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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of 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 March 31, 2021 and December 31, 2020.
March 31, 2021
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$— $63,268 $— $63,268 
Obligations of U.S. government corporations and agencies— 82,028 — 82,028 
Collateralized mortgage obligations of U.S. government corporations and agencies— 217,916 — 217,916 
Residential mortgage-backed securities of U.S. government corporations and agencies— 63,911 — 63,911 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 277,253 — 277,253 
Corporate obligations— 2,002 — 2,002 
Obligations of states and political subdivisions— 107,505 — 107,505 
Total Available-for-sale Debt Securities— 813,883 — 813,883 
Marketable equity securities3,328 88 — 3,416 
Total Securities3,328 813,971 — 817,299 
Securities held in a deferred compensation plan7,178 — — 7,178 
Derivative financial assets:
Interest rate swaps— 40,415 — 40,415 
Interest rate lock commitments— — 1,509 1,509 
Forward sale contracts— — 226 226 
Total Assets$10,506 $854,386 $1,735 $866,627 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps$— $40,818 $— $40,818 
Total Liabilities$— $40,818 $— $40,818 
December 31, 2020
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$— $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 Available-for-sale Debt Securities— 770,393 — 770,393 
Marketable equity securities3,228 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 
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs
For Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
March 31, 2021Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$78,186 Collateral methodAppraisal adjustment0%-47%16.91%
Other real estate owned1,563 Collateral methodCosts to sell4%-7.00%5.06%
Mortgage servicing rights6,590 Discounted cash flow methodDiscount rate9.02%-13.77%9.40%
Constant prepayment rates9.24%-12.54%11.08%
Loans held for sale2,798 Contractual agreementNoneNANA
Total Assets$89,137 
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 Contractual agreementNoneNANA
Total Assets$74,917 
NA - not applicable
(1) Weighted averages for loans held for investment 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 are based on note rate tranches and voluntary constant prepayment rates.
Schedule of Carrying Values and Fair Values of Financial Instruments
The carrying values and fair values of our financial instruments at March 31, 2021 and December 31, 2020 are presented in the following tables:
Carrying
Value(1)
Fair Value Measurements at March 31, 2021
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$671,429 $671,429 $671,429 $— $— 
Securities817,299 817,299 — 817,299 — 
Loans held for sale12,794 12,794 — — 12,794 
Portfolio loans, net7,068,067 6,976,120 — — 6,976,120 
Bank owned life insurance82,677 82,677 — 82,677 — 
FHLB and other restricted stock12,199 12,199 — — 12,199 
Collateral receivable43,343 43,343 43,343 — — 
Securities held in a deferred compensation plan7,178 7,178 7,178 — — 
Mortgage servicing rights6,590 6,590 — — 6,590 
Interest rate swaps40,415 40,415 — 40,415 — 
Interest rate lock commitments1,509 1,509 — — 1,509 
Forward sale contracts226 226 — — 226 
LIABILITIES
Deposits$7,876,028 $7,876,232 $6,555,603 $1,320,629 $— 
Securities sold under repurchase agreements67,417 67,417 67,417 — — 
Short-term borrowings— — — — — 
Long-term borrowings23,282 23,903 4,447 19,456 — 
Junior subordinated debt securities64,097 64,097 64,097 — — 
Interest rate swaps40,818 40,818 — 40,818 — 
(1) As reported in the Consolidated Balance Sheets
Carrying
Value(1)
Fair Value Measurements at December 31, 2020
(dollars in thousands)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