XML 51 R41.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and during 2023, 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:
March 31, 2024Quoted 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$135,076 $169,813 $— $304,889 
Mortgage-backed securities, residential— 278,079 — 278,079 
Collateralized mortgage obligations, residential— 132,206 — 132,206 
Mortgage-backed securities, multifamily— 667 — 667 
Collateralized mortgage obligations, multifamily— 41,773 — 41,773 
Asset-backed securities— 40,909 — 40,909 
Obligations of states and political subdivisions— 18,408 — 18,408 
Corporate bonds— 97,098 — 97,098 
Total investment securities, available for sale135,076 778,953 — 914,029 
Equity securities— 17,646 — 17,646 
Derivative assets— 97,737 — 97,737 
Total Assets$135,076 $894,336 $— $1,029,412 
Liabilities:
Derivative liabilities$— $97,741 $— $97,741 
Total Liabilities$— $97,741 $— $97,741 
December 31, 2023Quoted 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$147,484 $172,285 $— $319,769 
Mortgage-backed securities, residential— 286,417 — 286,417 
Collateralized mortgage obligations, residential— 137,070 — 137,070 
Mortgage-backed securities, multifamily— 676 — 676 
Collateralized mortgage obligations, multifamily— 42,496 — 42,496 
Asset-backed securities— 43,693 — 43,693 
Obligations of states and political subdivisions— 19,128 — 19,128 
Corporate bonds— 97,033 — 97,033 
Total investment securities, available for sale147,484 798,798 — 946,282 
Equity securities— 17,697 — 17,697 
Derivative assets— 87,566 — 87,566 
Total Assets$147,484 $904,061 $— $1,051,545 
Liabilities:
Derivative liabilities$— $87,570 $— $87,570 
Total Liabilities$— $87,570 $— $87,570 
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, 2024 and December 31, 2023:
March 31, 2024Carrying
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
U.S. government agencies$10,270 $9,777 $— $9,777 $— 
Mortgage-backed securities, residential326,731 268,847 — 268,847 — 
Collateralized mortgage obligations, residential12,079 9,201 — 9,201 — 
Mortgage-backed securities, multifamily4,126 3,449 — 3,449 — 
Obligations of states and political subdivisions471,022 388,527 — 388,527 — 
Corporate bonds2,879 2,056 — 2,056 — 
Total investment securities, held to maturity$827,107 $681,857 $— $681,857 $— 
Federal Home Loan Bank and other membership bank stocks52,205 52,205 — 52,205 — 
Loans, net of allowance for loan losses8,243,601 7,730,750 — — 7,730,750 
Financial Liabilities:
Certificates of deposit2,030,771 2,015,847 — 2,015,847 — 
Long-term FHLB advances325,000 329,757 — 329,757 — 
Subordinated debentures194,814 151,092 — — 151,092 
December 31, 2023Carrying
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
U.S. government agencies$10,406 $9,914 $— $9,914 $— 
Mortgage-backed securities, residential332,509 280,426 — 280,426 — 
Collateralized mortgage obligations, residential12,243 9,447 — 9,447 — 
Mortgage-backed securities, multifamily4,145 3,494 — 3,494 — 
Obligations of states and political subdivisions474,195 396,859 — 396,859 — 
Corporate bonds2,879 2,423 — 2,423 — 
Total investment securities, held to maturity836,377 702,563 — 702,563 — 
Federal Home Loan Bank and other membership bank stocks52,517 52,517 — 52,517 — 
Loans, net of allowance for loan losses8,266,698 7,714,736 — — 7,714,736 
Financial Liabilities:
Certificates of deposit1,967,448 1,953,446 — 1,953,446 — 
Long-term FHLB advances325,000 333,878 — 333,878 — 
Subordinated debentures194,705 149,063 — — 149,063