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Fair Value Measurement and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:


December 31, 2020	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
(in thousands)
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies	$	9,392	$	55,610	$	—	$	65,002
Mortgage-backed securities	—		230,100		—		230,100
Collateralized mortgage obligations	—		250,573		—		250,573
Asset-backed securities	—		40,690		—		40,690
Obligations of states and political subdivisions	—		233,710		—		233,710
Corporate debt securities	—		35,671		—		35,671
Total securities available for sale	9,392		846,354		—		855,746
Equity securities, at fair value	—		14,694		—		14,694
Derivative assets	—		80,734		—		80,734
Total Assets	$	9,392	$	941,782	$	—	$	951,174
Liabilities:
Derivative liabilities	$	—	$	80,877	$	—	$	80,877
Total Liabilities	$	—	$	80,877	$	—	$	80,877


December 31, 2019	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
(in thousands)
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies	$	12,580	$	123,067	$	—	$	135,647
Mortgage-backed securities	—		227,552		—		227,552
Collateralized mortgage obligations	—		323,512		—		323,512
Obligations of states and political subdivisions	—		60,021		—		60,021
Corporate debt securities	—		9,168		—		9,168
Total securities available for sale	12,580		743,320		—		755,900
Equity securities, at fair value	1,735		14,738		—		16,473
Derivative assets	—		27,123		—		27,123
Total Assets	$	14,315	$	785,181	$	—	$	799,496
Liabilities:
Derivative liabilities	$	—	$	26,852	$	—	$	26,852
Total Liabilities	$	—	$	26,852	$	—	$	26,852

Fair Value of Financial Assets Measured on Non-recurring Basis

The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:


December 31, 2020	(Level 1)		(Level 2)		(Level 3)		Total Fair Value
(in thousands)
Assets:
Individually evaluated loans	$	—	$	—	$	2,417	$	2,417
Loans held for sale	—		1,335		—		1,335


December 31, 2019	(Level 1)		(Level 2)		(Level 3)		Total Fair Value
(in thousands)
Assets:
Impaired loans	$	—	$	—	$	5,789	$	5,789
Loans held for sale	—		1,743		—		1,743
Other real estate owned and other repossessed assets	—		—		563		563

Carrying Values and Fair Values of Company's Financial Instruments

The following table summarized the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2020 and December 31, 2019:


December 31, 2020	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)
(in thousands)
Financial Assets:
Investment securities held to maturity	$	90,766	$	93,868	$	—	$	93,868	$	—
Federal Home Loan and other membership bank stock	11,979		11,979		—		11,979		—
Loans, net	5,950,108		5,939,413		—		—		5,939,413
Financial Liabilities:
Certificates of deposit	1,078,256		1,077,620		—		1,077,620		—
Other borrowings	25,000		25,206		—		25,206		—
Subordinated debentures	118,257		118,208		—		—		118,208


December 31, 2019	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)
(in thousands)
Financial Assets:
Investment securities held to maturity	$	123,975	$	124,904	$	—	$	121,503	$	3,401
Federal Home Loan and other membership bank stock	22,505		22,505		—		22,505		—
Loans, net	5,097,820		5,194,065		—		—		5,194,065
Financial Liabilities:
Certificates of deposit	870,804		871,418		—		871,418		—
Other borrowings	165,816		166,505		—		166,505		—
Subordinated debentures	118,220		117,992		—		—		117,992