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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020. 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.
December 31, 2021
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Debt securities available-for-sale:
U.S. Treasury securities$95,327 $— $— $95,327 
Obligations of U.S. government corporations and agencies— 70,348 — 70,348 
Collateralized mortgage obligations of U.S. government corporations and agencies— 270,294 — 270,294 
Residential mortgage-backed securities of U.S. government corporations and agencies— 56,793 — 56,793 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 341,300 — 341,300 
Corporate obligations— 500 — 500 
Obligations of states and political subdivisions— 75,089 — 75,089 
Total Debt Securities Available-for-Sale95,327 814,324 — 909,651 
Marketable equity securities
1,061 81 — 1,142 
Total Securities96,388 814,405 — 910,793 
Securities held in a deferred compensation plan10,230 — — 10,230 
Derivative financial assets:
Interest rate swaps— 33,528 — 33,528 
Interest rate lock commitments— — 401 401 
Forward sale contracts— — 4 4 
Total Assets$106,618 $847,933 $405 $954,956 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps$— $33,631 $— $33,631 
Total Liabilities$— $33,631 $— $33,631 
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-Sale10,282 760,111 — 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 
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, 2021 and 2020, the significant unobservable inputs used in the fair value measurements were as follows:
December 31, 2021Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2)
(dollars in thousands)
Loans individually evaluated$16,004 Collateral methodAppraisal adjustment0%-20%4.48%
Discounted cash flow methodDiscount rate10%19%10.46%
Other real estate owned1,011 Collateral methodAppraisal adjustment2.53%2.53%
Mortgage servicing rights— Discounted cash flow methodNANANA
Loans held for sale— Collateral methodNANANA
Total Assets$17,015 
(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.

December 31, 2020Valuation TechniqueSignificant Unobservable InputsRange
Weighted Average
(1) (2) (3)
(dollars in thousands)
Loans individually evaluated$64,286 Collateral methodAppraisal adjustment0%-12%7.70%
Discounted cash flow methodDiscount rate—%-—%—%
Other real estate owned600 Collateral methodAppraisal adjustment21.80%21.80%
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 methodNANANA
Total Assets$70,448 
(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, 2021 and 2020 are presented in the following tables:
Fair Value Measurements at December 31, 2021
(dollars in thousands)
Carrying
Value(1)
TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$922,215 $922,215 $922,215 $— $— 
Securities910,793 910,793 96,388 814,405 — 
Loans held for sale1,522 1,522 — — 1,522 
Portfolio loans, net 6,901,414 6,815,468 — — 6,815,468 
Collateral receivable37,363 37,363 37,363 — — 
Securities held in a deferred compensation plan10,230 10,230 10,230 — — 
Mortgage servicing rights7,677 7,677 — — 7,677 
Interest rate swaps33,528 33,528 — 33,528 — 
Interest rate lock commitments401 401 — — 401 
Forward sale contracts4 4 — — 4 
LIABILITIES
Deposits$7,996,524 $7,992,942 $6,908,453 $1,084,489 — 
Securities sold under repurchase agreements84,491 84,491 84,491 — — 
Short-term borrowings— — — — — 
Long-term borrowings22,430 22,678 4,300 18,378 — 
Junior subordinated debt securities54,393 54,393 54,393 — — 
Interest rate swaps33,631 33,631 — 33,631 — 
(1)As reported in the Consolidated Balance Sheets
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 13,510 760,183 — 
Loans held for sale18,528 18,528 — — 18,528 
Portfolio loans, net7,108,248 7,028,446 — — 7,028,446 
Securities held in a deferred compensation plan77,936 77,936 77,936 — — 
Mortgage servicing rights6,794 6,794 6,794 — — 
Interest rate swaps4,976 4,976 — — 4,976 
Interest rate lock commitments78,319 78,319 — 78,319 — 
Forward sale contracts2,900 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