XML 46 R35.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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
September 30, 2024
Financial assets:
Securities available for sale$— $764,844 $— $764,844 
Derivative instruments— 39,963 — 39,963 
Mortgage loans held for sale in loans held for sale— 291,735 — 291,735 
Total financial assets$— $1,096,542 $— $1,096,542 
Financial liabilities:
Derivative instruments:$— $34,555 $— $34,555 

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:
 
September 30, 2024Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $42,248 $42,248 
OREO— — 29 29 
Total$— $— $42,277 $42,277 
 
December 31, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $21,303 $21,303 
Total$— $— $21,303 $21,303 
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 September 30, 2024. There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023.
 
September 30,
2024
Carrying amount prior to remeasurement$62 
Impairment recognized in results of operations(33)
Fair value$29 
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 September 30, 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$42,248 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$29 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 September 30, 2024 and December 31, 2023:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
September 30, 2024
Mortgage loans held for sale measured at fair value$291,735 $284,647 $7,088 
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 September 30, 2024Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,275,620 $1,275,620 $— $— $1,275,620 
Securities held to maturity1,150,531 — 1,068,968 — 1,068,968 
Securities available for sale764,844 — 764,844 — 764,844 
Loans held for sale291,735 — 291,735 — 291,735 
Loans, net12,427,270 — — 12,051,978 12,051,978 
Mortgage servicing rights71,990 — — 88,461 88,461 
Derivative instruments39,963 — 39,963 — 39,963 
Financial liabilities
Deposits$14,509,751 $11,816,487 $2,687,734 $— $14,504,221 
Short-term borrowings108,732 108,732 — — 108,732 
Junior subordinated debentures113,681 — 98,822 — 98,822 
Subordinated notes319,496 — 286,140 — 286,140 
Derivative instruments34,555 — 34,555 — 34,555 
 
  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