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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis
The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
 
June 30, 2024
($ 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
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises$— $302,956 $— $302,956 
Obligations of states and political subdivisions— 408,241 — 408,241 
Agency mortgage-backed securities— 719,008 — 719,008 
Corporate debt securities— 7,830 — 7,830 
U.S. Treasury bills— 177,895 — 177,895 
Total securities available for sale— 1,615,930 — 1,615,930 
Other investments— 2,906 — 2,906 
Derivatives— 18,275 — 18,275 
Total assets$— $1,637,111 $— $1,637,111 
Liabilities
Derivatives$— $21,187 $— $21,187 
Total liabilities$— $21,187 $— $21,187 

December 31, 2023
($ 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
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises$— $296,446 $— $296,446 
Obligations of states and political subdivisions— 432,171 — 432,171 
Agency mortgage-backed securities— 700,381 — 700,381 
Corporate debt securities— 181,701 — 181,701 
U.S. Treasury bills— 7,574 — 7,574 
Total securities available-for-sale— 1,618,273 — 1,618,273 
Other investments— 2,941 — 2,941 
Derivative financial instruments— 17,789 — 17,789 
Total assets$— $1,639,003 $— $1,639,003 
Liabilities
Derivatives$— $16,184 $— $16,184 
Total liabilities$— $16,184 $— $16,184 
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The amounts reported in the following tables include balances measured at fair value during the reporting period and still held as of the reporting date.
June 30, 2024
($ in thousands)Total Fair ValueQuoted Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Individually-evaluated loans$3,544 $— $— $3,544 
Other real estate 3,219 — — 3,219 
Total$6,763 $— $— $6,763 
December 31, 2023
($ in thousands)Total Fair ValueQuoted Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Individually-evaluated loans$5,138 $— $— $5,138 
Other real estate5,736 — — 5,736 
Total$10,874 $— $— $10,874 
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets
Following is a summary of the carrying amounts and fair values of certain financial instruments:
 June 30, 2024December 31, 2023
($ in thousands)Carrying AmountEstimated fair valueLevelCarrying AmountEstimated fair valueLevel
Balance sheet assets    
Securities held-to-maturity, net$772,648 $703,520 Level 2$750,434 $696,647 Level 2
Other investments69,065 69,065 Level 263,255 63,255 Level 2
Loans held-for-sale606 606 Level 2359 359 Level 2
Loans, net10,860,543 10,601,848 Level 310,749,347 10,392,551 Level 3
State tax credits, held-for-sale21,197 22,491 Level 322,115 23,897 Level 3
Servicing asset2,742 4,075 Level 22,861 3,799 Level 2
Balance sheet liabilities    
Certificates of deposit$1,362,550 $1,361,271 Level 3$1,272,914 $1,265,905 Level 3
Subordinated debentures and notes156,265 154,781 Level 2155,984 154,354 Level 2
FHLB advances78,000 78,000 Level 2— — Level 2
Other borrowings178,269 157,918 Level 2297,829 274,658 Level 2