Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
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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 | |
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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 Value | | Quoted 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 Value | | Quoted 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 estate | 5,736 | | | — | | | — | | | 5,736 | | | | | | | | | | | | | | | | | | Total | $ | 10,874 | | | $ | — | | | $ | — | | | $ | 10,874 | | | | | | | | | | | | | | | | | |
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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, 2024 | | December 31, 2023 | | | ($ in thousands) | Carrying Amount | | Estimated fair value | | Level | | Carrying Amount | | Estimated fair value | | Level | | | Balance sheet assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities held-to-maturity, net | $ | 772,648 | | | $ | 703,520 | | | Level 2 | | $ | 750,434 | | | $ | 696,647 | | | Level 2 | | | Other investments | 69,065 | | | 69,065 | | | Level 2 | | 63,255 | | | 63,255 | | | Level 2 | | | Loans held-for-sale | 606 | | | 606 | | | Level 2 | | 359 | | | 359 | | | Level 2 | | | | | | | | | | | | | | | | | Loans, net | 10,860,543 | | | 10,601,848 | | | Level 3 | | 10,749,347 | | | 10,392,551 | | | Level 3 | | | State tax credits, held-for-sale | 21,197 | | | 22,491 | | | Level 3 | | 22,115 | | | 23,897 | | | Level 3 | | | | | | | | | | | | | | | | | Servicing asset | 2,742 | | | 4,075 | | | Level 2 | | 2,861 | | | 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 notes | 156,265 | | | 154,781 | | | Level 2 | | 155,984 | | | 154,354 | | | Level 2 | | | FHLB advances | 78,000 | | | 78,000 | | | Level 2 | | — | | | — | | | Level 2 | | | Other borrowings | 178,269 | | | 157,918 | | | Level 2 | | 297,829 | | | 274,658 | | | Level 2 | | | | | | | | | | | | | | | | |
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