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Fair Value Measurement and Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the three months ended March 31, 2021 and 2020, the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
(in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
March 31, 2021
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies$7,742 $85,291 $— $93,033 
Mortgage-backed securities— 325,831 — 325,831 
Collateralized mortgage obligations— 218,669 — 218,669 
Asset-backed securities— 40,187 — 40,187 
Obligations of states and political subdivisions— 255,122 — 255,122 
Debt securities— 35,552 — 35,552 
Total securities available for sale7,742 960,652 — 968,394 
Equity securities, at fair value— 14,590 — 14,590 
Derivative assets— 52,725 — 52,725 
Total Assets$7,742 $1,027,967 $— $1,035,709 
Liabilities:
Derivative liabilities$— $52,801 $— $52,801 
Total Liabilities$— $52,801 $— $52,801 
December 31, 2020
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 
Debt securities— 35,671 — 35,671 
Total securities available for sale9,392 846,354 — 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 $— $80,877 
Fair Value of Assets Measured on Non-recurring Basis
The following table summarized the Company’s financial assets that are measured at fair value on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
(in thousands)(Level 1)(Level 2)(Level 3)Total
Fair Value
March 31, 2021
Assets:
Individually evaluated loans$— $— $2,297 $2,297 
Loans held for sale— 1,230 — 1,230 
December 31, 2020
Assets:
Individually evaluated loans$— $— $2,417 $2,417 
Loans held for sale— 1,335 — 1,335 
Carrying Values and Fair Values of Company's Financial Instruments
The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments not carried at fair value as of March 31, 2021 and December 31, 2020:
(in thousands)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
Financial Assets:
Investment securities held to maturity$84,994 $87,215 $— $86,796 $419 
Federal Home Loan Bank and other membership bank stocks10,772 10,772 — 10,772 — 
Loans, net6,041,694 6,128,887 — — 6,128,887 
Financial Liabilities:
Certificates of deposit953,370 950,053 — 950,053 — 
Other borrowings25,000 24,906 — 24,906 — 
Subordinated debentures118,267 117,842 — — 117,842 
December 31, 2020
Financial Assets:
Investment securities held to maturity$90,766 $93,868 $— $93,868 $— 
Federal Home Loan Bank and other membership bank stocks11,979 11,979 — 11,979 — 
Loans, net5,950,108 5,939,413 — — 5,939,413 
Financial Liabilities:
Certificates of deposit1,078,256 1,077,620 — 1,077,620 — 
Other borrowings25,000 25,206 — 25,206 — 
Subordinated debentures118,257 118,208 — — 118,208