Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated:


			Fair Value Measurements at Reporting Date Using
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	March 31, 2021
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	3,269	$	3,269	$	—	$	—
Equity securities	22,419		22,419		—		—
Securities available for sale
U.S. government agency securities	168,056		—		168,056		—
Agency mortgage-backed securities	290,175		—		290,175		—
Agency collateralized mortgage obligations	81,629		—		81,629		—

State, county, and municipal securities	555		—		555		—
Single issuer trust preferred securities issued by banks and insurers	488		—		488		—
Pooled trust preferred securities issued by banks and insurers	1,064		—		1,064		—
Small business administration pooled securities	58,246		—		58,246		—
Loans held for sale	41,632		—		41,632		—
Derivative instruments	133,705		—		133,705		—
Liabilities
Derivative instruments	92,081		—		92,081		—
Total recurring fair value measurements	$	709,157	$	25,688	$	683,469	$	—

Nonrecurring fair value measurements
Assets
Individually assessed collateral dependent loans (1)	$	31,213	$	—	$	—	$	31,213

Total nonrecurring fair value measurements	$	31,213	$	—	$	—	$	31,213


			Fair Value Measurements at Reporting Date Using
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	December 31, 2020
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	2,838	$	2,838	$	—	$	—
Equity securities	22,107		22,107		—		—
Securities available for sale
U.S. government agency securities	24,116		—		24,116		—
Agency mortgage-backed securities	233,629		—		233,629		—
Agency collateralized mortgage obligations	91,683		—		91,683		—

State, county, and municipal securities	807		—		807		—
Single issuer trust preferred securities issued by banks and insurers	488		—		488		—
Pooled trust preferred securities issued by banks and insurers	1,056		—		1,056		—
Small business administration pooled securities	61,081		—		61,081		—
Loans held for sale	58,104		—		58,104		—
Derivative instruments	187,399		—		187,399		—
Liabilities
Derivative instruments	134,064		—		134,064		—
Total recurring fair value measurements	$	549,244	$	24,945	$	524,299	$	—

Nonrecurring fair value measurements:
Assets
Individually assessed collateral dependent loans (1)	$	31,510	$	—	$	—	$	31,510

Total nonrecurring fair value measurements	$	31,510	$	—	$	—	$	31,510

The estimated fair values and related carrying amounts for assets and liabilities

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:


					Fair Value Measurements at Reporting Date Using
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	March 31, 2021
	(Dollars in thousands)
Financial assets
Securities held to maturity (a)

U.S. Treasury securities	$	4,014	$	4,057	$	—	$	4,057	$	—
Agency mortgage-backed securities	417,811		426,628		—		426,628		—
Agency collateralized mortgage obligations	355,686		361,002		—		361,002		—

Single issuer trust preferred securities issued by banks	1,500		1,508		—		1,508		—
Small business administration pooled securities	26,518		27,235		—		27,235		—

Loans, net of allowance for credit losses (b)	9,107,929		9,072,683		—		—		9,072,683
Federal Home Loan Bank stock (c)	10,250		10,250		—		10,250		—
Cash surrender value of life insurance policies (d)	241,365		241,365		—		241,365		—
Financial liabilities
Deposit liabilities, other than time deposits (e)	$	10,725,479	$	10,725,479	$	—	$	10,725,479	$	—
Time certificates of deposits (f)	868,045		871,056		—		871,056		—
Federal Home Loan Bank borrowings (f)	35,717		35,799		—		35,799		—



Long-term borrowings (f)	28,099		27,572		—		27,572		—
Junior subordinated debentures (g)	62,851		68,052		—		68,052		—
Subordinated debentures (f)	49,720		47,027		—		—		47,027


					Fair Value Measurements at Reporting Date Using
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	December 31, 2020
	(Dollars in thousands)
Financial assets
Securities held to maturity (a)

U.S. Treasury securities	$	4,017	$	4,077	$	—	$	4,077	$	—
Agency mortgage-backed securities	356,085		374,121		—		374,121		—
Agency collateralized mortgage obligations	335,993		344,119		—		344,119		—

Single issuer trust preferred securities issued by banks	1,500		1,498		—		1,498		—
Small business administration pooled securities	26,917		28,362		—		28,362		—

Loans, net of allowance for credit losses (b)	9,247,964		9,253,381		—		—		9,253,381
Federal Home Loan Bank stock (c)	10,250		10,250		—		10,250		—
Cash surrender value of life insurance policies (d)	200,525		200,525		—		200,525		—
Financial liabilities
Deposit liabilities, other than time deposits (e)	$	10,042,541	$	10,042,541	$	—	$	10,042,541	$	—
Time certificates of deposits (f)	950,629		955,598		—		955,598		—
Federal Home Loan Bank borrowings (f)	35,740		35,885		—		35,885		—
Long-term borrowings (f)	32,773		32,033		—		32,033		—


Junior subordinated debentures (g)	62,851		70,238		—		70,238		—
Subordinated debentures (f)	49,696		46,486		—		—		46,486

(a)The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analysis.

(b)Fair value of loans is measured using the exit price valuation method, determined primarily by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows, while incorporating liquidity and credit assumptions. Additionally, this amount excludes individually assessed collateral dependent loans, which are deemed to be marked to fair value on a nonrecurring basis.

(c)Federal Home Loan Bank stock has no quoted market value and is carried at cost; therefore the carrying amount approximates fair value.

(d)Cash surrender value of life insurance policies is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore, carrying amount approximates fair value.

(e)Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date.

(f)Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities.

(g)Fair value was determined based upon market prices of securities with similar terms and maturities.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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