XML 31 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2021 and December 31, 2020.
September 30, 2021
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$85,300 $— $— $85,300 
Obligations of U.S. government corporations and agencies— 71,205 — 71,205 
Collateralized mortgage obligations of U.S. government corporations and agencies— 208,985 — 208,985 
Residential mortgage-backed securities of U.S. government corporations and agencies— 60,442 — 60,442 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 356,506 — 356,506 
Corporate obligations— 500 — 500 
Obligations of states and political subdivisions— 86,056 — 86,056 
Total Available-for-sale Debt Securities85,300 783,694 — 868,994 
Marketable equity securities1,051 76 — 1,127 
Total Securities86,351 783,770 — 870,121 
Securities held in a deferred compensation plan9,320 — — 9,320 
Derivative financial assets:
Interest rate swaps— 42,177 — 42,177 
Interest rate lock commitments— — 812 812 
Forward sale contracts— — 101 101 
Total Assets$95,671 $825,947 $913 $922,531 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps$— $42,554 $— $42,554 
Total Liabilities$— $42,554 $— $42,554 
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 Securities10,282 760,111 — 770,393 
Marketable equity securities3,228 72 — 3,300 
Total Securities13,510 760,183 — 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$20,304 $838,502 $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 September 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
September 30, 2021Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$41,135 Collateral methodAppraisal adjustment—%-17.00%13.68%
Other real estate owned13,313 Collateral methodCosts to sell4.00%-7.00%6.77%
Mortgage servicing rights7,015 Discounted cash flow methodDiscount rate9.21%-12.54%9.38%
Constant prepayment rates7.93%-14.96%10.69%
Loans held for sale1,669 Contractual agreementNoneNANA
Total Assets$63,132 

December 31, 2020Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$67,402 Collateral methodAppraisal adjustment—%-47.00%16.90%
Other real estate owned1,953 Collateral methodCosts to sell4.00%-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 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 servicing 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 September 30, 2021 and December 31, 2020 are presented in the following tables:
Carrying
Value(1)
Fair Value Measurements at September 30, 2021
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$934,377 $934,377 $934,377 $— $— 
Securities870,121 870,121 86,351 783,770 — 
Loans held for sale4,303 4,303 — 4,303 — 
Portfolio loans, net6,897,715 6,784,028 — — 6,784,028 
Collateral receivable43,193 43,193 43,193 — — 
Securities held in a deferred compensation plan9,320 9,320 9,320 — — 
Mortgage servicing rights7,015 7,015 — — 7,015 
Interest rate swaps42,177 42,177 — 42,177 — 
Interest rate lock commitments813 813 — — 813 
Forward sale contracts101 101 — — 101 
LIABILITIES
Deposits$7,945,119 $7,944,461 $6,743,851 $1,200,610 $— 
Securities sold under repurchase agreements72,586 72,586 72,586 — — 
Short-term borrowings— — — — — 
Long-term borrowings22,693 23,172 4,349 18,823 — 
Junior subordinated debt securities64,128 64,128 64,128 — — 
Interest rate swaps42,554 42,554 — 42,554 — 
(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 13,510 760,183 — 
Loans held for sale18,528 18,528 — — 18,528 
Portfolio loans, net7,108,248 7,028,446 — — 7,028,446 
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