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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2020 and 2019. Interest rate lock commitments to borrowers were transferred from Level 2 to Level 3 during the year ended December 31, 2020 due to pull-through factors being a significant unobservable input. There were no transfers between levels for items measured at fair value on a recurring basis at December 31, 2019.
December 31, 2020
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Debt securities available-for-sale:
U.S. Treasury securities$— $10,282 $— $10,282 
Obligations of U.S. government corporations and agencies— 82,904 — 82,904 
Collateralized mortgage obligations of U.S. government corporations and agencies— 209,296 — 209,296 
Residential mortgage-backed securities of U.S. government corporations and agencies— 67,778 — 67,778 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 273,681 — 273,681 
Corporate obligations— 2,025 — 2,025 
Obligations of states and political subdivisions— 124,427 — 124,427 
Total Debt Securities Available-for-Sale— 770,393 — 770,393 
      Marketable equity securities
3,228 72 — 3,300 
Total Securities3,228 770,465 — 773,693 
Securities held in a deferred compensation plan6,794 — — 6,794 
Derivative financial assets:
Interest rate swaps— 78,319 — 78,319 
Interest rate lock commitments— — 2,900 2,900 
Total Assets$10,022 $848,784 $2,900 $861,706 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps$— $79,033 $— $79,033 
Forward sale contracts— 385 — 385 
Total Liabilities$— $79,418 $— $79,418 
December 31, 2019
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Debt securities available-for-sale:
U.S. Treasury securities$— $10,040 $— $10,040 
Obligations of U.S. government corporations and agencies— 157,697 — 157,697 
Collateralized mortgage obligations of U.S. government corporations and agencies— 189,348 — 189,348 
Residential mortgage-backed securities of U.S. government corporations and agencies— 22,418 — 22,418 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 275,870 — 275,870 
Corporate obligations— 7,627 — 7,627 
Obligations of states and political subdivisions— 116,133 — 116,133 
Total Debt Securities Available-for-Sale— 779,133 — 779,133 
Marketable equity securities5,078 72 — 5,150 
Total Securities5,078 779,205 — 784,283 
Securities held in a deferred compensation plan5,987 — — 5,987 
Derivative financial assets:
Interest rate swaps— 25,647 — 25,647 
Interest rate lock commitments— 321 — 321 
Forward sale contracts— 1 — 1 
Total Assets$11,065 $805,174 $— $816,239 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps$— $25,615 $— $25,615 
Total Liabilities$— $25,615 $— $25,615 
Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs
For Level 3 assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:

December 31, 2020Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$67,402 Collateral methodAppraisal adjustment0%-47%16.90%
Other real estate owned1,953 Collateral methodCosts to sell4%-7.00%4.92%
Mortgage servicing rights4,976 Discounted cash flow methodDiscount rate9.24%-12.55%9.42%
Constant prepayment rates8.82%-14.58%13.37%
Loans held for sale586 Collateral methodnoneNANA
Total Assets$74,917 
NA - not applicable

December 31, 2019Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$38,697 Collateral methodAppraisal adjustment0%-20%8.55%
Discounted cash flow methodDiscount rate4.75%-5.50%5.28%
Other real estate owned3,231 Collateral methodCosts to sell7.00%7.00%
Mortgage servicing rights1,134 Discounted cash flow methodDiscount rate9.39%-12.54%9.49%
Constant prepayment rates7.46%-12.74%9.73%
Total Assets$43,062 
(1)Weighted averages for loans individually evaluated were weighted by loan amounts.
(2)Weighted averages for other real estate owned were weighted by OREO balances.
(3)Weighted averages for mortgage services rights discount rate and prepayment rates were weighted based on note rate tranches.
Carrying Values and Fair Values of Financial Instruments
The carrying values and fair values of our financial instruments at December 31, 2020 and 2019 are presented in the following tables:
Fair Value Measurements at December 31, 2020
(dollars in thousands)
Carrying
Value(1)
TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$229,666 $229,666 $229,666 $— $— 
Securities773,693 773,693 3,228 770,465 — 
Loans held for sale18,528 18,528 — — 18,528 
Portfolio loans, net7,108,248 7,028,446 — — 7,028,446 
Bank owned life insurance82,303 82,303 — 82,303 — 
FHLB and other restricted stock13,030 13,030 — — 13,030 
Collateral receivable77,936 77,936 77,936 — — 
Securities held in a deferred compensation plan6,794 6,794 6,794 — — 
Mortgage servicing rights4,976 4,976 — — 4,976 
Interest rate swaps78,319 78,319 — 78,319 — 
Interest rate lock commitments2,900 2,900 — — 2,900 
LIABILITIES
Deposits$7,420,538 $7,422,894 $6,033,075 $1,389,819 $— 
Securities sold under repurchase agreements65,163 65,163 65,163 — — 
Short-term borrowings75,000 75,000 75,000 — — 
Long-term borrowings23,681 24,545 4,494 20,051 — 
Junior subordinated debt securities64,083 64,083 64,083 — — 
Interest rate swaps79,033 79,033 — 79,033 — 
Forward sale contracts385 385 — 385 — 
(1)As reported in the Consolidated Balance Sheets
Fair Value Measurements at December 31, 2019
(dollars in thousands)
Carrying
Value(1)
TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$197,823 $197,823 $197,823 $— $— 
Securities784,283 784,283 5,078 779,205 — 
Loans held for sale5,256 5,256 — — 5,256 
Portfolio loans, net7,074,928 6,940,875 — — 6,940,875 
Bank owned life insurance80,473 80,473 — 80,473 — 
FHLB and other restricted stock22,977 22,977 — — 22,977 
Securities held in a deferred compensation plan5,987 5,987 5,987 — — 
Mortgage servicing rights4,662 4,650 — — 4,650 
Interest rate swaps25,647 25,647 — 25,647 — 
Interest rate lock commitments321 321 — 321 — 
Forward sale contracts1 1 — 1 — 
LIABILITIES
Deposits$7,036,576 $7,034,595 $5,441,143 $1,593,452 $— 
Securities sold under repurchase agreements19,888 19,888 19,888 — — 
Short-term borrowings281,319 281,319 281,319 — — 
Long-term borrowings50,868 51,339 4,678 46,661 
Junior subordinated debt securities64,277 64,277 64,277 — — 
Interest rate swaps25,615 25,615 — 25,615 — 
(1)As reported in the Consolidated Balance Sheets