XML 77 R61.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following tables present the Corporation’s assets measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019:

As of December 31, 2020
(dollars in thousands)TotalLevel 1Level 2Level 3
Investment securities available for sale: 
U.S. Treasury securities$500,100 $500,100 $— $— 
Obligations of U.S. government & agencies93,098 — 93,098 — 
Obligations of state & political subdivisions2,171 — 2,171 — 
Mortgage-backed securities453,857 — 453,857 — 
Collateralized mortgage obligations19,263 — 19,263 — 
Collateralized loan obligations
94,404 — 94,404 — 
Corporate bonds
11,421 — 11,421 — 
Other investment securities650 — 650 — 
Total investment securities available for sale$1,174,964 $500,100 $674,864 $— 
Investment securities trading:
Mutual funds$8,623 $8,623 $— $— 
Derivatives:
Interest rate swaps113,848 — 113,848 — 
FX Forwards52 — 52 — 
RPAs purchased342 — 342 — 
Total Derivatives$114,242 $— $114,242 $— 
Total assets measured on a recurring basis at fair value$1,297,829 $508,723 $789,106 $— 
As of December 31, 2019
(dollars in thousands)TotalLevel 1Level 2Level 3
Investment securities available for sale:    
U.S. Treasury securities$500,101 $500,101 $— $— 
Obligations of U.S. government & agencies102,020 — 102,020 — 
Obligations of state & political subdivisions5,379 — 5,379 — 
Mortgage-backed securities366,002 — 366,002 — 
Collateralized mortgage obligations31,832 — 31,832 — 
Other investment securities650 — 650 — 
Total investment securities available for sale$1,005,984 $500,101 $505,883 $— 
Investment securities trading:
Mutual funds$8,621 $8,621 $— $— 
Derivatives:
Interest rate swaps47,627 — 47,627 — 
RPAs purchased90 — 90 
Total derivatives$47,717 $— $47,717 $— 
     Total recurring fair value measurements$1,062,322 $508,722 $553,600 $— 
The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of December 31, 2020 and December 31, 2019:

As of December 31, 2020
(dollars in thousands)TotalLevel 1Level 2Level 3
Mortgage servicing rights$2,632 $— $— $2,632 
Loans and leases individually evaluated for credit losses(1)
11,142 — — 11,142 
Total assets measured at fair value on a non-recurring basis$13,774 $— $— $13,774 
 
As of December 31, 2019
(dollars in thousands)TotalLevel 1Level 2Level 3
Mortgage servicing rights$4,838 $— $— $4,838 
Impaired loans and leases(1)
15,311 — — 15,311 
Total assets measured at fair value on a non-recurring basis$20,149 $— $— $20,149 
(1) As further described in Note 2 “Recent Accounting Pronouncements,” in the accompanying Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K, the Corporation adopted ASC 326 using the modified retrospective approach method. The December 31, 2020 balance includes loans and leases individually evaluated for credit losses under the CECL methodology and the December 31, 2019 balance includes impaired loans and leases under previously applicable GAAP.