
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$844,400 $844,400 $— $— $844,400 
Securities held to maturity1,199,111 — 1,085,085 — 1,085,085 
Securities available for sale764,486 — 764,486 — 764,486 
Loans held for sale191,440 — 191,440 — 191,440 
Loans, net12,299,473 — — 11,757,985 11,757,985 
Mortgage servicing rights71,596 — — 96,622 96,622 
Derivative instruments39,871 — 39,871 — 39,871 
Financial liabilities
Deposits$14,237,163 $11,501,780 $2,719,369 $— $14,221,149 
Short-term borrowings108,121 108,121 — — 108,121 
Junior subordinated debentures113,213 — 97,071 — 97,071 
Subordinated notes314,834 — 263,983 — 263,983 
Derivative instruments35,759 — 35,759 — 35,759 
 
  Fair Value
As of December 31, 2023Carrying
Value
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$801,351 $801,351 $— $— $801,351 
Securities held to maturity1,221,464 — 1,121,830 — 1,121,830 
Securities available for sale923,279 — 923,279 — 923,279 
Loans held for sale179,756 — 179,756 — 179,756 
Loans, net12,152,652 — — 11,594,363 11,594,363 
Mortgage servicing rights91,688 — — 117,664 117,664 
Derivative instruments37,151 — 37,151 — 37,151 
Financial liabilities
Deposits$14,076,785 $11,381,556 $2,678,494 $— $14,060,050 
Short-term borrowings307,577 307,577 — — 307,577 
Junior subordinated debentures112,978 — 96,435 — 96,435 
Subordinated notes316,422 — 255,192 — 255,192 
Derivative instruments33,608 — 33,608 — 33,608