Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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 at 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)
	September 30, 2022
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	3,538	$	3,538	$	—	$	—
Equity securities	20,439		20,439		—		—
Securities available for sale
U.S. government agency securities	199,942		—		199,942		—
U.S. treasury securities	784,458		—		784,458		—
Agency mortgage-backed securities	344,153		—		344,153		—
Agency collateralized mortgage obligations	40,787		—		40,787		—
State, county, and municipal securities	187		—		187		—
Single issuer trust preferred securities issued by banks and insurers	489		—		489		—
Pooled trust preferred securities issued by banks and insurers	999		—		999		—
Small business administration pooled securities	54,496		—		54,496		—
Loans held for sale	5,100		—		5,100		—
Derivative instruments	144,374		—		144,374		—
Liabilities
Derivative instruments	197,831		—		197,831		—
Total recurring fair value measurements	$	1,401,131	$	23,977	$	1,377,154	$	—
Nonrecurring fair value measurements
Assets
Individually assessed collateral dependent loans (1)	$	13,020	$	—	$	—	$	13,020
Total nonrecurring fair value measurements	$	13,020	$	—	$	—	$	13,020

			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, 2021
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	3,720	$	3,720	$	—	$	—
Equity securities	23,173		23,173		—		—
Securities available for sale
U.S. government agency securities	215,482		—		215,482		—
U.S. treasury securities	861,448		—		861,448		—
Agency mortgage-backed securities	363,933		—		363,933		—
Agency collateralized mortgage obligations	79,677		—		79,677		—
State, county, and municipal securities	203		—		203		—
Single issuer trust preferred securities issued by banks and insurers	491		—		491		—
Pooled trust preferred securities issued by banks and insurers	1,000		—		1,000		—
Small business administration pooled securities	48,914		—		48,914		—
Loans held for sale	24,679		—		24,679		—
Derivative instruments	97,912		—		97,912		—
Liabilities
Derivative instruments	76,015		—		76,015		—
Total recurring fair value measurements	$	1,644,617	$	26,893	$	1,617,724	$	—
Nonrecurring fair value measurements
Assets
Individually assessed collateral dependent loans (1)	$	1,174	$	—	$	—	$	1,174
Total nonrecurring fair value measurements	$	1,174	$	—	$	—	$	1,174

(1) The carrying value of individually assessed collateral dependent loans is based on the lower of amortized cost or fair value of the underlying collateral less costs to sell. The fair value of the underlying collateral is generally determined through independent appraisals, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary.

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 at 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)
	September 30, 2022
	(Dollars in thousands)
Financial assets
Securities held to maturity (a)
U.S. government agency securities	$	31,696	$	29,303	$	—	$	29,303	$	—
U.S. treasury securities	100,615		87,992		—		87,992		—
Agency mortgage-backed securities	892,102		802,093		—		802,093		—
Agency collateralized mortgage obligations	553,995		476,970		—		476,970		—
Single issuer trust preferred securities issued by banks	1,500		1,508		—		1,508		—
Small business administration pooled securities	117,727		112,119		—		112,119		—
Loans, net of allowance for credit losses (b)	13,540,017		13,208,966		—		—		13,208,966
Federal Home Loan Bank stock (c)	5,218		5,218		—		5,218		—
Cash surrender value of life insurance policies (d)	293,126		293,126		—		293,126		—
Financial liabilities
Deposit liabilities, other than time deposits (e)	$	15,160,375	$	15,160,375	$	—	$	15,160,375	$	—
Time certificates of deposits (f)	1,178,619		1,147,506		—		1,147,506		—
Federal Home Loan Bank borrowings (f)	643		571		—		571		—
Junior subordinated debentures (g)	62,855		59,770		—		59,770		—
Subordinated debentures (f)	49,862		44,066		—		—		44,066

					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, 2021
	(Dollars in thousands)
Financial assets
Securities held to maturity (a)
U.S. government agency securities	$	32,987	$	32,546	$	—	$	32,546	$	—
U.S. treasury securities	102,560		102,242		—		102,242		—
Agency mortgage-backed securities	493,012		497,236		—		497,236		—
Agency collateralized mortgage obligations	415,736		408,845		—		408,845		—
Single issuer trust preferred securities issued by banks	1,500		1,508		—		1,508		—
Small business administration pooled securities	21,023		21,756		—		21,756		—
Loans, net of allowance for credit losses (b)	13,439,190		13,389,515		—		—		13,389,515
Federal Home Loan Bank stock (c)	11,407		11,407		—		11,407		—
Cash surrender value of life insurance policies (d)	289,304		289,304		—		289,304		—
Financial liabilities
Deposit liabilities, other than time deposits (e)	$	15,385,894	$	15,385,894	$	—	$	15,385,894	$	—
Time certificates of deposits (f)	1,531,150		1,529,857		—		1,529,857		—
Federal Home Loan Bank borrowings (f)	25,667		25,663		—		25,663		—
Long-term borrowings (f)	14,063		13,989		—		13,989		—
Junior subordinated debentures (g)	62,853		67,019		—		67,019		—
Subordinated debentures (f)	49,791		45,532		—		—		45,532

(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.